It is rare that a business career can be viewed as an unremitting success, but surely with Andy Bell that may well be the case.
He is to step down as CEO of AJ Bell after 27 years at the helm although he will continue as deputy chair.
Bell has been AJ Bell’s CEO since he co-founded the business in 1995. He will be replaced by the investment firm’s deputy CEO Michael Summersgill on 1 October 2022, subject to the usual regulatory approval.
It is interesting just how successful the firm has been in achieving significant but never outsized or unstable growth building in the same way as many advisers recommend their clients build their portfolios. Hats off etc.
David Ferguson, the boss of Seccl suggests that platforms could be in for shock with the new consumer duty.
To quote - “Depending how forcibly the FCA manages consumer duty or enforces it, if it runs by the letter of what's being proposed there’s some enormous challenges for legacy providers to get their act together on pricing and service.”
Addressing such matters will, he says, require a lot of investment. I think the really interesting aspect for most advisers will be whether it brings an improvement in service where clients are trying to move their assets away from a platform or provider although clearly it will be relevant for inter-platform competition.
For advisers worried about their own consumer duty requirements, SimplyBiz has launched its own consumer duty hub.
Extinction Rebellion protestors have targeted a Vanguard roadshow event in Glasgow and claimed the £6.4tn asset manager is 'investing in climate disruption' as New Model Adviser reports.
The fact it was the firm’s sustainable life roadshow does seem rather churlish on the part of the campaigners.
Whatever the merits of direct action and certainly the sort adopted by XR – there are going to be huge challenges for passive if it remains behind or perhaps even gets significantly in front of global sentiment in terms of public opinion. Investor sentiment is likely to be the main driver but of course that is split too.
Sustainable investing, I would argue, is being tested in all manner of respects though that is not necessarily a bad thing.
