MORE than 9,000 British pubs are at risk of going bust within a year, a shocking new poll shows.

The survey found one in five boozers believes it is unlikely to survive the next 12 months unless the Chancellor reverses last year’s brutal tax hike on spirits. 

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Pub bosses argue the tax cut for draught beer has been a total flop, with only 4 per cent saying it provided any meaningful support.

They are now urging Rachel Reeves to scrap the 10.1 per cent duty hike on spirits at the Budget, which they claim has not only hit pubs and distillers hard but has also cost the Treasury £298 million in lost revenue.

The poll of more than 200 pubs by Survation for the UK Spirits Alliance (UKSA) also found 89 per cent of pub owners have seen boozers in their area close in the last six months.

Another 58 per cent fear a negative outlook for their own business in the next year and  53 per cent say spirits generate a higher profit margin than other drinks.

Megha Khanna, owner of the Gladstone Arms in London, warned: “By choosing to support only beer and cider makers while raising taxes on other products, the previous Government damaged our pubs and bars and targeted those consumers who choose to enjoy a cocktail, gin and tonic or spritz.  

“The Chancellor can back pubs, and the fantastic spirits makers that supply them, by reversing the disastrous decision by the last Government to hike duty by 10.1 per cent, which heaped pressure on pubs, slammed the breaks on the gin-boom, and ramped up inflation.”

Founder of Westminster-based Tamesis Dock Neema Rai added: “This is a sector we should be proud of and invest in. Reversing the last duty increase now at a time of economic hardship is a win-win situation for the Chancellor and businesses alike.”

A Treasury spokesperson said: “Thriving pubs are often at the heart of our communities and play a vital role in supporting economic growth across the UK. That’s why it is important for us to act on the challenges that they face, including through our national growth mission.
 
“Business is at the heart of that mission, which is why we have pledged to cap corporation tax at 25 per cent, make the business rates system fairer, and publish a business tax roadmap so that future investments can be planned with confidence.”

MILLIONS of households have just hours left to submit their meter readings amid the fresh energy price cap.

After tomorrow (October 8), Octopus Energy customers will no longer be able to backdate their October 1 meter readings, meaning they could risk unexpected charges to their bill.

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Energy suppliers often recommend customers submit their meter readings on National Meter Reading Day, October 1, so they can secure an accurate bill when the price cap changes.

However, some suppliers have allowed customers extra time to submit the reading from October 1 in case they missed the date.

Households on a Standard Variable Tariff (SVT) are affected by the price cap and should submit a meter reading.

Households without an accurate bill could risk being overcharged – or if they are undercharged, they could eventually owe money – so either way it pays to get it right.

The new energy price cap, which limits the amount that can be charged, is now around 10% higher than the previous level which had been in place since July.

According to Ofgem, which sets the limit, this means the average dual fuel bill rises from £1,568 on average to £1,717, though the exact amount you pay still depends on usage and can be higher or lower.

The energy price cap changes every there months – for instance, in June, the cap fell to the lowest level in two years, from £1,690 to the previous rate of £1,568.

Now, a household in England, Wales and Scotland using a standard amount of gas and electricity will see their annual bill rise by about £149.

The price cap makes sure that prices for people on SVTs are fair and reflect the cost of energy.

It is calculated using a range of factors, including wholesale energy prices, as well as network, operating and policy costs, and VAT.

In order to maintain an accurate bill amid the price cap change, customers should have remembered to take a meter reading from the first day of October.

Octopus Energy customers must submit this reading via the phone, website, or mobile app by the end of tomorrow..

Keep in mind that if you are planning to submit your reading via the phone, Octopus phone lines close at 5pm.

If you don’t submit your reading by this date you can still tel the supplier later on, but it may not be applied to your next bill.

Can I backdate my meter reading if I’m with another supplier?

Octopus customers aren’t the only ones with hours to submit – E.on Next is another supplier which has set its deadline as tomorrow.

E.on Next advises that the best way to submit a reading is via your online account – the website also informs customers on how to take an accurate meter reading.

EDF, OVO and British Gas customers have a bit more time, with EDF’s deadline being October 9, OVO’s being October 11, and British Gas allowing another week, until October 14.

EDF customers can submit meter reads through the EDF app, their online MyAccount, or via telephone, email, text or Whatsapp.

