Money
The Morning Briefing: Aviva wealth net flows rise to £7.7bn and UK adults’ retirement confidence drops
Good morning and welcome to your Morning Briefing for Thursday 14 November 2024. To get this in your inbox every morning click here.
Aviva wealth net flows rise to £7.7bn as adviser platform grows
Aviva has reported that wealth net flows rose to £7.7bn in the third quarter of the year as demand for its adviser platform grows.
Platform net flows were up 76% to £3.1bn, reflecting strong growth in its financial adviser platform business including Succession Wealth and Direct Wealth.
Aviva said in a trading update today (14 Nov) that it has achieved another quarter of “strong delivery and profitable growth” across all areas the business.
UK adults’ retirement confidence drops since 2023
The confidence in UK adults’ ability to have enough capital during retirement has dropped since last year.
This is according to Nucleus UK Retirement Confidence Index which found that overall confidence is 4.6 in 2024 down from 6.9 in 2023.
Nucleus technical services director Andrew Tully said last year the figure was higher than the company expected it to be.
Out of the different age groups, it was the 35-44 and 45-54-year-olds with lowest retirement confidence, 3.7 and 3.8 respectively.
Get over the obsession with intergenerational planning
The narrative that advisers must secure the next generation to maintain assets under management seems shortsighted, writes Alistair Cunningham, financial planning director at Wingate Financial Planning.
Much has been made of the so-called Great Wealth Transfer, with predictions of trillions of pounds moving from the Babyboomer generation to their children in the coming years.
Many advisers are being urged to build relationships with the next generation in anticipation of this shift. But I think this is a distraction from where our efforts should be focused: looking after our current clients.
Quote Of The Day
Conflating a government goal of driving investment in the UK and people’s retirement outcomes brings a danger because the risks are all taken with members’ money. If it goes well, everyone can celebrate. But it’s clearly possible that it will go the other way, so there needs to be some caution in this push to use other people’s money to drive economic growth.
-Tom Selby, director of public policy at AJ Bell, comments on proposed pension ‘megafunds’ reforms set to be announced by the chancellor Rachel Reeves in maiden Mansion House speech tonight.
Stat Attack
ISA millionaire numbers have soared to a record high of 4,850, the latest annual figures show. A Freedom of Information (FOI) request by smart money app Plum has revealed the number of millionaires tracked by HMRC jumped almost 20% in 2022, from the 4,070 recorded the previous year. The average ISA millionaire today is sitting on a pot of £1,351,000.
The rise and rise of ISA millionaires
Year Number of investors with £1m+
2016 450
2017 740
2018 1,190
2019 2,000
2020 1,480
2021 4,070
2022 4,850
Source: Plum
In Other News
Isio has completed a £20m buy-in in with Utmost Life and Pensions. In collaboration with the scheme’s Trustee, and legal advisors DLA Piper, Isio led on brokering the deal and advising on the covenant of the scheme’s insurer.
The transaction supports the scheme’s de-risking objectives as well as marking a significant addition to the bulk purchase annuity (BPA) market, particularly at the smaller end where choice has often been limited.
Thomas Ridley, senior manager at Isio, said: “We’re thrilled to have played a part in this successful buy-in with Utmost, supporting the trustee in achieving a secure and stable outcome for the scheme. The team’s expertise in brokering and covenant advice helped the trustee make informed decisions and ensured an efficient process from start to finish.”
Gary Needham, head of BPA business development at Utmost Life and Pensions, added: “We are delighted to have had the opportunity to work with the Trustee and their advisers to successfully complete this buy-in and secure a positive outcome for their members. The speed with which the transaction was completed is testament to the collaborative and pragmatic partnership between all parties involved.”
Ian Aylward has joined AJ Bell as head of investment partnerships, bolstering its award-winning investments team.
Aylward’s role will see him focus on AJ Bell’s bespoke MPS for advised clients. Under the bespoke MPS proposition the AJ Bell Investments team build and manage portfolios tailored to individual specifications for adviser firms and their clients.
Prior to joining AJ Bell, he was head of manager selection and responsible investing at Barclays Private Bank and Wealth Management, having also previously held roles at Aviva and Skandia over more than 25 years in the industry.
Reeves to force UK council pensions to consolidate into 8 ‘megafunds’ (Financial Times)
Crypto market capitalisation hits record $3.2 trillion, CoinGecko says (Reuters)
Leading British actors call on chancellor to boost green investment in pensions (The Guardian)
Did You See?
Around this time last year, I wrote a column on how life has never been so tough for advisers. Unfortunately, this is still the case, argues Clive Waller, managing director at CWC Research.
In consideration of this, it might help to look at the wise words of that well-known business guru, Donald Rumsfeld:
“As we know, there are known knowns; there are things we know we know. We also know there are known unknowns; that is to say we know there are some things we do not know. But there are also unknown unknowns – the ones we don’t know we don’t know.”
Let’s consider some of the main issues today under those wise headings.
Read the full article here.
