The Morning Briefing: Engaging Baby Boomers and Family Wealth

Hello and welcome to your Morning Briefing on Wednesday, October 5, 2022. To get this delivered to your inbox every morning Click here.

Engage Baby Boomers

Retirement providers are failing to engage baby boomers, especially women, according to research by Dunstan Thomas.

He explored the level of engagement with revival packs and investment pathways.

The level of engagement with wake-up packs was low for both genders, but slightly lower for women.

Family heritage

Quilter today (October 5) announced an initiative to help counselors provide integrated service to entire families.

The company notes that advisors are looking to expand their offer to offer family wealth management services.

September in review

The Money Marketing the editorial staff had a busy month of september. They sit down to discuss the flagship Money Marketing MMI London conference and the Money Marketing Awards. the fallout from the mini-budget, and what to expect in the upcoming October issue.

quote of the day

The core systems of large financial services companies are often decades old and rooted in complex and disconnected legacy systems.

– UNRVLD’s Tom Holt believes that as the financial services technology sector grows rapidly and the “bank for life” mentality loses its relevance from one generation to the next, banking traditional companies must struggle to retain their customers.

Stat Attack

Early signs of the cost of living crisis in pensions are beginning to appear, according to a PLSA survey of 112 pension schemes.


Pension schemes surveyed by PLSA saw savers asking about cutting or stopping their pension contributions


Want early access to their pension after age 55


Of respondents said they had seen no change in savings behavior over the past few months


Said they saw members wanting to quit


This is only slightly above the long-term trend


Plans surveyed said they had seen an increase in members seeking help and advice on financial management


of pension plans expect more savers to want to reduce their pension contributions over the next six months


Also expect members to want early access to their pension after age 55

Source: PLAS

Other news

Glasgow-based pensions firm @SIPP is giving its non-managerial staff £350 a month to help with the cost of living crisis.

The company has already been offering employees an extra £150 a month since early July to help with the rising cost of living.

However, continued uncertainty over household finances and energy bills has convinced @SIPP to further increase its staff support scheme to £350 per month from October.

The company’s chief executive, Eddie McGuire, spoke with his staff to learn more about their financial pressures before making the decision to provide additional financial assistance on top of their salaries.

He commented: “These are quite extraordinary times. People’s monthly expenses are taking a huge hit, causing real uncertainty, stress and worry. We know we need to act immediately. We are not a big company, but we want to do our best to support our staff.

“The reality is that we don’t know how long these inflationary pressures and increases in the cost of living will last. If we believe they are permanent, we will incorporate these special payments into our cost base.

By the way

Financial markets are in trouble. Where will the cracks appear? (The Economist)

Asset managers may regret being the new banks (FinancialTimes)

Banks Funding Musk’s Twitter Deal Face Heavy LossesReuters)

Have you seen?

The Financial Conduct Authority’s Consumer Duty is a massive job with some key deadlines for various players.

The regulator has this useful infographic on the main ones that have been summarized below.

By October 31, 2022, companies’ boards of directors (or equivalent governing body) should have agreed on their implementation plans and be able to demonstrate that they have reviewed and challenged the plans to s ensure they are deliverable and robust to meet new standards.

April 30, 2023: Manufacturers must have completed all necessary reviews to meet the outcome rules for their existing open products and services so they can share with distributors to meet their duty obligations and identify changes to bring.

July 31, 2023: Implementation deadline for new and existing products or services that are open for sale or renewal.

July 31, 2024: Implementation deadline for closed products or services.

All of the above led to our weekly poll below: