Bento Bulletin

Please find below the most recent articles from our Panacea Bento Bulletin.

To read articles from a previous issue, click on the issue number which will open up a full list. Click on an article's link to read the full story.

Those article links with an asterisk next to it (*) denotes that issue's lead story.

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Bento 1105: Celebrating two years of infrastructure investing
12 Dec 2019

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The M&G Global Listed Infrastructure Fund has recently celebrated its two year anniversary. The fund, which is managed by Alex Araujo, launched in October 2017 to give investors access to the compelling investment characteristics of long-life infrastructure assets.

This short video highlights how the defensive qualities of listed infrastructure have benefited investors and why now is an excellent time to invest in this exciting asset class.
 
 
   
 
 
 
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The whole area of retirement planning is arguably more complex than ever before, so FundsNetwork have pulled together a range of topics that have been popular with advisers and paraplanners in recent months. The toolkit allows you to easily navigate to the content of most interest to you. 
 
 
 
 
 
 
 
 

All of our members and their immediate families have access to HealthWise; our member benefits app, providing access to a variety of wellbeing services. 

 
 
 
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Two times a dad, our multi-asset investment specialist Craig Brown is finding it hard to learn old lessons. Like with investments, sometimes it’s painful when you just can’t leave things be…
 
 
 
 
 
 
 
 
Investors have been troubled by the region recently, with a growing feeling that it is mirroring Japan’s ‘lost decade’. But there are reasons to be positive about it, and we are bullish on defensive stocks which we believe are currently trading too cheaply
 
 
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Bento 1104: Oh Jeremy Corbyn 2.0: a more radical manifesto
10 Dec 2019

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Our first Oh Jeremy Corbyn report at the last election expressed the view that Labour’s 2017 manifesto was not radical, despite the proclamations of Mr Corbyn’s acolytes. It was definitely populist, and clearly leftist, but there was no single policy that alone should have made capital run for the hills. 

This time around, as we explore in Oh Jeremy Corbyn 2.0, there’s more nationalisation, the forced transfer of shares to workers, a promise to transition to a 32-hour working week with no loss of pay, and an enormous increase in spending and taxation. Although there is still no revolution of the way income, wealth and property are taxed, this time it really is ‘radical’. Radical enough to skew economic risks to the downside.

 
 
   
 
 
 
 
 
 
 
As competition for streaming services increase, fixed income credit analyst Ed Craven gives his view on the likely winners and losers.
 
 
 
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As pensions can play a dynamic role in terms of succession and inheritance tax planning, FundsNetwork uncover the various technical aspects involved in a series of articles and videos. 
 
 
 
 
 
 
 
 
Changes in our high frequency measure of the US output gap track accurately changes in the Fed Funds rate. This relationship highlights that the market currently prices a continuation of downward inflationary pressures, over and above what the Fed expects.
 
 
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Equity markets have remained relatively resilient year to date, despite investors facing multiple headwinds. In this month’s video, Investment Director, Ritu Vohora takes a look back at the factors that characterised the landscape in 2019, and also looks ahead at what could influence markets in 2020.
 
 
 
 
 
 
 
 
Despite having made the decision to study, it can still be difficult to begin and then continue in a way that makes the time you are spending effective. Therefore, to assist you we have created several audiovisual presentations.
 
 
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Register to join one of Prudential’s webinar sessions on Thursday 19 December, to help you identify new opportunities with your clients.  
 
 
 
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Royal London CPD
5 Dec 2019

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To help you meet your ongoing CPD requirements, Royal London have created a CPD hub. Here you’ll find useful articles or webinars on different topics, all divided into bite sized chunks, so it’s easy to build up those valuable CPD hours. Just view the content you’re interested in, answer a few related questions and they will send you a completion certificate for your CPD records.
 
 
   
 
 
 
 
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Join Ryan Medlock as he looks at the risk factors associated with income drawdown, the regulator’s concerns and tips on how to review your clients.
 
 
   
 
 
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Hear from Fiona and Jim as they cover everything you need to know about the lifetime allowance - including when benefits are tested, the charge and how it’s paid during lifetime and on death.
 
 
   
 
 
 
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Hear from Ryan Medlock, Senior Business Development Manager as he breaks through the background noise and looks at the main adviser impacts of MiFID II - the costs and charges disclosure requirements, new PROD rules, the infamous 10% drop reporting rule and more.
 