Money
Aldi brings back chocolate favourite just in time for Christmas – but warns shoppers ‘once they’re gone, they’re gone’
ALDI shoppers are rushing to bag one of the retailer’s most popular festive items that have been brought back this year.
The discount retailer’s Christmas mascot Kevin the Carrot is back on screens and in stores after his television debut in 2016.
The animated vegetable has taken on several missions since his arrival, making Brits fall in love with the character.
As well as reviving him this year, Aldi has also brought back the Kevin the Carrot advent calendar described as a “seasonal sellout.”
“Countdown to Christmas with Kevin,” Aldi tells fans.
Behind each door, customers will find a chocolate member of Kevin’s extensive vegetable family.
Aldi calls it “the perfect morning ritual for kids and grown-ups alike throughout December.”
But, shoppers will have to be quick because “once they’re gone, they’re gone.”
The advent calendar which hit shelves on November 7 has already been scooped up by hundreds of shoppers, some of whom have been spotted online trying to re-sell the item for a profit.
A Facebook page dedicated to bargains urged followers to “Pick up this Kevin The Carrot Advent Calendar for £1.49 at Aldi.”
“Omg!!! Didn’t know these existed!” one excited shopper commented under another post.
“Diane you’d better make that 15 advent Calendars.”
“I’ve got a Kevin the Carrot advent calendar. I got mine the other day. I’m a big fan of Kevin the carrot,” another added.
“If you don’t get me one of these I’ll be fuming,” a third said, tagging a member of their family.
One fan just simply wrote: “Want one.”
OTHER FESTIVE TREATS
And it’s not just people who can enjoy counting down to Christmas with a daily treat supplied by Aldi.
Beloved pets can get in on the fun too with Langham’s Meaty Dog Biscuit Advent Calendar which hit Aldi’s shelves on October 27.
How to save money on Christmas shopping
Consumer reporter Sam Walker reveals how you can save money on your Christmas shopping.
Limit the amount of presents – buying presents for all your family and friends can cost a bomb.
Instead, why not organise a Secret Santa between your inner circles so you’re not having to buy multiple presents.
Plan ahead – if you’ve got the stamina and budget, it’s worth buying your Christmas presents for the following year in the January sales.
Make sure you shop around for the best deals by using price comparison sites so you’re not forking out more than you should though.
Buy in Boxing Day sales – some retailers start their main Christmas sales early so you can actually snap up a bargain before December 25.
Delivery may cost you a bit more, but it can be worth it if the savings are decent.
Shop via outlet stores – you can save loads of money shopping via outlet stores like Amazon Warehouse or Office Offcuts.
They work by selling returned or slightly damaged products at a discounted rate, but usually any wear and tear is minor.
The £3.99 advent calendar contains 24 treats with four different flavours – Chicken, Lamb, Duck, and Beef.
And for those who still just can’t get enough of Kevin, there are other festive offerings from the much-loved vegetable mascot.
There is a new collection of Kevin the Carrot plush toys featuring a moustachioed Kevin and his partner Katie who has lipstick and a bow.
They are £3.99 with their outfits reflecting their disguises from this year’s Aldi advert as they try to save Christmas from Dr Humbug who also has a plushy toy in the middle aisle.
There are also Kevin and Katie tree decorations, pyjamas, and a children’s book.
Jemma Townsend, Marketing Director at Aldi UK, said: “Would it even be Christmas without Kevin the Carrot on our screens?
“We’re delighted to bring back everyone’s favourite carrot for a ninth year to help the nation get into the Christmas spirit.”
Money
Inside Dave Portnoy’s $150M Barstool Empire
Inside Dave Portnoy’s Wealth: How the Barstool Sports Founder Built a $150 Million Empire
Dave Portnoy is best known as the candid and sometimes controversial founder of Barstool Sports. Though his fans love his outspoken personality on the “BFFs” podcast and his reputation as a Swiftie, they often overlook his role as the CEO and driving force behind Barstool Sports. Over two decades, Portnoy has grown Barstool into a multi-platform media powerhouse, bringing him immense success and a net worth estimated at $150 million.
How Dave Portnoy Built Barstool Sports from the Ground Up
Portnoy’s journey to wealth began in 2003 when he launched Barstool Sports as a print publication. Initially focused on fantasy sports, gaming advertisements, and sports commentary, it was a niche publication targeted at Boston’s sports-loving community. In 2007, Portnoy took Barstool online, a move that proved transformative. The brand expanded from print to digital, reaching an audience far beyond Boston and allowing for rapid growth in a digital media landscape hungry for fresh content.
As Portnoy diversified Barstool’s offerings, the brand evolved into much more than a sports site. Today, Barstool includes podcasts, videos, gambling content, merchandise, branded alcohol products, and even television shows. The platform has become a hub for both sports and pop culture, attracting millions of followers on social media and maintaining a strong, engaged fan base.
Portnoy’s hands-on approach and knack for tapping into popular trends helped Barstool expand further. His “One Bite” pizza reviews, where he samples and rates pizzas from various restaurants, have amassed a cult following, increasing his personal brand and helping to build Barstool’s loyal fanbase.
