The Morning Briefing: M&G Wealth Advice for dual advisers

Hello and welcome to your Morning Briefing on Monday, July 4, 2022. To receive it each morning in your inbox, click here.


Recruitment campaign

M&G Wealth Advice has laid the foundations for an ambitious recruitment campaign, which will more than double the number of its advisers over the next five years.

Partnership Director Tom Hegarty said Money Marketing the company aims to increase the number of advisers from the current level of 400 to 1,000 over the next five years.


Retirement dashboards

The UK has long talked about building a place where savers can see their pensions.

Our reporter Momodou Musa Touray wrote the July cover which examines the evolution of pension dashboards.

If the supporters are numerous, the project still has a long way to go to convince the skeptics.


Titan expands

Titan Wealth has purchased Baggette Asset Management Ltd (Baggette) as part of its drive to bring a new offering to the wealth and asset management industry.

Baggette is a Poole-based discretionary fund manager, launched in 2017, and has assets under management (AUM) of around £180m.



quote of the day

Rising borrowing costs coupled with the escalating cost-of-living crisis and post-pandemic recovery in housebuilding could lead to slower house price growth – but it could elapse some time before we see a drop in prices.

Myron Jobson, Senior Personal Finance Analyst at Interactive Investor, comments on the BOE Money and Credit Report



Stat Attack

Figures from the Bank of England and Hargreaves Lansdown shed light on how UK consumers are faring on key measures of mortgage rates and credit card debt.

£994 billion

Savings sit in easy-to-access savings. High street giants dominate and offer miserable savings rates

£7.4 billion

Net mortgage borrowing fell from £4.1bn to £7.4bn in May. It is now above the pre-pandemic 12-month average

66,200

Mortgage approvals for moves over the next few months increased very slightly from 66,000 in April to 66,200 in May

66,700

This figure is slightly lower than the pre-pandemic average of 66,700

11.2%

Credit card debt increased by 11.2% in one year (highest since March 2020)

Source: Bank of England, Hargreaves Lansdown



In other news

M&G Wealth has announced that its PruFund Planet range of ‘smoothed’ multi-asset funds will be available as an investment choice on its own platform.

This is the first time that PruFund has been offered as a choice on an investment platform in the UK.

The five PruFund Planet funds, each with its own risk profile, seek to seize opportunities and invest in high-impact solutions to global environmental, social and governance (ESG) challenges.

Advised-only funds aim to achieve total income and capital return over the medium to long term (at least five years), providing investors with attractive returns while creating positive outcomes.

Shanti Kelemen, Chief Investment Officer at M&G Wealth, said: “Our research shows that most retail clients want to invest responsibly, but not at the expense of returns.

“PruFund Planet is the only ESG-smoothed investment range available on any platform in the UK. It offers easily accessible, planet-friendly wealth solutions with the prospect of competitive medium to long-term returns. volatile markets, the smoothing mechanism we apply in all our PruFunds becomes more desirable and valuable.

“Investing sustainably and delivering compelling investment solutions is at the core of our strategy and we are delighted to offer this unique investment option to advisors and their clients.”


Wimbledon-based Chartered Financial Planner Simon Hewitt has joined national society IFA Continuum.

Hewitt specializes in estate planning and tax optimization strategy. It operates from Wimbledon in South West London as well as North Wales.

Prior to becoming a Certified Financial Planner, Hewitt was a commodities trader in the energy sector.

His career change was prompted by the Financial Services Authority (now the Financial Conduct Authority) retail distribution review initiative in 2012.


AXA Investment Managers (AXA IM) appoints Laurent Caillot as Chief Operating Officer effective September 1, 2022.

He will succeed Godefroy de Colombe who will pursue a career in a new professional sector.

Based in Paris, Caillot will be a member of the management board of AXA IM. He will report to Executive Chairman Marco Morelli.

In this role, he will oversee project management, security, procurement, facilities and innovation.

These assignments will be in addition to his current technology, operations and data management responsibilities.



By the way

Silvina Batakis: heterodox economist in the hot seat in Argentina (Reuters)

ECB to Warn Eurozone Countries About Crypto Regulation (Financial Times)

Ad count drops to lowest on record (BBC News)


Have you seen?

What is popular at a time reveals something about its attitudes. Currently, one of the hottest topics for listeners are true crime podcasts. There is something about them that resonates with people.

Our weekend essay tapped into the mood as Jean-Baptiste Andrieux wrote about romance investment scams.

His article reveals a sensitive area laden with complexity.