Good morning and welcome to your Morning Briefing for Wednesday 6 November 2024. To get this in your inbox every morning click here.

One Four Nine makes 10th acquisition

Financial advice and investment management firm One Four Nine Group has acquired Nottingham-based Castlegate Capital, marking a “crucial step” in its growth journey.

The deal is the 10th acquisition for One Four Nine Group and the first of 2024 following a significant period of focus to integrate all firms into the business fully.

The launch in late 2023 of One Four Nine Wealth was an important moment for the evolution of the business.

MM Meets… Unbiased founder and chief executive Karen Barrett

When I enquire of Karen Barrett what she likes doing outside work, her answer is somewhat surprising: “I love knocking down walls,” writes MM editor Tom Browne.

This, it turns out, is part of a wider interest in property renovation, but her response makes a change from ‘socialising with friends’ or ‘going to the cinema’. Then again, there’s a lot about Barrett that makes her stand out.

The founder and chief executive of Unbiased, the UK’s leading platform connecting people to financial advisers, oversees a business that works with more than 27,000 advisers and manages over £80bn in assets.

Why income protection matters for clients

Join digital content manager Kimberley Dondo as she speaks with Shelley Read, senior protection technical manager at Royal London, on everything income protection (IP).

Read answers key questions: What exactly is IP? Why is it critical for financial resilience? And how can advisers ensure clients are properly covered?

From navigating underwriting to understanding client needs, this episode covers practical guidance for advisers on IP and reducing the risk of unpaid claims.

Quote Of The Day

While over the long-term US elections have had a minimal impact on stock markets, investors will likely see a Trump presidency as a positive for the share prices of many of America’s companies.

– Lindsay James, investment strategist at Quilter Investors, comments on the news that Donald Trump has been elected as President of the US.

In Other News

A two-decade long freeze on the inheritance tax (IHT) allowance could cost families almost £250,000 by the end of the end of the chancellor’s tax threshold freeze, analysis from AJ Bell shows.

The main IHT exemption, the ‘nil rate band’, has been frozen at £325,000 since 2009. Amounting to £650,000 for a married couple, assets under this threshold incur no IHT.

However, the limit last increased in 2009 and isn’t due to be lifted until April 2030, with Rachel Reeves extending the IHT threshold freeze at last week’s Budget.

Although a new exemption, the ‘residence nil rate band’ (RNRB), introduced from 2017 means a married couple can leave a combined total £1m tax free if they leave a property to their ‘direct descendants’, AJ Bell’s figures show that the overall IHT threshold would actually be higher had the main nil rate band simply been linked to inflation and the RNRB were never introduced.

The nil rate band indexed to inflation would stand at almost £555,000 by 2029/30, meaning a couple could pass on an additional £110,000 tax free. It means tax bills could be £44,000 higher per family as a result.

But if both the nil rate band and residence nil rate band were indexed to inflation the combined total would stand at nearly £1.6m, knocking up to £234,000 off IHT bills.

Tesla and US bank stocks jump and renewables slump (Financial Times)

Brazil set to double pace of interest rate hikes amid fiscal woes (Bloomberg)

UniCredit CEO pushes merger credentials as it outperforms Commerzbank (Reuters)

Did You See?

Advisers have expressed concerns over insurer service levels – with 28% believing they have worsened in the last two years.

The results were revealed in the Association of Mortgage Intermediaries’ latest protection report.

It found that the speed of underwriting is advisers biggest problem, with 58% raising this as an issue.

MORE retail stores are shutting shop on Boxing Day during the holidays to give their staff that extra days rest.

Thousands of well known shops are closing down for two days over Christmas, despite excitement around Boxing Day sales.

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On the 25th, the big names stores traditionally close to allow staff to spend time with their loved ones.

Now they may be getting an extra day to celebrate with many shoppers having to hold on before hitting the winter sales.

The bank holiday has notoriously held some of the biggest sales of the year, with department stores packed full of those looking out for some discounted goodies.

