Money Marketing’s Weekly Must-Reads: Top 10 Stories
This week’s highlights: Amanda Newman Smith explores whether beneficiary nomination is a better alternative to writing life policies in trust, while abrdn Adviser reduces charges for wrap clients. Plus, stay up to date with the latest industry news.
Is beneficiary nomination a worthwhile alternative to writing life policies in trust?
Few clients placed life policies in trust due to complexity, despite its benefits, such as avoiding inheritance tax and probate delays.
Beneficiary nomination offered a simpler alternative, allowing direct insurer payouts to named recipients. However, not all insurers provided this option and trusts remained preferable for complex cases, like beneficiaries lacking mental capacity. Automation improved trust applications, making them less cumbersome.
While beneficiary nomination suited straightforward cases, advisers still needed to consider individual client needs when recommending protection strategies.
Adrian Boulding: The tangled road towards pensions IHT
The government’s plan to include unused pension pots in inheritance tax (IHT) from April 2027 sparked debate.
While only a small percentage of estates will be affected, it may alter retirement and estate planning. Adrian Boulding, director of retirement strategy at Dunstan Thomas, highlighted the need for advisers to help clients navigate these changes through spending, gifting, or IHT-friendly investments.
Industry leaders challenged the policy’s complexity, and with draft legislation expected later this year, financial planning remains crucial.
Royal London tops list of Defaqto’s top 10 personal pension plans
Royal London’s Pension Portfolio topped Defaqto’s 2024 rankings for personal pension plans (PPPs), featuring in one in three recommendations.
Aviva secured second and eighth places, holding a combined 21% market share, while Quilter and Prudential followed. The top ten PPPs accounted for 85% of recommendations, with 39 others attracting less than 1% each.
Defaqto’s Richard Hulbert noted Royal London’s dominance but urged greater competition in the market as PPPs near their 40th anniversary, especially for self-employed savers.
abrdn Adviser cuts charges for wrap clients
abrdn Adviser removed the product administration charge for SIPP and Onshore Bond products on its Wrap platform and reduced standard platform charges for existing clients.
The new structure cuts fees by at least 5bps across all tiers up to £1m and 15bps for portfolios between £500,000 and £750,000.
CEO Noel Butwell reaffirmed abrdn’s commitment to competitive pricing and service enhancements, highlighting new tools like the ESG Hub and Money Market MPS, with further developments planned, including the abrdn SIPP.
Wealthify appoints new chief investment officer
Wealthify appointed Jessie Kwok as its new chief investment officer, succeeding Colleen McHugh.
Kwok, formerly senior investment director at Investec, has held key roles at Fidelity International, Schroders, and HSBC. A CFA Charterholder, she brings expertise in portfolio management and ESG investing. McHugh will remain on Wealthify’s Investment Committee as an investment consultant.
Kwok expressed excitement about leading Wealthify’s investment strategy, while McHugh reflected on the company’s growth and voiced confidence in Kwok’s leadership amid market uncertainty.
Aegon UK boss: ‘Our mission is to be the leading platform’
Aegon UK reaffirmed its mission to be the “leading platform”, with CEO Mike Holliday-Williams highlighting a £70m-£80m annual investment plan until 2027.
Despite ongoing outflows, Aegon remains focused on adviser engagement and platform improvements to drive growth by 2028. Workplace net flows doubled to £3.7bn, with assets under administration rising to £220bn.
Aegon is also integrating AI into operations and successfully completed Nationwide’s financial-planning service transfer, expanding adviser support and enhancing customer offerings through Origen.
Hymans Robertson appoints Emma Cameron as head of investment consultancy
Hymans Robertson appointed Emma Cameron as head of investment consultancy, succeeding Anthony Ellis.
A partner at the firm, Cameron joined in 2012 after roles at Deloitte and Mercer. She advises defined benefit pension trustees and chairs the Investment Committee. Catherine McFadyen, head of pensions, praised Cameron’s expertise and leadership. Cameron expressed excitement about guiding the team through market developments.
Hymans Robertson aims to strengthen its investment consultancy services under her leadership, ensuring clients receive expert support in critical decisions.
Fidelius positions for growth with rebrand and expansion plans
Fidelius, a Bath-based advisory firm, announced its expansion plans alongside a rebrand, aiming to double assets under management by 2029.
The firm intends to become a top 20 IFA by size and enhance its client services. The rebrand includes a new logo, website and slogan: ‘Make it happen’. Backed by Sӧderberg & Partners, Fidelius plans organic growth, IFA acquisitions and client referrals.
CEO Ian Fowler emphasised the importance of people in achieving future success and maintaining exceptional service.
MetLife UK appoints head of individual protection
MetLife UK appointed Phil Jeynes as head of individual protection, strengthening its leadership and growth strategy.
In this role, Jeynes will oversee the distribution strategy and alignment of the individual protection business. He brings extensive experience from his previous role as director of corporate strategy at Reassured. Reporting to deputy CEO Adrian Matthews, Jeynes’ appointment supports MetLife UK’s business transformation and expansion goals.
CEO Dominic Grinstead highlighted his expertise in driving growth and protecting families against life’s uncertainties.
FCA charges financial adviser with multiple fraud offences
The FCA charged Lisa Campbell, 55, the director of Campbell & Associates Independent Financial Advice Ltd, with multiple fraud offences, including abuse of position and providing misleading information to the regulator.
Campbell allegedly misappropriated over £2.3m from clients between 2013 and 2023, including vulnerable individuals, using false documents to reassure clients and conceal her actions.
She faces charges after a 24-month investigation and will appear in court on 17 April. The FCA condemned her actions as a massive betrayal of trust.
