Industry news and views from Panacea and our partners.
Industry News_
J.P. Morgan Asset Management Adviser Insights
J.P. Morgan Asset Management is committed to providing education and development to help our IFA partners enhance their investment knowledge and maximise profitability in the face of the challenges posed by today's fast moving markets.
HSBC launches open architecture Onshore Investment Bond exclusively on Ascentric
HSBC has launched the HSBC Onshore Investment Bond Ascentric, exclusively on the independent wrap platform. The launch of the product will provide Ascentric advisers with an innovative open architecture bond together with access to a market-leading technology service. The nature of this exclusive relationship sees HSBC using Ascentrics whole of market access to investments and dealing functionality to power their proposition. All assets generated through the Onshore Investment Bond Ascentric will be held on the platform
Autumn Sales start early
The Autumn sales seem to have come around very quickly this year. First of all we read of the private equity firm, Blackstones sales plans for part of its portfolio of businesses. Blackstone is the worlds largest buyout firm, and has now just recently changed its tune about the state of the financial markets, after being a voice of doom for so long.
Towergate Financial selects IFDL to power its Wealth Platform
Towergate Financial, the financial advisory business of the Towergate Group, today announces that it has selected Investment Funds Direct Limited (IFDL) to power its Wealth Platform, which is a key part of its new private client offering. The platform is scheduled to be rolled-out by the end of 2009 as part of the launch of Towergate Financials new Private Client Toolkit.
The Mortgage Market Review
In DP09/03 published earlier this week, the FSA has set out its draft proposals for radical changes to the way it regulates the mortgage market for lenders and intermediaries. If implemented in their current form, the proposals will have a significant impact on all mortgage advisers and the way that they operate.
Still time to influence the RDR
The RDR consultation period ends on October 30th and whilst the proposals have triggered mayhem in the adviser ranks it seems that the response rate has been exceedingly poor. Advisers may be thinking that its a done deal and that any response would be pointless. Of course, if advisers adopt such an attitude it provides fodder for the inevitable retort that few advisers raised objections.
M&G Global Basics Fund Teleconference - register now
We are hosting a teleconference on Thursday 19 November with Graham French, manager of the M&G Global Basics Fund
Multi Manager buys AXA Framlington Global Opportunities and Schroder Corporate Bond Funds
The F&C Multi Manager Team have completed the sale of their positions in the Standard Life Select Income Fund within the Multi Manager Distribution and Multi Manager Cautious portfolios, replacing them in each portfolio with new positions in the Schroder Corporate Bond Fund (3% and 4% respectively).
Open letter to Harriet Harman MP from IFA Simon Mansell
Dear Mrs Harman Re: Expenses and Parallels with IFA's I was struck when I heard your interview on Radio 4 about the parallels in MPs expenses and the plight of financial advisers.
One rule for banks RDR for us
Some pro banking MPs and others claim that complaints against banks are distorted by payment protection statistics. Remember banks have 59% of FOS complaints compaired to IFA's at 3%. Clearly, the banks don't help this argument by appealing against the recent PPI ban at point of sale - they won!
The IPS Partnership unveils its new website
The IPS Partnership, the leading SIPP and SSAS provider, with offices in Bristol, London and Manchester has unveiled a brand new website. Commenting on the news, Richard Mattison, Business Development Director of The IPS Partnership, said: We have listened to the views of our IFAs and other introducers and come up with what we think is a practical, easy to use, educational and informative website.
PanaceaIFA welcomes our latest community supporter F&C
PanaceaIFA welcomes our latest community supporter, F&C. Established in 1868, they are an ideal choice for those looking for an experienced asset manager. Professional and private investors alike choose us because of our expertise, commitment to high quality service and competitive range of performance-focused investments. As a service provider, our mission is simple: To deliver 1st quartile performance in all that our clients expect.
F&C launches children's savings scheme
Foreign & Colonial Investment Trust (FCIT) has launched a new children's savings scheme as part of a collaborative effort to raise awareness of financial issues among young people.
Potential Euro-fracture?
Euro fractures - whilst much blame for the financial crisis has been thrown in the direction of the mud splattered Anglo-Saxon financial regime, that is certainly not to say that all is fine and dandy in the non Anglo-Saxon Euro world. Previously we could identify the difference in policy interpretation and financial discipline between the euro-core nations of Germany, France and the Netherlands as opposed to the PIGS (Portugal, Italy, Ireland, Greece and Spain).
Adviser Alliance
Most readers will be aware of recent plans to turn the IFA Defence Union into a more robust organisation. One with a solid infrastructure, full accountability and an increased membership. For reasons already well documented this transition failed to materialise which was a major disappointment to myself and many supporting advisers.
The impact of the RDR - debate the future at the UK's leading event
The Future of Distribution in Financial Services conference has established itself as a leading forum for the key players in financial services distribution to come together to debate the challenges and opportunities presented by the Retail Distribution Review and the evolving distribution landscape.
The Hunters' Tails
Number 60 9th October 2009 The zest of zabeleen... Our sympathies go to the citizens of Leeds, where that euphemism industrial action lets start getting used to it means that garbage is growing. As it is, we note this week, in Cairo.
PanaceaIFA member webcast alert
Next week Jacob De Tusch-Lec, manager of the Artemis Capital fund, will be taking part in a live webcast on Wednesday 21 October 2009 at 10.30am to discuss the Fund in more detail.
Dual Standards?
As MPs return to Westminster, the expenses row starts over again. It is with particular interest that I note MPs are upset about repaying some possibly irregular claims because they say the claims were made according to the rules and approved accordingly. To be forced to repay would be an application of rules retrospectively.