In order to not miss out on Boxing Day disappointment make sure to check ahead before hitting the high street.

Here are the stores that have confirmed they are closing on December 26.

Aldi

Get your bargain groceries in now because Aldi will be shutting on both Christmas Day and Boxing Day this year.

Aldi UK communications director Richard Thornton said: “Christmas is such a special period for many of our colleagues, and by keeping our stores closed on Boxing Day, Aldi gives them more time to spend with their loved ones. 

“Customers will have plenty to look forward to in the run-up to Christmas, with exciting Christmas ranges hitting shelves in time for the festive season.”

It’s not the first time Aldi has closed on Boxing Day – the discounter has been doing so for the past few years.

The Range and Wilko

These two beloved chains have announced they will be shutting on the 25 and 26 of December.

Retailers The Range and Wilko, owned by CDS Stores, implemented the double closure last year.

Chief executive officer for CDS Alex Simpkin said: “This year’s been another great one for the business.

“We’re grateful to all our incredible team for their dedication and hard work and believe everyone deserves a well-earned rest during the festive season.

“So, in appreciation, we’ll be closing our stores on Boxing Day to give our team the opportunity to enjoy a full two-day break with their families.”

Home Bargains

The popular discount chain is closing all of its 600 UK store on Boxing Day this year.

To let their staff make the most of the holidays they will also be closing at 5pm on Christmas Eve instead of the usual 8pm or 9pm.

It will also be closed on New Years Day.

A spokesperson for Home Bargains said: “We know how hard all our colleagues have worked throughout the year.

“Being a family-run business, we recognise the importance of spending quality time with our loved ones.

“Therefore, we feel it is only right to support our valued store teams by giving them extended time off around Christmas and New Year.”

John Lewis and Waitrose

The John Lewis Partnership exclusively told The Sun is will be shut on both Christmas Day and Boxing Day, as will the majority of Waitrose stores.

There are more than 300 Waitrose shops and 33 John Lewis sites that will be closed, with only a few remaining open on the 26.

Only John Lewis shops within the Trafford and Stratford shopping centres will remain open.

Waitrose and The John Lewis Partnership closed most of their stores for these dates last year.

Homebase

The home improvement retailer will shut all its branches on Boxing Day.

Homebase confirmed to The Sun that the 142 stores will close for a full 48 to allow staff time with the friends and family’s.

A spokesperson for the DIY Giant said: “We’ll once again be closing our stores on Boxing Day so our team can enjoy time with their friends and family over the festive period.”

Chains often advertise their festive opening hours on X and Facebook.

You can also try using a retailer’s store locator tool which should tell you the opening hours for your local branch.

Often if you call the store or ask a member of staff they will be able to help.

Why do retailers close on Boxing Day?

Boxing Day is one of the busiest shopping days of the year.So why do retailers decide to close?Senior Consumer Reporter Olivia Marshall explains.

Closing on Boxing Day allows staff to have a well-deserved break after the busy Christmas period.

This can help improve staff morale and reduce burnout.

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It also provides them with an opportunity to spend time with their families and friends during the festive season.

For some retailers, the cost of opening on Boxing Day, including staffing and operational expenses, may not be justified by the expected sales revenue, especially if customer footfall is low.

With the rise of online shopping, some retailers may focus on online sales and promotions rather than opening physical stores on Boxing Day.

For some businesses, it may also be a long-standing tradition for them to remain closed on Boxing Day. 

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From a practical perspective, the day after Christmas can be used for inventory checks, restocking, and preparing for post-Christmas sales.

This can be more effectively done without the distraction of serving customers

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We’re witnessing a gradual but profound change in the shape of our societies, which will transform the way we plan for the future.

Around the world, people are living longer – in some instances, much longer – and birth rates are falling.

While this demographic shift is a global phenomenon, it applies equally to us in the UK.

