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Financial Services

With experience across more than twelve financial service sectors and an established network of over 70,000 professionals we can connect specialist talent to the right business. Looking for a new financial services job or for exceptional talent? Take a look at our offering below.

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    OUR FINANCIAL SERVICES EXPERTISE

    Financial Services is core to our consultancy. With 238 combined years of market experience, our consultants are experts in their field, many having worked in the sectors they recruit for. We cover more than 12 specialist areas including; Financial Planning, Wealth Management, Commercial Banking, and Pensions & Actuarial, helping UK and international businesses secure skilled professionals. 97% of our Financial Services placements are still in place after five years.

    ​​​​​See latest jobs

  • ​“Rehana was both friendly and professional the whole way through the process. She put me at ease and ensured I was well prepared for the interview. Rehana took into consideration all my requirements and matched me to a role that was exactly right for me and my circumstances. I would definitely recommend her to others.”

    Rehana Sadiq, Senior Consulting, Financial Services
    Rehana Sadiq, Senior Consulting, Financial Services

  • ​“Rehana was one of 5 recruiters to try and offer me a job, but was the only one to actually ask me about where I’d like to work and genuinely listened. She used her contacts and experience within the industry to land me the exact job I wanted, with the company I’ve wanted to work for, for a long time - so her results speak for themself. Rehana was a dream to work with from start to finish and if I ever decide to move jobs in the future I will look no further than her.”

    Rehana Sadiq, Senior Consultant Financial Services
    Rehana Sadiq, Senior Consultant Financial Services

  • ​“Thank you for all your help, Louise! Must say I’m very impressed with you and the way you have been so on the ball and efficient. I have registered with a few recruitment services and not one of them got back to me after my initial contact, but you have been amazing!”

    Louise Bibb, Regional Manager Financial Services
    Louise Bibb, Regional Manager Financial Services

  • ​“Lynn was amazing and had me set up with interviews within a day or two. I wouldn’t have managed this myself and I am so very grateful for all of her help and support during this process.”

    Lynn Wilson, Senior Consultant Financial Services
    Lynn Wilson, Senior Consultant Financial Services

  • "​Ashlea spent three years trying to contact me - that is tenacity!! It paid off because when I was ready to leave my job her name was very familiar to me, so I was happy to have a chat. She does her homework and does not try to fit a round circle into a square hole. She actually takes time and care in selecting the right candidates for the roles she has and therefore both parties are happy with the outcome. She was incredibly professional and responsive making sure that the interview and enrolment process was moving forwards quickly. She builds rapport easily and consequently, I find her very easy to talk to. Would highly recommend. Thank you Ashlea - I am happy to be working again!"

    Ashlea Walton, Client Director Financial Services
    Ashlea Walton, Client Director Financial Services

  • ​"I can't thank Alison MacMillan enough for her dedication and professionalism in helping me to secure a fantastic new role with one of the top companies in the UK. Friendly and approachable, she has been extremely supportive throughout the whole journey.She is extremely proactive, knowledgeable, polite, and supportive. She has a genuinely positive, can-do attitude and worked with me to better understand the roles that I was genuinely interested in - rather than blindly sending lists of unsuitable vacancies. Highly recommend."

    Alison MacMillan, Executive Director Financial Services
    Alison MacMillan, Executive Director Financial Services
Risk & Compliance

Risk & Compliance

Our Risk & Compliance consultants know how difficult it is to attract highly skilled professionals who understand the complexities of the risk, compliance and regulatory market. They have ove...

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LATEST JOBS Financial Services
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Investment Manager

Liverpool
£60000 - £80000 per annum

My client is currently looking for an experience Investment Manager to join their team in Liverpool to help grow and service an existing book of clients. As an Investment Manager, you will be responsible for creating, advising, and managing individually tailored portfolios that are designed to achieve your client's investment objectives within the agreed timescales. You will utilise your skills and knowledge to provide creative and intelligent solutions to client issues and ensure that they meet their goal of enhancing our clients' wealth. You will be trusted to handle an existing book of business and to use your detailed knowledge of all aspects of investments and stock markets to develop and expand your existing client network. All of their Investment Managers are supported and empowered to develop new client business as the firm works towards its ambitious growth goals. This isn't a static or siloed role - this is a role that will develop with you, with support to further grow your skills and understanding as part of a wider team that are open and honest, sharing knowledge and developing each other and always looking to improve the way they work. In this role, you'll: Manage a range of advisory and discretionary portfolios - tailoring them to achieve the client's investment objectives Maintain and enhance client relationships to the highest possible standard Develop client portfolios to meet the client's objectives, determining their suitability, investment performance and tax considerations Carry out marketing, business development and networking activities as required by the firm, including pitching documents & presentations, to existing and prospective clients Attend and actively contribute to investment and research committee meetings Actively contribute towards the firm's long-term strategic goals and objectives What they're looking for Ideally CISI Level 6 or equivalent. A clear commitment to providing a friendly, client-focused approach Someone with an established network of professional contacts An ability to see things differently and identify opportunities Excellent written and verbal communication skills Curious and analytical mindset Willingness to use your own initiative and adapt to change Experience of handling an existing client book For more information please contact Graeme Hyland on 07896 933622 or email graeme.hyland@idexconsulting.com Visit the IDEX Consulting Ltd website for further opportunities. Please note that the information supplied may be retained for up to 10 years for use in connection with future vacancies. For full information on how we use your data, please visit the IDEX Consulting website and view our Privacy Policy. Our Diversity, Equity and Inclusion Mission At IDEX, we strive for an inclusion-first company culture where everyone is treated fairly and can bring their authentic selves to work. We recognise and acknowledge that diverse representation at every level of our business requires continuous and measurable effort. We are committed to driving conscious inclusion across our business and creating equitable pathways.

Apply now

Financial Planner

London
£60000 - £70000 per annum + Benefits + Bonus

A high performing Financial Planning organisation are looking to bolster their team in central London with an important Financial Advisor hire. This particular opportunity is quite unique for the following reasons: You will be working closely with an extremely experienced Financial Advisor who has a large/high income portfolio of high net worth private clients You will work in collaboration with this adviser to facilitate a hand over of a portion of the client book It's also a fantastic opportunity to develop new business, cultivate professional connections, and further enhance your earnings What we are looking for in an applicant: Experienced financial planner who can demonstrate year on year high performance and retention of clients and new business development Technical product knowledge and experience of dealing with clients across the full product range including investments and pensions Someone happy spend time in the London office with fellow advisers and your admin and paraplanning support team The client experience is everything - you must be ethical, personable, knowledgeable and always focusing on the best client outcomes at all times This is an opportunity not to be missed. Alongside all of the above you will also be working for an award winning Financial Planning business with full paraplanning, admin and compliance support which leaves you to do what you do best. If this Financial Adviser role in London interests you please apply or contact me confidentially for a discreet and informal chat about the opportunity. Visit the IDEX Consulting Ltd website for further opportunities. Please note that the information supplied may be retained for up to 10 years for use in connection with future vacancies. For full information on how we use your data, please visit the IDEX Consulting website and view our Privacy Policy. Our Diversity, Equity and Inclusion Mission At IDEX, we strive for an inclusion-first company culture where everyone is treated fairly and can bring their authentic selves to work. We recognise and acknowledge that diverse representation at every level of our business requires continuous and measurable effort. We are committed to driving conscious inclusion across our business and creating equitable pathways.

Apply now

IFA Admin

Glasgow
£26000 - £34000 per annum

The opportunity has arisen for a Financial Planning Administrator to join a well-established Financial Services Practice in Glasgow city centre which provides a highly personalised financial planning and investment management service. During a period of growth, our client is looking for someone to provide high quality technical administration and analytical support to the successful Financial Planners of the business. The firm has the flexibility to mould the perfect opportunity around each person's specific skill-set, so the role can be tailored to exactly what you want. You will have the opportunity to work in a supportive team environment where progression is strongly supported. In order to be considered for this unique opportunity, candidates need to have - Previous experience within a Financial Planning role Professional communication manner, both written and verbally Working towards Diploma level 4 qualification In return you will receive a generous salary and benefits package and will have the opportunity to progress to paraplanner and subsequently IFA if desired. The opportunity has arisen for a Financial Planning Administrator to join a well-established Financial Services Practice in Glasgow city centre which provides a highly personalised financial planning and investment management service. During a period of growth, our client is looking for someone to provide high quality technical administration and analytical support to the successful Financial Planners of the business. The firm has the flexibility to mould the perfect opportunity around each person's specific skillset, so the role can be tailored to exactly what you want. You will have the opportunity to work in a supportive team environment where progression is strongly supported. In order to be considered for this unique opportunity, candidates need to have - Previous experience within a Financial Planning role Professional communication manner, both written and verbally Working towards Diploma level 4 qualification In return you will receive a generous salary and benefits package and will have the opportunity to progress to paraplanner and subsequently IFA if desired. Visit the IDEX Consulting Ltd website for further opportunities. Please note that the information supplied may be retained for up to 10 years for use in connection with future vacancies. For full information on how we use your data, please visit the IDEX Consulting website and view our Privacy Policy. Our Diversity, Equity and Inclusion Mission At IDEX, we strive for an inclusion-first company culture where everyone is treated fairly and can bring their authentic selves to work. We recognise and acknowledge that diverse representation at every level of our business requires continuous and measurable effort. We are committed to driving conscious inclusion across our business and creating equitable pathways.

Apply now

Portfolio Manager

Manchester
£75000 - £95000 per annum

My client is currently looking for a Portfolio Manager to join their team in Manchester. They are looking for someone who is passionate about delivering excellent client service and investment management for their clients. They want someone who can work as a part of a team, potentially managing reports and prospecting for new business. You'll be busy, hands-on and need a can-do mentality. What you'll do Manage, either directly or in conjunction with Portfolio Director and/or Associate/Assistant Portfolio Manager, client relationships and individual client portfolios in line with appropriate and agreed strategic asset allocation, benchmarks and restrictions Fully understand the client's inter-family relationships, individual circumstances, risk profile, investment objectives, specific restrictions and resulting mandates within each asset class, recommend and action any changes to underlying securities and/or funds in line with appropriate models and funds buy-list Report to the clients in a timely and professional manner Meet with clients regularly and to ensure any action agreed is minuted and implemented React to all client related enquiries in a timely manner and maintain a record of responses Have primary responsibility for new client set-up, sign off and maintenance in a timely fashion (inc. KYC, ML/DD suitability and restrictions). This to include issuance of the welcome/initial policy letter Manage and train Assistant Portfolio Managers or Associate Portfolio Managers on the team where applicable and ensure they attend client meetings Undertake regular review of the work of allocated to Administrative Assistant/Client Service Executive and where applicable work with the Assistant Portfolio Manager to ensure that: Mandates are adhered to Risk profiles are respected Clients are treated fairly Suitable revenue from the clients is achieved Actively market and develop profitable new client relationships both internally and externally Identify and convert new business opportunities in order to achieve your personal new business target Assist others to achieve their new business aims, either by way of recipient or key contributor to successful new relationships Manage and train Assistant or Associate Managers on the team where applicable The knowledge, experience and qualifications you need Strong understanding of global segregated offering Controlled Function 30 - customer function An approved level 4 or above FSA approved regulatory qualification The CISI diploma or equivalent higher level qualification Must obtain a Statement of Professional Standing on an annual basis Professional, organised, motivated, self-starter, strong interpersonal and verbal/written communication skills Demonstrated investment experience What you'll be like: A really good communicator - great at listening, being clear and giving reassurance A good number cruncher Self-motivated and enthusiastic Good at working in a team and with other teams Keen on developing others, perhaps even managing people formally You'll have real attention to detail Able to work under pressure and to tight deadlines Show a willingness to learn and develop and a desire to work with your colleagues to achieve excellent client outcomes For more information please contact Graeme Hyland on 07896 933622 or email graeme.hyland@idexconsulting.com Visit the IDEX Consulting Ltd website for further opportunities. Please note that the information supplied may be retained for up to 10 years for use in connection with future vacancies. For full information on how we use your data, please visit the IDEX Consulting website and view our Privacy Policy. Our Diversity, Equity and Inclusion Mission At IDEX, we strive for an inclusion-first company culture where everyone is treated fairly and can bring their authentic selves to work. We recognise and acknowledge that diverse representation at every level of our business requires continuous and measurable effort. We are committed to driving conscious inclusion across our business and creating equitable pathways.

Apply now

Risk and PMI Consultant

London
£40000.00 - £60000.00 per annum

Looking for a homebased benefits opportunity? I'm keen tp speak with experienced Consultants either from a large corporate healthcare background willing to learn risk (provider or broker) or a risk and health consultant This is a great opportunity if you want to work across multiple product lines - you'll have the opportunity to work within Group Risk, Healthcare, International to name a few with lots of scope to progress and develop your career This is a business who genuinely invests in its people, is on a journey of growth and acquisition and has a huge UK footprint Its a homebased role and you'll spend 80% of your time providing an exceptional service to an existing portfolio of clients. 20% of your role will be focused on warm lead conversion and cross-selling to grow your portfolio To be considered for the role, you must have experience in a client facing Group Risk or Healthcare Consultant role, with experience of working within an intermediary. In addition to this, attitude is key and looking for someone who willing to learn, enthusiastic, motivated, client centric and solutions focused If you fit the above and you're searching for a role that offers genuine potential for both personal and professional development, who wants to be a part of this firms story and help shape the future direction of the business - please get in touch You will benefit from competitive salary and uncapped bonus structure amongst many other benefits! Visit the IDEX Consulting Ltd website for further opportunities. Please note that the information supplied may be retained for up to 10 years for use in connection with future vacancies. For full information on how we use your data, please visit the IDEX Consulting website and view our Privacy Policy. Our Diversity, Equity and Inclusion Mission At IDEX, we strive for an inclusion-first company culture where everyone is treated fairly and can bring their authentic selves to work. We recognise and acknowledge that diverse representation at every level of our business requires continuous and measurable effort. We are committed to driving conscious inclusion across our business and creating equitable pathways.