 
 
 
 
 
 
 
Join Steve Webb, Director of Policy and External Communications as he hosts a webinar on the state pension. Find out more about top-ups, pension ages, deferral and other state pension issues.
 
 
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This webinar presentation will delve into a range of possible alternative 'backup plans' that could be used to fix an income shortfall (in the event of incapacity to work) including an update on a range of State Benefits for the current tax year.
 
 
 
 
 
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Dave Dawson, a specialist in Corporate Protection, will discuss the basics of company share purchase, how it could protect a business and prepare its owners for the future.
 
 
   
 
 
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When protecting a mortgage the standard recommendation is usually life cover. But what happens if your clients are too ill to work? How will they manage to pay their monthly bills?
 
 
   
 
 
 
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In this webinar, Christina Rigby, who's been instrumental in developing our own Diabetes Life Cover product, is joined by Gavin Cookman - a Type 1 diabetic who served on the board of Diabetes UK for four years. They take an in-depth look at diabetes and discuss the opportunities for advisers.
 
 
 
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Bento 1103: Opportunities in infrastructure investing
4 Dec 2019

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At M&G they look beyond the large assets that have obvious physical footprints, to the hidden infrastructure facilitating our increasingly digital world. In this short video fund manager, Alex Araujo, looks at the opportunities that evolving infrastructure provides investors, as well as M&G’s approach to investing in this asset class.
 
 
   
 
 
 
 
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The high fees paid to active asset managers have captured the attention of regulators in recent years. Most recently, in February, the Financial Conduct Authority’s chief executive, Andrew Bailey, told a parliamentary committee that the fund management industry had failed to pay sufficient attention to costs, instead focusing only on investment returns.
 
 
   
 
 
 
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A reported 30% of people find it difficult to contact their GP practice by phone, and when something is worrying, time is of the essence. With awareness and use of online medical services increasing, the way in which we are managing our health is changing.
 
 
 
 
 
 
 
 
In their technical guide FundsNetwork examine the differences between the new and the old State Pensions and the options open to clients should they wish to boost their entitlement by deferring their State Pension. 
 
 
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Our fixed income team provide their weekly snapshot of market events.
 
 
 
 
 
 
 
 
Four central banks revisited policy, plus two new reports pointed to a continued global slowdown.
 
 
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Bento 1102: The importance of infrastructure
27 Nov 2019

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Infrastructure holds an important place in the fabric of modern society, serving as the backbone of the world economy. Yet not enough is being invested in the assets that provide society's essential services. With government finances under pressure and limited expertise in the public sector, the private sector will play a significant role in the restoration and upgrade of our critical infrastructure.
 
 
   
 
 
 
 
 
 
 
Illness and injury can happen to anyone at any time, and for some it can have a big impact on everyday living, both now and in the future.
 
 
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Misinformation is rampant ahead of the UK election, as if things weren’t chaotic enough. Multi-Asset Portfolio Fund manager Will McIntosh-Whyte worries about what plans the politicians may be hiding and how markets will react to the eventual result.
 
 
 
 
 
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In recent years the UK’s fiscal backdrop has been improving, but with both Conservatives and Labour proposing big increases in investment spending, how could this affect the gilt market?
 
 
   
 
 
 
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As 2019 draws to a close, we are strikingly neutral across asset classes and with considerably less appetite for risk than at the start of the year.
 
 
 
 
 
 
 
 
In Aberdeen Standard's simple, jargon-free guide they look at how investors can achieve an income in a number of ways, including income-focused investments such as equities, bonds and property. 
 
 
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Will 2020 be the year the “bond bubble” bursts? Read Jim Leaviss’ bond market outlook for 2020 as he discusses the seven trends which may make you think twice about saying goodbye to fixed income
 
 
 
 
 
 
 
 
Seeking to provide smoother investment returns
 
 
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Bento 1101: Have you got a 2020 vision?
20 Nov 2019

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Part of my weekend ritual when I was much younger in the 90s, was the visit to the video and then DVD store to rent the latest releases, No downloads or streaming then. It seemed to me that every high street had a Blockbuster video store... 

