Financial Planning Today
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Find the daily news service from the Financial Planning and Paraplanning sectors plus other relevant business and finance stories along with insightful features and other content. Financial Planning Today is the daily news website for Financial Planners, Paraplanners and Wealth Managers.
Financial Planning Today
10h ago
The valuation of independent financial advice businesses has dropped from an average of 4 times recurring income in 2022 to 3.3 times recurring income for the first quarter of 2024, according to a new study.
Valuations were an average of 3.5 times recurring income in 2023, suggesting a realignment towards a lower but more stable level, according to a new report from IFA M&A specialist Gunner & Co.
The firm has also seen a drop in profit valuations, based on adjusted EBITDA, from a peak of 8 times in 2022, to 6.7 times for the first quarter in 2024.
Louise Jeffreys, managing directo ..read more
Financial Planning Today
12h ago
There was a last-minute surge of activity from SIPP investors at the end of the tax year as they used the week after the Easter bank holiday to max their annual allowances.
Late afternoon from 4pm to 5 pm on 5 April, was the busiest hour for Hargreaves Lansdown SIPP top ups with one top up every 11.3 seconds.
In the very last hour before the tax year end at midnight, Hargreaves Lansdown saw a SIPP top up every 20 seconds.
Helen Morrissey, head of retirement analysis at Hargreaves Lansdown, said many clients also made use of the ability to contribute up to £180,000 to a SIPP for the 2023/24 ..read more
Financial Planning Today
12h ago
Expanding wealth manager and Financial Planner Titan Wealth has completed its second acquisition this week with a deal to buy Bristol-based 45-adviser firm Aspira, boosting Titan’s assets under management and advice to over £17.3bn.
Earlier this week it completed the acquisition of Norwich-based Financial Planning firm Loveday & Partners which has around £600m of AUM.
The cost of the acquisitions has not been disclosed.
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Bristol-based Aspira has £3bn in AUM. The firm was launched in 2003 and provides independent financial advice and employee benefits gui ..read more
Financial Planning Today
14h ago
Expanding wealth manager and Financial Planner Titan Wealth has completed its second acquisition this week with a deal to buy Bristol-based 45-adviser firm Aspira, boosting Titan Wealth’s assets under management and advice to over £17.3bn.
Earlier this week it completed the acquisition of Norwich-based Financial Planning firm Loveday & Partners which has around £600m of AUM.
The cost of the acquisitions has not been disclosed.
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Bristol-based Aspira has grown since its launch in 2003 and provides independent financial advice and employee benefits guidance thro ..read more
Financial Planning Today
14h ago
Quintet Private Bank, the Luxembourg owner of UK Financial Planner and wealth manager Brown Shipley, has partnered with asset manager BlackRock to launch an actively managed US equity fund.
It is planned to be the first in series of multi-manager UCITS funds available exclusively to the company’s clients.
Subsequent funds will be launched by the end of May covering global high-yield bonds, continental European equities and global investment-grade corporate bonds.
Quintet said each of the actively-managed, single asset class funds will blend a selection of third-party managers in ..read more
Financial Planning Today
16h ago
Almost £2bn has been lost from UK pension pots and SIPPs since 2019 because of financial advisers and providers going out of business, according to new data from the Financial Services Compensation Scheme.
The FSCS has linked with sports broadcaster Jeff Stelling to raise awareness of the problem, particularly among men aged over 45, who appear to be the biggest victims.
The FSCS said that it has received more than 43,000 claims in relation to pension losses in the last five years.
Four out of five of the claims were from men, highlighting the scale of a problem facing those planning ..read more
Financial Planning Today
1d ago
Swedish wealth manager Söderberg & Partners has invested in four more IFA firms as it expands its financial advice presence in the UK.
The latest deals bring the total of UK firms invested in by the fast-growing firm to 11.
Gustaf Rentzhog, chief executive, said the firm was not a consolidator. He said: "Rather our goal is to support passionate entrepreneurs to achieve their vision for their advice businesses. In the UK we have found many strong examples of fantastic businesses which deliver outstanding outcomes to their clients, and we are pleased to back them with our scale and ..read more
Financial Planning Today
1d ago
More than half of pension pots are being cashed out in full as fewer people seek professional guidance, new figures from the FCA have revealed.
The regulator’s new retirement income market data published today showed that around 56% of all pension pots accessed were cashed out in full.
That was compared to just over a third (36%) that was moved into some form of drawdown and just 8% used to buy an annuity.
Steve Webb, LCP partner and former Pensions Minister, said the figures were hardly surprising considering that hundreds of thousands of people reach retirement each year with very small ..read more
Financial Planning Today
1d ago
The FCA’s latest retirement income market data for 2022/23 published today has revealed that the money being withdrawn from pension pots is falling, dropping 5% to £43,199m from £45,638m in 2021/22.
However, slightly more pension pots were accessed for the first time, with the number climbing 4.9% from 705,661 to 739,535.
That suggests that while more people have been raiding their pension savings, as pension firms have been reporting, consumers have been taking out smaller amounts.
The new FCA figures backed that up by showing the majority of pension plans accessed were worth le ..read more
Financial Planning Today
1d ago
Total assets under management at investment manager Tatton Asset Manager rose 26.9% year-on-year, rising £3.7bn to £17.6bn for the year ended 31 March.
The asset manager said there had been record net inflows of £2.3bn during the year, representing 18.1% of opening AUM.
The business posted strong market and investment performance of £1.5bn and added 106 IFA firm relationships in the year to Tatton Investment Management.
Total net inflows for the year were £2.303bn, up 28.4% from £1.794bn in 2023. Net inflows in the second half were £1.393bn, an increase of 53.1% on the first half net inflo ..read more