Apply now

Paraplanner

Bristol
£55000 - £65000 per annum + Bonus

I am currently partnered with a prestigious wealth management firm seeking an experienced Paraplanner to join their team in Bristol. The company holds an outstanding market reputation, renowned for their expertise in managing the complex financial needs of ultra-high-net-worth clients. Their proven track record in delivering bespoke, high-level wealth management services sets them apart as industry leaders. Requirements: The ideal candidate will need to hold Chartered status and demonstrate proven expertise in both report writing and client management. Experience working with high-net-worth and ultra-high-net-worth clients on complex technical cases is essential. Benefits: This role offers an exceptional benefits package, a highly competitive salary of up to £60,000, and the flexibility of hybrid working arrangements. This position also provides a clear path for career progression, whether towards an advisory role or a senior position within the paraplanning and support team. If you're interested in this opportunity and would like further information, please send your CV to Samantha.durbridge@idexconsulting.com. Visit the IDEX Consulting Ltd website for further opportunities. Please note that the information supplied may be retained for up to 10 years for use in connection with future vacancies. For full information on how we use your data, please visit the IDEX Consulting website and view our Privacy Policy. Our Diversity, Equity and Inclusion Mission At IDEX, we strive for an inclusion-first company culture where everyone is treated fairly and can bring their authentic selves to work. We recognise and acknowledge that diverse representation at every level of our business requires continuous and measurable effort. We are committed to driving conscious inclusion across our business and creating equitable pathways.

Apply now

Associate Pensions Consultant

England
£30000.00 - £40000.00 per annum

IDEX Consulting is looking for part-qualified and qualified pensions actuaries to join our clients growing team. You could be based in any the following UK offices (Birmingham, Bristol, Epsom, Farnborough, Glasgow, Leeds, London, Manchester, St. Albans), with a mix of home and office working. A competitive total rewards package is on offer, providing you with full support in development and a work life balance. This role will give you the opportunity to work with all the specialist teams and become an expert. Key Requirements Taking ownership of actuarial work for nominated Trustee and Corporate clients in your portfolio Involved in technical calculations, negotiating budgets and delivering advice directly to our clients Building positive relationships externally with clients and third parties Mentoring and developing colleagues Identifying and implementing service improvements where appropriate Working with the specialist teams managing ad-hoc projects including risk settlement, incentive exercises and member options, GMP equalisation and more Desirable Relevant industry knowledge and/or consulting knowledge Good understanding of defined benefit pensions Ability to deliver effective client service to multiple clients within agreed financial and time budgets. Experience/track record in relationship management and/or project management and/or technical analysis You may be part or fully qualified in a relevant Professional qualification (e.g. APMI, FIA etc.) although this is not a requirement If you're ready to take that next step in your career or you simply want to know more, please contact Rehana by emailing rehana.sadiq@idexconsulting.com or call on 07795 571759. Visit the IDEX Consulting Ltd website for further opportunities. Please note that the information supplied may be retained for up to 10 years for use in connection with future vacancies. For full information on how we use your data, please visit the IDEX Consulting website and view our Privacy Policy. Our Diversity, Equity and Inclusion Mission At IDEX, we strive for an inclusion-first company culture where everyone is treated fairly and can bring their authentic selves to work. We recognise and acknowledge that diverse representation at every level of our business requires continuous and measurable effort. We are committed to driving conscious inclusion across our business and creating equitable pathways.

Apply now

Actuarial Associate Consultant

England
£35000.00 - £50000.00 per annum

IDEX Consulting is looking for part-qualified and qualified pensions actuaries to join our clients growing team. You could be based in any the following UK offices (Birmingham, Bristol, Epsom, Farnborough, Glasgow, Leeds, London, Manchester, St. Albans), with a mix of home and office working. A competitive total rewards package is on offer, providing you with full support in development and a work life balance. This role will give you the opportunity to work with all the specialist teams. Key Requirements Taking ownership of actuarial work for nominated Trustee and Corporate clients in your portfolio Involved in technical calculations, negotiating budgets and delivering advice directly to our clients Building positive relationships externally with clients and third parties Mentoring and developing colleagues Identifying and implementing service improvements where appropriate Working with the specialist teams managing ad-hoc projects including risk settlement, incentive exercises and member options, GMP equalisation and more Desirable Part-qualified making good progress through actuarial exams or a qualified Actuary A strong mathematical background with the ability to explain technical solutions in a clear way Relevant pensions experience and industry knowledge A 2:1 or above degree (or equivalent) in a numerate or semi-numerate subject Ability to deliver effective client service to multiple clients and a track record in relationship management If you're ready to take that next step in your career or you simply want to know more, please contact Rehana by emailing rehana.sadiq@idexconsulting.com or call on 07795 571759. Visit the IDEX Consulting Ltd website for further opportunities. Please note that the information supplied may be retained for up to 10 years for use in connection with future vacancies. For full information on how we use your data, please visit the IDEX Consulting website and view our Privacy Policy. Our Diversity, Equity and Inclusion Mission At IDEX, we strive for an inclusion-first company culture where everyone is treated fairly and can bring their authentic selves to work. We recognise and acknowledge that diverse representation at every level of our business requires continuous and measurable effort. We are committed to driving conscious inclusion across our business and creating equitable pathways.

Apply now

LATEST CONTENT

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Blog Thumbnails New Size (41) financial services
2025 Financial Services talent trends 

​Our Financial Services consultants; Alex Merrick, Client Director and James Salmon, M&A Client Director share their thoughts below on hiring trends, what employers need to implement in 2025 to attract top talent and how employees can enhance their career prospects. If you’d like support with your hiring strategy, looking for top talent or exploring new career opportunities get in touch with Alex who will be happy. Alternatively, if you’re exploring your M&A options and would like some intel on the market, speak to James who is our M&A expert.What’s affecting hiring and employment across the Financial Services market? Operating costsEconomic uncertainty post-budget has turned the dial on operating cost and has stripped profit from a business’ bottom line, leading to employers becoming more stringent with their hiring needs. As a result, hiring activity for skilled and experienced professionals is tightening. Lack of new talent entering the marketRetirement continues to be pressing amongst the Financial Adviser community. 60% of the adviser population is expected to consider their retirement options in the coming three to five years. There are clear demographic shifts and not enough sufficient junior-talent joining the profession. AI and technological disruptionThere has been a huge rise in automation and this is only set to continue, which is expected to reduce the need for transitional advisory roles particularly for clients with a 'vanilla' type service, whilst also fulfilling process and administration gaps. Digital transformation now also enables engagement via virtual meetings for instance, which favours the more tech-savvy client and candidate.Regulatory changeConsumer duty and fair value testing is widening the advice gap, as larger employers seek to implement minimum fee thresholds. The FCA’s and other mandatory regulation requirements will continue to add pressure on operating models and client delivery. What are the main in-demand roles across Wealth Management?The most in-demand roles are; Financial advisers and planners, Paraplanners, Regional Managers, M&A specific roles (Integration, Project/Programme Management, Administration, Change, Transformation) and roles associated with compliance, quality assessment and risk assurance. What are the in-demand skills employers are looking for?This completely depends on the role and business need, however in general a good, qualified adviser will have strong interpersonal skills and a commitment to continued professional development or further study. It’s also becoming increasingly important for employees to have a good understanding of technology, AI tools and automated data management systems. They also need to be able to use cashflow modelling and adapt to an ever-changing regulatory environment. A candidate’s professional expertise and skillset is their brand, so a high level of professional integrity, alongside competence and an ability to network, whilst being ethical in having difficult conversations, will put someone in a strong position.From a senior management perspective, businesses are looking for individuals who have both a proven and demonstratable track record, an ability to think strategically (blue sky, growth mindset, innovative) and make an impact. Strong leaders in this sector have a high Emotional Quotient (EQ), and an ability to articulate and execute a vision which promotes certainty, direction and growth whilst still being inclusive and collaborative. From an operational and compliance perspective employers are seeking individuals with a strong understanding of regulation and the FCA's direction of travel, since dealing with legislation risks faced and a changing regulatory environment is key. It’s also worth noting that candidates with a strong familiarity of new and existing tools that are entering the market, plus the ability to strategise will show to employers they are able to future proof and innovate.What do employers need to implement in 2025 to be successful?Employer branding Employers need to set out their unique differentiators and explain the ‘so what factor’ for professionals. It’s never been more important to create a compelling brand story that brings to life a company’s mission and impact on society. Benchmark salaries and packagesIt's not breaking news that we're in an unstable economic climate where interest rates and the cost of living remain high. Top employers create compelling compensation, reward and package incentives which entice individuals. Professional career pathsBe clear on your how you will support the longevity of someone’s career, where will the role go next? What support will someone receive from HR and the Learning and Development team? Be flexible on location to attract diverse talent poolsAs competition for top talent grows, it’s crucial that employers don’t restrict their talent pools, the wider they cast the net the greater chance they have of finding the best candidate. Be ahead of the curve with innovation and technologyEarly adopters tend to spur greater interest. Those who are challenging the status quo and trying something different will attract high-performing individuals who want to join a forward-thinking business. The development of AI within Financial Advice is compelling and will enable businesses to do more with less. What do employees need to focus on in 2025 to enhance their career prospects?Be proactive and review your circumstances regularlyFinancial advice is reviewed annually, and professionals need to stay on top of market developments, regulatory change and business innovation. Being proactive increases the likelihood of finding new opportunities and enhancing career growth. Learn about AI and technological developmentsAI and the development of technology is changing the industry and how businesses operate. To avoid being left behind professionals need to upskill themselves and when it comes to technological and software programmes. In time the impact on operating cost will be significant, and on roles such as administration, paraplanning, and the wider advice process from a file checking and compliance perspective.If you’d like support with your hiring strategy, looking for top talent or exploring new career opportunities get in touch with Alex who will be happy. Alternatively, if you’re exploring your M&A options and would like some intel on the market, speak to James who is our M&A expert.​
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Fs Nl Web Thumbnail Newsletter
Financial Services newsletter Friday 10th January 2025