Office for National Statistics figures point to a 90% increase in the number of people aged 80 and above between 2023 and 2050 and a 200% rise in the number of centenarians is expected over the same period.

The fact only one in three (30%) of those aged 55 to 64 are prioritising funding their retirement should be of concern

Closer to the here and now, the number of people in England and Wales aged 90 and above continues to rise, breaking records year-on-year. In 2023, this cohort consisted of more than 551,000 people.

The unfolding longevity megatrend will have significant implications for the advice landscape.

The best place to start unravelling what it may mean and how advisers can best respond is to begin a conversation about the realities of increasing longevity and the implications for financial planning.

Well, several conversations. Conversations between advisers and clients, between clients and their loved ones and at industry level, including both professional advisers and policymakers.

Our research found that people who use an adviser are more prepared for all later-life eventualities than those who don’t

Our research programme, Life100+, aims to explore what the megatrend could mean for individuals and society and how we can better prepare financially, practically and emotionally.

Our first report has already given us valuable insights into how people across the UK are planning for later life and what their goals and concerns are. The findings have also raised important questions around our current approach to saving, retirement and working in later life.

Worryingly, we’ve also discovered that people simply haven’t given enough thought to their later years, let alone things like unexpected longevity.

People see the advantages of living for longer. Almost half (47%) feel positive about living to 100 and one third (31%) agree the benefits outweigh the disadvantages. Some of the positives include seeing family grow up (63%), having the chance to make more of life (45%) and passing on wisdom to grandchildren (35%).

ONS figures point to a 90% increase in the number of people aged 80 and above between 2023 and 2050

But people are vague on how to fund it.

While 69% of our respondents agreed with the statement ‘Retiring in your sixties will become a thing of the past’, only 48% agreed improved longevity means we’ll need to extend our working lives.

Surprisingly, 25% outright disagreed, with disagreement levels being highest amongst 18 to 34 year olds, the group most likely to live longer.

People who set life goals are more likely to feel in control and optimistic about the future. However, goals generally tend to be focused on people’s current life stage or the next one. The fact only one in three (30%) of those aged 55 to 64 are prioritising funding their retirement should be of concern.

We’ve found a lot to be optimistic about in our first Life100+ report and indeed many people see improved longevity as a net good. But I’ve highlighted some of the more troubling findings to bring me to this: quality financial advice, starting as early as possible, will be essential.

Almost half (47%) feel positive about living to 100 and one third (31%) agree the benefits outweigh the disadvantages

Our research found that people who use an adviser are more prepared for all later-life eventualities than those who don’t, including funding long-term care, financing retirement and making sure their loved ones are looked after once they die.

We’re encouraged to see that just over half (52%) of under 35s see the benefit of accessing professional financial advice but this declines notably for those aged 55-64 (37%) and 65-plus (30%).

Underscoring the persistence of the advice gap, less than a quarter (23%) of our respondents have ever used an adviser. With such a low proportion of people taking advice, we know more work needs to be done to ensure it’s accessible and affordable.

Now more so than ever, perhaps.

It’s helpful that the government recognises this challenge and is exploring how to widen the support available to consumers through advice and guidance services. Advisers will continue to play a vital role in helping clients navigate the financial landscape and it’s critical that any future model continues to encourage people to seek support from independent services.

Nick Flynn is retirement income director at Canada Life

GREGGS has revealed a new secret menu item which has been branded “the best” by the customers who’ve been lucky enough to try it.

The bakery chain has unveiled two new hot pasta boxes at certain locations, the Sun can reveal.

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The boxes come in two flavours – Mac & Cheese and Meatball Pasta Bake.

The items are advertised as part of deal with one hot pasta box and any drink costing from £5.75.

Greggs told The Sun that the new menu items are only available for now in certain stores in one area of the country.

Those near stores selling the dish have shared their delight at the addition – while others are hoping it soon arrives where they are.

