One of my most favourite pints on God’s Green Earth is Beamish Irish stout.
During a September excursion to Cork me and a couple pals dropped into a bar and ordered three pints of Beamish. This was my first in two and a half years. After picking mine up I hear: “DON’T DRINK THAT. IT’S NOT SETTLED. THAT’S SACRILEGE.”
I literally sat there, a grown man waiting for a stranger to tell me it was okay to sup a pint. I was furious, my friends were beside themselves laughing. And now I have had a couple months to cool down I am beginning to see the funny side.
There is a cultural scarcity with Beamish, having to wait and travel to get it. Yet the Saturday after I came back from Cork what do I see on draught in Edinburgh: Beamish. I am still uneasy that something I used to enjoy waiting for, and enjoy in its proper place, is now only 20 minutes away.
It’s that cultural scarcity which allows for a certain heightened experience that differentiates it from the one you’re used to. Enjoying something original gives you a unique impression of the experience, making it more engaging and memorable.
There are parallels here to originality in content creation.
As we begin to see AI become more involved there’s a potential danger: consistency leading to flatness. It would be a mistake to arrive on a decent idea and then use AI to produce thousands of that same article. People are going to stop hearing what it is you’re saying.
This was recently highlighted in a recent MM article by Faith Liversedge who spoke about how people were noticing that AI could pump out lots of okay marketing material quick, but never great, never original. The worst case scenario is everybody is saying roughly the same thing in roughly the same way and you begin to forget the sweet taste of originality.
My mum likes to say: “People might not remember what you did, but they’ll remember how you made them feel.” People may not remember what you specifically said about whatever the hell it is you do, but they will remember if you talked about it in a way that was engaging, that made them laugh, think or cry. They’ll identify your voice through the crowd.
With original content, sometimes you just have to wait and travel for the good stuff, the stuff that stays with you.
The News:
LANG CAT & CLIENT MENTIONS
Tax-free cash situation a ‘shambles’ – Nucleus
Andrew Tully speaks to New Model Adviser. Our latest platform market data earns a mention.
Source: Citywire NMA
Pilot talk tech improving efficiencies
Nick Ryan of Pilot Financial Systems speaks to Asset TV.
Source: Asset TV
PortfolioMetrix names Alex Funk as CEO as founder steps back
Alex Funk becomes CEO 18 months after joining the business, with founder Brandon Zietsman taking on the chair role as part of changes across the wealth firm’s board.
Source: Citywire WM
IHT on pensions driving ‘unwanted and damaging’ behaviour – FT Adviser
Nucleus’ third annual retirement index raises some points of concern, not least that only 26% of adults believe they will have enough money to live comfortably for the rest of their lives.
Source: FT Adviser
Sipp launch, service and FNZ: Aberdeen’s Verona Kenny on her first year
Verona Kenny speaks to Vicky Bell as Aberdeen launches its Sipp.
Source: Citywire NMA
ADVISERS
Only 7% of women join industry due to being inspired by female leadership – FT Adviser
A survey conducted for the Women’s Wealth Alliance found 84% of women in personal finance saw the profession as a male-dominated sector which was also the biggest perceived barrier to entry for women.
Source: FT Adviser
Amanda Ford: Why culture is the new competitive edge | Money Marketing
Can’t AI culture I suppose.
Source: Money Marketing
PLATFORMS
P1 Platform halves pension drawdown fee and lowers minimum charges | Money Marketing
At the same time, the platform’s minimum account fee will drop from £5 to £2 per month.
Source: Money Marketing
INVESTING & WEALTH MANAGERS
Read all about it: Why Europe’s smaller companies can defy the headlines
Expounding the case for Europe despite its press coverage.
Source: Professional Adviser
ESG Accord: What’s COP got to do with financial advice? | Money Marketing
ESG Accord looks into how paying attention to COP can help advise clients with a preference for sustainable investing.
Source: Money Marketing
Younger Brits turning to investing and ETFs rather than savings
According to BlackRock’s third People & Money study, FOMO is a crucial motivator for 22% of Gen Z and younger millennials to start investing.