​Financial Services NewsWealth manager Tavistock reported a £0.2m operational loss for the six months to September, compared to a £0.9m profit in 2023, with revenue down from £20.6m to £19.6m and adjusted profits falling two-thirds to £0.7m. Following disputes with former partner Titan Wealth and the £22m sale of its advice business to The Saltus Partnership, the firm plans to reposition its operations. (Financial Planning Today, 9/12/2024, 'Tavistock posts loss after turbulent six months')Quilter Financial Planning has added five new Appointed Representative firms to its advice network, including former St. James’s Place advisers Chris Bibby (Bibby & Co, Liverpool) and Anthony Poole (Adams and Poole Financial Services, Manchester/Uttoxeter). Other additions include Wolverhampton-based family practice Personal Finance Matters, led by Babita Nahal and Anil Duggal; Essex-based James Joseph Generational Wealth Planning, run by Chartered Adviser Tony Farrell with 35+ years of experience; and Bromley-based Redgate Financial Ltd, led by Edward and Emily Tory. (Financial Planning Today, 5/12/2024, 'Quilter network adds 5 new AR firms')A Wesleyan poll found that 91% of financial advisers expect increased market volatility in 2025, with 84% believing it threatens investment performance and 24% predicting over 40% of clients may avoid real assets due to uncertainty over inflation and Bank of England rate decisions. (Financial Planning Today, 3/1/2025, 'Advisers braced for greater market volatility in 2025')Financial services veteran Ken Davy, awarded an OBE in the King’s New Year Honours for services to community rugby league, has had a 50+ year career founding successful ventures like SimplyBiz (now Fintel) and DBS, proving the profitability and value of well-run adviser firms. (Financial Planning Today, 3/1/2025, 'Industry giant Ken Davy awarded OBE')XPS has launched the DC:UK Savings Watch tracker to benchmark typical DC pension pots at retirement against the PLSA/Loughborough Retirement Living Standards, offering insights for employers and trustees on pension adequacy and retirement income goals. (Financial Planning Today, 31/12/2024, 'XPS launches new DC pension tracker')Investment manager and Financial Planner Redmayne Bentley reported a 59% rise in profits to £7.06m and an 11.7% increase in revenue to £36.2m for the year ending 31 March. The Leeds-based firm, with over 25 UK offices, highlighted strong financial performance in its latest update. (Financial Planning Today, 23/12/2024, 'Profits up 59% at Redmayne Bentley')Prime Minister Sir Keir Starmer, joined by Chancellor Rachel Reeves and Business Secretary Jonathan Reynolds, urged key regulators, including the FCA, to propose reforms by mid-January to reduce red tape, boost business growth, and address the UK’s stagnating economy. The letter emphasized the need for bold ideas to stimulate economic recovery and foster sectoral development. (Financial Planning Today, 30/12/2024, 'FCA set to respond to Starmer call for growth')Defaqto has named four hybrid advice "trailblazers"—Pension Potential (Punter Southall), Destination Retirement (Hub Financial Solutions), Smart Retire (Smart Pension), and My Time—as pioneers in addressing the pensions advice gap. With FCA data showing 69% of over 885,000 pension pots accessed without advice in 2023/24 and many retirees making unsustainable withdrawals of 8% or more annually, these innovations aim to tackle this critical issue. (Financial Planning Today, 30/12/2024, 'Hybrid advice 'trailblazers' helping bridge pensions gap')Rising regulatory costs, including the Consumer Duty, are driving financial advisers to increase minimum client portfolio sizes, with over half raising the average to £117,000—up 17% from £100,000 last year. The Scottish Widows Investor Confidence Barometer highlights this trend, noting advisers are moving upmarket to manage compliance burdens and leverage changes like the LTA scrapping. (Financial Planning Today, 20/12/2024, 'Average client portfolio size up 17% in a year')The Consumer Duty Alliance (CDA) has launched a free diagnostic tool to help firms track their progress on Consumer Duty compliance and identify business growth opportunities. The tool, developed with fintech Consumer Duty Diagnostic, enables firms to assess and report on their client-centric readiness. With the FCA expected to focus more on compliance in Q1 2025, the CDA—boasting over 20,000 members—supports advisers in meeting the requirements of the Consumer Duty, which ensures fair and engaged client treatment across all stages of the customer journey. (Financial Planning Today, 5/12/2024, 'Consumer Duty Alliance launches free diagnostic tool')Harry Sevier, former Investment Director at Ruffer, has partnered with P1 Investment Services to launch Lulworth Investment Management, a boutique firm offering discretionary management to private clients, charities, and advisers. Based in London, Lulworth will introduce absolute return, time-horizon focused portfolios tailored to growth, income, and ethical mandates, with an approach blending active management and capital preservation. These portfolios will be available on the P1 Platform and other investment platforms. Sevier, who spent 15 years at Ruffer, holds a CISI diploma and an outstanding achievement award for investment analysis. (Financial Planning Today, 3/12/2024, 'Ex-Ruffer investment director launches boutique firm')Tavistock will reposition its business after receiving £22m from The Saltus Partnership for its network of 140 self-employed advisers. The funds will refocus the firm on asset management services for third-party firms and the public, retaining its Tavistock Private Client and Tavistock Protect businesses. The acquisition of Alpha Beta Partners is part of this strategic shift. (Financial Planning Today, 2/12/2024, 'Tavistock confirms repositioning after £22m Saltus deal')Oberon Investments saw a 74% revenue increase to £4.8m for the six months to September, driven by growth in investment management, wealth planning, and corporate broking. Despite a reduced Ebitda loss of £0.96m, the firm remains on track to exceed its 30% revenue growth target for the year. (Dylan Lobo, 18/12/2024, Citywire Wealth Manager, 'Wealth boutique’s revenue jumps 74% as hire spree bears fruit')The Wealth Management talent shortage - The wealth management industry faces a talent shortage due to an ageing workforce and lack of younger professionals. To address this, firms should update recruitment strategies, improve training, and raise career awareness. (IDEX Consulting news, 'The Wealth Management talent shortage')The gender pay gap in Financial Services - The gender pay gap in the UK financial services sector remains significant, with an average gap of 22.7% in 2022-23, second only to the education sector. Notably, major banks like HSBC, Goldman Sachs, Morgan Stanley, and Standard Chartered reported widening gaps in 2022, attributing this to the under-representation of women in senior roles. (IDEX Consulting news, 'The gender pay gap in Financial Services')The biggest challenges facing Financial Advisers - Financial advisers are currently navigating increased work pressures, a challenging economic climate, and growing client demands. Key challenges include adapting to economic pressures, regulatory changes, and talent shortages. (IDEX Consulting news, 'The biggest challenges facing Financial Advisers')Reports of non-financial misconduct on the rise - Reports of non-financial misconduct in the financial services sector have risen significantly, with bullying, harassment, and discrimination being key concerns. This increase may indicate both a higher incidence of such behaviours and improved internal reporting mechanisms. The Financial Conduct Authority (FCA) is expected to introduce stricter standards to address these issues. (IDEX Consulting news, 'Reports of non-financial misconduct on the rise')Mergers and AcquisitionsAzets Wealth Management, the advice arm of Azets Group, has acquired Newcastle-based IFA Laurus Associates, founded by Karen Barwick and Colin Dawson, for an undisclosed sum. The acquisition, expected to complete by month-end, will integrate Laurus's team of 10 into Azets Wealth Management's UK operations. (Victoria Bell, 7/1/2025, Citywire Wealth Manager, 'PE-backed Azets Wealth Management buys Newcastle firm')Foster Denovo has acquired Midlands-based Brian Mole IFA, adding £300m in assets under advice and expanding its UK footprint with a 14th office. The deal, its sixth acquisition in 12 months, includes seven advisers and nine support staff serving 1,300 clients. (Financial Planning Today, 4/12/2024, 'Foster Denovo acquires £300m AUA Midlands IFA')In further news...Foster Denovo has acquired Verum Wealth, adding £87m in assets under advice to its Glasgow hub, marking its seventh acquisition in over a year. This follows a series of recent acquisitions, expanding its national footprint with firms like Brian Mole, 80Twenty, Wade Financial, and Creative Financial Solutions, establishing 14 offices across the UK. Verum Wealth, founded by Tony McPhee in 2015, previously operated as a joint venture with an accountancy firm. (Momodou Musa Touray, 8/1/2025, Money Marketing, 'Foster Denovo expands in Scotland with £87m IFA acquisition')​European life and pensions consolidator Chesnara has acquired Canada Life's onshore bond arm, adding a closed portfolio of unit-linked bonds and legacy pension business with 17,000 policies and £1.5bn in assets. The policies will transfer to Chesnara’s UK subsidiary, Countrywide Assured, by the end of 2025, pending regulatory approval. This follows Chesnara’s 2023 acquisition of Canada Life's individual onshore protection business. (Financial Planning Today, 23/12/2024, 'Consolidator snaps up Canada Life’s onshore bond arm')Titan Wealth has acquired Independent Wealth Planners (IWP), adding £6.6bn in client assets and two trading businesses (IWP Financial Planning and IWP Investment Management). The deal, subject to regulatory approval, will increase Titan Wealth’s total AUM/AUA to around £35bn and make it one of the largest Financial Planning businesses in the UK, with over £14bn in assets under advice. (Financial Planning Today, 18/12/2024, 'Titan Wealth acquires Financial Planner IWP')Söderberg & Partners, a rapidly expanding Swedish-owned wealth manager and Financial Planner, has acquired stakes in three UK IFA firms—Hoyl Independent Advisers (£3bn+ assets, 42 advisers), Intelligent I-FA (£300m+ assets, 13 advisers), and Mosaac Ltd (£230m+ assets)—with financial details undisclosed. (Financial Planning Today, 2/12/2024, 'Söderberg takes stake in 3 UK advisers')Brooks Macdonald has acquired Norwich-based Lucas Fettes Financial Planning (£890m assets under advice, £300m assets under influence) to enhance its Financial Planning capability and presence in East Anglia, integrating it into its direct wealth business. (Financial Planning Today, 2/12/2024, 'Brooks Macdonald completes acquisition of Norwich Planner')Chartered Financial Adviser and wealth manager Skerritts has rebranded as Shackleton, relocated its HQ to London, and acquired four firms—Save & Invest (£550m AUM), Fleming Financial (£250m AUM), Robson Lister (£350m AUM), and Shorts Financial Services (£350m AUM)—bringing its total AUM to £5.5bn after 15 acquisitions since a £55m investment by Sovereign Capital Partners in 2021. (Financial Planning Today, 2/12/2024, 'Skerritts rebrands as Shackleton and buys 4 firms')Milecross Financial, a Northern Ireland-based financial adviser, has acquired Milton Keynes-based The Martin Cliffe Practice for an undisclosed amount, marking its fourth acquisition of the year. The deal adds £80m in funds and 650 clients, with the Martin Cliffe team of seven—including four advisers—joining Milecross. The firm plans further acquisitions in 2025. (Financial Planning Today, 10/12/2024, 'Milecross snaps up Milton Keynes Financial Planner')​MoversSchroders has appointed Philip Chandler as the new CIO for its £6.3bn investment solutions business, replacing Alex Funk, who left in May. Chandler, a company veteran since 2003, was previously Head of the multi-asset team and Co-Manager of the global multi-asset portfolio range. He will retain his multi-asset role while taking on the new position. Chandler's global multi-asset growth portfolio outperformed the peer group average with a 15.2% return over three years, compared to the 11% average. (Natalia Vasnier, 7/1/2025, Citywire Wealth Manager, 'Schroders ends CIO search for £6.3bn solutions business')Manchester-based Pareto Financial Planning has relocated its HQ to the refurbished Old School House building in Spinningfields, adding new staff including Financial Adviser Joe Heaword, previously with Camargue Chambers LLP, and Employee Benefits Consultant Nathan Clarke, who has a background in banking and wealth management. The 1886 building has been renovated to support Pareto’s growing team, including future needs for expansion. (Financial Planning Today, 11/12/2024, 'Pareto opens new Manchester HQ and boosts team')Simon Pryke is stepping down as CEO of Findlay Park after nine years, with Rose Vangerven set to succeed him in April, while Pryke will assume the role of Executive Chairman. Vangerven, a Partner since 2021, led the integration of ESG issues into the firm’s investment process and has prior experience at BlackRock and Columbia Threadneedle. She has also served as Deputy Chair of the Independent Investment Management Initiative since 2022. Praising Vangerven’s ‘significant contribution’ to Findlay Park, Pryke and CIO Anthony Kingsley, said she had ‘been an outstanding candidate to succeed Simon as CEO for some time’. (Sophie Downes, 8/1/2025, Citywire Wealth Manager, 'Exclusive: Findlay Park names new CEO as Pryke steps back')Brown Shipley CEO Calum Brewster is leaving the business after three years. Chief Operating Officer Robert Kitchen will lead the firm on an interim basis until a successor is appointed. Brewster joined Brown Shipley from Julius Baer. (Wealth Manager Team, 7/1/2025, Citywire Wealth Manager, 'Eight big wealth moves in December')Nick Wood, Quilter Cheviot’s Head of Fund Research, has been promoted to Head of the firm’s regional business, replacing Richard Thorn, who retired after 38 years. Wood has been with the firm since 2012. Matt Ennion, who joined in 2019, replaces Wood as Head of Research. (Wealth Manager Team, 7/1/2025, Citywire Wealth Manager, 'Eight big wealth moves in December')James Hambro’s £500m Leeds office lost two seasoned investment professionals at the end of the year. Ed Binks is believed to be joining Rothschild, while Ed Marsden is heading to Titan Wealth. Marsden and Binks had joined James Hambro to launch the Leeds office in 2020, alongside Aidan Butler, after their previous roles at Abrdn Standard Life. (Wealth Manager Team, 7/1/2025, Citywire Wealth Manager, 'Eight big wealth moves in December')HSBC's Chief Executive for global private banking and wealth, Annabel Spring, has left her role following a restructure under new CEO Georges Elhedery. The restructure created an international wealth and premier banking division, led by Barry O’Byrne. Spring’s responsibilities will be split between Lavanya Chari, Head of Wealth and Premier Solutions, and Gabriel Castello, interim CEO for global private banking. HSBC will announce a permanent successor later. Jose Carvalho remains Head of Wealth and Personal Banking in the UK. (Wealth Manager Team, 7/1/2025, Citywire Wealth Manager, 'Eight big wealth moves in December')Close Brothers CEO Adrian Sainsbury has stepped down three months after taking medical leave, with Finance Director Mike Morgan replacing him. Sainsbury, who joined Close in 2014 and became CEO in 2018, is expected to make a full recovery. Morgan had been serving as acting CEO during Sainsbury’s absence. (Dylan Lobo, 7/1/2025, Citywire Wealth Manager, 'Close CEO steps down after medical absence')Wren Sterling's Executive Chairman Ian Darby retired at the end of 2024 after nearly 10 years at the firm. Darby led the management buyout of Towergate Financial in 2015 and oversaw a secondary buyout by Lightyear Capital in 2021, marking significant private equity-backed milestones for the company. (Victoria Bell, 6/1/2025, Citywire Wealth Manager, 'Wren Sterling chair Darby exits after a decade')Hurst Point Group has appointed Michael Bishop, former Head of Wealth at WH Ireland, as Managing Director for its investment management business, replacing Sarah Soar, who stepped down after five years. Bishop brings over 20 years of experience in wealth management, having previously held roles at PwC, UBS, and WH Ireland. (Sophie Downes, 2/1/2025, Citywire Wealth Manager, 'Hurst Point hires ex-WH Ireland wealth head to replace Hawksmoor CEO')Brooks Macdonald has appointed Ben Johnson as Head of Business Development and James Goward as Head of Sales Enablement, both joining from Rathbones. Johnson, a former Regional Sales Head at Rathbones, will lead business operations, while Goward, formerly Head of Distribution Operations, will oversee sales enablement. (Dylan Lobo, 20/12/2024, Citywire Wealth Manager, 'Brooks appoints business head in double Rathbones hire')Titan Wealth appointed Scott Hamilton as Head of Sales for Titan Private Wealth to expand its high-net-worth market presence. Hamilton, with 25 years of experience, joins from Succession Wealth, succeeding Mark Livesey, who transitions to Group Managing Director. (Momodou Musa Touray, 8/1/2025, Money Marketing, 'Titan hires head of sales from Succession Wealth')Steven McBurnie, a Chartered Financial Planner with over five years of experience on the CISI PPIG committee and a Paraplanner at Glasgow-based Wright, Johnston & Mackenzie, has been appointed Chair of the CISI Paraplanner Interest Group, succeeding Dan Atkinson after five years, to continue supporting paraplanners globally in networking and sharing insights. (Financial Planning Today, 6/1/2025, 'New chair of CISI Paraplanner Interest Group')Hoxton Wealth has appointed Jordan Maxwell as a Financial Planner in its UK team. With a degree in urban planning and development, he began his career in Saudi Arabia before returning to the UK, where he worked in investment as an Investor Relations Manager, Client Adviser, and Paraplanner. (Financial Planning Today, 6/1/2025, 'Hoxton Wealth adds Financial Planner to UK team')Brown Shipley, part of Quintet Private Bank, has appointed Lindy Kroese as a Wealth Planner for its Leeds team. With over a decade of experience in the UK and South Africa, she joins from Balance Wealth Planning, where she specialised in estate, succession, pension, and retirement planning. She began her career at Old Mutual in South Africa before moving to Quilter Private Client Advisers. (Financial Planning Today, 31/12/2024, 'Brown Shipley hires South African planner')CISI has appointed James Morris, an experienced Broker and Trader, as Ireland Country Head. Formerly with StoneX Group in Dublin, where he oversaw clearing, execution, and sales, he also held roles at Crux Shipbrokers in Dublin and MINT Partners in Singapore and Dubai. Based in Dublin, he will manage client relationships in Ireland and Northern Ireland, succeeding Deirdre Lawson. (Financial Planning Today, 17/12/2024, 'CISI selects new Ireland country head')Evelyn Partners has appointed Mimi Corden-Lloyd as an Associate Director in its London Financial Planning team. Based at the Gresham Street office, she brings extensive experience from over two years at Coutts, where she served as Associate Director in the sports, media, and entertainment wealth management team, advising high-profile clients on complex financial matters. Alongside her corporate expertise, she is a competitive runner, representing Great Britain at the European Champion Clubs Cup in Portugal and competing at national and international levels since the age of nine. (Financial Planning Today, 17/12/2024, 'Evelyn adds to 300-strong Financial Planning team')Chartered Financial Planner James Herbert has joined Plymouth-based Continuum as a Financial Adviser, focusing on the Staffordshire region from his Stoke on Trent base. Specialising in investments, pensions, estate planning, and protection, he joins from Amber River True Bearing and previously spent over 13 years as Wealth Planning Director at Atomos Wealth. He chose Continuum for its resources while maintaining his independence. (Financial Planning Today, 13/12/2024, 'Chartered Financial Planner joins Continuum')​All information provided in this market digest has been gathered from Citywire Wealth Manager, Financial Planning Today, Money Marketing, and IDEX Consulting.
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The wealth management talent shortage and how to tackle it

