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Good morning and welcome to your Morning Briefing for Wednesday 12 April, 2023. To get this in your inbox every morning click here.
Young clients
For years I have wondered how advisers who want clients that own property and accumulated wealth will attract new ones.
It is not news but home ownership has dropped among the young alongside their disposable income.
At some point the fundamental economics of this country has to tip adviser fee models or maybe it doesn’t?
John Cowan believes the pendulum has to shift at some point and makes the case why here.
Boutique financial services
In this week’s episode of In Conversation With, Kimberly Dondo chats with Steve Windsor, co-founder of Atrato Group.
Kimberley and Steve discuss the differences between setting up a boutique financial services firm and working for a multinational corporation.
Steve shares his experiences and insights, highlighting the benefits and challenges of both.
Quote Of The Day
The complexity of this tax law was catching out numerous medical professionals and landing them with significant tax bills they might have been able to avoid. It was producing artificial behaviours that ultimately was having a damaging impact on our health service.
– Graham Crossley, NHS pension specialist at Quilter, on senior doctors’ significant tax charges due to the lifetime allowance
Stat Attack
Two-thirds of women aged between 50 and 59 (66%) admit that they don’t know how much they have saved for their retirement, according to new research from TPT Retirement Solutions, a leading workplace pension scheme serving over 2,600 organisations.
51%
In this age group also don’t know how much is saved in their pensions. The research looks at how prepared people in their 50s are for retirement.
60%
Of women in their 50s worry they are not saving enough.
£17,014
The research found that among those who know how much they have saved, the average man in his 50s has saved £17,014 more than the average woman.
71%
It also found that rising energy bills are a significant burden to pension saving for 71% of women.
66%
Also struggled with increasing food bills and 25% with higher mortgage repayments.
48%
Of women in their 50s do not expect to be able to afford a moderate retirement based on PLSA Retirement Standards.
46%
Of women expect to work for longer, typically planning to work for an additional five years to cover the cost of retirement.
Source:TPT Retirement Solutions
In Other News
It has emerged that over 500 doctors have unnecessarily paid over £17.7m in lifetime allowance (LTA) charges, according to a Freedom of Information (FOI) request from Quilter.
The news comes after it was announced in the Autumn Budget that the lifetime allowance has been scrapped in part to help stop senior doctor reducing hours or retiring early due to significant tax charges.
Quilter said a substantial number of doctors had missed out on applying for LTA protection and had paid more than necessary in tax at the end of 2021. At the time through an FOI, it emerged that 400 doctors had overpaid LTA charges totaling £11m.
The wealth manager said its new FOI data show that 506 members who have retired and paid LTA tax charges could have benefited from IP16. They had a collective total of £71,004,784 which could have been protected under IP16.
It added that NHS Business Service Authority (NHSBSA) should contact all members directly to explain the administration they need to complete.
So they can to rectify the issue and have the LTA charges refunded especially in light of the lifetime allowance charge being abolished from 6 April 2023.
Origo and Capco have partnered to ensure pension providers can connect to the central digital architecture underpinning the UK’s pensions dashboard.
It brings together Origo’s experience in building the central digital architecture for the dashboard and the capabilities of the Origo Dashboard Connector.
And the benefits of Capco’s audit and readiness solutions and its expertise in project management.
Capco and Origo will help pension providers to effectively meet their Dashboard obligations, while delivering a pensions dashboard experience that offers enhanced data readiness and connectivity.
The Protection Distributors Group (PDG) has arranged financial sponsorship support from a range of key businesses associated with the protection industry.
The inaugural sponsors are CIExpert, iPipeline, Iress, NMG Consulting, Protection Guru, Square Health and UnderwriteMe.
These businesses, in different ways, support adviser activity in quoting, analysing, underwriting, and placing Protection into the UK market, and have all agreed with the PDG values in working towards delivering better consumer outcomes.
From Elsewhere
Norway wealth fund employee sues for workplace gender discrimination (Reuters)
On the hunt for the businessmen behind a billion-dollar scam (BBC News)
Japan, Germany and the challenge of excess savings (Financial Times)
Did You See?
The legacy of Covid lingers on.
An Aviva customer has reprimanded the insurer over its failure to pay her long Covid claim despite the condition being recognised as a disability.
Nicola Mitchell, who claimed to have been suffering from long Covid for three years, told Money Marketing of her frustration to get Aviva to honour her claim.
Mitchell had a life insurance and critical illness policy with Aviva. It is a legacy policy that was bought with AXA Insurance in 1994 where she used to work as public relations director.
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