Partnerships, Acquisitions, and the $450 Million Deal with Penn National Gaming
In 2016, Barstool Sports attracted major investment when The Chernin Group acquired a majority stake in the company. This influx of capital allowed Barstool to scale even further, expanding its reach and brand influence. However, the most significant deal came in 2020 when Penn National Gaming, a major player in the gaming industry, acquired a 36% stake in Barstool for $163 million. This investment valued Barstool at a staggering $450 million, underscoring its growth from a small print publication to a media empire.
The deal with Penn National Gaming marked a new era for Barstool, positioning it as a key player in the sports betting world. Penn’s partnership allowed Barstool to launch the Barstool Sportsbook app, enabling fans to engage in sports betting, a lucrative area of the sports entertainment industry. As the U.S. expands sports betting legalization, Barstool Sportsbook has become a significant revenue generator for both Barstool and Penn National Gaming.
However, in a surprising turn of events, Portnoy regained full control of Barstool in 2023 when he bought back the company from Penn for just $1. This strategic move came after Penn shifted its focus to a partnership with ESPN for its sports betting ventures. For Portnoy, reclaiming ownership of Barstool provided the freedom to steer the company independently, a position he seems to relish.
Dave Portnoy’s Podcasting Success and Other Ventures
Apart from Barstool Sports, Portnoy’s personal brand has been bolstered by his ventures into podcasting and other media. His hit podcast “BFFs,” cohosted with Brianna “Chickenfry” LaPaglia and Josh Richards, has been wildly successful, blending pop culture, social media, and insider gossip. On November 13, 2024, Portnoy announced his departure from “BFFs,” leaving a lasting mark on the show and its fans.
Portnoy’s media presence extends beyond Barstool’s channels. His bold, no-filter style has resonated with audiences and attracted fans who appreciate his authenticity. His pizza reviews, for instance, have become iconic, with fans frequently recognizing him as “the pizza guy” as much as the CEO of Barstool.
Portnoy’s ventures have not been without controversy, and his outspoken nature has occasionally led to clashes with other public figures. Nevertheless, his approach has consistently drawn attention and bolstered his personal brand, which remains closely tied to Barstool’s identity.
The Breakdown of Dave Portnoy’s Net Worth
As of 2024, Portnoy’s net worth is estimated to be around $150 million. Much of this wealth can be attributed to his stake in Barstool Sports, along with income from his various media projects and ventures. Portnoy’s wealth is a reflection of his entrepreneurial spirit, his ability to capitalize on cultural trends, and his knack for building a brand that resonates with audiences.
His investments outside Barstool have also contributed to his financial success. While not all of Portnoy’s ventures are publicly known, his influence and wealth have allowed him to invest in various sectors and expand his financial footprint beyond Barstool’s media reach.
Despite his wealth, Portnoy has maintained a strong connection to his audience, often presenting himself as a relatable figure who is unafraid to share his opinions. This transparency has helped him retain the loyalty of Barstool’s fans, who view him as a central part of the brand’s identity.
What’s Next for Dave Portnoy and Barstool Sports?
With Portnoy back in full control of Barstool Sports, the future looks promising for both him and the company. Freed from corporate restrictions, Portnoy has the flexibility to continue expanding Barstool’s brand in ways that align with his original vision. His reacquisition of the company from Penn National Gaming symbolizes his commitment to keeping Barstool unique and fiercely independent.
Portnoy’s focus will likely remain on expanding Barstool’s reach in sports, entertainment, and lifestyle content, while also leveraging his own personal brand. Given the success of Barstool Sportsbook, sports betting could remain a priority, especially as more states legalize betting and the industry continues to grow.
As Portnoy himself has said, “Barstool is my life’s work.” With his hands firmly back on the reins, there’s little doubt he will continue to grow both Barstool and his personal empire, solidifying his place as one of the most influential figures in modern digital media.
Money
Thousands to receive cost of living payments worth £130 in accounts TOMORROW – are you one?
THOUSANDS of pensioners are expected to receive £130 worth of vouchers tomorrow to help with the cost of living.
For those who need a little bit of help this time of year, the Household Support Fund offers some assistance to low-income households.
Those eligible for the payouts will receive the cash slips automatically, according to Wakefield Council.
These also won’t affect any other benefits entitlements.
How much will I receive?
The Household Support Fund is worth £421million and aims to help with gas, electricity, and food during the winter months.
It’ll be split across local authorities that will individually decide who is eligible.
Pensioners who no longer receive the Winter Fuel Allowance (Pension Credit) will bag £130 worth of vouchers.
Those still on Pension Credit will be entitled to £80 of supermarket goodies.
They can expect to have these in their accounts between 6 and 15 November.
All other households in receipt of Council Tax Support will be offered £80 and can expect to receive their payment next month.
Who can apply?
Wakefield Council have recently released the conditions of their eligibility scheme.
To qualify for the voucher from this council you must live in Wakefield, be over the age of 16 and not living with family or friends, be responsible for the rent, receive a low income, and have no access to other public funds.
