Money
AJ Bell platform business grows as customer numbers rise by 14%
AJ Bell’s platform business has continued to grow, with customer numbers increasing by 66,000 to 542,000.
This represents an increase of 14% in the past year.
Its year-end trading update, published today (17 October), shows the total number of advised platform customers has increased by 12,000 to 171,000.
Meanwhile, the total number of D2C platform customers rose by 54,000 to 371,000, up 17% compared to last year.
Platform assets under administration (AUA) rose to a record £86.5bn, an increase of 22% from 2023.
Gross and net inflows across the platform were significantly higher than previous years too, which AJ Bell said was driven by improved retail investor confidence.
Gross inflows hit £13.1bn, up 41% versus 2023 (£9.3bn), while net inflows hit £6.1bn, up 45% compared to the previous year (£4.2bn)
However, despite storing performance across its platform business, AJ Bell saw net inflows into its investment business fall by £100m.
In both the advised and D2C markets, it recorded net inflows of £1.5bn, compared to £1.6bn the previous year.
Assets under management (AUM) in its investment business reached a record £6.8bn, up 45% from last year’s total of £4.7bn.
AJ Bell chief executive officer, Michael Summersgill, said: “I am pleased to report on another excellent year in which we have delivered impressive growth in customers and assets under administration.
“Our strategy is centered on our dual-channel platform which serves both the advised and D2C platform markets using a single technology platform and single operating model.
“This maximises our growth opportunity within the platform market, whilst being highly efficient to operate.
“Platform net inflows of over £6bn demonstrates the benefit of serving both markets, while our efficient model drives strong profitability, enabling continual reinvestment in the business to support our long-term growth ambitions.”
Summersgill believes AJ Bell’s performance is down to enhancing its propositions, improving brand awareness and lowering the cost of investing for customers.
He also said the firm had seen “a noticeable change” in both customer contributions to pensions and tax-free cash withdrawals.
While these behavioural changes do not have a material impact on AJ Bell’s business performance, Summersgill said they represent significant decisions for individual customers.
“We have therefore made representations to the Treasury calling for a commitment to a pension tax lock in the Budget, guaranteeing stability in key pension tax legislation for at least this parliament.”
Summersgill said that while the upcoming Budget has introduced “unhelpful uncertainty”, he “remains positive about the outlook for AJ Bell and the platform market more broadly.”
Ardian will act as investment manager for fund targeting best-in-class assets in undersupplied European markets.
The post Ardian and Rockfield seed pan-European student fund with €500m CBRE IM commitment appeared first on Property Week.
Money
Sainsbury’s introduces new self-service checkout rule at store as customers threaten to boycott
SAINSBURY’S has provoked customer backlash after making a major change at one of its stores.
One of the UK’s biggest retailers has added more self-service checkouts at its branch in Chippenham, Wiltshire.
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A spokesperson for the supermarket chain said it had made the change to meet “customer demand”.
But some customers on Facebook have been left fuming, saying the move has made the manned tills backlogged.
Some have gone as far to say they won’t shop at the branch again.
One said: “It’s awful. I went there the other day for a big shop, the queues were down the aisles for the manned tills so we were forced to use the new trolley self scanner.”
Another added: “I went yesterday there is no room at the self scanners especially if everyone has trolleys, think they will lose a lot of customers.”
A third chimed in: “I get why they’re doing it – I was told people walked out with £4K of shopping a few weeks ago but it’s now a very annoying and poor experience going there
“I will not use the self-checkouts – I prefer dealing with people not machines.”
Meanwhile, a fourth commented: “I won’t use the self checkout, I expect human service when (I am) spending my hard earned money in their stores and if they won’t serve me I am happy to leave my trolley and go somewhere else.”
A Sainsbury’s spokesperson said: “We regularly review the services available in our stores to make sure we offer the most convenient experience for our customers.
“We have slightly increased the number of self-service checkouts at our Chippenham store so that we can meet customer demand for this service.
“Our colleagues are on hand to help anyone who may need support using them and we continue to offer serviced checkouts for our customers who wish to use them.”