Ovo Energy customers can submit their meter readings via the app, online account, phone, Whatsapp or webchat at any time, however the closer to the bill date the customer provides their bill date, the less of the bill will need to be estimated.

For accurate bills, Ovo recommends customers opt for a smart meter.

Meanwhile, back in September British Gas said: “If customers take a read on 1st October, but don’t get a chance to provide it on the day, a form on our website, including on our meter read page, will be available until 14th October.

“This will allow them to submit the read they took on 1st October and we will use that reading to calculate what they pay before the rates change.”

For customers of Scottish Power or Utility Household, the deadline to submit a meter reading has unfortunately closed.

What if I have a smart meter?

If you are on a smart meter, you do not need to submit a reading, as this is automatically sent by your device.

Those on prepayment plans or fixed rates also do not need to worry, as their bill is either predetermined, or their rate is locked in for the duration of their deal.

Only households on an SVT are required to submit a meter reading, so they can avoid any disputes with their energy dealer when their bill comes through.

If you’re unsure what plan you are on, visit your suppliers website or revisit your paperwork from when you began your energy package.

If you’re concerned about the new price cap

If you’re worried about affording hiked up bills this winter, many energy suppliers are opening Support Funds to help struggling customers.

For example, British Gas has reopened its Individual and Families support fund, which in the past has helped over 21,000 British customers with energy debt write off grants of up to £2,000.00.

Over £140 million has been set aside this winter season for those who are struggling financially.

This extends to British Gas customers and non-customers, who live in England, Scotland or Wales.

To find out if you are eligible, visit the British Gas website and search for the Individual and Families support fund – here you will find all the details available.

It is recommended that customers from companies with hardship funds first seek assistance from their own schemes.

For example, Octopus Energy has recently launched a scheme for pensioners after their Winter Fuel Payments were slashed, offering fresh discretionary credit of between £50 and £200.

Scottish Power’s Hardship Fund has also handed out more than £60 million to struggling customers.

And Utilita also offers grants to its customers to help clear of minimise debt, by operating through its charity partner, Utilita Giving.

Utilita Giving also partners with other charities such as IncomeMax, which helps customers make sure they are claiming what they are entitled to, and Let’s Talk, which provides replacement white goods.

E.ON’s Next Energy Fund also provides grants and appliance replacement services to struggling customers.

To find out what support your energy supplier is offering this colder season, visit their website or ring their helpline (which can be found online).

Help can also be accessed from the government via the Household Support Fund, which has renewed a fresh pot of £421 million funding for vulnerable households.

To find out if this is available with your supplier or council, and whether you are eligible, go to their websites and read the terms and conditions of the scheme.

If you’re just looking for simple ways to reduce your bill this winter, each of these supplier schemes, as well as the Household Support Fund also offer free electric blankets as part of their deal.

For example, Octopus have said they will distribute 20,000 electric blankets from Dreamland to its most vulnerable customers, keeping them warm for “as little as 3p an hour”.

The “heat yourself not your home” approach is trending fast, with retailers such as B&M introducing ranges of affordable self-heating appliances.

However, it is important to note that the elderly should not avoid turning the heating on if they are cold – for energy help contact your provider or local council, or read our article here.

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

Good morning and welcome to your Morning Briefing for Monday 7 October 2024. To get this in your inbox every morning click here.

Fidelity, Mercer, Penny and Pension Lab join Dashboard Operators Coalition

Fidelity International, Mercer, Penny and Pension Lab are the latest companies to join the Pensions Dashboards Operators Coalition (DOC).

This now brings consumers’ choice of potential dashboards to 15.

The existing member firms of the Pensions DOC are Aviva, Just Group, Legal & General, Mintago, Moneybox, Moneyhub, NatWest Cushon, Scottish Widows (part of Lloyds Banking Group), Smart Pension and Standard Life (part of Phoenix Group), and the MoneyHelper pensions dashboard from the Money and Pensions Service (MaPS).

Tackling the adviser gap: How firms can build a bridge to the future

“How did you get into financial services?”

“I fell into it.”

This is the most common answer we get when we ask that question. Something needs to change.

There is already a well-documented advice gap. Many people who could benefit from advice lack access, either because of cost or because they simply don’t know it exists.

This will only get worse if the number of financial advisers in the UK drops, as is predicted in the next five years.

But why is it that so few people seek a career in the sector?

“Often, it’s just not something that’s on the radar of people at school, university or college,” says Chartered Insurance Institute (CII) career partner manager Claire Bishop.