 
 
   
 
 
 
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Panacea Adviser is delighted to announce its partnership with award winning specialist health insurer, The Exeter. The new tie-up will provide the Panacea Adviser community with an extension of their current resources, providing advisers with access to a range of tools and supporting material focusing on income protection and life cover.
 
 
 
 
 
 
 
 
If the plan was on a last death basis for IHT planning, that probably left you with a dilemma: how do you ensure the money is paid out to the beneficiaries at the correct time?
 
 
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Graham Hook, Invesco’s Head of UK Government Relations and Public Policy sums up the campaigning so far and looks ahead to next month’s action.
 
 
   
 
 
 
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It’s earnings season again, and results are in. In this month’s video, Investment specialist, Kirsty Clark looks at how companies have been faring. With deteriorating economic indicators and a fragile global growth backdrop, who have been the biggest winners and losers?
 
 
 
 
 
 
 
 
Support services available through protection plans can offer your clients something they might not expect and could help you build long-term trusting client relationships.
 
 
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The senior managers and certification regime (SM&CR) comes in to force for all solo-regulated firms on 9 December 2019. At Nucleus, we’re running a campaign to help our users get ready for this initiative. 
 
 
 
 
 
 
 
 

From 31st August 2018 to the 1st Sept 2019 the FCA carried out 39 consultations.

During this time there were 93,000 active, registered firms, 35,000 organisations with a single registered individual and 57,000 directly authorised firms on the FCA register.  Despite this, from July to October 2019 there were just 228 responses - an average of 45.6 per consultation.

We greatly appreciate your views on this matter and will share results with the FCA (anonymously) to try and improve processes going forward. This will take around 3 minutes to complete.
 
 
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Illuminate learn
19 Nov 2019

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Illuminate learn is Nucleus’ online portal designed to support you and your teams whether you’re studying for diploma or looking for a way to take your business to the next level. All of the courses are regularly updated and competitively priced. Each course has been designed to deliver structured learning in bite-sized chunks to enable you to fit your studies and development around your workload. 

With a number of courses and providers to choose from, there’s something for everyone 
 
 
   
 
 
 
 
 
 
 
Absolute Engagement helps you design a differentiated client experience that will not only drive engagement but real growth. Founder Julie Littlechild is bringing you 'Client Insights', a guided client feedback programme.
 
 
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We're happy to introduce The Speakers' Gym as a new course provider and The vocal conditioning course is exclusive to illuminate learn. Having a voice you can rely on, a voice that is secure, versatile and persuasive is vital to your success. 
 
 
 
 
 
 
 
 
The Eternal Business Consultancy was established to promote the concept of employee ownership and, in particular, the use of the Employee Ownership Trust (EOT) as a method of succession planning for owners. Success of the business will be how many EOT businesses exist in the UK. Find out more about ‘The Programme’.
 
 
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Soft skills and Compliance pack -  This compliance and soft skills pack, gives you access to the following courses; data protection & GDPR, anti-money laundering, bribery and corruption, diversity and equality, customer fair treatment, whistleblowing, vulnerable customers, conduct risk, information security, communication skills, effective time management, adapting to change, effective team working, leadership skills, assertiveness, mastering presentations and effective networking. 

 
 
   
 
 
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This module focuses on the second paper in the CISI Level 4 Investment Advice Diploma. Investment, Risk and Taxation consists of five weeks of structured learning with an exam module. Each week has been broken down into smaller learning sections.

 
 
   
 
 
 
 
 
 
 
This module forms part of the Advanced Diploma in Financial Planning and will give you 20 credits at advanced level.  AF7 consists of five weeks of structured learning with 12 modules in total. Each week is broken down into bite-sized learning chunks.
 
 
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This module forms part of the Diploma in Regulated Financial Planning and upon successful completion will give you 20 credits at diploma level. R01 consists of 5 weeks of structured learning with 16 modules in total . Each week is broken down into bite-sized learning chunks.
 
 
 
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Bento 1100: Auto-enrolment, the cost of non- compliance
18 Nov 2019

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The Pensions Regulator is getting tougher on auto-enrolment compliance.

They may impose fines ranging from a £400 fixed penalty, to a varying daily escalating penalty from £50 to £10,000 for continuous non-compliance.

