Despite a drop in assets under advice in its UK business, Kingswood’s UK and Ireland division reported a £200m uptick in the first half of 2024 thanks to the completion of its BasePlan acquisition and “positive market movements”.

In its unaudited interim financial results for the half year ended 30 June 2024, the group said it had experienced AUA outflows in its UK business following the departure of some wealth advisers.

A “swift, diligent recruitment process” has replenished its wealth advisory team, it said.

This includes the addition of a fourth regional manager to support growth across the London and Southeast region.

Kingswood completed the acquisition of Dublin-based advice firm BasePlan in February this year. The acquisition added €130m (£108m) AUA to the group.

UK and Ireland AUA at the period end stood at £6bn and assets under management were £3.7bn. Meanwhile, US AUA was £3.2bn.

Group revenue from continuing operations in the period was £40.6m, an increase of 14% on the restated prior-year figure of £35.6m.

UK&I revenue increased by £300,000 to £23.4m, or 1%, compared to the restated period last year, of which 81% is recurring in nature.

US revenue increased by £4.8m to £17.2m, a 38% rise compared to the restated period last year, driven by growth in authorised representatives.

Kingswood said further progress had been made across the UK&I in “driving organic growth”.

This included onboarding six new IFA firms to IBOSS, in line with 2023 levels over the comparable period.

The group also flagged three new appointments made to the executive team in H1.

In the period, it brought in Bryan Parkinson as managing director of wealth planning, Vinoy Nursiah as chief financial officer and Peter Coleman as chief executive.

“The combination of the new joiners with the incumbents of Rachel Bailey, chief people officer, Paul Hammick, chief risk officer and Lucy Whitehead, chief commercial officer, has already demonstrated its effectiveness and capability,” the report said.

The executive team has delivered in-person presentations of the next strategic phase at all UK locations and overseen the delivery of a major project to enhance regulatory performance and efficiency.

It has also run the design and implementation of a new service operating model to improve client and adviser experience and created five fundamental focus areas to align efforts across the group.

Additionally a major finance transformation project commenced in July and is on track to complete as scheduled in Q4.

Coleman said he is “particularly pleased” with the firm’s strong revenue growth and in particular the growth in recurring revenues.

This, he said, demonstrates that the group’s acquisitions are “beginning to mature”.

“Quite rightly our focus is on providing a first-class experience to all of our clients, with the use of our excellent advice community, technology and range of award investment propositions,” he added.

“In particular, I am pleased with the ongoing development of our IBOSS range of model portfolios and our in-house DFM, both of which continue to flourish within the group.

“Our operating profit continues to grow, enabling our continued investment in people, propositions and processes all focused on delivering a market-leading proposition for our clients.

“In UK&I we continue to be acquisitive with the addition of BasePlan, and we will continue to identify opportunities that enhance our growing business in this market.

“In the US, we continue to expand with the momentum of adviser recruitment and banking growing exponentially.”

A FILM-maker quit his £500-a-month houseshare to live for free in a static caravan.

Using YouTube videos for inspiration, Benn Berkeley, 38, transformed the derelict 44ft shack into a cosy log cabin.

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Despite having to rip all of the walls out after discovering it was riddled with damp, Benn now says that he’s created his dream home.

The 38-year-old lost all his work prospects as a freelance film-maker in 2020 due to the pandemic.

At the time, he was living in a house share spending £500-a-month on rent but realised he wanted a different lifestyle.

In August 2020, his brother took over a farm which had a static caravan on and asked Benn if he wanted it.

Benn leaped at the opportunity despite admitting it was a “fixer-upper” and started working on gutting out the caravan in September 2020.

After four months, he had transformed it into a off-grid cabin complete with a log burner.

Benn said he did everything apart from the electrics and plumbing himself after learning everything on YouTube.

Benn, from St Ives, Cornwall, said: “It wasn’t pre-planned, it was forced out of Covid.

He said: “When Covid happened, I lost all my work. It was a mix of having nothing to do and the opportunity to do up this static home.

“I had zero experience in building and DIY but there was an opportunity to do it up and live in it so I jumped in head first.

“Everything we learned was through YouTube, it was a really amazing and empowering experience,” he added

Benn spent £10,000 on the renovation – a fraction of the price of buying a property in the area.