Historically, workplace programmes were offered to school and university leavers by big accountancy firms and law firms, but advice was rarely flagged as an option. This is still the case.

Dynamic Planner announces CRM integration with Adviser Cloud

Dynamic Planner has announced a new CRM integration with Adviser Cloud.

Financial advisers who use the new integration will be able to “seamlessly transfer client records easily, efficiently and securely” between Dynamic Planner and Adviser Cloud.

Data is passed between the systems, with Adviser Cloud validating all data, removing the need for rekeying, which minimises manual errors and saves time.

Quote Of The Day

UK house prices climbed for the third month in a row in September, with a slight increase of +0.3%, or £859 in cash terms. Annual growth edged up to +4.7%, the highest rate since November 2022

– Halifax head of mortgages Amanda Bryden comments on the bank’s latest house price index

In Other News

Hargreaves Lansdown is launching a new, actively managed global equity income fund, to deliver a simple global income and growth solution.

Global dividends are at record highs, with Hargreaves Lansdown seeing flows into global equity income funds outpace UK equity income funds this year.

The fund will start trading on 7 November 2024.

It is aimed at any investor looking to build an investment portfolio aiming to provide income, or income and growth, as well as those looking for exposure to global stockmarkets.

Hargreaves Lansdown chief investment officer Toby Vaughan said: “The fund will complement our existing range of HL Building Block funds, offering clients a seamless and straightforward way to build a portfolio aligned to their long-term investment goals.”

Dollar holds gains made on US jobs data and Middle East flare-up (Reuters)

Uncertainty over UK government’s plans puts brakes on hiring (Financial Times)

Goldman says surging Chinese stocks may advance another 20% (Bloomberg)

Did You See?

The Financial Conduct Authority has charged two brothers for insider dealing.

Matthew and Nikolas West are jointly charged with conspiracy to deal in four stocks while having inside information.

Matthew West, 45, has additionally been charged with insider dealing in relation to two stocks.

While Nikolas West, 43, has been charged with dealing in those same two stocks based on that insider information.

Momodou Musa Touray has the full story. 

“How did you get into financial services?”

“I fell into it.”

This is the most common answer we get when we ask that question. Something needs to change.

There is already a well-documented advice gap. Many people who could benefit from advice lack access, either because of cost or because they simply don’t know it exists.

This will only get worse if the number of financial advisers in the UK drops, as is predicted in the next five years.

If we don’t spark interest in the profession, the numbers will continue to dwindle as advisers leave and aren’t replaced

But why is it that so few people seek a career in the sector?

“Often, it’s just not something that’s on the radar of people at school, university or college,” says Chartered Insurance Institute (CII) career partner manager Claire Bishop.

Historically, workplace programmes were offered to school and university leavers by big accountancy firms and law firms, but advice was rarely flagged as an option. This is still the case.

Bishop also points to misconceptions: “There’s an assumption it’s all about maths. It’s not. It’s about helping people and understanding people.”

Promoting the good

“We don’t promote the good that we do as a sector enough,” adds M&G Wealth managing director Tom Hegarty. “There are countless examples where financial advisers have significantly changed lives. When asked, advisers should have a ready ‘elevator pitch’ that explains their role and its impact.”

Many people who could benefit from advice lack access, either because of cost or because they simply don’t know it exists

If we don’t spark interest in the profession, the numbers will continue to dwindle as advisers leave and aren’t replaced. Everyone in the sector agrees on the need for change.

So, the question is: how do we achieve it?

This feature takes a closer look at some of the initiatives seeking to put the advice profession on the map.

“Despite the significant gap that remains,” says Bishop, one of these pioneers, “I feel optimistic that we will make progress, little by little.”

‘We want to make sure we’re not missing out on talent’

Claire Bishop, Chartered Insurance Institute

The CII launched a new virtual work-experience programme, in partnership with Springpod, in 2023.

The first wave of experiences was focused on the insurance sector. The second wave, which launched in February this year, is for those interested in financial planning.

As part of the programme, thousands of young people aged 13 and above from schools, colleges and universities across the UK can experience working in the sector.

The scheme aims to build an understanding of the skills and characteristics needed to be successful, and help these young people make informed decisions about their future career path.

Getting out to the right audience was always going to be the hardest thing

CII career partner manager Claire Bishop says: “Work experience is great, but very often the type of experience you get is down to who a young person or their family knows. This can limit the types of careers and work experience available to them.

