Dear Readers,
As we start to gear up for Christmas, it’s also time to catch our breaths.
Back in September, I gave a speech at our annual Money Marketing Awards, during which I joked about the never-ending rollercoaster of events in the world of financial services.
“Speaking personally, I always regret saying to my colleagues, “Well, this month seems a bit quieter than usual,” I remarked.
“I’ve also learned to perfect my eye-roll when an adviser or a CEO says to me, ‘What this sector really needs is a nice period of calm.’”
Well, that was just over three months ago, when we were all still absorbing the impact of Labour’s landslide election victory. And it’s fair to say that a period of calm has once again failed to materialise.
In October, Money Marketing hosted conferences in London and in Leeds, both of which played out at a time when speculation around chancellor Rachel Reeves’ first Budget was at fever pitch.
The fact that there was a 117-day gap between the general election at the Budget announcement didn’t do much to settle the nerves. Indeed, advisers at both events complained about the number of calls they were fielding from clients, anxious about possible changes to inheritance tax, national insurance and business rates.
As it turns out, the chancellor didn’t disappoint – she promised a ‘painful’ Budget and she certainly delivered.
In the weeks since, we’ve been absorbing the 15% national insurance (NI) hike for employers, the imposition of inheritance tax (IHT) on inherited pensions, the rise in capital gains tax (CGT) rates and the halving of relief on AIM, among many other measures.
The impact of such a sweeping set of policies on the economic landscape, especially on growth, is hard to calculate, but it’s definitely stirred up activity in the advice sector.
In the immediate aftermath, I discussed the potential impact on clients and how advisers should navigate the bumps in the road with Ian Cook from Quilter Cheviot, Chris Jones from Dynamic Planner and Patrick Ingram from Parmenion.
I also had a fascinating chat with Roderic Rennison, founder and partner of Catalyst Partners, about buying, selling, consolidation and attractiveness of the UK to private equity firms, in light of changes to business asset disposal relief.
Suffice to say, we will be talking about all of this well into 2025 and beyond, especially given the potential fiscal implications of Donald Trump’s return to the White House. If nothing else, it might encourage more young people seek out advice.
But while Budget talk dominated 2024, it’s not as if the period up until October was free from incident.
Over these past 12 months, for instance, we have seen the continued roll-out of the Consumer Duty and other regulations, rising costs for advice firms, ongoing consolidation and the growth of AI and technology, to take just a few examples.
All of these things will continue to accelerate in the New Year, and the ability of individual advisers to stay abreast of developments will be tested more than ever.
We in the Money Marketing team certainly never forget the tricky environment in which you all operate. Whatever happens in the sector, we will do our best to cover it without fear or favour.
Since I joined this wonderful publication back in November 2023, I’ve always been struck by how passionate financial advisers are about what they do. This is a profession, I’ve found, that really cares about its clients, its effectiveness and its reputation.
And throughout our coverage, I’ve always tried to convey that passion to our readership. Of course, I’m blessed with one of the best teams an editor could wish for. As well as making my life easier, they have produced a stream of first-class cover features, leaders and interviews in 2024, while breaking news stories every day.
They have even found time to contribute to our Weekend Essay section, which has covered everything from flexible working to public speaking (with the odd zombie thrown in). Our Financial Adviser 2B platform, meanwhile, continues to be a great resource for aspiring advisers, providing a wealth of first-hand stories and advice.
A shout out is also due to our fantastic freelance writers, who keep us well supplied with hard-hitting opinion pieces on investments, platforms, regulations, pensions and many more.
Finally, thank you for all the numerous comments on our articles – whether positive, negative or indifferent, you keep us on our toes!
We’ll be taking a much-needed rest until 2 January, but we’ve prepared a series of round-ups, highlights and previews over the festive period, in case you need a change of scene from mince pies, family games and comedy repeats.
But don’t fret – we’ll be back in 2025, batteries fully recharged, to continue bringing you the very best in financial journalism.
In the meantime, a very Merry Christmas and a Happy New Year from the whole Money Marketing team!
Tom Browne, editor, Money Marketing