Proudly speaking of his work, he said: “I completely gutted the place out.

“It is 44ft by 10ft. We had to support one of the walls as it was caving in – the first job was to make it safe.

“We changed the windows and then we realised there was a damp issue so we ripped all of the walls out – it was a completely open space.

“From there we had free reign to do what we wanted, originally it was two bedrooms with a bathroom and kitchen.

It is a very simple lifestyle which I think we have lost.

Benn Berkeley

“All of that went, we now have a double bedroom, bathroom, corridor and open plan living and kitchen space.”

Since moving into the cabin, Benn has made the place off-grid.

He heats his home with a log burner, uses gas bottles for his oven and his electricity comes from solar panels on the farm.

He said: “It is a very simple lifestyle which I think we have lost.

“There is an element of simplicity when you are living a life like this.

“I can govern myself a lot more, I am not pressed into working a certain amount of hours a week as I know my outgoings each month.”

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Singapore continues to be the primary destination for all significant investors among the global financial centres. The country’s tourist and financial sectors are also booming.

However, why open a Singaporean business bank account? Establishing a business bank account in Singapore may present advantageous circumstances.  

Motives for opening a Singaporean business bank account

Companies should open a Singaporean business bank account. Understanding the significance of having an account in Singapore will help you to better understand why it could be a prudent investment. 

1. A secure and steady economy

For their operations to run effectively, businesses seek stability and safety. Investors can benefit from Singapore’s secure and stable economy. Its triple-A-rated economy makes doing business easy for you. 

You can safely preserve your assets by creating a business bank account in Singapore in case political unrest or economic turbulence affects your home base. 

2. Completely included in the world banking system

To access updated financial systems, businesses in Singapore need to register for a business bank account. It provides investors with cutting-edge technologies. 

Because of Singapore’s fully integrated financial system, opening such an account has even more advantages. A corporate bank account in Singapore gives you easy access to your funds in addition to safety and protection.

3. More favourable prospects for investing

Singapore is the main hub for investors. It consistently presents investors with fresh investment options. To handle your business capital, it offers you access to investment firms and wealth management choices.

Singapore has a strong economy in and of itself, and investors can benefit from regional markets there. To seize possibilities, investors must create business bank accounts in Singapore.

4. Safe banking with accounts in multiple currencies

Investments are possible in Singapore through multi-currency accounts. Additionally, it is a secure and safe banking procedure. Companies can use any currency to manage their finances and start transactions.

Singapore does not impose any limitations on investor transactions conducted within or outside of its borders. Consequently, to create multi-currency accounts with the lowest possible bank fees, investors need to register an account in Singapore.

5. Major banks are present in Singapore.

In Singapore, almost every major bank has a branch. For investors, it is a terrific opportunity. They have access to reputable banks all over the world to manage their assets and money.

There are many prestigious and well-regarded domestic banks in Singapore. Investors who register a business bank account in Singapore can take advantage of those institutions’ many benefits.

6. Simplicity of use for online bank accounts

Prospective investors are constantly searching for methods to reduce the transaction fees levied by banks. They want their company bank account to be as simple to use as possible. Investors can accomplish this by opening a Singaporean corporate bank account.

The DBS digital bank accounts are becoming increasingly popular among Singapore’s corporate investors. Investors can effectively manage their corporate accounts using digital bank accounts.

7. Using a company bank account makes tax filing easier.

Registering a business bank account in Singapore has various benefits related to compliance. It provides the convenience of conducting business internationally. Having such an account in Singapore can facilitate the tax filing procedure. Business banks in Singapore help you with every little aspect related to business bank accounts.

The purpose of opening a business bank account needs to be made evident to investors. It provides protection and security for the money, assets, and transactions.

Investors should register a business bank account in Singapore right away. The possession of a Singaporean business bank account entitles you to a host of advantages.

Good morning and welcome to your Morning Briefing for Monday 30 September 2024. To get this in your inbox every morning click here.

New appointment for Calton

Financial planning firm Calton has appointed Bruce Hendry as executive director to lead its head office in Edinburgh

He will take up the role from today (30 September).