​What would typically be a natural cycle of one generation handing knowledge and expertise to the next, is now a cross-roads with a lack of young professionals entering the wealth management profession. This shortage of younger talent leaves a fundamental gap that could reshape the industry. A departing workforce paired with a declining pipeline of new advisers has firms questioning what they can do to address the issue and how they can attract a new wave of young professionals.“The wealth management industry is facing a significant talent shortage, fuelled by shifting priorities among younger generations, who increasingly prioritise a more flexible work-life balance and purpose over traditional career paths. However, this challenge presents an opportunity for businesses to rethink their approach so they can attract and retain the next wave of talent. With the right strategy, firms can overcome the talent gap and also position themselves for long-term success in an evolving market,” says Graeme Hyland, Business Manager at IDEX Consulting. To put the scale of this situation into context, research has found that nearly 50% of wealth management professionals plan to retire by 2029 (International Adviser: One in two UK financial advisers plan to retire during the next five years). Along with the significant drop of professionals in the industry, only 4% of workers in the UK have considered a career in financial advice due to limited awareness of the profession and it’s benefits (FT Adviser: Only 4% of UK have considered career in financial advice). The lack of interest to enter the field brings the average industry growth rate far below other professions. To look at the current wealth management workforce, only 6% of advisers are under the age of 30 years old which points towards a severely ageing industry (FT Adviser: Only 6% of advisers are under 30 years old). There is a need for firms to reassess their approach to recruitment, training, and retaining the next generation of advisers to ensure the future success of the profession. If younger professionals don't step in to bridge the gap, firms risk losing new expertise, diversity of thought and driving innovative business practices. What’s causing the talent shortage?The reasons behind the lack of younger people joining the wealth management profession are multi-faceted. Here are a few key factors impacting talent attraction: Perceived barriers to entryMany young people are deterred by the high barrier to entry in wealth management. While the industry offers lucrative career opportunities, the path to becoming a financial adviser often requires a combination of advanced education, certification, and a significant amount of mentorship or on-the-job training. Additionally, the need to build a client base from scratch can feel daunting to younger people, who may not have the personal networks, knowledge or resources to get started. Some firms have battled the negative perceptions surrounding the industry with inclusive campaigns to attract younger people from diverse backgrounds and create a more accessible industry (Advisors: Wealth Managers Fear UK Talent Shortages To Stay Or Worsen). Changing career prioritiesThe younger generation, particularly Gen Z and millennials, have different career priorities compared to older generations. Flexibility, work-life balance, and a clear sense of purpose are high on their list. Wealth management, traditionally known for long hours and demanding workloads, may not always align with these values (Consultancy UK: Firms struggle to adapt to expectations of Gen Z). Many young professionals may instead be drawn to careers in technology, marketing, or other industries that offer more flexibility and innovation.Lack of awareness and outreachWhile wealth management offers a fulfilling and well-compensated career path, it often lacks the same visibility as other fields, like technology or other areas in finance. Financial advising may not be top of mind for students or early-career professionals because it is often viewed as a niche role, overshadowed by more prominent careers in banking, consulting, or investment management (Detailed Guide: Wealth Management vs. Investment Banking). Without active recruitment and awareness-building, firms are missing out on young talent who might not even realise wealth management is an option for them.Technology disruptionThe rise of technology and digital tools has also had an impact on the profession. While technology can enhance the client experience and streamline processes, it has also created a perception that wealth management is becoming more automated (MIT Sloan: Can generative AI provide trusted financial advice?). Many younger professionals are concerned that automation and artificial intelligence will replace the human element of the job, diminishing the need for traditional financial advisers. How firms can attract the next generation of talentHere are a few actionable strategies to attract a new workforce into the wealth management industry:Reframe the narrativeWealth management firms need to reframe how they talk about the profession. Rather than focusing solely on the numbers or the technical side of financial planning, firms should emphasise the impact of the work. For instance, by showcasing what they do to help individuals, families, and businesses achieve their financial goals and create lasting legacies. By positioning wealth management as a career that makes a tangible difference to people’s lives, firms can appeal to younger professionals who are driven by purpose (Forbes: Why A Purpose-Driven Approach Is Crucial To Your Wealth Management Business).Offer flexible working environmentsTo align with the preferences of younger professionals, firms should consider offering more flexibility in terms of work hours and remote work options. Hybrid or fully remote models are especially attractive to millennials and Gen Z, who value work-life balance and autonomy. Demonstrating care for people’s work-life priorities through action is more effective than trying to communicate this through words when acquiring new talent (Dow Jones: How Financial Advisors Can Reach Younger Generation). Firms that offer flexibility will be more likely to attract younger candidates who might otherwise be deterred by rigid, traditional work environments. Invest in professional developmentDespite a tight labour market, hybrid working, and progressing worker expectations, many young people are still looking for careers that offer growth and learning opportunities. Firms can appeal to this by investing in robust professional development programmes, mentorship opportunities, and clear career progression paths (Broadridge: Wealth Management Firms Need a New Approach to Attract Young Talent). A structured training programme that allows young advisers to learn the ropes while working alongside experienced professionals can also make the job more accessible and approachable. Offer competitive compensation and incentivesWhilst work-life balance and purpose-driven careers are important, compensation is still a critical factor. Firms need to offer competitive salaries, benefits, and performance-based incentives to attract top talent. Additionally, offering opportunities for advancement can provide long-term incentives that keep younger advisers motivated and committed to the firm. Check if you are offering prospective employees the right salaries that are in line with market expectations using our free 2025 Salary Guide and Market Sentiment report. Our expert consultants are available to assist with your talent strategy, business transformation needs, or discuss our services and solutions. If you’d like further details or simply wish to have an informal conversation, don’t hesitate to reach out. Sources:Broadridge: Wealth Management firms need a new approach to attract young talentConsultancy UK: Firms struggle to adapt to expectations of Gen Z Dow Jones: How Financial Advisors can reach younger generationsForbes: AI Is taking over accounting jobs as people leave the professionForbes: Why a purpose-driven approach is crucial to your wealth management businessFT Adviser: Only 6% of advisers are under 30 years old FT Adviser: Only 4% of UK have considered career in financial adviceInternational Adviser: One in two UK financial advisers plan to retire during the next five years | International AdviserJLL Research: Financial services firms rethink their wealth management strategiesMergers & Inquisitions: Wealth Management vs. Investment BankingMIT Sloan: Can generative AI provide trusted financial advice?Wealth Briefing: Advisors, Wealth Managers fear UK talent shortages to stay or worsen
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The biggest challenges facing Financial Advisers

Financial advisers today face many challenges in their day to day roles due to increased work pressures, a challenging economic climate and growing client demands. Recent advancements mean professionals in the industry are required to juggle various responsibilities, growth targets and duties. “2024 has been quite a turbulent year for professionals in the financial advice sector. An uncertain economy, fluctuating inflation rates, changing regulations especially around the Consumer Duty and a talent shortage has added pressures and work strains to jobs and responsibilities. However, 2025 brings new opportunities, especially around the adoption of technology. Those firms who deploy tech solutions quickly will see huge advantages, especially around risk management, efficiency and revenue”, says Alex Merrick, Client Director, Financial Services, IDEX Consulting.  If you’re considering your career options across the Wealth Management sector or need support with your hiring strategy get in touch with Alex Merrick, who will be happy to help. ChallengesEconomic pressures The financial industry continues to face unique pressures and continued uncertainty. Financial advisers in particular are navigating a challenging economic environment seeing slow growth and high interest rates. When looking at the current state of investment plans against the cost of living crisis, 53% of advisers reported that some clients have needed to change their investment plans (Schroders: What are the key challenges facing financial advisers in 2023?).Regulators are moving forward with stricter standards as Brexit prompts changes to EU-based regulations. The FCA has recently investigated the internal practices and processes within financial firms and remains focused on enforcing Consumer Duty (FCA: Consumer duty implementation good practice and areas for improvement). Maintaining compliance with updated regulations can be expensive as well as time consuming. In addition, the link between Consumer Duty and ‘price vs value’ will add pressure on advisers to effectively communicate the value of navigating clients through turbulent market conditions.The recession is yet another threat financial advisers are facing. Being a natural part of the economic cycle, 2025 will not be the first nor the last time the risk of recession occurs. The outcomes of a recession can be catastrophic for firms that are not sufficiently prepared (RocketFin: Facing the future: the top challenges for financial services companies in 2024).To mitigate risk, firms should establish a robust risk management framework. Frameworks should incorporate stress testing and scenario analysis along with contingency plans that are tailored to managing risks associated with any potential recession (McKinsey: Derisking AI: risk management in AI development). With the tax changes announced by the government financial advisers must ensure they have the necessary intelligence and data to advise clients on their investments in an informed and timely manner (Financial News: What concerns UK financial advisers in 2024).Inflation and client expectations The relationship between money and emotion is a psychological area that financial advisors will be acutely aware of and able to manage. Requiring ongoing effort, advisors must continuously show the value they bring to a client’s wealth portfolio, investment returns and interest rates. With interest rates remaining near historic lows, it has been tough for those who rely on income from their investments. Advisers have frequently added higher-risk assets to portfolios but there is a potential for these to lose value with inflation and rising interest rates (Lloyds Bank: What is inflation and what does it mean for your money). Over the past couple of years inflation has surged to an unprecedented 20-year-high which has landed financial planners and advisers in an unfamiliar environment, facing a new level of the ‘unknown’ (Professional Adviser: Inflation and financial planning – focusing on the bigger picture). The amount of uncertainty has created scenarios where advisers are unable to use old data modelling and financial analytics to justify market predictions and assumption, leading to increased client scrutiny and potential risk of diminished trust. Artificial intelligenceArtificial intelligence should be integrated strategically to enhance an already well-functioning system that is based on human connection, skill, and empathy. Increased reliance on technology has the potential to create an environment which neglects social skills essential for the profession. In a similar way to how financial advisers warn clients against impulse investment decisions led by herd mentality, the same caution must be applied to artificial intelligence (GOVUK: The benefits and harms of algorithms: a shared perspective from the four digital regulators). Failure to do so could create devastating financial outcomes for clients and a risk of credibility damage for financial advisers. Another crucial challenge which impacts financial advisers is the implication AI has on fraud, making it more seamless and frequent across the industry. Financial advisers are targeted with convincing communications every day, making the likelihood of a hacking incident more of a ‘when’ rather than an ‘if’ (FTAdviser: How to assess AI’s threats and opportunities). Financial advisers invest a huge amount of time and effort building client relationships which can be easily sabotaged with a cyber-attack. Open communication, trust, strong client relationships and empathy is the foundation of effective financial advice practice, which AI cannot replace. (IFA Magazine: Before AI met wealth management & the tech challenges we forget about). AI tools can be misleading, resulting in inaccuracies, technical errors and misguided algorithms. Tools and software systems must therefore be seen as a powerful addition rather than a reliable holistic solution.Although there are risks associated with AI, it also offers a number of opportunities especially regarding automation and speed. Financial Advisers who use voice-controlled automated financial planning software are able to better inform their clients.If you’re looking for support with your hiring strategy or looking for a new career opportunity contact one of our Financial Services consultants.​Sources:Before AI met wealth management & the tech challenges we forget about - IFA MagazineFCA: Consumer duty implementation good practice and areas for improvementFTAdviser: How to assess AI’s threats and opportunitiesFTAdviser: Ignoring AI is the biggest threat to adviser survivalFinancial News: What concerns UK financial advisers in 2024GOVUK: The benefits and harms of algorithms: a shared perspective from the four digital regulatorsIFA Magazine: Before AI met wealth management & the tech challenges we forget aboutLloyds Bank: What is inflation and what does it mean for your moneyMcKinsey: Derisking AI: risk management in AI developmentProfessional adviser: Inflation and financial planning – focusing on the bigger pictureRocketFin: Facing the future: the top challenges for financial services companies in 2024Schroders: What are the key challenges facing financial advisers in 2023?
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Fs Nl Web Thumbnail Newsletter
Financial Services newsletter Friday 29th November 2024

