Financial services is set for a seismic shift, as the ‘great adviser retirement’ gets closer.

Recent research from the Financial Conduct Authority revealed the number of younger advisers has fallen in the past 18 months, while the number of advisers aged over 60 has grown nearly 30%.

To ensure a smooth transition for clients, advice firms must think carefully about succession planning.

Without the right structure in place to give clients the needed reassurance, they risk losing credibility – or, worse, business.

The drivers

There are several catalysts driving advisers into early retirement, including increased regulation, emerging technologies and market volatility.

The regulatory landscape’s rapid evolution is perhaps the most pressing.

Over a year on from Consumer Duty coming into effect, there is growing recognition the regulation will require a real ongoing effort – a burden that has prompted some advisers to rethink their futures in the industry.

The number of younger advisers has fallen in the past 18 months, while the number of advisers aged over 60 has grown nearly 30%

The ever-growing demand for hyper-personalisation across the wealth management experience is also fueling this trend, particularly as we continue to see wealth transfer between generations.

Coupled with market volatility, inflationary pressures, high interest rates and geopolitical tensions, advisers are faced with challenges in how they interact with and support clients – all while delivering outcomes that meet their financial goals.

Investment flexibility will be a cornerstone for meeting the diverse needs of all generations, and technology will be key to delivering that. As advisers evaluate their value propositions for the future, considerations for scaling their businesses should be at the forefront.

The solutions

As firms plan to get ahead of the great retirement, there are two key factors to consider: talent and business strategies.

First, attracting new talent should be an industry-wide focus. Many advice firms are leveraging new technologies to attract new recruits and establish training and development schemes to ensure they’re equipped with the skills and knowledge to pursue a career in advice.

Firms looking to solve the needs of the future generation of investors and advisers must act now

Secondly, as balancing client needs with business needs has become increasingly difficult, advisers must look to solutions that can help them drive their strategic growth agendas.

Building a digital-led solution will not only remove the need for manual administration but enable the modern adviser to engage with clients in a personalised and dynamic way.

Elsewhere, while the adviser-as-a-platform solution has been much discussed, the adviser-as-DFM is increasingly being considered. Obtaining permissions and launching a discretionary investment management business can enable better client and adviser experiences – and better client and business outcomes.

Owning a DFM can help improve alignment across clients’ needs and investment advice by giving advisers more control over their advice implementation, while also providing increased flexibility around charging structures.

Without the right structure in place to give clients the needed reassurance, they risk losing credibility – or, worse, business

Consent to make tactical changes to client portfolios may not be required, improving efficiency. In addition to potentially boosting enterprise value and the potential sale prices of advisers’ businesses, launching a DFM can create new revenue streams that provide capital to invest in developing the next generation of advisers.

Firms looking to solve the needs of the future generation of investors and advisers must act now.

Having the right technology, products and propositions in place will allow them to foster deeper relationships with clients, reduce administrative burden and focus on what really matters most: providing quality advice.

Ben Cooper is head of asset management partnerships, IFA and wealth, at SEI

ENERGY bills will rise for millions of households from today as the new price cap comes into effect.

The cap rose by 10%, adding £149 a year to the typical bill of a household with a dual fuel tariff which pays via direct debit.

1

Households will now pay £1,717 a year for their energy, up from £1,568 under the previous threshold.

But energy bills are expected to fall again to £1,697 a year in January, according to the latest predictions from analysts Cornwall Insight.

These thresholds are used to show how much a typical family could expect to spend on their energy bill each year.

But the amount they will actually pay each month will depend on their usage and can be higher or lower than this cap.

The threshold applies to the 28million households who are on a standard variable tariff, which fluctuates with the wholesale price of energy every three months.

Some households are on a fixed tariff, which means the rate they pay stays the same for their whole contract and is not subject to the cap.

To avoid being charged more than you should it’s essential that you submit a meter reading as soon as possible when the price cap changes.

Doing so ensures that all of the energy you used before October 1 is charged at the lower rate.

The exact date you need to submit a meter reading by differs depending on your supplier and some will allow you to backdate the reading to the date it was taken.

Some providers will even give you an extra fortnight to send in your reading.

But if you miss the deadline and do not submit a reading then you will be given an estimated bill.

These bills are calculated based on a prediction of your power use.

This could mean that some of the energy you used before the new cap came into effect could be charged at the wrong rate.

As a result you could receive a bill that is more than the amount you should actually need to pay.

Here we reveal the exact dates that you need to submit a meter reading to each supplier as the energy price cap changes.

When to submit your meter reading

You should try to take your meter reading as close to October 1 as possible to reflect your energy use up until this point.

Once you have taken the reading you have a certain period of time to submit it to your supplier.

The amount of time you have will depend on who your energy provider is.