Recipients should expect vouchers to arrive within seven days.
Full instructions on how redeem the voucher will be included in the letter.
Once the voucher has been redeemed, it doesn’t have to be spent all at once and can be used several times until the entire amount has been spent.
What if I don’t live in Wakefield?
The Household Support Fund will be accessible all around the country.
The £421million fund budget will be spread across each council but each authority will decide its own eligibility.
Not all councils have published what they plan to do with the Household Support Fund budget yet.
If you’re keen to find out what support is available to you, you can contact your local council and ask if there is any help on offer.
For those unsure which council they should contact, you can find your council area by using the Government’s council locator tool via gov.uk.
The Sun recently shared a guide and interactive map to help you find out what you may be able to claim.
Other help on offer
You might be able to get some support from your energy firm if you haven’t received a Household Support Fund voucher.
For example, British Gas is handing out up to £1,700 worth of grants to UK households.
This is through the company’s Individual and Families Fund and is accessible to people living in England, Scotland, and Wales – even if you’re not a British Gas customer.
To be eligible to get this support you must have been given help from a money advice agency in the last six months.
You’ll also need to have not received a grant from British Gas Energy in the last six months.
Other energy companies have their own support network for customers.
These include OVO, Boost, E.On, E.On Next, EDF, Scottish Power, Octopus, Shell Energy, SSE and Utilita.
The Household Support Fund was first launched in October 2021 to help Brits pay their way through winter amid the cost of living crisis.
How has the Household Support Fund evolved?
Councils up and down the country got a slice of the £421million funding available to dish out to Brits in need.
It was then extended in the 2022 Spring Budget and for a second time in October 2022 to help those on the lowest incomes with the rising cost of living.
The DWP then confirmed a third extension of the scheme through to March 31, 2024.
Former chancellor Jeremy Hunt extended the HSF for the fourth time while delivering his Spring Budget on March 6, 2024.
In September 2024, the Government announced a fifth extension.
Money
Pharrell Williams Redefines the American Dream
Pharrell Williams on the True American Dream: “It’s About Doing What You Love”
Grammy-winning artist and philanthropist Pharrell Williams is urging Americans to redefine what they see as the “American Dream.” In a powerful speech at the Web Summit in Lisbon, he challenged society’s obsession with wealth and encouraged a shift towards career fulfillment, claiming that the dream isn’t about amassing wealth but about finding joy in one’s work.
The American Dream: Beyond Wealth and Status
Williams, a Virginia native, touched on the generational perspective that success is measured by financial prosperity. “In my country, we are raised to think about how to make the most money because our parents thought that way,” Williams explained. “They had this false sense of what the American Dream is or should be.”
With recent surveys showing that 47% of Americans believe the dream is either out of reach or simply a myth, Williams’ perspective reflects a growing sentiment that fulfillment, not finances, is the true measure of success. “The American Dream is not about making the most money,” Williams argued. “It should be about spending the most time doing something that you love.”
A 2021 YouGov survey revealed that American teens are increasingly interested in careers driven by passion, such as becoming a vlogger, YouTuber, or professional streamer. This shift, Williams noted, is at odds with previous generations’ ambitions, which often leaned towards traditional high-paying jobs like doctors and lawyers. Williams acknowledged the pressure many young people face to meet these expectations but urged them to follow their own passions, even if it means changing paths.
A Shift in Career Aspirations
Williams drew attention to the disconnect between parents’ career expectations for their children and young people’s evolving dreams. “Your parents told you they wanted you to be a doctor or a lawyer,” he said, recognizing that some individuals may find happiness in these roles. However, many discover that traditional career paths don’t align with their passions and ultimately decide to change direction.
Reflecting on the common pursuit of financially stable careers that may not bring happiness, Williams added, “The vast majority, they go after it and they don’t get it. And then they end up working somewhere they hate because it’s the next best thing financially.” He explained that prioritizing financial gain often results in unfulfilling work, which is why he believes it’s essential to focus on work that truly resonates with one’s interests.
Pharrell encourages young people to consider whether they would pursue a particular field if money were no object. “If you think about something that you love so much, that if you could snap your fingers right now and you’d never make any money but all your bills were paid—would you do it?” he asked the audience. His message is clear: the American Dream should be about achieving personal happiness and purpose, rather than strictly financial success.
The Role of Charity and Creating Opportunities
Williams’ advocacy for fulfillment over wealth isn’t just theoretical; he actively works to create opportunities for others through his charitable foundations, Yellow and Black Ambition. Yellow is focused on improving educational equity, and Black Ambition is dedicated to reducing the wealth inequality gap by supporting entrepreneurship. His charitable work reflects his philosophy on success—one that values equal opportunity and personal growth over traditional metrics of wealth.
Williams emphasized that the key to a fulfilling career doesn’t necessarily lie in achieving a “dream job” in the conventional sense but finding a way to engage with something one loves, even if it’s a supporting role. “If a person’s ideal job was to be a professional footballer but they weren’t suited to it, they could still find fulfillment as a coach, cameraman, or even a team coach driver,” he suggested. By aligning a career with one’s passion, Williams argues that people will find greater happiness and motivation in their work. “If you can find a vocation around something that you love, you now have a dream job. You will be the first one there and you’ll be the last one to leave.”