Posting in the Snack Reviews Facebook group, one social media user shared photos of the food alongside the caption: “Seen in Manchester Greggs not sure if they do them in other areas.”

Commenting on the post, one person wrote: “Not in north east yet. I would love those.”

Another branded it “my dream pasta in a box” while another said they were “sorted” if they arrive in Glasgow.

One excited customer claimed “this is not a drill” while someone else said it was “even more reason to love Greggs”.

One lucky Greggs fan even claimed: “I feel like my life’s been changed.”

A Greggs spokesperson told The Sun: “We’re always listening to what our customers want us to offer and adapting based on their tastes and habits, which is why we’re trialling two new hot pasta boxes.

“The Macaroni Cheese and Meatball Pasta will be available in selected shops across the Northwest.”

Greggs has “secret menu’” items that are unique products that you will only find in certain Greggs shops around the UK.

Typically they’r products which take you back to childhood, or remind you of a special place or sweet taste of home.

The items aren’t available on the Greggs website or main menu, they’re only available to buy in store.

For example Tottenham cake is available in London stores while in Glasgow shoppers can get Pineapple cake.

You can see more secret menu items below.

Where can I buy Greggs’ new pasta dishes?

The Macroni Cheese and Meatball pasta boxes are currently available to buy from the following shops:

• Bolton Gate Retail Park
• Manchester Ashton New Road
• Rochdale Riverside Walk
• Manchester Victoria Concourse Kiosk
• Salford Media City
• Manchester Piccadilly
• Blackpool Squires Gate Retail Park
• Manchester St Mary’s Gate
• Fulwood Eastway Retail Park
• Preston Tulketh Mill Retail Park

It’s not clear yet if the pasta dishes will remain a regional secret menu item, or could be rolled out more widely if they prove a hit.

What other secret menu items are available?

According to the Gregg’s website, the following items feature on the secret menu in different reagions.

Pineapple Cake

This tropical little number is exclusive to Greggs shops in Glasgow. Made from a sweet pastry shell, it’s filled with pineapple flavour jam and a sweetened filling, coated in vibrant yellow fondant.

Tottenham Cake

The name is a bit of a giveaway when it comes to where you can find this delicacy. A delicious sponge cake topped with pink fondant icing. Available in our London shops.

Haggis Pie

As the name might suggest, this tasty little snack is Scotland’s most famous dish. A lightly baked pie shell filled with haggis, swede and mashed potato. Available only in our Scotland shops.

Peach Melba

This classic dessert which dates back to the 1800’s is only available in Greggs shops in the North East. Made from a sweet pastry shell, it’s filled with pieces of peach in a light syrup and sweetened cream, finished perfectly with colourful fondant.

Stottie

Ahh the Stottie man! You can’t go far in the North East without hearing about the famous ol’ Stottie.

It may not look like much, but this delicious dough can do no wrong. A delicious, flat-shaped white loaf, covered in a dusting of flour for extra flavour.

Close Brothers Asset Management (CBAM) and SEI have agreed a platform technology partnership.

The deal includes the adoption of SEI Wealth Platform and SEI Data Cloud, a fully integrated technology, data and operational outsourcing solution.

CBAM says the partnership with SEI marks a move to deliver its strategic objectives and to be the best place in the UK for wealth management professionals and their clients.

It adds that SEI was selected following a comprehensive, multi-stage selection process involving several providers.

SEI is a wealth platform technology provider and currently has contracts with several wealth companies including Benchmark Capital, Brewin Dolphin and Evelyn Partners.

CBAM also announced that it will also adopt Objectway’s Portfolio Management Solution and outsource order execution activities to Winterflood Business Services (WBS).

A number of CBAM employees will join SEI’s SWP operations team as part of the agreement. SEI and CBAM will work closely to ensure a smooth and successful transition.

CBAM’s chief operating officer Gregg Clarke said: “Our new partnership with SEI marks an important moment for CBAM. The adoption of the SEI Wealth Platform enables us to deliver on our growth strategy, and expand upon our proposition whilst having complete confidence that high-quality service levels will be maintained for our clients.