British Gas customers have until October 14 to send in a reading and can do so online, via its app, web form or by telephone.

Households which are supplied by EDF have until October 9 to send in their meter reading online, via its app, online form, email, WhatsApp, text or over the phone.

E.on Next customers have a week from today to submit their reading and can do so in their online account, via its app, email or by telephone.

Octopus Energy users also have until October 8 to send in their reading and need to do so online, via its web form, app or by email.

At Ovo Energy you can send in your reading in your online account, via its app or over the phone and need to do so by October 11.

Scottish Power customers need to submit their reading by October 5 and can do so through their online account, via its app or by telephone 24 hours a day.

There is no deadline to submit a meter reading at So Energy but you can do so if you have proof of the date you took it.

You can submit it in your online account, by email or by telephone 24 hours a day.

Finally, Utility Warehouse customers needed to give a reading in the five days leading up to October 1 and submit it in their online account, through its app or by telephone.

How to submit a meter reading

The easiest way to take a meter reading is to take a picture of your gas and electricity meters so that you have evidence in case you need to dispute a bill.

You can submit your reading online via your energy account.

Some providers will also let you send in the figures by text or through an app.

Check the options that are available with your own supplier.

Electricity meters

If you have a digital electricity meter, you will see a row of six numbers – five in black and one in red.

Only take down the five numbers in black.

If you are on an Economy 7 or 10 tariff, which gives you cheaper electricity at night, then you will have two rows of numbers and you need both.

If you have a traditional dial meter you will need to read the first five dials from left to right, again you do not need the red ones.

If the pointer is between two numbers, write down the lower figure.

If it is between nine and zero then write down the number nine.

Gas meters

If you have a digital metric gas meter showing five numbers and then a decimal place, you only need to write down the first five numbers.

If you have a digital imperial meter, your meter will read four black numbers and two red numbers – note down the four black numbers only.

If you have a dial gas meter, follow the same steps as the dial electricity meter.

Smart meters

If you have a smart meter then you do not need to submit a reading as this is taken automatically and is sent to your supplier directly.

But you should check that your smart meter is in “smart mode” and is working properly to make sure that you are accurately charged.

You do not need to submit a meter reading if you have a fixed energy tariff or a traditional prepayment meter.

Do you have a money problem that needs sorting? Get in touch by emailing money-sm@news.co.uk.

Plus, you can join our Sun Money Chats and Tips Facebook group to share your tips and stories

The Hang Seng index has “performed better” than S&P 500 so far this year, according to Legal & General Investment Management (LGIM) chief investment officer Sonja Laud.

Speaking yesterday (30 September) at LGIM’s Autumn Horizons Event, Laud explained how the market-capitalisation-weighted stock market index in Hong Kong had outdone the US stock market tracking index.

She also added that investors have seen “more weakness” in the Magnificent Seven, a group of highly performing US stocks.

The Magnificent Seven consists of Alphabet, Amazon, Apple, Meta, Microsoft, NVIDIA and Tesla.

She described growth as “reasonable” but inflation is on track with central banks.

Laud also predicts a mediocre rest of the year in terms of markets, with a “slight boost” next year.

In regards to the upcoming US election on November 5, Laud believes the market will see a bigger impact if the Democrats or Republicans take control of both the House of Representatives and the Senate.

The November election still has the ability “to shift the narrative”, but there is an assumption that Trump will continue his trend of tax cuts if he wins the election.

Focusing more on the UK, Laud said she does not envy Chancellor Rachel Reeves, especially since a new government’s first budget receives a lot of scrutiny.

She added that, overall, “the better the UK economy is doing the more interesting the investment story will be”.

In April 2024, SimplyBiz announced that LGIM’s model portfolio service would be the latest addition to its risk-controlled investment solutions range.

This helps advisers identify the best solution to meet clients’ investment objectives in line with their risk profile by aligning the investment solution to the advice and research process within the Engage system.

SimplyBiz director of distribution services Rodger Baillie said: “LGIM is one of the biggest investment managers operating in the multi-asset market today and is renowned for its focused approach to supporting both advisers and consumers.”

Laud joined LGIM in 2019 from Fidelity International where she was head of equity. Prior to that, she worked at Barings where she was manager of two global multi-asset funds, and Schroders where she was manager of five global equity funds.

HOLIDAYMAKERS are set to benefit from new rules which could save them £100s on their phone bill.

From today (October 1), Ofcom has imposed new regulations for energy providers which will help protect mobile phone users from being unexpectedly charged while abroad.

1

Under the new rules, providers must warn customers when they start roaming in the EU or elsewhere to protect them from what’s known as “inadvertent roaming“.

This is when you are travelling across a border and connect to another country’s network without meaning to.