Redefining Success for Future Generations
In closing, Williams shared his belief that parents and society should encourage children to pursue work they love, rather than pushing them towards lucrative but potentially unfulfilling careers. “To me, that is what we should be telling our children—that is the way that we should be leading society—for people to do what they love.”
By focusing on fulfillment, Williams believes the next generation can redefine the American Dream to be one that values personal happiness and meaningful work. His call to action is clear: the true dream isn’t about wealth; it’s about living a life that brings joy and purpose. As Americans navigate shifting societal expectations and economic challenges, Williams’ perspective serves as a reminder that the essence of success lies not in money, but in the satisfaction of doing what one loves.
Money
We sell Britain’s most luxurious jacket potato for £50 with edible GOLD and caviar – here’s how you can get it for FREE
THE country’s swankiest jacket potato is being given away completely free of charge this month.
Topped with saffron butter-infused lobster tail and premium caviar, the dish is anything but simple.
The not-so-humble spud even comes doused in fresh truffle shaving, grated Gruyére cheese and edible gold leaf.
The dish would usually set you back a whopping £50.
Despite its hefty price tag however, the baked potato can be enjoyed completely free of charge this month if you head down to Hull bingo hall.
The limited edition dish is available at Mecca Bingo on Clough Road between midday and 2pm on Wednesday, 20 November.
Ben Newman who goes by the name Spudman, and who has more than 5 million followers on social media, is the culinary wizard behind the spud.
Diners’ fury as posh London restaurant sells scrambled eggs on toast for £58
Diner were left fuming after discovering a posh London restaurant selling scrambled eggs on toast for £58.
HIDE in Mayfair is a Michelin-star restaurant which has caused a stir recently for its breakfast menu prices.
The customers were appalled to learn that the cost of scrambled eggs on toast might set them back a whopping £58.
The breakfast dish costs £36 a serving but the price rises even further to £58 if adding white truffle.
White truffles are known to be an extravagant food with one of the highest price tags.
The expensive fungi are difficult to grow and take years to cultivate, making them scarce and valuable.
He told Hull Live: “It’s been amazing to see so many people share in the love of a great jack pot, and now, thanks to Mecca Bingo, it’s a chance for everyone to enjoy a taste of something decadent and jackpot worthy – on the house!”
Hull will be his first stop on a national tour before the chef heads to Stevenage and Blackpool.
Tom Sharpe, manager of culinary innovation at Mecca Bingo added: “As the OG of amazing jackpots, at Mecca Bingo, all our players are always in with the chance of hitting the jackpot, and the ‘Jackpot Jack Pot’, takes that excitement one step further.
“We’re thrilled to partner with Spudman on this luxurious new recipe that combines the ultimate comfort food with the excitement of a jackpot win!’’
This comes as 70 per cent of Brits said they consider potatoes to be one of their favourite foods in winter.
More than half of those polled also said they often seek more “elevated” versions of the baked potato, according to research by Mecca Bingo.
Money
Where Is Menendez Brothers’ Therapist Dr. Jerome Oziel Now?
The Man Behind the Confession: What Happened to Dr. Jerome Oziel, the Menendez Brothers’ Therapist?
In the annals of American crime, few cases have captivated the public as deeply as the Menendez murders. Lyle and Erik Menendez’s brutal killing of their parents, Jose and Kitty Menendez, shocked the nation and turned into one of the most highly publicized criminal trials of the early 1990s. Now, with Netflix’s latest release, Monsters: The Lyle and Erik Menendez Story, the chilling details of this family tragedy are once again under scrutiny. Beyond the brothers and their victims, there was another key figure who played a dramatic role in shaping the Menendez narrative: Dr. Jerome Oziel, Erik’s therapist. Oziel’s presence in the case, from the confessions to the courtroom, remains an essential—if controversial—part of this story. Here’s a closer look at Oziel’s relationship with the Menendez brothers, his impact on the case, and what has become of him today.
The Confession: Did Erik Menendez Admit the Murder to Oziel?
Dr. Jerome Oziel’s association with the Menendez brothers began in 1988, when the family turned to him after Lyle and Erik were caught burglarizing homes in Calabasas, California. Jose and Kitty Menendez sought help for their troubled sons, hoping Oziel could address what they viewed as signs of delinquency. For a time, Erik saw Oziel as his therapist, confiding in him. But the relationship took a dark and pivotal turn after the murder of the Menendez parents in August 1989.
On Halloween of that year, Erik, who was clearly struggling with the weight of his actions, reached out to Oziel with an urgent request for a session. According to court records, they met at Oziel’s Bedford Drive office in Beverly Hills. The session extended beyond the confines of the office, spilling into the surrounding streets as they took a walk in a nearby park. There, Erik confessed to the murders, describing the planning, the execution, and the fabricated alibi he and his brother had constructed.