“The idea behind virtual work experience is that it’s a stage before actual work experience. It’s not going to be as valuable as actually working in a place for two weeks, but what it means is that they haven’t got all those limitations.”

The programme aims to give students a taste of a potential career.

“It’s opening up the profession, and careers in the profession, to a lot more people than it would have been otherwise,” says Bishop.

“That was the reasoning behind the programme.”

Equal access

The CII’s partner, Springpod, is a business that specialises in creating interactive, experiential learning programmes to provide young people with equal access to many career options.

“We knew we wanted to do something like this,” says Bishop.

We’re going to start talking to employers to see if they would like to be involved

“However, getting out to the right audience was always going to be the hardest thing because our connections are members, and they’re already in the profession. So, we wanted to work with a partner. Springpod has a very good record, and it is already established in schools.

“We used our contacts and our members to pull together the technical side of the programme, then we handed it over to Springpod to develop it for young people.”

The CII’s initial aim was to reach 1,500 students in the first year and 3,000 over the next four years. So far, 2,500 have enrolled.

It’s opening up the profession, and careers in the profession, to a lot more people than it would have been otherwise

Of those, about 44% are female — just 6 percentage points short of the 50% target. Meanwhile, 66% are from an ethnically diverse background and 22% are eligible for free school meals.

“What we want to do is not just target the same kind of people who usually go into financial services,” says Bishop. “We want to make sure we’re not missing out on talent that would otherwise have never considered us.”

She says the professional body is pleased with the number of sign-ups so far. However, the proof of success will be in the feedback, she adds, which has been “lovely” so far.

“We’re not expecting that there’ll be 3,000 financial advisers at the end of it,” says Bishop. “But we hope to put financial planning on their list of potential careers.”

The idea behind virtual work experience is that it’s a stage before actual work experience

“For next year, we’re looking to take the most engaged of the people who’ve completed the virtual work experience and offer things like careers insight days, where they can go into an office for talks and tours.

“And we’re going to start talking to employers to see if they would like to be involved.”

The CII is also looking at how it can offer students full work experience in the future.

To find out more about virtual work experience, go to springpod.com

‘Younger people see financial advice as stuffy and old-fashioned’

John Somerville, New Talent Alliance

The New Talent Alliance emerged in response to the lack of fresh talent entering the financial advice sector, which is often regarded by younger people as technical, unappealing and dominated by older professionals.

John Somerville — director of financial services at the London Institute of Banking & Finance and one of the forces behind this initiative — is clear about the problem.

It’s not just about attracting young people. It’s about promoting diversity of race and gender

“How many students leave college or university thinking, ‘I want to be a financial adviser’? We need to change perceptions and show that the industry is full of vibrant and passionate people who provide an important social good.”

Small-firm issues

But achieving this is not easy.

“Around 80% of advice firms in the UK are small businesses,” says Somerville. “For them, it’s easier to hire someone with 20 years of experience than to bring in and develop people.”

If we don’t solve the advice gap together, we’ll face serious problems in the coming years

This is partly because it can be too expensive or require too much senior-management time for a small firm to bring on trainees, and partly because “there’s the risk that, after training, a larger firm will poach the new talent”.

Some may also worry that young adults have too little life experience to advise older generations. Somerville rejects this — in his experience, they can be highly successful when given the right coaching.

The New Talent Alliance was developed with Keith Richards — who heads the Consumer Duty Alliance — over the course of 18 months. It has the following priorities: raising awareness of financial advice as a career to attract talent; recruiting and training that talent; and ultimately retaining it within the industry.

A significant part of its mission, says Somerville, is also to change preconceptions.

“It’s not just about attracting young people,” says Somerville. “It’s about promoting diversity of race and gender. If someone looks at [us] and sees only older men in suits, it’s not very appealing.”

Most young people don’t understand their own finances, let alone what a job in financial services entails

Another important factor is helping small firms support new advisers. Many new entrants to the profession leave shortly after qualifying because they have not been given enough opportunities.

Somerville stresses the need for firms to equip these new advisers with tools, marketing resources and opportunities to work with clients, which are often lacking in smaller businesses.

When asked what qualities a young person needs in order to succeed, Somerville suggests shifting the narrative to, “What can the firm do to help this person succeed?” This, he says, is vital in creating an environment where new talent can thrive.

