Well, we’re in it now. 22% inflation, anyone? And the solution is…to drill more oil wells which might be operational in 25 years’ time. I think the only rational response here is either to go round blindfolded and ear-plugged in an attempt to avoid all this, or to get absolutely stocious and watch Mikael Gorbachev’s Pizza Hut advert on repeat in the hope it cheers us up. RIP Gorby; you made Spitting Image much of what it was in the 80s.

Apart from the increasing velocity of the unravelling of civilisation, it seems to me that everyone’s sort of tired after the summer and things lack a bit of energy. “September’s coming soon,” sang Michael Stipe, as he composed Nightswimming in anticipation of this Update on the last day of August some 30 years later. This could just be me; it’s been a long few months. But I think I do detect a bit of ennui out there from firms too.

Pretty soon we’ll publish a paper called A Fragmented World, which is the follow up to 2019’s A Disconnected World. (by the way, the launch is on 20 September in London at a free breakfast briefing; if you want to come along send me a note, but places are limited).  For that paper, we asked about 150 firms what they’d do if we magicked up 50% more time in the week by making all their technology work better and their processes all efficient and that.

I’ve written here before about how part of the art of research is to have a finely honed bull filter. Oftentimes respondents will tell you what they think they should respond rather than the truth, especially when it comes to businessy stuff where everyone wants to look all thrusting and whatnot. So it was a surprise to see that along with the more obvious ‘serve more of the same sort of clients’ response, the top answer to our magic question was ‘get a better work/life balance’. Just over one in four respondents went for that one.

Advisers deserve a work/life balance as much as anyone, but it’s kind of interesting that so many have no appetite to grow. There are natural implications for the advice gap, but much more than that this gives a wee insight into…what, exactly? Perhaps that for consolidators, the game with these firms really does just have to be transitioning existing assets, rather than also hoping for wads of new business from them. Perhaps that we really are looking at a contraction of adviser numbers in the next few years. Or maybe it’s just that everyone’s feeling it.

If that’s true, then this is a good piece to read. All the cliches about fitting your own oxygen mask first hold true – your clients, including some wealthier ones you might have thought antifragile, are really going to need you over the coming months.

DO SOMETHING FUN

I know restraint is called for and this should be in the links, but our Edinburgh event is really close to my heart and it’s my Update and I’ll promote content into the main body of the email if I want to and you can’t stop me, no indeed. So if you think you can be in Edinburgh on 5 October, please do think about coming along. And if you can’t, sign up for a free streaming ticket anyway. Both sorts are available here. In-person folk: we can seat about 180 and we’re well over halfway full now, so get on it. We’ll operate a waitlist for the inevitable dropouts, but still, early registration leads to clean minds and healthy bodies whereas late registration leads to shame, recrimination and regret. True story.

#LANGCATLINKS

• Yeah Consumer Duty, but young Ian McKenna reckons something else is bigger news. Interesting piece on data here.
• Good old fashioned platform functionality story here. #oldskool
• News of official Institute status for the (currently) Initiative for Financial Wellbeing here.
• Tom’s done a new podcat with Guy Opperman which is well worth your time. Listen here.
• And your music choice this week – is not Nightswimming. If we’re faced with a dystopian immediate future we might as well meet it face to face, offer it a square go and smack it straight in the melt. Machine Head’s new single NØ GØDS, NØ MASTERS (nØ I dØn’t understand the Ø’s either) is the ideal soundtrack. Have at it.

See you next week

Mark