Oziel documented the confession meticulously, detailing how Erik recounted the crime and the reasons behind it. In dictated notes from this session, Oziel later described how Erik had revealed “in detail the planning and execution of the crime, including (the brothers’) fabricated alibi defense.” This confession would become central to the case against the brothers. Not long after, on November 2, both Lyle and Erik met with Oziel to discuss the motive behind the murder of their parents, diving into the psychological and emotional factors that led them to such a horrific act.
One critical decision Oziel made was to record a December 11 session with the brothers, creating an audio record of their discussions. This tape would prove both invaluable and controversial, and it became the subject of a prolonged legal dispute over its admissibility in court. Oziel’s recordings and notes would play a decisive role in the brothers’ prosecution, as well as in the public’s understanding of the gruesome crime.
The Tapes: How Oziel’s Recordings Influenced the Case
The recordings Oziel made of the Menendez brothers’ confessions became a flashpoint in the legal proceedings. In March 1990, a dramatic turn of events took place when Judalon Smyth, a former patient of Oziel and a woman with whom he was having an affair, approached the authorities and disclosed the existence of these tapes. This bombshell revelation led to the tapes being seized by law enforcement, and shortly thereafter, the Menendez brothers were arrested.
The legal battle that followed centered on whether the recordings were admissible in court, with the defense arguing that they were protected under therapist-patient confidentiality. The question reached the California Supreme Court, which ultimately ruled in August 1992 that two out of four tapes were indeed admissible. This decision was instrumental in the trial, providing evidence that supported the prosecution’s case and giving insight into the brothers’ motives and mindset at the time of the killings.
Oziel’s role in the trial was complicated and contentious. During the first trial, he testified as a key witness for the prosecution, describing Erik’s confession in vivid detail. However, Oziel’s credibility was subjected to a grueling cross-examination that focused largely on his personal life, including his affair with Smyth. This affair cast a shadow over his testimony, with the defense attempting to depict him as an unreliable and compromised witness whose own conduct undermined his professional ethics.
By the time of the second trial, Oziel’s direct involvement had waned—he did not testify. However, the tape recordings he had made were still played in court, cementing his influence in the case even in his absence. The recordings, along with the complex web of personal and professional conflicts that surrounded Oziel, left an indelible mark on the Menendez case, turning him into one of its most controversial figures.
Life After the Trial: Oziel’s Fall from Grace and New Beginnings
The fallout from the Menendez trial took a heavy toll on Dr. Oziel’s professional life. In 1997, the California Board of Psychology moved to revoke his license, citing several ethical violations, including breaches of patient confidentiality and allegations of inappropriate relationships with female patients. Oziel denied the accusations, maintaining that the revocation of his license was not related to any wrongdoing. In a statement given in 2017, he claimed, “I did not surrender my license due to the accusation, which implies I gave up my practice because I did things alleged in the original accusation. … No agency ever found I did a thing that was improper or wrong.”
Oziel suggested that his decision to step away from clinical psychology was motivated by a new career opportunity. He relocated to another state and focused on a business venture that he described as “highly lucrative,” eventually leaving behind the world of therapy in which he had once thrived. This shift marked a significant departure from his earlier life in Beverly Hills, where he had been a recognized figure in psychological circles, specializing in phobias and sex-related disorders, and had even taught at the University of Southern California.
Today, Oziel resides in Albuquerque, New Mexico, where he has reinvented himself as a marital mediator, going by the name Jerry Oziel. He now works at the Marital Mediation Center, where he applies his expertise in psychology to help couples resolve conflicts in their marriages without resorting to divorce. The center’s mission focuses on conflict resolution as an alternative to separation, offering couples a chance to repair their relationships through structured dialogue and mediation.
Despite his changed life and new career path, the shadow of the Menendez case continues to follow Oziel. The Netflix documentary on the Menendez brothers, released in October 2024, revisits his role in the case. Although he declined to participate in the documentary, his impact on the story remains undeniable. His involvement as the therapist who first heard Erik Menendez’s confession transformed him into a central—and polarizing—figure in the Menendez saga.
Where Is Dr. Jerome Oziel Now?
Though Dr. Jerome Oziel no longer holds a license to practice psychology, he has continued to leverage his background in human behavior. Now known as Jerry Oziel, he has focused on helping couples navigate marital issues. In Albuquerque, he lives a quieter life, removed from the high-profile cases that defined his earlier career.
Oziel’s academic journey began at Arizona State University, where he received his doctorate in clinical psychology in 1972. Following stints in South Carolina and eventually California, he established himself as a psychologist in Beverly Hills, becoming known for his work on phobias and sex-related disorders. His career was on a successful trajectory until the Menendez case thrust him into a maelstrom of media attention, ethical scrutiny, and ultimately, professional ruin.
The Menendez case remains one of the most haunting and complex trials in American criminal history, and Oziel’s role in it has ensured that his name remains intertwined with the story. As new audiences revisit the case, Oziel’s contributions—and controversies—continue to provoke questions about the limits of confidentiality, the ethics of therapy, and the personal toll of high-profile legal battles. In this way, Dr. Jerome Oziel remains a specter in the saga of the Menendez family, his influence etched into the legacy of a case that has gripped the American public for decades.