​Financial Services NewsArtificial Intelligence: opportunity or threat? - Artificial Intelligence presents both significant opportunities and challenges. While it offers immense potential for efficiency and innovation, it also raises concerns about job displacement, ethical implications, and security risks. In the insurance and financial sectors, AI can streamline processes and improve decision-making, but it must be managed carefully to avoid unintended consequences. Balancing these factors will determine how AI impacts industries moving forward. (IDEX Consulting news, 'Artificial Intelligence: opportunity or threat?')Flexible working bill: what you need to know - The Flexible Working Bill, effective from 2024, enhances employees’ rights to request flexible working from the start of employment. It allows two requests annually, requires quicker employer responses, and removes the need for justification. Employers must still handle requests reasonably but they now face new obligations to discuss alternatives if a request is denied. These changes are significant for businesses aiming to support a healthy work-life balance while maintaining operational efficiency. (IDEX Consulting news, 'Flexible working bill: what you need to know')2024 FS M&A trends - 2024 has seen strong financial services M&A activity, driven by private equity investments, digital transformation, and regulatory challenges. Trends include heightened interest in fintech and regtech, increased insurance sector deals, and strategic consolidations to boost efficiency and innovation. (IDEX Consulting news, '2024 FS M&A trends')What does Consumer Duty mean for the Financial Services sector? - Consumer Duty emphasises the need for financial services firms to act in the best interest of their customers, ensuring products and services are suitable, fairly priced, and easily accessible. It introduces regulatory obligations to prevent harm, enhance transparency, and improve customer outcomes. This shift will reshape how firms manage their relationships with clients, making consumer protection a top priority. (IDEX Consulting news, 'What does Consumer Duty mean for the Financial Services sector?')A survey by NextWealth, commissioned by Schroders Capital, Franklin Templeton, and Aviva Investors, reveals compliance concerns and platform availability hinder UK advisers from investing in private markets, with only 2% of UK-advised assets allocated compared to 15% globally, and 80% of advisers not planning changes. (Selin Bucak, 7/11/2024, Citywire Wealth Manager, 'Advisers reticent about investing in private markets, survey finds')Industry veteran Ken Davy has warned the CII risks damaging the Financial Planning profession over its dispute with the Personal Finance Society (PFS), suggesting a breakaway PFS could emerge if unresolved. Davy, an honorary CII fellow and founder of SimplyBiz, expressed "increasing sadness" over the conflict, centered on the PFS’s direction and use of funds. (Financial Planning Today, 21/11/2024, 'Industry leader Davy says independent PFS 'possible')Seven firms, including several Financial Planning companies, achieved Corporate Chartered status with the CII in September and October 2024, recognizing their technical competence and commitment to professional standards. The firms include Augustine Limited, Avoca Wealth Management, Better Financial Planning, Park Insurance, Sedulo Wealth Management, SGM Financial Management, and Suttons Independent Financial Advisors. (Financial Planning Today, 7/11/2024, '7 firms achieve Corporate Chartered status')Wealth Club has launched a semi-liquid funds platform, offering UK high-net-worth investors access to private equity, credit, and infrastructure strategies from top managers like Apollo and Schroders, with a £10,000 minimum investment. (John Schaffer, 12/11/2024, Citywire Wealth Manager, 'Wealth Club launches first semi-liquid platform for HNW UK investors')Defined benefit pension transfer values dropped 2% in October to £153,000, their lowest in a year, driven by rising gilt yields amid investor uncertainty over the Chancellor's Budget, according to XPS. (Financial Planning Today, 27/11/2024, 'DB pension transfer values fall following Budget')The FCA's upcoming advice guidance proposals aim to clarify the distinction between advice and guidance, providing consumers with better understanding of their pension and investment choices. Speaking at TheCityUK National Conference, COO Emily Shepperd highlighted efforts to offer targeted support, enhance value for savers, and explore investment options with potentially higher returns and adjusted risk profiles. (Financial Planning Today, 27/11/2024, 'FCA advice shake up to focus on pensions')Complaints to the Financial Ombudsman Service rose over 50% year-on-year to 73,692 between July and September, with personal pensions leading at 1,272 complaints—nearly triple those for stocks and shares ISAs at 489. (Financial Planning Today, 27/11/2024, '50% rise in complaints to Financial Ombudsman'Financial services are set to lead salary growth in 2025, with pay budgets projected to rise by 5%, outpacing the UK median of 3.5%, driven by competition for talent and demand for expertise in risk, compliance, and technology, according to 3R Strategy's Global Salary Planning Report. (Financial Planning Today, 26/11/2024, 'Financial services to top salary growth table')A Phoenix Insights report reveals 64% of self-employed workers aged 60-65 have no private pension savings, amid a surge in self-employment among over-50s and the over-60s now being the fastest-growing group of self-employed workers. (Financial Planning Today, 21/11/2024, 'Most self-employed 'Boomers' hold zero pension savings')The FCA plans to hold round tables with smaller advice firms in early 2025 to discuss introducing cheaper, simplified advice services, aiming to make support more accessible. The regulator seeks to collaborate with firms on testing options for a streamlined, lower-cost advice process. (Financial Planning Today, 18/11/2024, 'FCA to consult small IFA firms over advice shake-up')A survey by Icit Business Intelligence found 85% of finance professionals use AI-powered Financial Planning tools, with two-thirds saving 50–200 hours annually and companies reporting £50,000–£100,000 in yearly savings. 59% said AI improves decision-making through accurate forecasts and real-time analysis. (Financial Planning Today, 7/11/2024, '4 in 5 finance professionals using AI-enabled software')Scottish Widows Platform has integrated ATEB Suitability software to streamline suitability report writing for advisers, automating data transfer and reducing manual input. This follows earlier updates, including CURO for bulk valuations and tools like Voyant and EVPro for financial modelling. (Dan Cooper, 27/11/2024, Money Marketing, 'Scottish Widows Platform adds new software to simplify adviser reporting')Research by NextWealth shows 72% of advisers are ending more client relationships in 2024, with 58% planning increased offboarding in the next year. While 46% feel obligated to clients, many are parting ways with those with simpler needs, like small pension pots or ISAs, to demonstrate fair value. (Lois Vallely, 27/11/2024, Money Marketing, 'Regulation and profitability forcing advisers to offboard clients')Aviva has launched a new Shariah-compliant lifestyle investment strategy, offering a suite of funds and a de-risking option for workplace pensions, designed to mirror its existing strategies and ensure consistency, while adhering to Islamic principles and automating risk management throughout the pension journey. (Financial Planning Today, 19/11/2024, 'Aviva launches new Shariah investment strategy')Mergers and AcquisitionsMKC Wealth, backed by Cabot Square Capital, has acquired Warr & Co Independent Financial Advisers and Halstead Independent Financial Management. Warr & Co brings £70m AUA from 140 households, while Halstead adds £90m AUA from 150 households. Co-founder Jeff Crewdson will retire post-handover, with Steve Prosser and team joining MKC's Stockport office. (Financial Planning Today, 25/11/2024, 'MKC Wealth acquires 2 firms in Greater Manchester')Tavistock has acquired asset manager ABP, adding £3bn in AUM, as it refocuses on providing investment solutions to advice firms and retail clients. ABP, founded in 2017, specialises in outsourced investment for regulated advice businesses. Tavistock will pay £6m upfront, with performance-based payments capped at £18m. (Financial Planning Today, 22/11/2024, 'Tavistock acquires £3bn AUM asset manager ABP')The Penny Group, the largest firm within the Openwork Partnership, has acquired Surrey-based Whiting Financial, adding £90m in assets under advice. This acquisition brings the group’s total assets to £1.2bn, serving 3,500 clients. Whiting Financial, founded in 1987, will continue to operate from its Farnham office while integrating into The Penny Group over the next year. (Financial Planning Today, 22/11/2024, 'Chartered Planner adds £90m AUM with Surrey acquisition')Birmingham-based Margetts Wealth Management has completed a management buy-in, with Directors Ian Butler and James Vickers acquiring equal shares in the firm. The duo, both with over two decades at the firm, join existing owner Kevin Smith. The buy-in ensures the firm’s continued independence and manages over £230m of assets for 350 clients, including business owners and professionals. (Financial Planning Today, 21/11/2024, 'Birmingham adviser completes management buy-in')Succession Wealth, owned by Aviva, has acquired Leeds-based True Wealth Group, adding £1.1bn in assets under advice and marking its third acquisition of 2024. This follows the purchases of DFP Health & Wealth Management and London Wall Partners, collectively bringing £2.2bn in assets.(Financial Planning Today, 18/11/2024, 'Succession Wealth snaps up £1.1bn AUA True Wealth')Beaufort Wealth Management, a Warwickshire-based IFA firm, has completed a management buyout, with Founders Phil Hart and Ravinder Ghuman buying out Co-Founder Ian Adey, who will remain as a Consultant. Established in 2007, the firm provides financial advice to both retail and corporate clients, covering areas such as investments, pensions, employee benefits, and succession planning. (Financial Planning Today, 18/11/2024, 'Beaufort Wealth Management completes MBO')Leicester-based WBR Group, specialising in SSASs and tax advice, has acquired SSAS administrator NM Perris & Co Ltd for an undisclosed sum. The deal adds 200 SSAS schemes and £300m of assets under administration, along with a new office in Bristol. The acquisition includes Brunel Trustees and Omniphi Systems, which will continue to operate under their current names. (Financial Planning Today, 13/11/2024, 'WBR acquires Bristol-based SSAS administrator')Fast-growing wealth manager Advanta Solutions, owner of Chartered Financial Planner Advanta Wealth, has acquired City Financial Planning, adding £800m of assets under management (AUM). With offices in Bath and Exeter, this acquisition marks Advanta's second in 2024 and its ninth overall. CEO Craig Webster highlighted the significance of expanding into Bath and Exeter and praised City Financial Planning's strong client reputation. (Financial Planning Today, 11/11/2024, 'Advanta snaps up £800m AUM south west Planner')Adviser Services Holdings Ltd (ASHL) has agreed to sell its LYNC Wealth Management arm to an affiliate of 7IM, marking its second sell-off in a week after offloading Rockhold Asset Management to 7IM. ASHL, established in 2020, has built independent and restricted advice networks with over 450 advisers and £9bn of assets under advice. The deal, which involves LYNC’s 60 staff including 28 advisers, is subject to regulatory approval, but the cost has not been disclosed. (Financial Planning Today, 6/11/2024, 'ASHL sells off LYNC Wealth Management')One Four Nine Group has acquired Nottingham-based Castlegate Capital, boosting assets to over £1.6bn. This marks the first acquisition for its new One Four Nine Wealth brand and the group’s tenth overall. Castlegate, serving private and corporate clients since 2016, will rebrand to One Four Nine Wealth, expanding the group’s presence in the Midlands. (Financial Planning Today, 6/11/2024, 'One Four Nine acquires Chartered Financial Planner')Brooks Macdonald has acquired Welsh Chartered Financial Planning firm CST Wealth Management for an undisclosed sum, adding £170m in assets under advice and 500 clients, expanding its presence in Wales and supporting growth in Financial Planning. (Financial Planning Today, 5/11/2024, 'Brooks Macdonald snaps up £170m AUM Cardiff Planner')Perspective Financial Group completed nine acquisitions in October’s second half, adding £1bn in assets under advice, 2,500 households, six new office locations, and 48 staff. The deals expanded the group's national footprint with new offices in Preston, Reading, Rotherham, Teesside, Towcester, and Warwick. The acquired firms include Springfield Financial Services (Preston), Millfield Osceola Financial Consultancy (Reading), Hawley & Wood Ltd (Rotherham), Fortitude Financial Planning (Towcester), Warwick Financial Solutions (Warwick), Edgmoor Financial Planners (Manchester), Keith Mason Wealth Management (Canterbury), a client bank in Teesside, and a self-employed adviser buy-out. (Financial Planning Today, 5/11/2024, 'Perspective adds £1bn AUA with 9 acquisitions')7IM has acquired £2bn AUM MPS provider Rockhold Asset Management from national adviser firm ASHL. The deal, for an undisclosed sum, enhances 7IM’s investment management capabilities and is described as a "strategic acquisition." ASHL, with 451 advisers, owns several brands including Sense Network, LYNC Wealth Management, Lyncombe, and the Academy. The acquisition is subject to Financial Conduct Authority approval. (Financial Planning Today, 1/11/2024, '7IM acquires MPS provider Rockhold from ASHL')​MoversLuna Investment Management has appointed Paul Finnan as a Senior Investment Manager. Previously with Charles Stanley and Brown Shipley, Finnan brings extensive experience managing portfolios for private clients, charities, and family trusts. (Zachariah Sharif, 27/11/2024, Citywire Wealth Manager, 'Ex-Charles Stanley investment manager joins Manchester boutique Luna')Atomos has appointed Joshua Gennet as Investment Head, succeeding Haig Bathgate, who is joining Callanish Capital. Gennet brings 25 years of experience, including roles at Morgan Stanley, BNP Paribas, MSCI, and co-founding Ethical Capital Opportunity Advisors. Rowan Stone, a key figure in Atomos’s sustainable team, has been promoted to Investment Director to support Gennet. Bathgate, who joined in 2022 from 7IM and led the implementation of the WTW investment process, will depart at year-end after completing a five-year growth plan. (Dylan Lobo, 27/11/2024, Citywire Wealth Manager, 'Exclusive: Atomos names new investment boss as Bathgate joins boutique')Christopher Morris, Head of Financial Planning Policy at CISI, will join the FPSB Chief Executive's Committee as an at-large representative for a three-year term starting January 1. Andrea Middel, a founding Partner of DURF Financieel Planners and FPSB Board member since 2019, will become FPSB Board Chair on April 1, succeeding Ana Cláudia Akie Utumi. Middel, a past Financial Planner of the Year in the Netherlands, has chaired the FPSB Professional Standards Committee and served on the FFP Board. Caroline Dabu will serve as 2025 Board chairperson-elect, and Emer Kirk will continue as Chairperson of the FPSB European Forum for another two years. (Financial Planning Today, 20/11/2024, 'CISI’s Morris joins global FPSB leadership team')@sipp has appointed Josh Legg as Business Development Manager to support advisers in the South West with SIPP, SSAS, and commercial property. Legg, with 12 years’ experience, joins from Curtis Banks. Steve Lancaster has been promoted to Chief Operating Officer, overseeing sales, operations, and finance, while Tercia Grindlay steps up as Finance Manager. (Financial Planning Today, 14/11/2024, 'SIPP provider adds SW adviser support specialist')Perspective has appointed Harriet Griffin as Chief Operating Officer, a new role for the firm. With 16 years’ experience at firms like Kingswood and Charles Stanley, Griffin brings expertise in operations, change management, and technology strategy. A Chartered CISI member with an MBA from Cranfield University, she joins the board alongside CEO Ian Wilkinson, CFO David Hesketh, CRO Julie Hepworth, and Head of M&A Sam Ward. (Financial Planning Today, 11/11/2024, 'Perspective appoints new chief operating officer')The Association of Member-Directed Pension Schemes (AMPS) has appointed Debbie Seaton of Seabridge SSAS as its new Chair, succeeding Andrew Phipps. Jon Cuin of Barnett Waddingham will serve as Honorary Secretary, while Tasneem Ul-Haq of Aviva remains Treasurer and Joy West of Hartsfield Trustee Services stays as Membership Secretary. (Financial Planning Today, 11/11/2024, 'AMPS appoints Debbie Seaton as chair')Personal Finance Society interim Chief Executive Don MacIntyre has stepped down after more than two years, having joined in August 2022 to help evolve the PFS's working practices and governance. MacIntyre, who previously served as interim CEO of the UK Cyber Security Council, was unable to secure a permanent CEO, resulting in a 27-month tenure. (Financial Planning Today, 5/11/2024, 'Don MacIntyre steps down as interim PFS CEO')Quilter Cheviot has appointed Colin Rowe, former Managing Director at 7IM, as Head of Advice, pending regulatory approval. With over 20 years of leadership experience in wealth management, Rowe previously served as Managing Director of private clients at Close Brothers Asset Management. (Financial Planning Today, 4/11/2024, 'Quilter Cheviot poaches new head of advice from 7IM')Belmayne, the North Derbyshire firm of Chartered Financial Planners, has appointed experienced Financial Planner Nick Pike to its team in Dronfield. With 25 years in the industry, Pike has a background in teaching, accounting, and investment, specialising in clients with complex financial needs, including older individuals who have come into money. He is the third hire at Belmayne in recent months. (Financial Planning Today, 1/11/2024, 'Belmayne adds to adviser team')Evelyn Partners has appointed Kate Morrissey as Head of Asset Allocation, a newly created role within its central investment team. Morrissey joins from HSBC, where she managed £16bn as head of world selection and global strategy funds over a 23-year career. (Tom Browne, 26/11/2024, Money Marketing, 'Evelyn Partners appoints Kate Morrissey as head of asset allocation')​All information provided in this market digest has been gathered from Citywire Wealth Manager, Financial Planning Today, Money Marketing, and IDEX Consulting.
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Blog Thumbnails New Size (34) financial services blogs
Reports of non-financial misconduct rise dramatically