For many major UK networks, roaming can cost as much as £6 per MB – which is the equivalent of listening to two minutes of music.

This means spending just 20 minutes on your phone could cause you to rack up a £60 bill without you even knowing.

But from today, providers will need to alert customers when they begin roaming or reach their spending caps.

They will also have to signpost customers to free information on the roaming costs of where they are visiting.

Before Brexit, phone users could use existing call, data and text allowances in Europe at no extra cost.

But now it is a very common experience to face unwanted charges. Ofcom said in March that 14% of UK customers had experienced inadvertent roaming in the previous 12 months.

This also rose to 22% of customers in Northern Ireland, where devices inadvertently roamed signals from the Republic of Ireland.

In cases such as this, people have even reported facing roaming charges from their own home.

Sue Davies, head of consumer protection policy at Which?, has previously criticised the lack of regulations which were in place for holidaymakers.

She said: “The new rules do fall short by not suggesting that providers should give compensation to UK residents who have inadvertently fallen foul of roaming charges, and failing to outline what this looks like.

“When the UK negotiates future trade deals, it must seize the opportunity to lower the cost of roaming for consumers travelling around the world.

“The UK and EU should also agree a deal on roaming charges that stops people facing extortionate bills from providers.”

From today further prevention of unexpected bills is possible, however there has been no mention of those who have been previously charged gaining compensation.

Uswitch’s mobiles expert Ernest Doku pointed out that “while this is good news there is still inconsistency between providers – meaning a lack of clarity for consumers, who were hit with £539 million in unexpected roaming charges in 2023.”

How much does it cost to roam in the EU?

The amount you will be charged varies depending on your network provider.

Inadvertent roaming rates can also vary extortionately, so it’s important to let your provider know before you travel.

When managed correctly, here is what you will have to pay when roaming abroad:

• EE: £2.47 a day for contract customers, or if you have a plan with Inclusive Extras, you can purchase a Roam Abroad Pass for £25 a month. £2.50 a day, or £10 for seven days, if you are pay-as-you-go. 50GB “fair use” limit.
• Three: £2 a day for contract customers, no charge for pay-as-you-go. You can buy a Data Passport for £5 for unlimited data in 89 countries. 12GB “fair use” limit.
• Vodafone: £2.42 a day, or buy a European Roaming pass for £12 for eight days or £17 for 15 days, if you’re a contract customer. From £7 for eight days if you are pay-as-you-go. 25GB “fair use” limit.
• Sky: £2 a day. No “fair use” limit.
• Voxi: £2.45 a day for one day, £4.50 for two days, £12 for eight days, or £17 for 15 days. 20GB “fair use” limit.

O2 doesn’t charge customers roaming charges for using their phones abroad although it does have a 25GB “fair use” data cap.

To review your roaming charges before you travel, visit your provider’s website and either get in touch using the phone number or via your online account.

If you don’t want to pay for roaming and want to stick to Wi-Fi, go to your phone settings, then Mobile Data, and switch off Mobile Data Roaming.

You won’t be able to connect to data while abroad, but you’ll also have the peace of mind that you’re not being charged.

How to cut mobile costs

If you want to save on extra roaming costs, it’s always best to connect to Wi-Fi whenever you can.

Most hotels and cafes now offer wireless internet free of charge – if there’s a password, go up and ask the staff.

You should also check before you join your provider whether they offer a roaming add-on, which automatically provides you with a small allowance for data roaming free of charge.

Mobile users often set their budget for the month by installing a cap on their data usage.

UK networks now enforce automatic caps on data usage worldwide, which is usually between £40 and £49 – although you can set your cap much lower.

One quick way to cut the cost of your mobile phone contract is by going SIM-only.

You can get one of these deals if you have already paid for your handset.

They come with a certain amount of minutes, texts and mobile data.

Since you are not paying for the cost of the mobile with a SIM-only package, you can save a hefty amount of money.

We also recommend you dedicate a good amount of time to shopping around and speaking to other providers.

Comparison sites like Uswitch, MoneySuperMarket and Compare the Market are good places to start, but it’s also useful to ask personal opinions and experiences of people you know to work out what will suit you.

Once you’ve found the best deal for you, you can use it to haggle with your current provider if it is offering you a worse price or package.

If your provider refuses to reduce its price, you can always walk away and take the different deal with the new provider.

Ofcom‘s coverage checker is also a useful tool to find out what provider network is strongest to use based on the signal in your area.

And if you’re on certain benefits, you could also be eligible for a social mobile tariff, which could save you £100s a year.

To find out whether you might be eligible, visit the government website or contact your local council.

Do you have a money problem that needs sorting? Get in touch by emailing money-sm@news.co.uk.

Plus, you can join our Sun Money Chats and Tips Facebook group to share your tips and stories