Hello.
“The impediment to action advances action. What stands in the way becomes the way.” Or something like that, but in Latin. When Marcus Aurelias wrote that in his diary, no doubt lying on his stomach with his legs swinging in the air, I wonder if he could have known that Ryan Holiday would use it as the basis to create life hack stoicism in his book The Obstacle is the Way.
Holiday (with the best of intentions – probably) has taken an ancient philosophy, diluted its historicity and context and packed it to a nice reductive set of quotable moments for those difficult events in life. I’m sure Holiday didn’t intend to take the diary of a military figure and create a bible for Silicon Valley CEOs.
This is relevant because, for about 15mins, I had no idea what was coming next in this intro.”Writers’ block I believe they call it. Some weeks you have convenient dreams about mussel thievery, some weeks nothing else is alive besides the clock’s loneliness and the blank page where the curser moves. So, in the struggle, I attempt to wrestle meaning by writing using the impediment.
During my trip to Budapest, I thought it would be remiss of me not to go to one of its famous thermal baths.
It had a precarious start when I nearly went to the orthodontist instead. When I entered the right entrance, I then found myself on the wrong floor, having changed, in a cabin that didn’t lock. I tried to explain this to a staff member who spoke little English and ended up running away from me.
Eventually, after finding the right floor, a rather cross Hungarian woman with a whistle informed me I needed a hat for some of the pools. When I asked where I could get one, she just bluntly said: “Buy one”.
There began an attempt to decide what various signs in Hungarian meant while also encountering unappealing signs in English like ‘mud therapy’.
I was quite literally ready to throw in the towel when I discovered the leisure pool. It was great, I ended up really enjoying it and – despite my initial 20 minutes of being seriously anxious – began to relax.
The impediment and obstacle stuff in stoicism comes largely from a belief that you should focus on what you can control, accept the natural forces of the world and that wisdom is cultivated in this pursuit.
For instance, next time I go somewhere where I don’t speak the language, I might do more to research (what I can control) and be more accepting of the fact I might end up being an ignorant tourist and not getting impatiently annoyed at myself or others after a series of embarrassing events (not stressing about what I can’t control). There is also nothing wrong with asking for help and support.
I like the toil when it comes to writers’ block. It forces you out of your comfort zone and gets you doing mad stuff. Some of it will be good, some of it will be awful, but the only way to get anything out of it is accept the impediment. Before you know it, something will enter the dark hole of the head, the clock will tick and the page is printed. Or something like that.
The News:
LANG CAT & CLIENT MENTIONS
Are advisers becoming ‘numb’ to poor platform service?
Oor Nat makes an appearance on PA TV, chatting about our latest research with our friends at Parmenion.
Source: Professional Adviser
Bridging the gulf between education and pursuing a career in advice
Oor Steve is also in PA, this time in written form.
Source: Professional Adviser
Platform sales teams’ bonuses surge 81% in 2025
Lang cat analysis referenced in this one.
Source: Citywire NMA
Why we should give our heirs their inheritance sooner
7IM’s Ben Kumar earns a mention.
Source: FT
Lack of focus delaying pension transfers, Origo CEO warns
Anthony Rafferty talks pension transfer delays.
Source: Professional Adviser
Bridging the gulf between education and pursuing a career in advice
Steve in PA talking about research we’ve done with Morningstar Wealth as part of the conversation on attracting new blood to the profession.
Source: Professional Adviser
MM Meets… Carlton Hood: ‘We’ve got a duty to be proactive’ | Money Marketing
Guardian CEO Carlton Hood talks to MM.
Source: Money Marketing
ADVISERS
Adviser complains after transfer delays means client cannot access pension – FT Adviser
Another week, more complaints about transfer delays.
Source: FT Adviser
Only 25% of children will stay with parents’ financial adviser – FT Adviser
Good news for financial literacy: 86% of high-net-worth individuals said their children are involved in their financial planning and wealth management. Not so good news for advisers: just 25% said their children will continue to use the same financial adviser. All according to research by Charles Stanley.
Source: FT Adviser
INVESTING & WEALTH MANAGERS
Watching Netflix makes stocks go down: study
Interesting. Study posits that traders binging shows in one night may be affecting performance. Alphaville says they haven’t been through the methodology yet so take it with a pinch of healthy scepticism.
Source: FT
ISA savers exposed to risky CFD products as regulator raises Consumer Duty concerns
Questions over why some providers offer them to retail investors.
Source: Investment Week
Aegon in strategic review of UK business as it pivots towards US
Insurer will move HQ to US and be renamed as Transamerica.
