Hello. I had a couple of strange dreams during the week.
The first one was inspired by the purchase of mussels that said on the packet they could be microwaved. This prompted a dream where I took them to the office, and Mark Locke and Ian stole them and ate them while I was in a meeting. Like a spouse whose partner cheats on them in a dream, it’s been difficult to find forgiveness.
In the other dream I met notable Scottish author William McIlvanney in Clark’s Bar on Dundas Street. This is initially curious because I have never been to Clark’s and McIlvanney died ten years ago, but makes a bit more sense as I sent a picture of the author from 1989 in aforementioned pub to the old fella.
Dreams can provide a point of meditation and my dream about McIlvanney got me doing so. Much to his resentment, he was dubbed the Godfather of Tartan Noir after the success with his Laidlaw novels. He was proud of the books but possibly considered himself more versatile than being pigeonholed into genre fiction.
But McIlvanney didn’t let any ascriptions embitter him, he continued to write, taught in schools, didn’t turn his nose up to crime writing festivals and took part of public life through journalism etc. This all contributed to the generally universal decision that he was a sound and grounded bloke, whether or not you liked his books.
For a couple of reasons, financial services has some image and messaging problems. One area is trying to convince the UK public to invest their money with them.
There are certainly fears among the public of equity exposure, preconceptions about who it is that invests money and mistrust of financial institutions since at least 2008. The learning that can be taken from McIlvanney is the sector has this image and you can’t necessarily moralise or patronise people into believing you don’t have this image. I think any good approach will seize the narrative, do the work needed, show people you care and why. Sincere public engagement in other words.
Take your role (which is pretty important) in the social contract seriously — get your head down and do the work, think expansively but remain down to earth. This is also how you may go about fixing New Blood issues (see Greg Moss below).
I don’t think that’s what my brain was directly trying to tell me when William and I enjoyed a pint of heavy and a low flier in Clark’s, but food for thought.
Anyway. The News:
LANG CAT & CLIENT MENTIONS
Mark Locke: When the AI tools start thinking | Money Marketing
The PR whisperer says: “Do not be afraid.” Interesting points about technology and its effects on us. Canadian philosopher Marshall McLuhan suggested technology often becomes an extension of ourselves and ultimately changes us. A lot of where he predicted the media heading has eerily similar aspects to what social media does now. Possibly interesting to think about in terms of AI. We shape the tools and thereafter the tools shape us, or something like that.
Source: Money Marketing
Budget rumours lead to rise in platform outflows – FTAdviser
Platform market scorecard findings getting some coverage.
Source: FT Adviser
Copia Capital: Navigating the UK market amid rising gilt yields | Portfolio Adviser
Copia’s Richard Warne talks UK outlook.
Source: Portfolio Adviser
FCA consolidation review ‘a warning shot’ for acquirers
Clifton Asset Management’s Jo Swain welcomes the FCA looking at consolidation and highlighting good and bad practice.
Source: Professional Adviser
Aberdeen: we must go further to win back advisers – FT Adviser
Noel Butwell speaks to FT Adviser.
Source: FT Adviser
ADVISERS
The Employment Rights Bill: What advice business owners need to know
Lawyers Niamh Millais and Antonia Blackwell set out how advice teams should prepare for the Employment Rights Bill.
Source: Professional Adviser
Greg Moss: Why we should mentor, not lecture, young people | Money Marketing
Financial planner and friend of the lang cat talks about engaging the next generation in finance and how it goes beyond the classroom – we have to treat them like actual people with, like, important thoughts and opinions and all that good stuff.
Source: Money Marketing
Former St James’s Place execs launch advice firm support service
Ex SJP chief client officer Claire Blackwell and director John Owen have launched The NexStage, an independent support firm aiming to help UK advice firms.
Source: Professional Adviser
Spotlight: Understanding faith-based financial planning | Money Marketing
Amanda Newman-Smith looks at how advice firms incorporate religious beliefs into practices and advice.
Source: Money Marketing
Average advice firm spends 13 hours a week on compliance
According to research by Model Office. There’s a hope a new technology might help. I’ll give a hint, it rhymes with Say I.
Source: Money Marketing
PERSONAL FINANCE
Weekend Essay: Why time is such a precious commodity | Money Marketing
Tom Browne looks into why setting time to go through finances can ease minds as more people are spending time worrying about finances as opposed to committing time to do the admin involved. Procrastination is the thief of time or something like that.
Source: Money Marketing
INVESTING & WEALTH MANAGERS
Why Wall Street won’t see the next crash coming
That’s, uhm, not so relaxing.
Source: The Economist
Steven Levin: Breaking the psychological barriers to investment | Money Marketing
Right to highlight confidence as an underrated factor in getting people to invest. I think another factor that sometimes people skirt around a bit is mistrust.
Source: Money Marketing
Rachel Reeves considers less dramatic cut to cash Isa allowance
Will she? Won’t she?
Source: FT
Tax hike fears drive clients to Isas and pensions | Money Marketing
According to research done by Opinium for Hargreaves Lansdown.