-
Science & Environment2 months ago
How to unsnarl a tangle of threads, according to physics
-
Technology2 months ago
Would-be reality TV contestants ‘not looking real’
-
Technology2 months ago
Is sharing your smartphone PIN part of a healthy relationship?
-
Science & Environment2 months ago
X-rays reveal half-billion-year-old insect ancestor
-
Science & Environment2 months ago
Hyperelastic gel is one of the stretchiest materials known to science
-
Science & Environment2 months ago
‘Running of the bulls’ festival crowds move like charged particles
-
Science & Environment2 months ago
Physicists have worked out how to melt any material
-
MMA1 month ago
‘Dirt decision’: Conor McGregor, pros react to Jose Aldo’s razor-thin loss at UFC 307
-
News1 month ago
‘Blacks for Trump’ and Pennsylvania progressives play for undecided voters
-
News1 month ago
Woman who died of cancer ‘was misdiagnosed on phone call with GP’
-
Money1 month ago
Wetherspoons issues update on closures – see the full list of five still at risk and 26 gone for good
-
Sport1 month ago
Aaron Ramsdale: Southampton goalkeeper left Arsenal for more game time
-
Football1 month ago
Rangers & Celtic ready for first SWPL derby showdown
-
Business1 month ago
how UniCredit built its Commerzbank stake
-
Sport1 month ago
2024 ICC Women’s T20 World Cup: Pakistan beat Sri Lanka
-
Science & Environment2 months ago
A new kind of experiment at the Large Hadron Collider could unravel quantum reality
-
Science & Environment2 months ago
Maxwell’s demon charges quantum batteries inside of a quantum computer
-
Science & Environment2 months ago
Quantum forces used to automatically assemble tiny device
-
Science & Environment2 months ago
Sunlight-trapping device can generate temperatures over 1000°C
-
Science & Environment2 months ago
Liquid crystals could improve quantum communication devices
-
Technology1 month ago
Samsung Passkeys will work with Samsung’s smart home devices
-
Technology2 months ago
Ukraine is using AI to manage the removal of Russian landmines
-
Business1 month ago
Top shale boss says US ‘unusually vulnerable’ to Middle East oil shock
-
Science & Environment2 months ago
Laser helps turn an electron into a coil of mass and charge
-
Technology2 months ago
Russia is building ground-based kamikaze robots out of old hoverboards
-
Science & Environment2 months ago
Quantum ‘supersolid’ matter stirred using magnets
-
MMA1 month ago
Pereira vs. Rountree prediction: Champ chases legend status
-
News1 month ago
Navigating the News Void: Opportunities for Revitalization
-
News1 month ago
Massive blasts in Beirut after renewed Israeli air strikes
-
Science & Environment2 months ago
Why this is a golden age for life to thrive across the universe
-
Technology1 month ago
Gmail gets redesigned summary cards with more data & features
-
News1 month ago
Cornell is about to deport a student over Palestine activism
-
Technology1 month ago
SingleStore’s BryteFlow acquisition targets data integration
-
Technology2 months ago
Microphone made of atom-thick graphene could be used in smartphones
-
Entertainment1 month ago
Bruce Springsteen endorses Harris, calls Trump “most dangerous candidate for president in my lifetime”
-
Business1 month ago
Water companies ‘failing to address customers’ concerns’
-
MMA1 month ago
Pennington vs. Peña pick: Can ex-champ recapture title?
-
Sport1 month ago
Boxing: World champion Nick Ball set for Liverpool homecoming against Ronny Rios
-
Sport1 month ago
Shanghai Masters: Jannik Sinner and Carlos Alcaraz win openers
-
Money1 month ago
Tiny clue on edge of £1 coin that makes it worth 2500 times its face value – do you have one lurking in your change?
-
Technology2 months ago
Meta has a major opportunity to win the AI hardware race
-
Technology1 month ago
Epic Games CEO Tim Sweeney renews blast at ‘gatekeeper’ platform owners
-
Science & Environment2 months ago
ITER: Is the world’s biggest fusion experiment dead after new delay to 2035?