Reports of non-financial misconduct have risen significantly since 2021, with bullying and harassment, and discrimination listed as key concerns. “Bullying and harassment were identified as significant issues, making up 26% of reported cases, while discrimination accounted for 23% of the reports” (Financial News: FCA’s survey reveals rise in misconduct reports). The FCA is said to have “found a shocking prevalence of sexual harassment and bullying” as well as “a culture which is holding back women” (Financial Times: Bullying and harassment claims rise across City, regulator finds).On the flip side, these increased reports could also suggest firmer internal guidelines on ethical workplace practices raising acceptability standards, and the willingness of employees to report negative behaviours.The published review precedes the FCA’s upcoming policy on non-financial misconduct, which is likely to introduce stricter standards for banks and other firms across the financial services sector  (The Banker: Reports of non-financial misconduct on the rise says FCA).“Earlier this year the FCA asked more than 1000 regulated financial firms including banks, insurers, brokers and market intermediaries, to report all non-financial misconduct. Worryingly incidents across all sectors grew by more than two thirds. The current market is very competitive, and culture is a deciding factor for many professionals when accepting or rejecting a job, in some cases more important than the responsibilities of the role! By being transparent about your culture and taking a strong stand on conduct and company values, you’re more likely to attract top tier talent that your competition won’t have access to. The most successful companies partner with recruiters who have the expertise to promote your company values and brand, ensuring the right message lands well in the market. Not only does this help you hire the best talent, but also helps your brand stay top of mind for professionals,” says Jack Johnson, Business Director for Risk and Compliance at IDEX Consulting.If you’re looking to hire top talent or looking for a new role across the financial services industry, especially in the Risk & Compliance market, contact Jack Johnson who will be happy to provide specialist advice.The concerning results paired with the upcoming FCA policy on non-financial misconduct gives firms a crucial reason to proactively raise internal standards and strengthen practices. Findings from the review are offering firms the chance to improve their workplace culture in ways that strengthens accountability and integrity whilst reducing risks associated with inadequate practices.Results from the survey highlight that“92% of firms state that they would highlight examples of non-financial misconduct in a regulatory reference”. A following 87% stated they would go as far as to update a reference following an incident (Latham & Watkins: FCA Publishes Results of Non-Financial Misconduct Survey).Yet, findings from the same investigation confirm that incidents of bullying and other forms of non-financial misconduct in the UK’s finance sector have increased by over 67% in the last three years (Financial Times: Bullying and harassment claims rise across City, regulator finds).The difficulty of definitionIt is important to remember that the nature of this topic presents some challenges and grey areas. The scope of non-financial misconduct ranges from violent assault to bringing pets into the workspace (Financial Times: Bullying and harassment claims rise across City, regulator finds). Given the element of subjectiveness that can exist across the category, particularly in regard to less extreme incidents, some records may be unverified with others containing possible factual errors.The FCA are also facing the challenge of defining what the rise in reports suggests when tailoring an actionable plan for the industry. The regulatory body has expressed concern that the data could be suggesting that firms might be failing to meet expectations in suitable governance and management of non-financial misconduct, including out of date whistleblowing policies (Latham &Watkins: FCA Publishes Results of Non-Financial Misconduct Survey). Uncertainty also arises when factoring in the possibility that an increase in reports could equally imply a positive workplace culture where people feel empowered to speak up. Data therefore always needs to be interpreted with caution.Evolving attitudes towards the workplace environment are another factor to consider during the debate of a ‘good’ vs ‘bad’ culture in light of increased misconduct reports. Improved internal systems have allowed, and even regularly prompted, employees to share their experiences anonymously. Recent years have also seen a significant shift in awareness and education on appropriate workplace behaviour (Travers Smith: FCA findings on non-financial misconduct). Even with a hypothetical absence of formal regulatory pressure, society’s developments and standards on what should be tolerated in corporate culture is enough to equip employees with appropriate information to recognise and challenge misconduct. OutcomesReports show that “disciplinary action or similar was taken in 43% of cases overall” (Latham  & Watkins: FCA Publishes Results of Non-Financial Misconduct Survey). When comparing sectors, insurance companies took disciplinary action in 63% of cases, with 21% of incidents not being upheld, whilst wholesale banks didn’t uphold 45% of instances.The most common forms of misconduct which resulted in disciplinary action were behaviours that included violence, intimidation and sexual harassment. Repercussions involved a written warning, training or coaching, with disciplinary action hardly ever taking into consideration changes to remuneration. Although some cases involving sexual harassment, illegal drugs and violence were likely to result in dismissal.What firms should be aware of Irrespective of the challenges around the topic, the FCA expects firms to assess their internal processes against the latest findings, develop strategies for continued improvement in the workplace, and guarantee that standards for non-financial misconduct mitigation and management are upheld.In addition, to avoiding harmful or unlawful practices, regulatory compliance helps firms build healthy and inclusive cultures, retain talent, protect their reputation and safeguard revenue. Reputational damage, especially in relation to bullying and harassment severely impacts investor interest, results in revenue loss and serious legal consequences. What to do nextThis year marks the first time the regulator has conducted this type of investigation, aiming to enhance transparency across the sector. The FCA has emphasised its expectation for firms to proactively implement processes to improve workplace culture, drive the right behaviours from senior leadership and do everything they can to embed supportive environments. Despite onus on firms to drive changes from board level, 38% of firms reported that boards and board-level committees did not receive information of non-financial misconduct (A-Team: FCA Survey Reveals Gaps in Governance and Policy on Non-Financial Misconduct).In addition, many larger firms expressed concern that they lacked a formal governance structure to oversee disciplinary actions.FCA’sExecutive Director of Markets and International Sarah Pritchard, emphasised the need for firms to use the information at hand to assess their own cultures and processes, stressing the importance of healthy workplace culture and warning the risks associated with neglecting non-financial misconduct (FCA: FCA Publishes Results of Non-Financial Misconduct Survey).The outcome of this investigation has revealed notable gaps in policies and procedures for firms across the financial services insurance sectors, especially around out of date practices which are failing to meet FCA guidelines. The FCA believes this review will drive ongoing improvements in culture, although they will not be issuing new best practice recommendations at this time. Instead, the regulator expects firms to use the data provided to effectively detect and address issues. Full compliance with existing regulatory responsibilities and reporting requirements is mandatory with any short-fallsset to result in negative consequences for firms (FCA: Culture and Non-Financial Misconduct Survey – Findings). For more information on the data shared in this article or if you’re looking for support with your hiring strategy speak to a consultant who can assist in providing market intelligence, and a range of hiring solutions.​Sources:A-Team: FCA Survey Reveals Gaps in Governance and Policy on Non-Financial MisconductFCA: Culture and Non-Financial Misconduct Survey – FindingsFCA: FCA Publishes Results of Non-Financial Misconduct SurveyFinancial Times: Bullying and harassment claims rise across City, regulator findsLatham & Watkins: FCA Publishes Results of Non-Financial Misconduct SurveyThe Banker: Reports of non-financial misconduct on the rise says FCATravers Smith: FCA findings on non-financial misconduct​
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Financial Services newsletter Friday 1st November 2024