Strength in numbers - PanaceaIFA community near 1,600 strong
PanaceaIFA is a hit with our IFA members, supporting firms and strategic partners too. The goodwill from everyone involved to see PanaceaIFA achieve its aims and aspirations is tremendous and is really appreciated.
Resources Compliance - Compliance Tip - October 2009 Pension Switching - updated
The issue of pension switches was first raised in our March 09 Compliance Tip as a result of FSAs thematic review of this area and their subsequent report published back in December 2008. At that time further follow-up work was promised by FSA in Q3 of 2009.
Steve Bee keynote speaker at Ascentric's first conferences
Independent wrap platform Ascentric is running its own series of conferences for the first time that will give advisers the opportunity to hear from well known industry names including Steve Bee about key topics affecting their market.
LV= News
Improved Protection rates from LV= On 5 October 2009, we changed the term assurance premium rates for our: Flexible Protection Plan (FPP) level, decreasing and index-linked.
Wizard Learning - Learning to Learn complimentary audiovisual presentation
We have now added the third module in our popular complementary audiovisual presentation series on study techniques. See our training directory for more details of how to work with the wizard.
Getting the bonfire lit
I think I can hear the sound of something disappearing down the plug hole. It may just be the money supply. After a flush of excessive emergency stimulation packages, the world looks to see what effect have they had. To change my metaphors, if I may, gallons of lighter fuel has been poured onto the very damp bonfire and the burning question has been has it been enough not just to catch alight and burn the fuel, but to create enough heat to set the heart of the bonfire glowing again for the longer term.
PanaceaIFA invites you to the Ascentric Conference Event
Events are being held in London (Mon 16th Nov), Bristol (Tues 17th Nov) and Leeds (Thurs 19th Nov). Steve Bee is our keynote speaker, and we have also confirmed speakers from HSBC, Societe Generale, Techlink (Tony Wickenden) and fund managers Pictet, Vanguard and Evercore Pan Asset who will be debating asset allocation strategies
Is the FSA acting ultra vires - beyond its powers?
"The Financial Services and Markets Act does not permit the FSA to cancel an authorisation simply because the FSA has changed its views on what the appropriate qualifications should be .It is one thing to impose new rules for new entrants to the IFA profession, it is quite another thing to disqualify someone who is already qualified.
"Goddersview"
As I look back over nearly 40 years in financial services, I muse on the vast amount of money and time spent by people with limited experience and knowledge jamming their metaphorical umbrella into the spokes of the industrys front wheel.
Money for Nothing!
How about earning something for nothing? Well if you are a British bank then it seems that you can! Following on from the frustration that many have expressed at the lack and depth of bank lending, my colleague Peter Sleep has uncovered an excellent graph which perfectly illustrates where a good proportion of bank cash is currently being hoarded!
Godfrey Bloom, MEP - banned
Godfrey Bloom, MEP for Yorkshire and North Lincolnshire has long been a champion of IFAs and his voice is often heard in the media as well as in Brussels. His views are not always well received but they are more often than not based upon common sense and reason rather than a rule book or politically inspired mantra. He also has had a career in financial services to draw experience from.
Thames River Multi-Manager Funds are now 2 years old
It has been two years since Gary Potter, Rob Burdett and their team launched five Multi-Manager funds here at Thames River and what a two years its been. Since the launch we have witnessed massive market uncertainty, huge volatility, recession and a recent market rally.
The IPS Partnership Freezes Fees For Its SIPP Product
The IPS Partnership is freezing renewal and add-on fees for their SIPP product for the 12 months from the 1st October 2009.
Salary sacrifice made easy
Getting your clients to think about increasing their pension contributions can be difficult, especially in the current climate. But there is a way to do this without affecting their take-home pay.
Sponsorship for Pedal for Patrick Charity Cycle ride Sunday 11th October
A PanaceaIFA member writes: My nephew (Patrick Evans), tragically died in a ski accident earlier this year. I wanted to organise a cycle event in his memory whilst also raising money for charity. Patrick had been diagnosed with kidney disease, hence the South West Thames Kidney Fund as the chosen charity. I have managed to persuade a local ride organiser for us to jump on board and take part in one of their organised events.
The Customer Feedback Centre: A Case Study
Client feedback for more effective client management
With a well-crafted client feedback programme, wealth management firm Web.fs benefit from marketing opportunities, more referrals, and better client management
7 day tutor marking for our 12 practice exam packages
Those of you taking one of the CII's written financial planning exams in October, will no doubt be coming towards the final stages of your preparation. As part of your final revision, practicing with exam style questions will be vital in identifying your strengths and weaknesses with the relevant syllabus learning outcomes. The Wizard Learning Practice Exam Package enables you to cover some key syllabus areas to hone your technique.
Shock the Monkey
In the words of Peter Gabriel- "Wheels keep turning, Something's burning, Don't like it but I guess I'm learning". Well, I guess we are all learning now. The Sunday Times was running an advertisement on the front page of it's Appointments section asking for applicants to replace Walter Merricks when he leaves shortly.
Salary sacrifice made easy
Getting your clients to think about increasing their pension contributions can be difficult, especially in the current climate. But there is a way to do this without affecting their take-home pay.
Petition finalised
With more than a hundred very fast and positive replies and after some frantic phoning around and redrafting I believe we have a good consensus. Please be assured that I respect and am grateful for all responses, though obviously some were at odds with each other and I cannot possibly please everyone.