Sainsbury’s is not the first supermarket to have made a change to self-checkout rules in recent months to customer frustration.
Asda introduced “self-checkout only hours” at one of its branches earlier this year, restricting customers to automated tills only at certain times of the day.
Signs in the Bournemouth store showed customers that from 7am to 8am Monday to Saturday, customers can use just self-scan checkouts.
From 8pm to 11pm on Monday, Tuesday and Thursday and from 7pm to 11pm on Wednesday, all manned tills are closed.
Asda told The Sun the move was a “temporary decision” made during quieter shopping hours and not a company-wide policy.
However, the supermarket chain, also said earlier this year that it will put more staff on tills in a bid to get more shoppers back in stores.
Over the past decade, supermarket bosses have invested in self-scanning tills, convinced customers prefer the speedier style of shopping.
But the move to automated tills has seen some shoppers left feeling left behind and dissatisfied.
Some supermarkets, like Asda, have rowed back on plans to increase the number of self-scan checkouts in stores though.
In August, Rami Baitiéh, the chief executive of Morrisons, announced the supermarket would scale back the number of self-checkouts in stores.
In an interview with The Telegraph, Baitiéh said the company was “reviewing the balance between self-checkouts and manned tills”.
High-end supermarket chain Booths, based in the North of England, abandoned the technology after discovering customers had a more enjoyable experience when interacting with a cashier.
This move aligns with data previously published by The Grocer which reveals service satisfaction has declined by as much as 8% due to the use of self-checkout machines.
If you want to avoid self-checkouts in your local supermarket or retailer branch, you could try scan-as-you-go tech.
They let you scan as you browse, either using their smartphone or a handheld device then checkout in a different area from other shoppers.
You often can bag your groceries as you wander around too, saving even more time.
How to save on your supermarket shop
THERE are plenty of ways to save on your grocery shop.
You can look out for yellow or red stickers on products, which show when they’ve been reduced.
If the food is fresh, you’ll have to eat it quickly or freeze it for another time.
Making a list should also save you money, as you’ll be less likely to make any rash purchases when you get to the supermarket.
Going own brand can be one easy way to save hundreds of pounds a year on your food bills too.
This means ditching “finest” or “luxury” products and instead going for “own” or value” type of lines.
Plenty of supermarkets run wonky veg and fruit schemes where you can get cheap prices if they’re misshapen or imperfect.
For example, Lidl runs its Waste Not scheme, offering boxes of 5kg of fruit and vegetables for just £1.50.
If you’re on a low income and a parent, you may be able to get up to £442 a year in Healthy Start vouchers to use at the supermarket too.
Plus, many councils offer supermarket vouchers as part of the Household Support Fund.
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Money
How famous silhouette on your 50p coin could make it worth 9000 TIMES more – check your change now
A FAMOUS silhouette on your 50p coin could make it worth more than 9000 times its face value.
The pieces were minted in 2019 to commemorate character Sherlock Holmes and his creator, Sir Arthur Conan Doyle.
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The Queen Elizabeth II 50p: Sir Arthur Conan Doyle marked 160 years since the birth of the renowned author.
The prolific writer is best known for the popular detective stories featuring the fictional detective Sherlock Holmes.
Stephen Raw’s coin design features a silhouette of Sherlock Holmes smoking a pipe, surrounded by a few of Doyle’s most-famous story titles.
The head side features the fifth portrait of Queen Elizabeth II, designed by Royal Mint engraver Jody Clark.
One of the pieces was recently listed on eBay for £4,500, more than 9000 times the coin’s face value.
The listing read: “Crafted to perfection with a fineness of 0.999, this coin is a must-have for any British decimal coinage enthusiast.
“Featuring a very rare design, this coin is a true gem that you won’t want to miss.”
Others have also been listed on the marketplace, including multiple for £1,000.
While more than eight million of the coins were minted, some are rarer than others.
Certain variations are incredibly sought after by collectors, including ones with errors or special designs.