Provision of resources

In terms of how to reach people, the alliance considered directly targeting schools and universities, but decided instead to collaborate with organisations that already had access to these establishments.

The aim, says Somerville, is to equip financial advisers with the resources needed to engage with youngsters about possible careers.

“Financial services has been on the national curriculum since 2014, yet most young people don’t understand their own finances, let alone what a job in financial services entails. The alliance is looking to bridge that gap.”

How many students leave college or university thinking, ‘I want to be a financial adviser’?

It has developed a resource library and is working on videos and podcasts to raise awareness. Although its not-for-profit nature has slowed its growth, it is nearing the launch of a website with tools to support smaller businesses.

“Collaboration is so important,” concludes Somerville. “We’ve got firms that compete with one another, like St James’s Place, Openwork and Quilter, as well as groups such as The Verve Foundation and M&G’s Academy working with us on this.

“If we don’t solve the advice gap together, we’ll face serious problems in the coming years.”

You can follow the New Talent Alliance on LinkedIn.

‘If you don’t look like a stereotypical adviser, you’re less likely to be taken seriously’

Hayley Rabbets, The Verve Foundation

The Verve Group came up with the idea for the We Are Change initiative back in 2021, with the aim of increasing new talent entering the advice profession.

The programme not only gives people the opportunity to study for their diploma and learn about the sector but also supports them in finding a role.

“The main thing we do is actively give chances to those who otherwise wouldn’t get them,” says head of The Verve Foundation Hayley Rabbets.

My dream is to get to a place where we’re no longer needed

“We take away some of the barriers people face and provide a welcoming and supportive environment that people are attracted to.”

The adviser role is difficult to get into without experience, says Rabbets, and “getting that experience in the first place is challenging”.

She adds: “Part of the reason we created a programme to support new talent through their exams was to give people half of what they needed — if they didn’t have experience, at least they had the qualifications.”

Foot in the door

However, even with a diploma it’s hard to get a foot in the door.

“I’ve known incredibly talented people who have worked in the profession for years, diploma qualified, dealing with clients but, as soon as they say they want to be an adviser, they’re turned away,” says Rabbets.

Many people would love a career in finance but they’ve had the door closed on them so many times they’re just about ready to give up

The main reason, in her view, is the time and resources it takes for advice firms, smaller ones in particular, to provide the training.

She says adviser academies are a “brilliant way of getting new advisers going” but, “just as these are the right fit for some, they’re not for others”.

The three aims of the We Are Change programme are to close the advice gap, to increase financial education and to make financial services a more diverse, inclusive place. The latter, says Rabbets, continues to be an issue for those wanting to enter the profession.

“If you don’t look like a stereotypical adviser, or come from a certain background, or if you’re perceived as ‘too young’, you’re less likely to be taken seriously. I like to think things are changing, but there’s still an element of the ‘old school’ hanging around.”

The main thing we do is actively give chances to those who otherwise wouldn’t get them

One way the programme has tried to improve diversity is by taking away all personal information for applicants and focusing solely on their answers to questions.

This, Rabbets says, “is a really great way of removing unconscious bias from the recruitment process”.

There is also a perception that people aren’t interested in a career in finance, or they don’t know about the different roles. However, Rabbets doesn’t believe this.

“There are many people I come across who would love a career in finance but they’ve had the door closed on them so many times they’re just about ready to give up,” she says.

While The Verve Foundation can’t give people experience yet, it can provide a fully funded diploma and access to workshops, as well as its network to help find a role.

Last year, with the support of Royal London and Parmenion, it launched its Adviser Incubator initiative to help those wanting to start their own advice business.

Adviser academies are a brilliant way of getting new advisers going

It is delivering money workshops for the YMCA and prison service, and has launched two women-only cohorts of the We Are Change programme to try to increase the number of women in finance.

Rabbets’ dream is to “get to a place where we’re no longer needed”.

She adds: “It’s a while away but, with support, I’m sure we can do it.”

‘When young people hear about the career benefits, they’re all ears’

Piers Johnson, Future Financial Adviser

Launched in February 2024 after 18 months of meticulous planning, Future Financial Adviser (FFA) was created to address the looming shortage of advisers.

“We’re staring down the barrel at a time when demand for these services is set to rise significantly,” explains Piers Johnson, managing director at Money Marketing and a key figure driving the initiative.

