The Morning Briefing: New pension scam powers needed and active management in question

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Hello and welcome to your Morning Briefing on Wednesday, November 24, 2021. To receive it each morning in your inbox, click here.


New pension scam powers

Pension Scams Industry Group chairman Margaret Snowdon says the government must introduce new legislation to help end pension scams.

Speaking to Money Marketing Interactive London yesterday (November 23), she said that a huge scam industry appears to be growing in the wake of the Covid-19 pandemic.

She said she warned half a decade ago that billions of pounds would be lost to pension scams, she was yelled at and told it was nonsense.

However, the numbers are now “incredibly high and keep growing”.


Active management in question

Active managers have gone out of fashion in recent years due to high fees and questions about performance.

This topic was raised yesterday by Albemarle Street Partners Managing Director Charlie Parker at Money Marketing Interactive London.

He said: “I have worked in this industry for almost 20 years, I have known a lot of money management companies and what is going on inside them. In my opinion, they are not always good value for money.


At Money Marketing Interactive London, St James’s Place Investment Director Rob Gardner said: “We have 11 million children in the UK and only 100,000 have a pension.

“If you invest £ 5 a day from birth, they will have £ 35,000 saved in every 10.

“If you then stop saving, the compound interest will pay them £ 1million out of 60.”

The comment sparked a bit of debate on Twitter.

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Quote of the day

The big platforms are taking a lot of money right now. It doesn’t mean they make money because they charge a low margin

– Former Novia CEO Bill Vasilieff comments on the state of the platform market at Money Marketing Interactive London yesterday (23 November)



Statistics attack

Consumers increasingly seek financial advice at critical and often more vulnerable times in their lives. As a result, this has redefined the role of financial advisers as clients demand much more of the extra support they need, according to a new study by wealth manager Charles Stanley.

34%

Financial advisors revealed that clients need more emotional than financial support, such as advice and assistance in their day-to-day lives

31%

Advisors said clients now need more support in general

34%

Confirmed that customers want more contact outside of traditional working hours

35%

Revealed that customers now want to meet more frequently and have more contact time with them

13%

Consumers who already have, or are currently seeking financial advice, want their advisor to be more familiar and understanding of their personal situation

33%

Said request for face-to-face contact has also increased since the lifting of Covid-19 restrictions

29%

Advisors recognize that clients want them to understand their personal situation

Source: Charles Stanley



In other news

Legal & General Investment Management (LGIM), which manages $ 1.8 billion in assets under management, announced the appointment of Kurt Morriesen to head investment management.

He will join the company in January 2022 and lead LGIM’s global investment management team.

Morriesen joins LGIM from the United Nations Development Program (UNDP), where he is Senior Advisor for impact investments and SDGs, a position he has held since 2018.

He has more than 15 years of experience in impact investing and ESG strategy within international organizations, such as the World Bank, the International Finance Corporation (IFC), the UN-PRI, the United Nations, the GIZ and the Inter-American Development Bank (IADB).

Morriesen is the author of the Impact Investing Market Map (UN-PRI) – the premier resource available to help investors identify impact investing opportunities in the listed stock market.


Aegon UK has appointed Antonia Balaam as Director of DC Customers. In the newly created role, she will lead the team of Client Managers who are responsible for leading relationships with some of the UK’s largest employers.

Balaam is a qualified actuary, with approximately 25 years of experience in the pension industry.

Since joining Aegon in 2019, she has proven to be a key part of the Client Director team, supporting the development of new businesses, building on current client relationships and making a very positive contribution to our strategic plans.

This post underscores Aegon’s commitment to the defined contribution market and its ambitious plans for growth in the workplace sector following a recent investment.

The current focus is on improving the digital experience and propositions, including broader savings in the workplace.

Aegon’s recent acquisition of engagement specialists, Pension Geeks, was also viewed as a significant improvement for the workplace business by existing and new clients.

Balaam will report to Nick Roy, director of client development and partnerships at Aegon.


Brown Shipley, a Quintet private bank, has appointed Kenny Cummings as financial planner, based in Edinburgh, strengthening its wealth planning team in Scotland.

Cummings will report to Matt Hoyne, Head of the Edinburgh office and will work with Rebecca Williams, UK Wealth Planning Manager.

Cummings has been a financial advisor since 2017. He joins Brown Shipley of Spence & Spence IFA, where he served the complex needs of a range of high net worth individuals.

Previously, Cummings was a Chemical Engineer, serving as Managing Director of Abbeyhill Electrical Services after completing the AP Moller Maersk Group Graduate Program.

Cummings’ appointment follows that of Hoyne as head of the Edinburgh office and Gerard Wilson as director.

Both joined Brown Shipley last year and lead the company’s growth plans in Scotland.



Besides

Jamie Dimon jokes that JPMorgan will outlive the Chinese Communist Party (Reuters)

CBI President calls on government to “stop raising taxes” and focus on stimulating investment (Sky News)

What does El Salvador’s crypto experience mean for Britcoin? (The Telegraph)


Have you seen?

Early Career Counselors may have questions about higher professional qualifications that cannot be answered by consulting the websites of examining bodies.

Some may wonder whether it is worth getting the charter designations, the certification designations, or both. And what does the Personal Finance Society (PFS) fraternity bring you?

The best way to get answers to these questions is to talk to counselors who have been through it, says editor Amanda Newman-Smith.


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