Source: Money Marketing
‘Big Short’ Michael Burry bets $1bn on AI bubble bursting | LBC
He’s bought put options on Nvidia and Palantir. The man played by Christian Bale in the film The Big Short where he was among those who shorted the American housing market in the lead-up to the financial crisis reckons AI’s valuations may have peaked.
Source: LBC
Eddie Kennedy, head of Marlborough’s Personal Portfolio Service talks about MPS and bespoke models and whether they are chalk and cheese or something good, like, Guinness and oysters maybe, or cheese and wine.
Source: IFA Magazine
REGULATION & POLICY
FCA gears up for ongoing advice rule changes consultation
The FCA confirms it is still targeting a date in the first quarter of next year for its ongoing advice consultation.
Source: Citywire NMA
UK big businesses continue to prioritise net zero despite political pushback – Wealth DFM
Only 3% of large organisations believe net zero has no business benefits, rising to 25% among SMEs.
Source: Wealth DFM
Secret Boutique Founder: Plotting through the 10,000-page FCA handbook
Somewhat encouragingly, the answer isn’t just run it through ChaptGPT and pour yourself a glass of champagne.
Source: Citywire WM
AI
Dynamic Planner gets AI certification at ‘watershed moment’ – FTAdviser
Interesting considering our topic last week. Apparently they’re the first to get this certification in the industry.
Source: FT Adviser
A “Dark Data Center” Crisis – by Quentin Hardy
Not the most reassuring from somebody who works in AI.
Source: Quentin Hardy
Over half UK adults turning to AI chatbots for financial advice
Could be useful as an instrument I suppose, but there are some pretty bloody valid concerns that an unregulated chatbot starving for your data is not the best thing to rely on for personal finances. Some may think we need some sort of targeted support or something.
Source: Citywire NMA
PENSIONS & RETIREMENT
Almost 70% of Sipps are non-advised – FTAdviser
MoretoSipps surveyed Sipp providers, mainly during the first quarter of this year. Founder John Moret suggests Sipp assets are now likely to be closer to £700bn, representing 20 per cent of the UK’s total funded pension assets.
Source: FT Adviser
Reform UK’s plans to make public sector pensions less generous could cost billions extra a year and cause a ticking timebomb in the public finances, a leading trade union has warned.
Source: The Guardian
Taking pension tax-free lump sum early could cost savers £60k – FT Adviser
AJ Bell firing on all cylinders as it aimsto get more government engagement with its petition.
Source: FT Adviser
TRADE & ECONOMY
‘I will do what is right, not popular’: chancellor tees up Budget tax rises – FT Adviser
Reeves did a “scene setting” speech which most people have categorised as unusual indicating that unpopular choices may be on the horizon. Bet that’s going down well on LinkedIn.
Source: FT Adviser
Wall Street and Bitcoin plunge over AI bubble fears – latest updates
Uh oh.
Source: The Telegraph
Rachel Reeves set to spare UK banks from Budget tax raid
Completely, I wonder?
Source: FT
CRAZY CAT STORIES
Can you speak CAT? Take the test to see if you can decode a moggie’s body language
Finally, an app for the rest of us.
Source: Mail Online
OUTSIDE THE TRADE
Can a bespoke Montblanc pen fix my horrible handwriting?
Well, my Kaweco Sport certainly makes a difference and I am willing to bet that’s a lot cheaper than a personlised Montblanc.
Source: FT
Elif Shafak, as always, producing interesting work around storytelling, etymology and the like. Interesting for me especially as 100 years of Solitude earns a mention and I’m tearing through that with much enjoyment at the moment.
Source: Elif Shafak Substack
Mortgages and AI to be added to the curriculum in English schools – BBC News
This might be a bit of a hot take, but I think it’s probably impossible to teach someone in their first 16 or so years of life everything they’ll need to know for the remainder. Yes, encourage kids to read Shakespeare, yes teach personal finance, yes to new methods of engagement (see Greg Moss). But ultimatel, I think the focus should be on helping them have the tools to learn, and how they learn best. Right now, the calculation is formed around how can x get y letter to get into uni under a misplaced assumption it will lead to xyz job.
Source: BBC News
LinkedIn and the art of self-promotion
The Economist collects some of the most appalling LinkedIn self-promotion posts. It includes:
- ” If you are reading this, you are a total loser. Put down your phone and get off social media. Start coding the app that will make you rich. Learn the skill that will propel your next business. Every hour you spend not working towards your goal takes an hour off your life. If you want to read my 12-page guide to success, just write WINNER in the comments.”
- “I have hired hundreds of job candidates during my career. The best applicants follow one simple rule that they don’t teach you in business school: don’t blink.”
- “I’m honoured to have been self-nominated for the annual Global Thoughtpreneurship Awards in all 21 categories. You can vote for me as many times as you want by clicking on this link.”
Source: The Economist
Sean McKinven is PR account executive at the lang cat