The traditional routes for training new financial advisers — through bank and life companies’ sales forces — have largely disappeared, and attracting new talent has been a persistent challenge for the profession.

But Johnson is optimistic.

“When young people hear about the career benefits, they’re all ears — and rightly so.”

If we don’t solve this capacity crunch together, we all stand to lose

Supported by three of the largest employers in the sector — M&G Wealth, Quilter and St James’s Place — alongside three specialist training firms, FFA aims to educate young people about the diverse roles in financial advice and guide them into the profession.

“This isn’t about self-interest,” Johnson emphasises. “Our partners know they have broader shoulders than many. If we don’t solve this capacity crunch together, we all stand to lose.”

Dispelling myths

One of FFA’s first goals is to dispel the myths surrounding financial advice careers.

Many people mistakenly believe the profession suits only those with strong mathematical or economics backgrounds. Johnson is quick to correct this notion.

“Yes, good numeracy and attention to detail are essential, but you don’t need to be a maths or economics whizz. The most valuable qualities are actually soft skills — listening, communication, patience and empathy.

I’d really like to see a spirit of collaboration fostered by us and others

“Oh, and hard work. You won’t get far without that!”

The potential for self-employment, building your own business and becoming an employer also makes financial advice an appealing career path for many.

Another key aim of FFA is to promote greater diversity within the profession.

“The demographic make-up and distribution of wealth in the UK are very different from what they were in the 1980s,” Johnson points out. “That’s not going to change soon. We need advisers from all walks of life to meet the needs of a more diverse client base.”

FFA is focused on spreading its message far and wide, with Johnson describing it as “a prospect-facing initiative — the shop window for the profession, the flower for the bee”.

We’re staring down the barrel at a time when demand for these services is set to rise significantly

Central to this is creating face-to-face opportunities. FFA is looking to partner with schools and higher-education institutions across the UK, engaging with careers advisers and attending job fairs to showcase the possibilities within the sector.

Raising awareness

One of the biggest challenges young people face is a lack of awareness about the opportunities available to them.

FFA was designed to tackle this by providing guidance on the various career paths and qualifications necessary to succeed in financial advice.

Creating a sense of community is central to this. FFA members can access advice and support from its partners, and plans are under way to establish a mentorship scheme to help young people navigate their early steps in the profession.

We need advisers from all walks of life to meet the needs of a more diverse client base

FFA is also committed to supporting those starting their career, with over 100 entry-level roles listed on its jobs board each month. It is fast becoming the go-to resource for anyone seeking a career in financial advice.

Ultimately, Johnson believes the key to success will be industry-wide collaboration.

“I’d really like to see a spirit of collaboration fostered by us and others. If that happens, I’m confident we’ll achieve our goals.”

FFA, says Johnson, is fully behind this vision.

For more information on Future Financial Adviser, please visit futurefinancialadviser.co.uk

Barney Wallis, 26, is in Ascot Lloyd’s adviser academy

There are barriers for young people joining the advice profession, one of the biggest being a steep learning curve. Firms are aware of the potential cost and risk of new employees, which creates a preference for experienced hires.

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The investment needed for inexperienced employees may also explain why starting salaries are relatively low compared to those of other professional careers, which could be another factor leading talent elsewhere.

The programme includes working with skilled trainers, a dedicated mentor and a talented cohort of trainees

I would advocate showcasing the wider advantages of working in financial advice, such as the ability to help clients and their families. This can also be a motivator for getting through tough exams!

But, even if you’re already working in a support role, there are still barriers to becoming an adviser, such as the lack of employed roles and structured development pathways. This is where adviser academies can help.

As someone enrolled in one, I can recommend it as a pathway into the profession. I feel fortunate that the firm I worked for was acquired by Ascot Lloyd, as I had not heard of its academy before.

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Firms are aware of the potential cost and risk of new employees, which creates a preference for experienced hires

As a larger firm, it has the resources to offer me a fully employed role, several months of full-time training and an existing client base. Given the company’s investment, the interview process was challenging but definitely worth it.

The programme includes working with skilled trainers, a dedicated mentor and a talented cohort of trainees. There’s a genuine team spirit, with everyone eager to share their learnings, and I feel lucky to be working with such great people!

Oris Ikomi is early careers engagement manager at the Personal Investment Management & Financial Advice Association.

Our industry has perception challenges, particularly with young people, who see it as slanted to white, middle-class men. This has an impact on the ability of firms to attract and retain talent.

