Jan 10, 2022

10th January 20228:26 am Good morning and welcome to your Morning Briefing for Monday 10 January, 2022. To get this in your inbox every morning click here. Tavistock eyes LEBC The sign Tavistock is undergoing a change of direction and strategy was flagged up by the sale of its wealth arm to Titan. Its latest half-year results released in December 2021 showed it received an initial £20m of consideration from the sale of Tavistock Wealth. At the time Tavistock chief executive Brian Raven indicated the deal meant the company had more firepower to grow through acquisitions. Now it has announced the intention to take a 21% stake in national IFA LEBC and its two regulated entities: LEBC Group Limited and Aspira Corporate Solutions Limited. Tavistock is a firm to watch closely. But it also might be an opportunity to put your finances on a sounder footing. How can clients get to grips with their financial stresses in this time? Leigh Dunkley who is financial wellbeing lead at Schroders Personal Wealth shares some tips. Money Marketing has partnered with recruiters BWD for their relaunched salary survey for 2022. The report has become a definitive reference guide for the financial services sector showing trend data and up to date information on salaries, benefits and bonuses It has brand new questions about Covid and diversity alongside questions about what people’s salaries were in 2021 and what they expect them to be in 2022. Quote Of The Day The median household net wealth in Great Britain now also sits at £302,500, a 20% increase companies with the 2006-2008 period. With the single largest intergenerational wealth transfer coming over the next 20 years, it is essential that there is a focus on intergenerational planning, particularly for these households, over the coming years – Will Stevens, head of financial planning at Killik & Co. comments on the the Total Wealth in Britain stats which show’s the median household net wealth Stat Attack Pension wealth is the dark horse when it comes to wealth accumulation as everyone is focused on housing. This is borne out by the Office for National Statistics latest report on Household Total Wealth in Great Britain: April 2018 to March 2020 . The importance of defined benefit pensions featured heavily when comparing the pension wealth of employees and the self-employed. The ONS found households with employee heads had higher levels of pension wealth than the self-employed. See below. Pension wealth: ONS In Other News Albion Capital is seeking to raise up to £80m, with over-allotment facilities of up to a further £20m in aggregate, through offers across its six venture capital trusts (VCTs). Following Albion Capital’s successful VCT fundraise of £58.5m in 2021, the new offer reflects the business’s continued objective of delivering sustainable growth and new investment. Its target sectors are B2B software, healthcare (including digital) and mission critical tech enabled services. Albion Capital managing partner Will Fraser-Allen said: “This new fundraise demonstrates Albion Capital’s ongoing commitment to supporting the UK’s most ambitious, innovative companies which are at an inflection point in their development, requiring additional funding to accelerate growth. “Despite the incredible progress and acceleration of digital adoption in recent years there is no slowing of investment opportunities and we remain extremely optimistic about the future. “We have been privileged to manage VCTs for over 20 years and are excited to continue providing a patient source of capital to entrepreneurs who are building the future of the UK economy and creating thousands of jobs in the process.” Schroders has appointed Tim Goodman to the role of head of corporate governance, where he will focus on further developing Schroders engagement and voting on corporate governance matters globally. Goodman brings with him 29 years of experience across the environmental, sustainability and governance (ESG) sectors, as well as the responsible investor and corporate communities sectors more broadly. He will be based at Schroders head office in London. Prior to joining Schroders, Goodman spent 14 years at Federated Hermes, including most recently as director of engagement where he focused on the energy, technology, consumer goods and retail sectors. He also previously worked in the insurance industry and held various senior management roles before becoming a company secretary at the UK-listed Domestic & General Group plc. From Elsewhere Nato stands ready for conflict in Europe, says alliance chief ( Financial Times ) Sort out housebuilding obstacles or miss target, Lords warn UK government ( The Guardian ) Did You See? Amanda Newman Smith writes Weekend Essays that are a pleasure to read and informative in equal measure. Her latest one asks if we ask a little too much from our advisers and assesses how financial planning has evolved. It takes us on a journey through music, psychology and financial planning.