​Financial Services News​Will AI change the role of a Paraplanner? - AI is steadily impacting paraplanning tasks by automating repetitive activities like compliance checks, allowing paraplanners to focus on strategic client support and financial planning. This shift lets paraplanners delve into specialised areas, helping them become strategic partners rather than data processors. But how do the majority view AI and what are the risks? (IDEX Consulting news, '​Will AI change the role of a Paraplanner?')Flexible Working Bill: what you need to know - The UK's Flexible Working Bill allows employees to request flexible working from day one, with employers required to respond within two months and consult if declining. The law aims to improve work-life balance, offering employees more control over their schedules, which is expected to enhance productivity and job satisfaction across various sectors. (IDEX Consulting news, 'Flexible Working Bill: what you need to know')What to consider before accepting a counter-offer - Before accepting a counteroffer, consider the long-term implications. While it may offer higher pay or better benefits it might not solve the original reason for your dissatisfaction. Accepting could also impact your relationship with your employer, as they may question your loyalty. Compare your current position against new opportunities to ensure alignment with your career goals. (IDEX Consulting news, 'What to consider before accepting a counter-offer')Wealth Management market outlook - The 2024 Wealth Management market outlook highlights challenges and opportunities in the industry, including adapting to regulatory changes, client demand for personalisation, and the growing role of technology and sustainable investing. Firms are focusing on enhancing client experiences through digital tools and expanding ESG-focused portfolios. This environment may drive a shift towards more specialised advice and strategies tailored to individual investor goals, balancing innovation with client trust. (IDEX Consulting news, 'Wealth Management market outlook')In April, Employers' National Insurance will rise from 13.8% to 15%, while Employee contributions remain unchanged, as part of Chancellor Rachel Reeves' Budget plan to increase taxes by £40bn to address government deficits and fund compensation for Post Office and tainted blood victims. (Financial Planning Today, 30/10/2024, 'Budget: Employers' NI rises as tax take grows')Quilter reported core net inflows of £1,507m for Q3, marking a 5% increase in opening AUMA, with total client assets reaching £116.2bn; the high-net-worth segment saw a turnaround with £284m net inflows, compared to £116m in outflows in Q3 2023, and gross flows rose to £817m from previous quarters. (Financial Planning Today, 16/10/2024, 'Quilter sees 63% rise in net inflows for Q3')Evelyn Partners’ AUM/A rose 13% year-on-year to a record £62.7bn as of 30 September, despite Q3 net inflows dropping to £0.2bn due to £353m in outflows from closing its legacy execution-only service, impacting only this quarter; total gross outflows were £1.7bn. (Financial Planning Today, 23/10/2024, 'Evelyn Partners closes legacy execution-only arm')Chancellor Rachel Reeves confirmed the CPI inflation target will remain at 2% amid a £40bn tax rise Budget aimed at economic stability. She pledged not to borrow for daily spending and noted that recent lower fuel and transport costs reduced CPI inflation to 1.7% in September, down from 2.2% in August. (Financial Planning Today, 30/10/2024, 'Budget: Inflation target to remain at 2%')A survey by AJ Bell found nearly all of 131 financial advisers reported a surge in client inquiries on pensions and wealth management, driven by concerns over potential tax hikes in Chancellor Rachel Reeves' upcoming Budget on 30 October. (Financial Planning Today, 21/10/2024, 'Advisers see surge in enquiries due to Budget jitters')Schroders and Phoenix Group launched Future Growth Capital, a private markets manager led by Paul Forshaw as CEO, with James Harvey as CFO, Mike Chappell heading origination, and Ped Phrompechrut as CIO; the firm aims to support the Mansion House compact's goal of directing 5% of UK pension funds into private assets by 2030. (Selin Bucak, 2/10/2024, Citywire Wealth Manager, 'Schroders reveals leadership lineup for new private markets business')Veteran fund managers Henry Francklin and Charles Empson departed Brown Advisory and Polar Capital in August to launch Hermod Capital, a third-party distribution firm, opening their London office in September. They partnered with Circulus, a Swedish small- and micro-cap team operating under the Coeli funds umbrella. Circulus' fund managers—Christofer Halldin, Simon Park, and Joakim By—joined from Handelsbanken in 2022, bringing a robust track record, including a 113% return on the Handelsbanken US Small Cap fund over five years, outperforming the index’s 75% gain. (Dylan Lobo, 3/10/2024, Citywire Wealth Manager, 'Brown Advisory and Polar Capital sales veterans form new business')Tatton Asset Management, the UK’s largest managed portfolio service (MPS) provider, is nearing £20bn in total assets after reporting £1.8bn in net inflows for the six months ending September, significantly up from £910m in the same period last year. Total group assets surpassed £19.9bn, bolstered by over £0.5bn in market gains and £1bn from assets managed by 8AM, in which Tatton has a stake. (Jeremy Gordon, 15/10/2024, Citywire Wealth Manager, 'Tatton reports record inflows as AUM nears £20bn')A new poll reveals that 53% of IFAs doubt the Labour Government's economic competency, with only 10% believing it is better for business than the Conservatives. Almost half (47%) feel the government doesn't prioritize the nation's best interests, highlighting concerns about Labour's economic management ahead of Chancellor Rachel Reeves' Budget announcement. (Financial Planning Today, 30/10/2024, 'More than 1 in 2 IFAs question Labour competency')A majority of Hargreaves Lansdown (HL) shareholders voted in favour of the £5.4bn acquisition, clearing a key hurdle for the expected takeover by a private equity consortium, including Abu Dhabi’s sovereign wealth fund. The vote revealed significant investor dissent, with 71.3% of shareholders supporting the deal and 86.7% of shares by value in favour. (Jeremy Gordon, 15/10/2024, Citywire Wealth Manager, 'Shareholders approve Hargreaves Lansdown takeover')St James’s Place (SJP) partners have previewed a new tiered charging structure set to launch in the second half of 2025. Clients will pay a fee based on their investment size, with an initial advice charge to SJP that will allocate a portion to the partner. The changes, announced last October in response to the consumer duty, will also eliminate exit fees, reduce product charges, and unbundle fees for various services. (Jack Gilbert, 17/10/2024, Citywire Wealth Manager, 'SJP reveals first details of new advice fee model')Moneybox, backed by Fidelity fund manager Anthony Bolton, has secured £70m in new investment, marking the second-largest minority wealth tech investment in the UK for 2024. The round was led by Apis Global Growth Fund III, with support from Amundi, joining existing investors like Fidelity International Strategic Ventures and Oxford Capital to help accelerate the company’s growth. (Dylan Lobo, 23/10/2024, Citywire Wealth Manager, 'Duo pour £70m into digital wealth firm backed by Fidelity legend Bolton')Former Ruffer Business Development Director Toby Barklem has launched Minos Wealth Planning (MWP), a London-based financial planning firm incorporated on 24 July and recently approved by the FCA. MWP is an appointed representative of the New Leaf Distribution network, which comprises over 250 advisers. (Dylan Lobo, 25/10/2024, Citywire Wealth Manager, 'Ex-Ruffer business development director launches new firm')Wealth manager St James’s Place reported a record £184.4bn in assets under management as of 30 September, up from £158.6bn in Q3 2023, despite net inflows dropping to £0.89bn, a 35% decrease quarter-on-quarter and 2% year-on-year. Gross inflows rose 20% year-on-year to £4.4bn, attributed to increased client engagement ahead of the Autumn Budget, although this figure was slightly lower than £4.56bn in the previous quarter. Year-to-date client retention remained stable at 94.6%. (Financial Planning Today, 17/10/2024, 'SJP hits assets record despite drop in net flows')Mergers and AcquisitionsCBPE Capital LLP has made a strategic investment in Bristol-based wealth and pensions manager Clifton Asset Management to accelerate its acquisition program. The investment, which involves collaboration with Clifton’s management team, including CEO Neil Greenaway, will support both organic growth and strategic acquisitions. The deal is pending regulatory approval. (Financial Planning Today, 31/10/2024, 'Private equity firm invests in £1.8bn AUM Bristol Planner')​Financial Planning-focused national adviser Foster Denovo has acquired East Midlands firm 80Twenty, marking its fifth acquisition in the past year and adding £500m in AUM/A, a 13th UK office, and its first base in the East Midlands. The acquisition price was not disclosed. Four advisers—Neil Welbury, Jackie Worby, David Catterall, and Stuart Annable—along with six support staff, will join Foster Denovo, which will now serve about 120 private clients, including several high-profile corporate clients. (Financial Planning Today, 29/10/2024, 'Foster Denovo acquires £500m AUM/A Midland adviser firm')WTW has acquired an undisclosed minority stake in private equity-backed Atomos, enhancing its growth strategy following a strategic alliance formed in 2022. Mark Calnan, head of Investments for Europe at WTW, noted that this investment extends their capabilities to a wider audience. With this stake, WTW aims to provide additional capital to support Atomos, which manages £7bn in assets. Atomos was previously Sanlam UK Wealth until rebranding after its acquisition by Oaktree in 2021. (Dylan Lobo, 3/10/2024, Citywire Wealth Manager, 'WTW acquires stake in PE-backed Atomos')Cazenove Capital has acquired London-based family office Whitley Asset Management (WAM), with founder Edward Whitley and his 10-member team joining Cazenove, while Co-Founder Louise Rettie retires; the deal's value was not disclosed. (Dylan Lobo, 7/10/2024, Citywire Wealth Manager, 'Exclusive: Cazenove Capital buys £1.5bn London family office')Brooks Macdonald is expanding its financial planning services with a £45m acquisition of Lift, paying £30m at completion and an additional £15m contingent on client retention and Ebitda targets; the deal, including Lift Financial Group and Lift-Invest, is expected to finalize by the end of March, after which the Lift team will join Brooks. (Dylan Lobo, 8/10/2024, Citywire Wealth Manager, 'Brooks Macdonald strikes £45m deal for £1.6bn advice business')Söderberg & Partners has expanded its investment portfolio by acquiring minority stakes in four more UK advice businesses, bringing its total to over 20 firms. The investments include Nottingham-based George Square, with £400m in assets under management (AUM); Cheltenham IFA, with £290m AUM; London-based Bluezone Capital, with £190m AUM; and nationwide firm Alexander Bates Campbell, which also operates a European private client subsidiary. (Julian Bovill, 21/10/2024, Citywire Wealth Manager, 'Nordic wealth manager buys stakes in four more UK firms')Investment consultancy Redington has been acquired by Arthur J Gallagher & Co for an undisclosed sum, with CEO Sylvia Pozezanac and her team remaining in place, while Gallagher, a global insurance brokerage with a market cap of $63bn (£48.56bn), oversees Redington's operations amidst SJP's reduced use of external consultants. (John Schaffer, 25/10/2024, Citywire Wealth Manager, 'Redington sold to insurance giant Gallagher')Titan Wealth has agreed to acquire Ravenscroft Investments Limited, a Channel Islands wealth manager with £7.9bn in AUM, for an undisclosed sum, subject to shareholder and regulatory approval; Ravenscroft will rebrand as Titan Wealth International next year, while its corporate finance and property management divisions will remain separate, with Founder Jon Ravenscroft continuing as a significant shareholder. (Financial Planning Today, 24/10/2024, 'Titan Wealth buys £7.9bn AUM Channel Islands firm')Fast-growing Financial Planning group Perspective has completed four new acquisitions—Clayden Financial Planning in Ipswich, PW White & Partners in Amersham, Constellation Financial Solutions in Darlington, and a longstanding self-employed adviser in Newcastle upon Tyne—bringing its total to 15 this year, adding £350m in assets under advice, 940 households as clients, and two new offices, raising its total to 41 offices; the group has now made 93 acquisitions overall. (Financial Planning Today, 16/10/2024, 'Perspective makes 4 acquisitions')Financial Planning firm Ascot Lloyd has acquired Scottish adviser Create and Prosper Financial Services for an undisclosed amount, adding £254m in assets under administration; Ascot Lloyd's Acquisitions Director, Gordon Kerr, highlighted that the deal enhances their national footprint and aligns with their ongoing M&A strategy to identify high-quality businesses that fit their culture and values. (Financial Planning Today, 14/10/2024, 'Ascot Lloyd acquires £254m AUA adviser')​MoversBrooks Macdonald COO and CTO Caroline Abbondanza, who joined from FNZ in 2019, left the firm in August. She became COO in early 2023 after Lynsey Cross's departure, one of three senior exits at the time. Brooks declined to comment. (Dylan Lobo, 31/10/2024, Citywire Wealth Manager, 'Revealed: Brooks Macdonald operating chief exits')​Anna Macdonald has joined Aubrey Capital Management as an Investment Manager, following roles at Amati Global Investors, where she co-managed the UK Listed Smaller Companies fund, and a brief position at Sustineri Global Investment. She previously served as an Executive Director at Adam & Co and is a frequent BBC radio contributor. (John Schaffer, 4/10/2024, Citywire Wealth Manager, 'Anna Macdonald resurfaces at Aubrey Capital')Carolyn Bell, with 16 years of experience, has joined Stonehage Fleming as Deputy Manager of the £2bn Global Best Ideas (GBI) Equity strategy, supporting Gerrit Smit. Previously at Aegon, she managed US, global equities, and tech strategies, following five years as an Investment Analyst at Baillie Gifford. (Sophie Downes, 8/10/2024, Citywire Wealth Manager, 'Stonehage Fleming adds new signing to £3.8bn strategy')Wealth manager Brown Shipley has hired Robbie Hewitt as a Wealth Planner for its Edinburgh office; Hewitt, with over 10 years of financial services experience, joins from JKFS and previously worked as a Mortgage Adviser at the Royal Bank of Scotland. (Financial Planning Today, 29/10/2024, 'Brown Shipley hires new planner for Edinburgh')True Potential has appointed Gerry Mallon, currently Head of Tesco Bank, as CEO starting in early 2025, following Daniel Harrison's announcement of his departure; in the interim, True Potential’s Chief Investment Officer Jeff Casson will serve as CEO until Mallon assumes the role, bringing experience from his six years at Tesco and previous leadership at Ulster Bank Ireland. (Julian Bovill, 7/10/2024, Citywire Wealth Manager, 'True Potential announces Tesco Bank chief as new CEO')Amanda Tovey has been appointed Head of Avellemy Private Wealth (APW) as it integrates with Whitechurch Securities, following FCA approval for Ascot Lloyd's acquisition of Whitechurch; Tovey will maintain her role as Head of SRI at Whitechurch and acting Head of APW until she transitions to the full-time position next year, having joined Whitechurch in 2012 after working as a Portfolio Manager at Barclays Wealth. (Natalia Vasnier, 7/10/2024, Citywire Wealth Manager, 'Revealed: Avellemy picks wealth head after Whitechurch deal')Martin Blank, Head of Manager Research at Schroders, will step down this month after over 20 years with the firm, having joined as a graduate analyst in 2001 and progressing to oversee a 10-member team responsible for billions in assets invested with external managers. (Joseph Eden, 9/10/2024, Citywire Wealth Manager, 'Schroders veteran head of manager research to exit')Titan Wealth has appointed Matt Hodey from PwC as Senior Risk Adviser amid an ongoing legal dispute with Tavistock; Hodey previously served as a Compliance and Risk Director at PwC and was a Director of Risk and Controls at Prudential. (Zachariah Sharif, 11/10/2024, Citywire Wealth Manager, 'Titan hires PwC risk director as Tavistock row rumbles on')Private equity-backed Attivo has appointed Jo French, former Schroders Director, as its first CEO, aiming to re-enter the discretionary fund manager (DFM) space; she will oversee the investment operations team and the firm's investment platform strategy. French previously served as COO at Benchmark Capital and held adviser sales roles at Sipp provider Hornbuckle before joining Schroders in 2022. (Victoria Bell, 14/10/2024, Citywire Wealth Manager, 'Attivo hires ex-Schroders director as CEO with eye on DFM launch')Royal London has appointed Iain McLeod as Director of Investment Proposition. He previously served as Head of Investment Proposition at M&G Wealth until June 2023. Before that, McLeod spent over 35 years at Abrdn and Standard Life in various investment roles, including Global Head of Multi-Manager Investment Specialists at Abrdn and Head of Investment Proposition at Standard Life from 2005 to 2011. (Nicola Blackburn, 16/10/2024, Citywire Wealth Manager, 'Royal London hires M&G Wealth’s investment boss')Fidelity International has hired Ravin Seeneevassen, reuniting him with former Allianz Global Investors colleague Mike Riddell, who joined Fidelity in July. Seeneevassen will start in London next month, bringing 17 years of experience, including his previous role as Lead Manager on the Allianz Fixed Income Macro strategy and supporting Riddell on several funds. (Jeremy Gordon, 17/10/2024, Citywire Wealth Manager, 'Exclusive: Fidelity adds Mike Riddell’s old Allianz colleague to bond team')Titanbay has appointed Michael Gruener, formerly Managing Director of strategic clients EMEA at BlackRock, as Co-CEO, joining existing CEO Ossama Soliman. With over 20 years of wealth management experience, Gruener previously worked at Goldman Sachs for nine years, reaching the Executive Director level before joining BlackRock in 2012. (Sophie Downes, 23/10/2024, Citywire Wealth Manager, 'Exclusive: Titanbay hires BlackRock veteran for CEO post')LGT Wealth Management has appointed Phoebe Stone as Chief Sustainability Officer in the UK to enhance its green credentials with potential clients. Stone has been managing the firm's sustainable investment proposition since its launch in 2018. (Natalia Vasnier, 24/10/2024, Citywire Wealth Manager, 'LGT Wealth Management makes new green push with Stone’s promotion')Sandra Dailidyte has joined Cazenove Capital as a Portfolio Manager in a newly created Scottish role, moving from her position as an Investment Director at Brown Shipley, where she spent over five years. Cazenove Capital aims to strengthen its commitment to the Scottish entrepreneur community with this appointment. Previously, Dailidyte held roles at Seven Investment Management and Standard Life as a Private Client Manager and Proposition Development Analyst. (Sophie Downes, 24/10/2024, Citywire Wealth Manager, 'Brown Shipley director exits for new Cazenove Capital Scotland role')Anders Lindegaard, who won the Premier League trophy with Manchester United in 2013, has transitioned from football to finance as a Business Development Specialist at UBS. The former goalkeeper, signed for £3.5m by Sir Alex Ferguson in 2010, will focus on providing wealth management services to top athletes and enhancing UBS's understanding of their needs. (Zachariaf Sharif, 25/10/2024, Citywire Wealth Manager, 'From Man Utd to UBS: Fergie’s £3.5m title winner starts new job')Wren InvestmentOffice has expanded its team with four new hires, including Jo Robinson as Client Relationship Director. Robinson brings 20 years of experience with ultra-high-net-worth clients, having previously worked at Kleinwort Benson and Barclays Private Bank. Alongside her, Vladislava Cusnir joins as Client Reporting Associate, Tiwalola Obadeyi as Client Relationship Assistant, and Savan Shah as Operational Associate, all contributing to Wren's focus on sustainable growth. (Natalia Vasnier, 28/10/2024, Citywire Wealth Manager, 'Wren Investment Office hires former Barclays banker for endowment push')BHP has expanded its financial advice business by adding Jonathan Lecomber as a Senior Financial Planner from Succession Wealth, bringing over 10 years of experience. Additionally, Tim Clasper has been promoted to the senior management team after completing the PDW Management Academy, having worked at BHP Financial Planning since 2019. (Financial Planning Today, 17/10/2024, 'Accountancy firm adds senior Planner in growth push')Hoxton Wealth has welcomed Dewi Evans, an experienced Financial Planner, to its Dubai team. An associate member of the CISI, Evans has over seven years of financial planning experience, with the last six dedicated to providing wealth advice in Dubai. (Financial Planning Today, 14/10/2024, 'Hoxton Wealth adds Financial Planner to UAE team')AJ Bell has strengthened its executive committee with the appointments of Ryan Hughes and Stephen Westgate. Hughes, who has been with AJ Bell since 2016, has been named Managing Director of AJ Bell Investments after serving as Interim Managing Director since late 2023. Westgate joins as Group Corporate Development Director, previously holding the position of Managing Director and Head of Financial Institutions at Deutsche Numis. (Financial Planning Today, 10/10/2024, 'AJ Bell hires 2 for leadership team')All information provided in this market digest has been gathered from Citywire Wealth Manager, Financial Planning Today, and IDEX Consulting.
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Thumbnail Fs 380px X 380px 01 Newsletter
Financial Services newsletter Friday 4th October 2024