“After a thorough selection process, it was clear that CBAM and SEI are both culturally and technologically aligned. SEI understands our business and is committed to partnering with us, alongside our new WBS and Objectway partnerships, to help us achieve our strategic objectives.”

Jim London, chief executive of SEI Investments Europe Limited, added: “We’re thrilled to partner with CBAM and to provide access to the full breadth of SEI’s integrated technology, data and operations solutions that can help them achieve their growth aspirations.”

A TOP retailer has dropped the price of the Baileys to £10 for a whole litre.

Shoppers are desperate to get their hands on this seasonal treat which can be spotted at Sainsburys.

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Baileys Original Irish Cream Liqueur is enjoyed all year round but is especially popular during those winter nights.

On the Baileys Facebook page, happy customers were leaving rave reviews: “Definitely the best, can’t beat it.

Another suggested: “Baileys with ice cream?”

A third raised one concern: “Yeah, open the bottle and it’s gone.”

The deal is available to those with a Nectar Card, which slashes the usual price of £21.95 down by more than half.

Nectar customers can add the card to their Sainsburys Groceries account when they check out to access all sorts of discounts.

For those shopping in person all you need to do is scan the Nectar card or app on your phone to bag the bargain.

Baileys is famed for its smooth luxurious texture and distinctive taste.

With hints of chocolate and vanilla amongst the combination of Irish whiskey and Irish cream, it’s pretty irresistible.

For those who don’t have a Nectar Card, Sainsburys have offered an alternative.

The retailer has offered a dupe of the beloved for £13 for 70cl called Sainsbury’s Irish Cream Liqueur.

This has received generally good reviews but many shoppers have stood by the original.

For loyal customers of Baileys, other supermarkets are knocking the price down as we get towards December.

In Morrisons you can nab a bottle for £13, however you will need a More Card to get this reduced price.

More Cards can be downloaded on the My Morrisons app where hundreds more deals are available.

You can also check these bargains out through the My Morrisons website if you fancy scrolling on a bigger screen.

If you’ve got a physical More Card you are able to print out paper vouchers to shop in store.

Other retailers discounts include Tesco, which is bumping the price down from £22 to £13 for members.

Tesco Clubcard members can sign up online or through the app.

One of the best ways to make sure you’re getting the best deal is checking supermarket websites before hand.

Most shops will have their original prices as well as available discounts.

Another shopper hack is to use comparison sites like Google Shopping or Trolley.co.uk so you know you’re not missing out.

Make sure to keep an eye on how big the bottles are, as they vary in size.

How else can I save money on Baileys?

To stretch your cash a little further, you can always go for a Baileys dupe, which have been described as “almost perfect.”

If you’re prepared to downsize you can purchase the 70cl Ballycastle cream liqueur for £5.79 – just 82p per 100ml.

Customers have described the product as “lush” and “gorgeous” on Facebook.

The Ballycastle product even comes in several flavours, such as the newest addition, which is a luscious Milk Chocolate Clementine version for £7.49.

If you’re keen to give something new a try, this could save you up to a whopping £16.21 on one bottle of Baileys.

In fact, for the price of one Baileys bottle from Morrisons or Asda (£22.00), you could almost buy four bottles of the Ballycastle.

However, keep in mind that the ABV (alcohol by volume) of Bailey’s is 16%, the Ballycastle booze is 12%.

Other supermarkets which offer up their own Baileys dupes include Sainsbury’s, Tesco, Morrison’s, Asda, Lidl and M&S.

While the cheapest is Ballycastle, Lidl’s Irish Cream Liqueur is the second most affordable at £1.14 per 100ml.

In Tesco, the 70cl own brand liqueur is £8.50, at £1.21 per 100ml, and in Sainsbury’s, it is £9 at £1.28 per 100ml.