 
 
   
 
 
 
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During this debate Vince Smith-Hughes and Les Cameron of Prudential were joined by Andy Kirby, CEO of Money Alive and Director of Mint Wealth Management, Rory Percival, Regulatory Consultant and Damian McPhun, Partner at Beale & Co Solicitors. 
 
 
 
 
 
 
 
 
FundsNetwork look at the key considerations around the annual allowance – what it is and how it works. He explores the following in detail
 
 
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From 31st August 2018 to the 1st Sept 2019 the FCA carried out 39 consultations.

During this time there were 93,000 active, registered firms, 35,000 organisations with a single registered individual and 57,000 directly authorised firms on the FCA register.  Despite this, from July to October 2019 there were just 228 responses - an average of 45.6 per consultation.

We greatly appreciate your views on this matter and will share results with the FCA (anonymously) to try and improve processes going forward. This will take around 3 minutes to complete.

 
 
   
 
 
 
 
 
 
 
Rathbones’ stewardship director Matt Crossman explains the Principles for Responsible Investing and how we’ve been putting them into practice over the past 10 years.
 
 
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Square Mile recently surveyed a number of UK Financial Advisers to ascertain more information on how they run their businesses, spend their time, construct their investment proposition and where they see most growth in the future.
 
 
 
 
 
 
 
 
Recent media, generated in part in response to a recent SCM report, indicate that greenwash fears are growing apace.
 
 
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Bento 1099: 'FCA consultations, are they worth the effort?' survey
13 Nov 2019

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The FCA carry out many consultations, all for very good reasons, at least we hope that is the case. But there is a suspicion in the intermediated distribution world that the reality is the decision has already been made and that the consultation is there to demonstrate the inclusiveness of the regulator in its willingness to consult and nothing more.
 
 
   
 
 
 
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A step-by-step approach to explain the intricacies of the MPAA. What happens when it is exceeded, what's the impact on the annual allowance, what events trigger it, and much more.
 
 
 
 
 
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Sahil Shaikh, Portfolio Manager and M&G Treasury & Investment Office, discusses the good news amongst the bad in a slowing global economy, whether he thinks the looming global recession will be different to last time & how much impact the US/China trade war is having on the market's volatility.
 
 
   
 
 
 
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Rathbones’ annual adviser seminars return early in the new year, with 28 events taking place across the UK. The seminars will run from 14 January to 5 February. 
 
 
 
 
 
 
 
 
How healthy is the US economy? European Central Bank – end of an era? How is UK business investment faring amid Brexit uncertainty?
 
 
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This is essentially a flexible, short-dated corporate bond fund, with the manager asset allocating between investment grade and high yield credit as he sees fit.
 
 
 
 
 
 
 
 
Thursday 14th November The harsh reality is that the Woodford saga is the latest of a very, very long list of issues that have caused significant reputational damage for the financial services sector.  
 
 
 
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Bento 1098: How to deal with an erratic business partner
11 Nov 2019

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Say you own a small stake in a company. Every day, one of your partners tells you what he thinks the business is worth, and he offers to buy your stake or sell you another on that basis. Sometimes his idea of value seems justified by the company’s prospects. But other times, his excitement or fears run away with him, and the value he suggests seems little short of silly.
 
 
   
 
 
 
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Rathbones’ head of asset allocation Edward Smith explains why he believes that responsible capitalism is in every long-term investor’s self-interest – even if they don’t care about the societal benefits.
 
 
 
 
 
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Prudential conducted adviser research in 2018 that generated some interesting statistics. Nearly three out of four firms have specific riles for advising vulnerable clients, and half train staff to spot signs of cognitive impairment. 
 
 
   
 
 
 
 
 
 
 
Four easy steps to highlighting the financial impact the loss of a key person would have on your clients’ business. Aegon’s Business protection liability audit  helps you get business protection on the agenda.
 
 
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Schroders & Octopus Investments would be delighted if you would join us for The Great Wealth Transfer breakfast seminar starting at 8.30am on Wednesday 4 December at 1 London Wall Place.
 
 
 
 
 
 
 
 
Listen to Aegon’s investment team chat about Brexit and its potential impact, and hear a roundup of global asset class prospects.
 
 
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Watch the Square Mile talking factsheet on M&G Global Dividend
 
 
 
 
 
 
 
 
If a client is self-employed, they won't be able to rely on common employer benefits such as death-in-service cover or sick pay.
 
 
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