The appointment is the capstone of a year of growth and consolidation and is key to Calton’s strategy for UK growth.

‘Keen interest’ in pension tax relief

Chancellor Rachel Reeves is likely to take a “keen interest” in pension tax relief – with a net annual cost estimated by the Treasury at around £48bn, analysis by consultants Lane Clark and Peacock has found.

The consultancy examined the potential for changes to pension tax relief as part of the 30 October Budget.

It argued that some changes, such as introducing ‘flat rate’ tax relief – though potentially lucrative – are highly unlikely politically.

BasePlan deal pays off for Kingswood

Despite a drop in assets under advice in its UK business, Kingswood’s UK and Ireland division reported a £200m uptick in the first half of 2024 thanks to the completion of its BasePlan acquisition and “positive market movements”.

In its unaudited interim financial results for the half year ended 30 June 2024, the group said it had experienced AUA outflows in its UK business following the departure of some wealth advisers.

Quote Of The Day

The UK economy is still growing, but this revision highlights the fragility of the recovery.

– Sarwar Khawaja, chairman of the executive board at Oxford Business College, comments on the revision in GDP figures downwards

In Other News

Independent investment consultancy Albion Strategic Consulting has announced a strategic partnership with P1 Investment Services to offer its ‘Smartersuccess’ investment service on a discretionary basis.

Albion launched its Smartersuccess service in 2006 to support financial planning firms with building and running an efficient inhouse investment programme based on their individual preferences.

The partnership provides financial advisers access to Albion’s support with the portfolio construction process, ongoing governance, and client communications with the added benefit of operational efficiencies through P1’s discretionary service.

Advisers will continue to leverage Albion’s Smartersuccess service to support their investment proposition on their preferred platforms.

However, by offering this service on a discretionary basis, P1 will take on the responsibility of execution and ongoing portfolio management, providing advisers with a more streamlined and cost-effective solution.

UK investment firm Blackfinch Group has appointed Mark Keogh as head of asset management distribution.

This is a key hire as the firm continues to expand its asset management capabilities.

Keogh brings over 37 years of industry experience and joins Blackfinch to drive the growth of its managed portfolio service (MPS) and tailored portfolio service (TPS).

His role will focus on delivering tailored investment solutions to financial advisers, as demand for outsourced centralised investment propositions continues to rise.

His appointment comes as more financial advisers seek bespoke investment solutions for their clients and Blackfinch is strategically positioning itself to meet this demand through its innovative TPS.

Complementing the MPS offering, the TPS solution will offer a flexible and customisable approach, allowing advisers to better meet specific client needs.

Keogh’s wealth of experience will enhance Blackfinch’s ability to deliver these personalised solutions to advisers across the UK.

UK banks divided over charging scam victims £100 for reimbursement (Financial Times)

UK business confidence dips to lowest level since general election (The Guardian)

New Swiss central bank chief takes charge in shadow of Credit Suisse trauma (Reuters)

Did You See?

In his latest Weekend Essay, news editor Dan Cooper examines the “questionable” sponsorship deals made by football clubs.

“Football has been a big part of my life for as long as I can remember,” he writes.

“Like many young lads, I dreamed of scoring the winner in the last minute of the Cup Final as I kicked a tennis ball around the playground with my mates.

“Outside of school, I used to spend hours at the park around the corner from my house, practicing my keepy-uppies and dribbling around the jumpers I’d laid out.

“When I wasn’t playing football, I was watching it.

“I remember my jaw dropping to the floor when I walked up the steps at the old Wembley stadium to watch my first ever England game when I was eight years old – and I’ve been hooked ever since.

“I love the beautiful game, but there’s an ugly side to it that not many seem to be talking about – and that’s questionable sponsorship deals.”

A HOMEOWNER missed out on a £83,000 People’s Postcode Lottery jackpot while their whole street celebrated.

The unlucky local is urging people not to make the same mistake as they did.

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Their street in the “forgotten” village of Nantymoel in the south Wales valleys scooped £1million in the Postcode Lottery.

The jackpot was split between 11 winners along the street – each of whom took away £83,333.

But one villager was left empty-handed after failing to sign up for a Postcode Lottery subscription.

The local said: “It’s fabulous that people in our little town have won – I might not have won but we’ll be celebrating with them.”