The Sherlock Holmes 50p coin was also released in different versions including Brilliant Uncirculated Packs, Silver proof versions, silver proof piedfort versions and also gold proof versions.
This, however, is not the only rare coin out there that you could find lying around in your change.
A rare 20p piece recently sold for £75 on eBay.
It was one of a number of coins struck with the wrong dye, meaning that no date is featured on the change.
It is thought around 250,000 coins have the error.
Similarly, a design flaw on a £2 led it to be sold for more than 40 times its value on eBay.
The coin was originally available to buy around five years ago to celebrate the 60th anniversary of Jersey Zoo, but now punters can only get it second-hand.
It is a commemorative coin meaning it is limited edition and would not usually be given as change if you bought something in a shop.
What are the most rare and valuable coins?
The rare Jersey Zoo coin sold for £85 in August.
What makes a coin rare?
Rare coins have been known to sell for thousands of pounds in the past with collectors keen to snap them up.
A coin is considered rare usually if it falls into one of two categories – having a low mintage or being an “error” coin.
The mintage of a coin relates to how many of it were struck and put into general circulation.
The lower amount of a coin that was created and is available to the public, the rarer and, potentially, more valuable it is.
A coin may also be classed as rare if there was a mistake made during the manufacturing process which means very few are out there – an error coin.
In some cases, there are just a handful of each error coin for the public to get their hands on making them incredibly rare and valuable.
You can check a coin’s rarity on sites such as Change Checker which show how many were minted and if they are in demand from coin collectors.
Since January, M Core has acquired 19 assets across the UK, totalling £144m and its managed portfolio now includes 539 properties and 7,740 units, with a total value of £2.6bn.
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Reading about M&G’s troubles, I can’t help putting them down to the obsession with running an expensive fund platform. But what do I know?
What I do know about is 21st century advice – something I believe is built on the shoulders of giants, such as the Man from the Pru.
These advisers door-knocked, cold called and worked evenings to get families started on a lifetime of saving and self-preservation.
So, why is offering advice so hard these days?
It’s a real shame such a historical institution as M&G cannot remain committed to solving the challenges of advice regulation while making a profit.
It’s a real shame such a historical institution as M&G cannot remain committed to solving the challenges of advice regulation while making a profit
There remains a huge advice gap opportunity for any company who can de-mystify the world of investment and help the man in the street access the wonder of compound interest, just like they used to.
Providing advice seems to terrify those around the board table. Is it impatience from shareholders, short termism on the part of directors or just fear of liability? Probably all three.
I have previously voiced support for a simplified advice regime which could be a gateway to the markets for low value investors taking advice.
To those providers pondering on leaving or entering the advice market, here are my suggestions for making it work:
- Reduce the hurdle of cash savings: Three months spending in cash can take five to seven years for people to save and it is not mandatory as emergency provision. This restriction serves the anxiety of compliance staff more than it serves the interest of investors, and it can be done better.
- Know the outcomes of what you are offering: Charges need to be competitive, and easily justified. Funds need to be liquid, transparent and dependable in their expected returns. Projections need to be realistic and not woefully cautious.
- Think about the liabilities: How will they arise? How is the compensation calculated? Which investors complain? What triggers the complaint? By looking at this in full detail, you can inform the quality of your messaging and have more investors with confidence.
- Get the box tickers out from their desks: Give them sales training, teach them to advise, make them talk to clients.
- Focus on service: Of £198,798 complaints to the Financial Ombudsman Service in 2023/24, £1,459 (0.7%) of them were against advisers. Why fixate so much on the nuances of suitability? With a simple and reliable product proposition, 90% of advice can be algorithmic – making it both efficient and profitable.
- Know your target market and sell to them: Financial services have been a huge contributor to prosperity in the UK. We should believe in the benefit of what we do.
The regulation of financial services in the UK has been a been a huge success in improving the rights and security of consumers. But it is nothing to fear. Our faith in delivering advice to all must endure alongside the products and the markets that will deliver for investors.
Greg Neall is chartered financial planner at Wake Up Your Wealth
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