-
MMA1 month ago
Dana White’s Contender Series 74 recap, analysis, winner grades
-
Sport1 month ago
America’s Cup: Great Britain qualify for first time since 1964
-
MMA1 month ago
Kayla Harrison gets involved in nasty war of words with Julianna Pena and Ketlen Vieira
-
Sport1 month ago
WXV1: Canada 21-8 Ireland – Hosts make it two wins from two
-
Science & Environment2 months ago
Nuclear fusion experiment overcomes two key operating hurdles
-
News2 months ago
▶️ Hamas in the West Bank: Rising Support and Deadly Attacks You Might Not Know About
-
Technology1 month ago
Microsoft just dropped Drasi, and it could change how we handle big data
-
News1 month ago
Harry vs Sun publisher: ‘Two obdurate but well-resourced armies’
-
Technology1 month ago
LG C4 OLED smart TVs hit record-low prices ahead of Prime Day
-
Sport1 month ago
New Zealand v England in WXV: Black Ferns not ‘invincible’ before game
-
Business1 month ago
It feels nothing like ‘fine dining’, but Copenhagen’s Kadeau is a true gift
-
MMA1 month ago
‘Uncrowned queen’ Kayla Harrison tastes blood, wants UFC title run
-
Technology2 months ago
Why Machines Learn: A clever primer makes sense of what makes AI possible
-
Science & Environment2 months ago
Nerve fibres in the brain could generate quantum entanglement
-
Technology2 months ago
University examiners fail to spot ChatGPT answers in real-world test
-
Travel1 month ago
World of Hyatt welcomes iconic lifestyle brand in latest partnership
-
Football1 month ago
'Rangers outclassed and outplayed as Hearts stop rot'
-
Sport1 month ago
URC: Munster 23-0 Ospreys – hosts enjoy second win of season
-
Politics1 month ago
‘The night of the living dead’: denial-fuelled Tory conference ends without direction | Conservative conference
-
Technology1 month ago
Nintendo’s latest hardware is not the Switch 2
-
News2 months ago
Rwanda restricts funeral sizes following outbreak
-
Business1 month ago
Italy seeks to raise more windfall taxes from companies
-
MMA1 month ago
Stephen Thompson expects Joaquin Buckley to wrestle him at UFC 307
-
Technology1 month ago
Check, Remote, and Gusto discuss the future of work at Disrupt 2024
-
TV1 month ago
সারাদেশে দিনব্যাপী বৃষ্টির পূর্বাভাস; সমুদ্রবন্দরে ৩ নম্বর সংকেত | Weather Today | Jamuna TV
-
Business1 month ago
The search for Japan’s ‘lost’ art
-
Sport1 month ago
Premiership Women’s Rugby: Exeter Chiefs boss unhappy with WXV clash
-
Business1 month ago
When to tip and when not to tip
-
News1 month ago
Hull KR 10-8 Warrington Wolves – Robins reach first Super League Grand Final
-
Science & Environment2 months ago
A tale of two mysteries: ghostly neutrinos and the proton decay puzzle
-
News1 month ago
Crisis in Congo and Capsizing Boats Mediterranean
-
MMA2 months ago
How to watch Salt Lake City title fights, lineup, odds, more
-
Money1 month ago
The four errors that can stop you getting £300 winter fuel payment as 880,000 miss out – how to avoid them
-
Sport1 month ago
Bukayo Saka left looking ‘so helpless’ in bizarre moment Conor McGregor tries UFC moves on Arsenal star
-
Sport1 month ago
How India became a Test cricket powerhouse
-
Sport1 month ago
Snooker star Shaun Murphy now hits out at Kyren Wilson after war of words with Mark Allen
-
Sport1 month ago
Fans say ‘Moyes is joking, right?’ after his bizarre interview about under-fire Man Utd manager Erik ten Hag goes viral
-
News1 month ago
UK forces involved in response to Iran attacks on Israel
-
TV1 month ago
TV Patrol Express September 26, 2024
-
Football1 month ago
Fifa to investigate alleged rule breaches by Israel Football Association
-
Science & Environment2 months ago
A slight curve helps rocks make the biggest splash
-
News2 months ago
▶️ Media Bias: How They Spin Attack on Hezbollah and Ignore the Reality
-
Science & Environment2 months ago
How to wrap your mind around the real multiverse
-
Sport4 weeks ago
Sunderland boss Regis Le Bris provides Jordan Henderson transfer update 13 years after £20m departure to Liverpool
-
Sport1 month ago
Phil Jones: ‘I had to strip everything back – now management is my focus’
-
Technology1 month ago
Samsung Galaxy Tab S10 won’t get monthly security updates
-
Football1 month ago
Why does Prince William support Aston Villa?
-
News1 month ago
▶ Hamas Spent $1B on Tunnels Instead of Investing in a Future for Gaza’s People
-
TV1 month ago
এই ডিভাইস দিয়ে দেখা যায় পৃথিবীর সব টিভি চ্যানেল! | Smart Tv Box | Independent TV
-
Money1 month ago
DWP reveals exact date that cold weather payments will start this winter – can you get free cash for your energy bills?
-
Technology1 month ago
Musk faces SEC questions over X takeover
-
Sport1 month ago
China Open: Carlos Alcaraz recovers to beat Jannik Sinner in dramatic final
-
Business1 month ago
Bank of England warns of ‘future stress’ from hedge fund bets against US Treasuries
-
Technology1 month ago
J.B. Hunt and UP.Labs launch venture lab to build logistics startups
-
Technology1 month ago
Google introduces new way to search by filming video
-
Sport1 month ago
Sturm Graz: How Austrians ended Red Bull’s title dominance
-
Money1 month ago
Five benefits changes the Government could make next month in its Autumn Budget – from PIP to fraud crackdown
You must be logged in to post a comment Login