​Financial Services NewsThe gender pay gap in Financial Services - To tackle the gender pay gap in financial services, focus on advancing into senior roles by honing your leadership and negotiation skills. Keep up with industry trends, such as pay equity and flexible working policies. Networking with leaders who champion diversity, gaining accreditations, and seeking mentorship can also elevate your career trajectory. Employers value proactive individuals who push for equality while advancing their expertise. (IDEX Consulting news, 'The gender pay gap in Financial Services')The impact of robo-advisers on the Financial Services market - Robo-advisers are transforming financial services by offering low-cost, automated investment solutions. To stay relevant, professionals should enhance their digital skills and focus on personalised services for high-net-worth clients. Embracing this technology will help financial advisers compete in a tech-driven market. (IDEX Consulting news, 'The impact of robo-advisers on the Financial Services market')In-demand skills: how to set yourself apart from the competition - To stand out in today’s competitive market, focus on building a mix of soft and technical skills. Employers prioritise problem-solving, critical thinking, and effective communication. Stay updated on new technologies like AI, and continuously develop your professional skills through learning and mentorship. The key is aligning your skills with employer expectations to remain relevant and competitive. (IDEX Consulting news, 'In-demand skills: how to set yourself apart from the competition')7 tips to negotiate your pay rise - To negotiate a pay rise effectively, research industry salaries, believe in your value, and present your achievements. Prepare by scheduling a meeting in advance, practicing with someone, and staying calm during negotiations. If pay isn’t negotiable, explore other benefits like flexible working or extra annual leave. Always follow up with an email to document the discussion. (IDEX Consulting news, '7 tips to negotiate your pay rise')The FCA has fined Starling Bank nearly £29m for financial crime failings related to its financial sanctions screening and for repeatedly breaching a requirement not to open accounts for high-risk customers; the bank was initially facing a fine of almost £41m but received a 30% discount by agreeing to resolve the breaches and enhance its controls. A 2021 review by the FCA highlighted serious concerns with Starling's anti-money laundering and sanctions framework, leading to restrictions on opening new accounts for high-risk customers until improvements are made.(Financial Planning Today, 2/10/2024, 'FCA fines Starling Bank £29m over screening failures')Data from Royal London reveals that by age 55, women have on average 43% less in their pension pot than men, with significant differences in pension contributions based on age, job type, and income; despite nearly equal participation rates in pension saving, women consistently save less throughout their careers, with the gender pension gap widening from 16% in their 30s to 43% by age 55, impacting their financial security in retirement. (Financial Planning Today, 2/10/2024, 'Gender pensions gap soars to 43% at 55')Tavistock's full-year results highlighted escalating legal tensions with Titan Wealth, as both firms have a shared interest in the fate of collapsed advice firm LEBC, in which Tavistock took a 21% stake before it was sold to Titan-owned Aspira. (Nicola Blackburn, 1/10/2024, Citywire Wealth Manager, 'Titan’s £45m deal adds fresh angle to Tavistock dispute')Albion Strategic Consulting is partnering with P1 Investment Services to offer its smartersuccess investment service on a discretionary basis, with P1 handling execution and portfolio management, while Albion continues to support advisers with portfolio construction, governance, and client communications. (Sophie Downes, 30/9/2024, Citywire Wealth Manager, 'Albion partners with P1 for discretionary service')HSBC plans to leverage its academy training program to recruit hundreds of new staff for a renewed focus on the UK wealth and advice sector, aiming to double its assets under management from £50bn over the next five years, driven by a consumer shift away from independent financial advisers, according to Managing Director for customer channels Christopher Dean. (Sophi Downes, 26/9/2024, Citywire Wealth Manager, 'HSBC leans on academy to capitalise on ‘shift away from IFAs’)Rathbones reported a £200m net inflow in the second quarter, reversing the £600m outflow from the first quarter, with underlying pretax profit surging 120.7% to £112.1m, attributed to a slowdown in senior investment manager departures; this comes amid plans for Investec W&I to merge its bespoke arm with Rathbones’ £45bn bespoke division, marking a significant step in the Rathbones-Investec merger. (Zachariah Sharif, 24/9/2024, Citywire Wealth Manager, 'Investec W&I’s investment assurance lead leaves after 15 years')​Paymentshield has launched a referral proposition aimed at helping advisers protect more clients by allowing them to either refer clients to in-house insurance specialists for scheduled advice or provide instant automated quotes via email or text for Home and Landlord’s Insurance, ensuring that clients can still access support from Paymentshield’s referral team during their online journey. (Momodou Musa Touray, 18/9/2024, Money Marketing, 'Paymentshield launches adviser referral proposition')The Platform Association has been launched as a trade body for platforms amid increased regulatory scrutiny, providing members a confidential space to engage with regulators and policymakers; founding members include Abrdn, Aegon, Fidelity, Quilter, Seccl, and SS&C, with an additional 20 platforms and 15 affiliate members verbally committed to join, while discussions are ongoing with around 60 others. (Victoria Bell, 23/9/2024, Citywire Wealth Manager, 'Quilter, Abrdn and Fidelity join rivals to launch platform trade body')​West Sussex-based high net worth specialist Servo Private Wealth has been awarded CISI Chartered Firm status, joining a select group of only 20 such firms in the UK; the CISI, which also awards the Certified Financial Planner designation, recognizes firms that meet specific criteria, including regulatory recognition, having at least 50% of staff chartered with CISI, implementing a CISI qualifications and CPD program, and aligning with the CISI Code of Conduct. Servo Private Wealth focuses on serving high net worth business owners and their families across the UK. (Financial Planning Today, 26/9/2024, 'West Sussex Planning firm gains Chartered status')Acquisitive wealth manager Kingswood reported that group assets under advice and management (AUA&M) reached £12.9bn by the end of June, marking an 8.2% year-on-year increase; operating profits rose 21% to £6.1m, while revenue increased by 14% to £40.6m. In its half-year results, Kingswood noted that UK & Ireland assets under advice (AUA) totaled £6bn, aided by the acquisition of Dublin retirement planning firm BasePlan in February, while UK & Ireland assets under management (AUM) stood at £3.7bn. (Financial Planning Today, 30/9/2024, 'Kingswood AUM climbs 8.2% to £12.9bn')Mergers and AcquisitionsTavistock Investments has sold its network advice arm to private equity-backed Saltus for up to £37.8m, with an initial £22m payment and up to £15.8m in deferred payments, marking the end of a challenging period for Tavistock and expanding private equity's presence in the UK advice market. (Victoria Bell & Nicola Blackburn, 1/10/2024, Citywire Wealth Manager, 'Tavistock sells advice network to Saltus in £38m deal')Close Brothers Group has confirmed the sale of its wealth management arm, Close Brothers Asset Management (CBAM), to private equity firm Oaktree for up to £200m, following exclusive talks that resumed in July; this deal highlights the growing trend of UK wealth management businesses being acquired by private equity, shortly after the significant sale of Hargreaves Lansdown. (Jeremy Gordon, 19/9/2024, Citywire Wealth Manager, 'Close Brothers Asset Management sold to private equity for £200m')Skerritts Group has acquired Harrogate-based Ellis Bates Financial Advisers for an undisclosed sum, completing the transaction at the end of September after receiving regulatory approval; this acquisition adds over £1bn in assets under management and strengthens Skerritts' presence in the North of England as the group aims for national expansion with support from Sovereign Capital Partners. (Momodou Musa Touray, 17/9/2024, Money Marketing, 'Skerritts buys Harrogate-based advice firm')WTW has acquired an undisclosed minority stake in private equity-backed Atomos, providing the wealth firm with additional capital to support its growth strategy; this investment builds on the strategic alliance formed between the two in 2022. Mark Calnan, Head of Investments for Europe at WTW, stated that the investment extends their capabilities to a broader audience. As part owner of Atomos, which manages £7bn in assets, WTW aims to enhance the firm's growth potential. Atomos rebranded from Sanlam UK Wealth after being acquired by private equity firm Oaktree in 2021. (Dylan Lobo, 3/10/2024, Citywire Wealth Manager, 'WTW acquires stake in PE-backed Atomos')​MoversCharlotte Aspinall has rejoined Charles Stanley as a Senior Investment Manager at its Tunbridge Wells branch, seven years after leaving the firm where she began her career in 2000, having since gained experience at Hurley Partners and Mattioli Woods. (Dylan Lobo, 2/10/2024, Citywire Wealth Manager, 'Charles Stanley alumna returns home after Mattioli Woods stint')Paul Killik is stepping back from day-to-day leadership at Killik & Co, the wealth business he founded in 1989, with Clem MacTaggart, formerly Chief Strategy Officer, and Sarah Threadgould, who joined as Chief Marketing Officer in 2019 from Which?, appointed as joint Managing Partners, while Killik remains as Chairman and his daughter, Georgie Killik, becomes Chief Strategy Officer. (Dylan Lobo, 1/10/2024, Citywire Wealth Manager, 'Paul Killik steps back from his wealth business')Deutsche Private Bank has restructured its central European business to offer ultra-high-net-worth clients a dedicated service, forming a markets investment team led by Liya Rozman, who previously headed the investment managers unit for Emerging Europe and Switzerland, and Adam Bergenfield for traders, while Sean Magee continues to lead the US investment management business, all with a focus on expanding client numbers and providing direct capital markets access. (Sophie Downes, 30/9/2024, Citywire Wealth Manager, 'Deutsche Private Bank shakes up investment arm')Nick Swales has retired as Regional Director of Rathbones' Newcastle office, which he helped launch 11 years ago, and has been succeeded by Co-Founder James Kyle, who has served as an Investment Director since 2013, with the office now managing around £825m in funds and employing about 20 staff. (Jeremy Gordon, 30/9/2024, Citywire Wealth Manager, 'Founding head of Rathbones Newcastle office retires')Helen O’Neill, the former Chief Operating Officer of Tatton Investment Management, has joined Whitman Asset Management as a Senior Adviser, following her departure from Tatton in March after seven years, during which she helped grow assets under management from £4bn to £17bn. (Dylan Lobo, 27/9/2024, Citywire Wealth Manager, 'Ex-Tatton COO Helen O’Neill joins boutique')7IM has expanded its investment team with the hiring of Asim Qadri and Brian Leitao as Investment Managers; Qadri, who has over a decade of experience, joins after three years at Abrdn, while Leitao comes from Mercer, where he was a Senior Investment Research Analyst, and previously worked at Fundhouse, EQ Investors, and Morningstar. These hires follow the recent appointment of Elizabeth Chambers as an Independent Non-Executive Director at 7IM. (Sophie Downes, 26/9/2024, Citywire Wealth Manager, '7IM boosts investment team with Abrdn and Mercer hires')Jessica Lewry has left her role as Head of Investment Manager assurance at Investec W&I after 15 years, making her the most high-profile departure since Portfolio Management Head Jon Walker left last month; Lewry, who joined in 2009 from Merrill Lynch, spent nearly six years in her latest role after advancing from Project Manager and Investment Risk Manager. (Zachariah Sharif, 24/9/2024, Citywire Wealth Manager, 'Investec W&I’s investment assurance lead leaves after 15 years')Premier Miton has appointed Nicola Stronach as Chief Operations Officer, following the recent launch of its model portfolio service; Stronach previously served as Director of Operations at Quilter Investors for three years and has also held roles at Credit Suisse, BNY Mellon, and Merian Global Investors. (Natalia Vasnier, 23/9/2024, Citywire Wealth Manager, 'Premier Miton hires Quilter operations director')​Former Charles Stanley Investment Chief Jon Cunliffe has joined JM Finn as Head of the Investment Office, returning to wealth management after nearly three years at non-profit firm B&CE; prior to his tenure at Charles Stanley, Cunliffe held various fixed income roles at Lombard Odier, ABN Amro, and Aberdeen Asset Management, where he led global fixed income macro strategy. (People Moves, 20/9/2024, Citywire Wealth Management, 'Ex-Charles Stanley CIO takes new JM Finn investment role')Schroders has appointed Meagen Burnett as its new Chief Financial Officer (CFO), succeeding Richard Oldfield, who became group Chief Executive earlier this month; Burnett, who joined Schroders in January 2023, has over 25 years of experience in financial services, including roles at M&G, J.P. Morgan, Goldman Sachs, and KPMG. She will serve as interim CFO starting 8 November 2024, until her formal appointment on 1 January 2025, while Schroders’ group Chief Investment Officer, Johanna Kyrklund, will also join the executive board. (Dan Cooper, 26/9/2024, Money Marketing, 'Schroders appoints Burnett as new CFO')Sesame Bankhall Group (SBG) has appointed Toni Smith as Distribution Director to lead its adviser network Sesame; with over 35 years of experience in the intermediary sector, Smith will focus on growing the Sesame business and enhancing the network's mortgage and protection propositions. She joins from PRIMIS Mortgage Network, where she served as Chief Operating Officer and later Chief Distribution Officer, and previously held the role of Business Operations Director at First Complete Limited for 10 years. (Momodou Musa Touray, 18/9/2024, Money Marketing, 'Sesame Bankhall hires new director to lead adviser network')National advice firm One Four Nine has appointed Martyn Southam, a former Manager at Succession Wealth, as Regional Director; Southam brings 35 years of experience in the financial services sector, having worked with mutuals, banks, product providers, and networks. (Momodou Musa Touray, 17/9/2024, Money Marketing, 'One Four Nine hires from Succession to boost regional expansion')The Personal Finance Society (PFS) has appointed Carla Brown as its new President; Brown is the Managing Director of St James’s Place partner firm Oakmere Wealth Management Ltd in Cheshire and also serves as a Director of CL Wills and Estate Planning. A Chartered Financial Planner and Fellow of the PFS, she is an accredited Later Life Adviser and holds a Certificate in Relational Financial Planning, along with an MSc in Wealth Management from Loughborough University. (Financial Planning Today, 26/9/2024, 'SJP partner firm founder appointed PFS President')​All information provided in this Market Digest has been gathered from Citywire Wealth Manager, Financial Planning Today, Money Marketing and IDEX Consulting.​

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Meet the Financial Services Experts

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Ashlea Walton

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Louise Bibb

Graeme Hyland

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  • Alison MacMillan

    Divisional Director

    Mobile: 07423 400 829 | E-mail: alison.macmillan@idexconsulting.com​Ali has been working in Financial Services recruitment in Scotland since 2002 and is a Fellow of the Recruitm...

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    Mobile: 07805 843 149 | E-mail: ashlea.walton@idexconsulting.comAshlea is an experienced Employee Benefits recruiter with 10+ years experience recruiting nationally. She specia...

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    ​Mobile: 07791 280 859 | E-mail: emma.murray@idexconsulting.com​A spring of energy in the office, Emma is a dedicated and passionate Financial Services specialist. Partnering w...

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  • Jack Johnson

    Business Director & Regional Manager

    ​Mobile: 07795 571 723 | E-mail: jack.johnson@idexconsulting.com​Jack has nine years’ experience recruiting Risk, Actuarial and Compliance professionals in the UK. He has worked...

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  • Louise Bibb

    Regional Manager

    Mobile: 07706 736 747 | E-mail: louise.bibb@idexconsulting.com​Louise has worked within Financial Services recruitment for over 7 years, predominantly focusing within the South...

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    Mobile: 07896 933 622 | E-mail: graeme.hyland@idexconsulting.com​Graeme is one of the longest serving members at IDEX Consulting and is fully responsible for recruitment, talent...

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  • Alex Merrick

    Client Director

    ​Mobile: 07776 670 384 | Email: alex.merrick@idexconsulting.comPrior to moving into Recruitment, Alex was a Financial Adviser for 16 years. He started advising within the Bancas...

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  • James Salmon

    Mergers and Acquisitions Client Director

    Mobile: 07947 748 173 | E-mail: james.salmon@idexconsulting.comJames leads our Financial Services Mergers and Acquisitions proposition; supporting Wealth Management businesses t...

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    ​Mobile: 07552 208 547 | E-mail: graeme.winn@idexconsulting.comFollowing an initial career in Accountancy, Graeme has worked within the recruitment industry for nearly 10 years....

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  • David Elders

    Managing Consultant

    ​Mobile: 07407 626 734 | E-mail: david.elders@idexconsulting.comDave has over 16 years’ experience recruiting in the Financial Services sector, initially within Retail Banking,...

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  • Lynn Wilson

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    Mobile: 07918 211 987| E-mail: lynn.wilson@idexconsulting.comLynn has been working in Financial Services recruitment in Scotland since 1996. She typically recruits for are Para...

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  • Alex Merrick
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  • David Elders
  • Lynn Wilson
  • Rehana Sadiq