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Fraser Donaldson: A thorny question of cash interest
Written by Kat MitchellInvestment expert Fraser Donaldson reviews the FCA's latest 'Dear CEO' letter on cash interest. Mr Donaldson, Insight Consultant at Defaqto, writes a regular column on DFMs for Financial Planning Today magazine with the latest column reproduced below. To view Fraser's past columns and lots more content in the magazine register and subscribe to the magazine. If you are not yet registered for Financial Planning Today website do so now to find out more. Registration is free.
Manchester-based pension transfer adviser fails
Written by Kat MitchellThe Financial Services Compensation Scheme (FSCS) has declared Manchester-based Pension Advice Specialists Ltd (FRN: 792927) as failed.
The Consumer Duty Alliance, the body aiming to boost trust and confidence in financial advice, is launching a major initiative to help recruit new industry talent.
Wealth manager St James’s Place has added a new ‘CIO Office’ team to oversee the running of its investment processes.
Nearly four in five (78%) of global HNW investors are holding historically large cash holdings, according to a survey by global fund manager Capital Group.
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An estimated 6.5m UK adults (12%) are waiting until they get married, become parents, or own a home before they think about arranging key financial products, new research warns.
Wealth manager Utmost International has recruited in-house to appoint Karl Moore and Henry O’Sullivan as the chief executives of its Isle of Man and Ireland businesses.
Robin Melley: Why I'm in several professional bodies
Written by Kat MitchellExperienced Financial Planner Robin Melley looks at the benefits for Financial Planners of being a member of more than one professional body.
There are growing numbers of Financial Planners who, like me, are longstanding members of one or more of the recognised professional membership bodies (such as CISI, LIBF and PFS) who are also reaping the benefits of being a member of The Society of Trust and Estate Practitioners (STEP) but why and what does STEP offer to Financial Planners?
For those who do not know, STEP is a global professional body, with more than 21,000 members comprising lawyers, accountants, trustees, financial planners, tax advisers and other practitioners that help families plan for their futures.
Consequently, STEP members are typically also members of their own professional membership bodies – for example, lawyers may also be members of The Law Society.
Full STEP members, known as Trust and Estate Practitioners (TEPs) are internationally recognised as experts in their field, with proven qualifications and experience.
I joined STEP many years ago for two principal reasons: to enhance my technical knowledge and skills on estate planning and advising clients in vulnerable circumstances, and to enhance the collaborative work that I was doing with other professionals – typically lawyers, tax advisers and accountants.
It is fair to say that it has taken hard work to achieve the TEP qualification on top of being Chartered but it is no different for a lawyer or accountant achieving the same qualification on top of becoming Chartered in their professions.
However, it has been very worthwhile and has resulted in better outcomes for clients through the application of specialist technical knowledge and the ability to have more meaningful collaborative working relationships with other STEP members, who may also be lawyers, tax advisers and accountants and so on.
One of the reasons that Financial Planning is such a valuable profession is because it requires a holistic approach and it implies an ongoing service through every stage of a client's life.
Lawyers, accountants, and tax advisers are often engaged to provide packages of advice, so it is hugely beneficial for other professionals to work with Financial Planners, who are engaged to provide long-term advice and service.
Certainly, from my perspective, I am always reassured that a lawyer, tax adviser or accountant is a fellow STEP member when I refer clients to them.
• STEP's website can be found here: STEP
Robin Melley TEP, Chartered MCSI, FLIBF FPFS is managing director of Chartered Financial Planner firm Matrix Capital Limited in Shropshire.
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The FCA has threatened to crack down on influencers and finance firms that publish financial promotions on social media platforms that are not fair and clear.