Source: Investment Week
Evelyn Partners exits employee benefits arm to ‘refocus on wealth management’
The employee benefits consultancy arm will be sold to Howden, subject to regulatory approval.
Source: Professional Adviser
China’s secretive gold purchases help fuel record rally
Concerns the market is getting tricky due to a lack of transparency about how much gold is being held.
Source: FT
AI
Quarter of large private sector firms expect AI to reduce workforce
Cuddly thought. What a headline to read on a Monday.
Source: Investment Week
Richard Buxton: Why it’s not AI that will take fund managers’ jobs
Buxton touts emotional intelligence as important for fund managers and recalls a time when he sized up Tesco’s US issues from an armfold by the CFO.
Source: Citywire WM
Is the market wrong about AI losers? – IFA Magazine
The foreshadowing of the potential last laugh of current AI losers.
Source: IFA Magazine
Tony Wilkinson: How AI is transforming investment content | Money Marketing
“Recent research should give us pause. A landmark study coordinated by the European Broadcasting Union and the BBC found that leading AI assistants misrepresent content 45% of the time, with issues ranging from factual inaccuracies to serious sourcing problems.”
Source: Money Marketing
‘Work inflation is absolutely real’ for advisers using AI – FTAdviser
Clicked for the headline, stayed for ‘Penguin Wealth’. Probably the best named firm in financial services.
Source: FT Adviser
Paraplanners turn to AI amid rising workloads and regulatory pressure
Based on research by Scottish Widows.
Source: Professional Adviser
PENSIONS & RETIREMENT
Chancellor to keep tax-free cash but target pension salary sacrifice
I am sure there’ll be thoughts on this.
Source: Citywire WM
Govt to ‘reconsider’ Waspi compensation decision – FT Adviser
Work and pensions secretary Pat McFadden told the Commons the government’s rejection of the Parliamentary and Health Service Ombudsman’s report, which showed maladministration by the DWP, will be withdrawn and reconsidered.
Source: FT Adviser
TRADE & ECONOMY
Wealth industry slams ‘reckless’ 20% ‘exit tax’ proposal | Money Marketing
Some may point out there are plenty of countries with similarly sized economies who have a similarly styled exit tax policy and manage.
Source: Money Marketing
Rachel Reeves expected to drop plans for income tax rise – BBC News
All newsletter writers who a couple of months ago said she wouldn’t do this before Rangers won a league game breathe a sigh of relief. Unfortunately the Celtic fans among them almost wish income tax went up as opposed the last minute goal against Livingston that they feel very responsible for. Being wrong twice is better than being wrong worse for the wrong reasons (Rangers winning immediately after you say they won’t).
Source: BBC News
Reeves reportedly drops plans to introduce exit tax – Wealth Investment News
Never mind.
Source: Wealth Investment News
Recessions have become ultra-rare. That is storing up trouble
The Economist suggests steady but insipid growth may present danger in a few ways as people forget what a downturn feels like.
Source: The Economist
Scotland given same credit rating as UK ahead of bonds issue – BBC News
Interesting. You’d think there was like a Holyrood election coming up in six months or something.
Source: BBC News
Rachel Reeves signals plan to remove two-child benefit cap in budget | Budget 2025 | The Guardian
Has the potential to be really impactful in reducing child poverty.
Source: The Guardian
Christmas rate cut ‘more nailed on’ as UK unemployment rises to 5%
Continuation of awkward numbers for Reeves.
Source: Investment Week
OUTSIDE THE TRADE
Domino’s turns to fried chicken as chief says Britain nearing peak pizza
“Peak Pizza”. I think people have had enough of the deals that just make things reasonably priced when they can either go the more authentic route (get a nice Italian one), get a nice supermarket one (cannae go wrong with M&S) or a cheaper one (doner kebab pizzas are a favorite in this category).
Source: FT
The seven deadly sins of corporate exuberance
They include: a lust for crypto, retail envy, lazy circularity, furious dealmaking, debt gluttony, patriotic pride and avaricious fraud.
Source: The Economist
Sean McKinven is PR account executive at the lang cat