Pimfa wants to help address this, so it has made a commitment to promote talent, inclusion, diversity and equity within the financial advice sector.

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We are inviting firms to get involved by visiting secondary schools, or hosting students at their office

To bring this to life, Pimfa launched the ‘Make it’ campaign in 2022, encouraging a diverse mix of talent from all backgrounds through free information, videos and design assets.

This has since evolved to encompass other initiatives, including Wavemaker — an employee volunteering programme offering professionals the chance to give back to the next generation through school and office visits.

The idea is to equip young talent with career advice, financial literacy and industry knowledge, with volunteers sharing their personal career journey along with insights and expertise.

We are inviting firms to get involved by visiting secondary schools, or hosting students at their office, to share their experiences and promote opportunities within their organisation.

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Young people see our industry as slanted to white, middle-class men

This allows them to demonstrate a commitment to social responsibility, while contributing to the professional development of their staff.

Pimfa is offering training on how to communicate effectively, along with resources to make sessions engaging and informative.

For more information about Wavemaker or to get involved, visit: pimfa.co.uk

This article featured in the October 2024 edition of Money Marketing. 

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LABOUR’s pension tax raid is set the ditched after warnings it would hammer up to a million teachers, nurses, and public sector workers.

Chancellor Rachel Reeves had planned to raise funds by reducing tax relief on those earning £50,000 or more per year.

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But Treasury officials reportedly told her any move to cut the 40 per cent tax relief on pensions would unfairly punish state employees on modest incomes, like a nurse earning £50,000 who could face an extra tax bill of £1,000 a year.

One Government insider blasted the idea as “madness,” especially after public sector workers just received a pay rise.

Former Pensions Minister Steve Webb told The Times: “I don’t think this is something that Reeves will want to do, not least because it will infuriate public sector unions just weeks after the government agreed pay settlements with them.”

Union leaders are also understood to have cautioned the Treasury against moving forward with the proposal.

Chair of the British Medical Association pensions committee Vishal Sharma said: “Attacking our pensions in this way would completely reverse this progress by once again taking money away from doctors in a different way.

“‘Not only would this negate the recent hard-won pay rises but it would likely reignite the recent pay disputes that have been seen across the NHS.”

The plan has been compared to Labour’s earlier disaster of a proposal to bring back a lifetime cap on pension savings, which was ditched during the election campaign after backlash over its impact on junior doctors.

With Labour still desperate to plug a £22 billion hole in the public finances, Treasury officials are now hunting for other ways to rake in cash.

The Government has repeatedly cautioned the Budget on October 30 will involve “difficult decisions” on tax and spending.

A range of options for generating tax revenue have been touted, including increasing capital gains tax.

CGT is a tax on the profit made when you sell or dispose of an asset, like property or shares, for more than you paid for it.

You only pay tax on the gain, not the total amount received from the sale.

There may also be a temptation to make changes to inheritance tax to target the most wealthy.

Dynamic Planner has announced a new CRM integration with Adviser Cloud.

Financial advisers who use the new integration will be able to “seamlessly transfer client records easily, efficiently and securely” between Dynamic Planner and Adviser Cloud.

Data is passed between the systems, with Adviser Cloud validating all data, removing the need for rekeying, which minimises manual errors and saves time.

Dynamic Planner chief revenue officer Yasmina Siadatan said: “The Dynamic Planner ecosystem is continuously expanding and today we are pleased to announce another two-way integration, this time with Adviser Cloud. This will be a game changer for anyone using Adviser Cloud and Dynamic Planner, providing a seamless user experience.

“As the latest in our growing suite of strategic partners, this new CRM integration with Adviser Cloud will continue to transform the processes of financial planning firms and drive significant efficiencies.  Integrations are fundamental for our clients and we are committed to our long-term strategy of continuously enhancing the flow of information to and from Dynamic Planner as the system of record.”

Adviser Cloud tech lead Ewan Humphreys added: “Our integration with Dynamic Planner is designed to make financial planning simpler and more efficient. Adviser Cloud has always focused on providing intuitive, user-friendly software for financial advisers, and this integration continues that mission by eliminating data rekeying and enhancing workflows. This partnership enables advisers to deliver even better client experiences while saving time and reducing operational costs.”

Adviser Cloud specialises in intuitive and easy-to-use software for IFAs, designed to reduce costs, increase efficiency, and deliver an exceptional client experience.