Source: Professional Adviser
The surge in the precious metal’s price could have ominous implications for the markets, writes Gillian Tett.
Source: FT
Exclusive: Quilter Cheviot to enter private markets via KKR PE fund
The move marks one of the first major UK DFMs to enter private markets. Allocation will be limited to a maximum of 10% in discretionary portfolios and restricted to clients with £500k of investable wealth.
Source: Citywire Wealth Manager
PROTECTION
FCA market study research finds only 42% of consumers have protection policies | Money Marketing
Among those without protection, the most common reasons were affordability, lack of need and limited knowledge or confidence in obtaining cover.
Source: Money Marketing
REGULATION & POLICY
FCA publishes consultation package aimed at boosting UK investment culture – Wealth Investment News
Consultation focuses on improving classification and recognising specific protections for retail/professional investors.
Source: Wealth Investment News
Firms able to talk about annuities under targeted support – FT Adviser
One of the points of interest from the FCA policy statement.
Source: FT Adviser
Younger people more likely to use targeted support if available – FT Adviser
According to research by Dynamic Planner.
Source: FT Adviser
FCA’s targeted support rules set to take effect from April 2026
Eeks closer and closer.
Source: Professional Adviser
FCA launches new tool to fight financial crime
The FCA has launched a firm checker following concerns over people losing money to pension scams.
Source: Money Marketing
FCA boss promises more pro-growth measures in letter to Keir Starmer
Interesting.
Source: FT
FCA to press ahead with stablecoin payments next year – Money Age
New growth measures which include support for UK-issued stablecoins to provide faster and more convenient paymentshave been outlined by the FCA. Comes in a week where Martin Wolf highlighted concerns regarding stablecoin proliferation.
Source: Money Age; FT
AI
How AI killed shares in three key market sectors
Lots of assumptions.
Source: Citywire WM
Hackers ‘poison’ ChatGPT conversations to spread computer viruses
Yikes.
Source: The Telegraph
PENSIONS & RETIREMENT
Leader: Will the ‘triple lock taboo’ ever be broken? | Money Marketing
A balanced look at the problems with keeping (and, likewise, getting rid of) the triple lock.
Source: Money Marketing
MPs pension scheme makes ‘mockery’ of Reeves investment push
The MPs’ pension scheme has less than 3% of its equity portfolio invested in UK shares. That’s not very Mansion House Accord of them.
Source: FT
TRADE & ECONOMY
UK should boost tourism in offshore tax havens, says government adviser
In return for more transparency.
Source: FT
Around 83,000 more Brits returned to UK than expected — what does this mean? – FT Adviser
Tax considerations mainly.
Source: FT Adviser
Reeves slams ‘incredibly damaging and frustrating’ pre-Budget leaks – FT Adviser
Were there leaks? Hardly noticed.
Source: FT Adviser
The UK economy is not nearly as bad as you’ve been told
As the UK economy shrank unexpectedly by 0.1% in October, Chris Giles takes aim at pessimistic forecasting. “The main periods of measurement error came in the austerity years of 2012 to 2014, in 2017 during the early period after the Brexit referendum and in recent post-pandemic years. The truth is a huge pessimistic bias in our national accounts has led us to be fed with contemporary reports of doom and gloom, which subsequently turn out to be nonsense.”
Source: FT; BBC News
CRAZY CAT STORIES
Luxury ‘cat hotel’ could be relocated from London to Garmouth back garden | STV News
News.
Source: STV News
Popular Glasgow cat cafe set to close as owners focus on new rescue charity – Yahoo News UK
My liking for cats does not prevent me from puzzling over the existence of cat cafes. My cousin went to this particular one a couple of years ago and said the staff do a closing routine where they round up all the felines and start singing to them.
Source: Glasgow Live
OUTSIDE THE TRADE
After receiving £14m in a non-repayable grant of state aid because it was judged there’d be no private sector interest. An unusual measure and one which no other football club has received more than £2m for previously.
Source: The Guardian
How to quit Spotify – by Brian Merchant
A guide to other streaming services. Many seem to be a bit better than Spotify but Qoboz looks like the clear winner. Knowing there’s things to help with transporting your playlists is helpful too.
Source: Blood on the Machine
Sometimes you just see stats that completely and utterly depress you.
Source: The Guardian
Popular Scots jazz venue announces closure after 75 years | The Herald
The Blue “lampie” Lamp was a phenomenal venue that was difficult to pigeonhole. Performed with the Uni Jazz band and it was great craic. Attended many folk sessions there as well – a real loss if no one picks it up.
Source: The Herald
Sean McKinven is PR account executive at the lang cat