Postcode Lottery players sign up their street and pay £12 per month.

Subscribers are then automatically entered into each draw and then prizes are announced each day of the month.

But people on a winning street will only get a cash prize if they have an individual subscription.

Winner Rebecca Banks said: “The buzz on the street and around the whole place is just unreal.

“We are the forgotten valley as we don’t have many amenities for anyone.

“We’ve got a couple of small shops, the pub has only been open a couple of months.”

She added: “There’s no supermarkets and the nearest is a 20-minute drive away.

“We don’t have any petrol stations, nothing at all. So, for this to happen is just incredible.”

Rebecca, who works for a credit union, said: “We can just enjoy life and have fun.

“We’re going to Thailand next April, so we might make a few upgrades.

“And it’s my 40th birthday in December, so now we could go on a nice weekend away.”

WIN THE VALLEYS

Alan and Muriel Owen also won a life-changing sum in the Postcode Lottery draw.

Muriel said: “I couldn’t believe it, I thought it was a scam at first, and then I said to Alan somebody was playing a sick joke on us.”

Fortunately, the phone call confirmed their win was real, and now the couple look forward to splashing their newfound wealth.

Alan and Muriel wasted no time and had already booked a trip to Turkey to celebrate.

The lucky pair added that it was “amazing” to share the win with the other residents, describing them as “lovely valleys people”.

Most of the winners in Nantymeol came together to celebrate at the local village pub.

Owner Helen Smith said: “It’s fantastic news – it was a lovely atmosphere here.

“We put on free prosecco for everybody to help them celebrate. It’s nice to see lovely people winning money.”

How to enter the People’s Postcode Lottery

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• The Postcode Lottery is a subscription-based lottery in which players sign up with their postcode.
• Your postcode is your ticket number – 40p a day ensures entry into all drawers, or £12 a month.
• Once subscribed, they are automatically entered into every draw.
• Prizes are announced every day of the month.
• If your postcode gets luck, every player in your postcode wins.
• 33 per cent of the ticket price will go to charity that is re-funnelled back into the community.

Financial planning firm Calton has appointed Bruce Hendry as executive director to lead its head office in Edinburgh

He will take up the role from today (30 September).

The appointment is the capstone of a year of growth and consolidation and is key to Calton’s strategy for UK growth.

Hendry is a chartered fellow of both the Personal Finance Society and the Chartered Institute for Securities and Investment.

He holds an Executive MBA from Edinburgh University Business School and has previously lectured at Dundee and Edinburgh Universities.

He has held previous roles at Thomson Cooper Accountants, Charles Stanley and Co and Barclays Wealth and Investment Management.

He will join Tom Ham, Laura Bruce, Gary Dale and Mark Polson on the company’s board of directors.

Commenting on his appointment, Hendry said: “I have been watching Calton’s development closely. The firm’s vision aligns with mine – to build client confidence through delivering exceptional outcomes and service.

“Much of that is about values, but Calton is also breaking new ground in developing systems that will help make that vision a reality. I look forward to showcasing this to the profession.”

Calton Wealth uses AI to cut out ‘menial tasks’ for advisers

Calton founder and group chief executive Tom Ham said: “Bruce choosing Calton is a vote of confidence in our mission and ambition.

“He has already built a distinguished senior career in advising and investment management across the UK and has a proven track record of building and growing departments.

“His expertise and dynamism is second to none. He will be an essential force in taking Calton and our talented team to new heights in the service we offer our clients.”

Over the past 12 months, Calton has moved to a new flagship office in Rutland Square in the heart of Edinburgh’s financial district.

Calton Wealth makes first acquisition in ‘key step’ for growth plans

It has increased its client-facing and support staff and launched a new digital presence. A groundbreaking new management system will launch later this autumn.

Ham added: “We are focused firmly on a future in which technological solutions will ease friction in our day-to-day processes while ensuring that we adhere to the highest professional standards.

“Our bespoke management system will be an essential tool across our team, from advisers to paraplanners, to marketing, monitoring and reporting.”

Calton is a financial planning and investment management firm founded in Edinburgh by Tom Ham in 2021.

With offices in London and the Scottish Borders, it has clients across the UK.