Bento Bulletin

Please find below the most recent articles from our Panacea Bento Bulletin.

To read articles from a previous issue, click on the issue number which will open up a full list. Click on an article's link to read the full story.

Those article links with an asterisk next to it (*) denotes that issue's lead story.

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Bento 1061: A new helmswoman at the ECB: 'Creativity takes courage'
19 Jul 2019

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Christine Lagarde, Managing Director of the IMF and former French Finance Minister, has been proposed as the successor of Mario Draghi at the end of his term this autumn. What does this mean for the ECB?
 
 
   
 
 
 
 
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The State Pension is an important consideration when managing a client’s overall income in retirement.
 
 
   
 
 
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Don’t forget to register! Find out how a loan secured on your client’s home, a lifetime mortgage, could help your clients going through a later life divorce. Join Legal & General’s webinar on the 26 July at 10am.  
 
 
   
 
 
 
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From January 1st 2020, mediation will become mandatory in Switzerland with regards to disputes relating to asset management and financial advice.
 
 
 
 
 
 
 
 
Published annually, the report celebrates the UK’s fastest growing and most dynamic Small and Medium Sized Enterprises (SMEs).
 
 
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Everyone’s focused on the new kids on the block like Netflix and Amazon Prime Video, but don’t underestimate the ability of the established order such as Walt Disney to adapt and thrive.
 
 
   
 
 
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The honeymoon for US tech giants may be over, but is it time to break up? Rathbones Chief investment officer Julian Chillingworth discusses the intensifying antitrust scrutiny of America’s tech titans and how their future may rest on political machinations.
 
 
   
 
 
 
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Join Aegon's webinar on Tuesday 23 July to hear Martin Haggart, Aegon's Technical Pensions Manager, and Elaine Cruickshank, Aegon's Tax and Trusts Manager, discuss the various opportunities to consider with the lifetime allowance
 
 
 
 
 
 
 
 
Please find the latest fund factsheets for the VT Seneca Diversified Income Fund and VT Seneca Diversified Growth Fund linked below. We hope you find them useful.
 
 
 
Wealth & money management awards
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Bento 1060: The joy of missing out
17 Jul 2019

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How many self-help books have you got on your book case or lying around half read? Self-help is a multi-billion industry. In the USA alone it was worth $10bn in 2018. It fills bookstores, packs out conference rooms and is all over the web and social media. 

 
 
   
 
 
 
 
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In this webinar for financial advisers and paraplanners alike, Roger Perry, Head of Intermediary Sales at Defaqto, demonstrates the two-way integration between Intelligent Office and Engage Core that allows you to automatically share the latest client details, plans and valuations between iO and Engage.
 
 
   
 
 
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A Fairtrade-style kitemark for responsible investment is in the pipeline. Properly implemented, the initiative should improve industry standards on ESG, writes Steve Waygood.
 
 
   
 
 
 
 
 
 
 
Stocks soared to new highs in June, but more pessimistic bond markets tolled a more ominous note amid weaker growth, falling earnings, trade tussles and other troubles.
 
 
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Even though the lifetime allowance (LTA) may have been introduced as part of ‘pension simplification', back on A-Day in April 2006, given the constant tinkering it has seen over the years, LTA planning can be far from simple.
 
 
 
 
 
 
 
 
Do you have clients going through a later life divorce? Are you looking for ways you can help without splitting their assets in half? 
 
 
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We’re absolutely thrilled to win 2 awards at the recent Protection Reviews Awards. The judges praised us for bringing innovation to the market and striving to make real change. 
 
 
   
 
 
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Politics and growth are both key issues for Emerging Markets, where the overall news is positive – but with some notable exceptions.
 
 
   
 
 
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Bento 1059: Getting your Human Resources in order
15 Jul 2019

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Panacea is delighted to have updated their complimentary, downloadable guide to Human Resources with the latest rules and laws. Plus it now includes a Performance Review template that you can use in your business.

The guide provides all the key HR points that you need to know when managing your staff. 
 
 
   
 
 
 
 
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Position business protection with your clients without having to discuss insurance-based solutions.
 
 
   
 
 
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U.S. equities may be outperforming the rest of the world now, but the reverse was through outperformed during much of the first decade of this century.
 
 
   
 
 
 
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Read the latest market update from Royal London.

 
 
 
 
 
 
 
 
Pension freedoms has brought drawdown to the masses, and moved existing pension savings from a source of income in retirement to a financial planning vehicle.
 
 
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Western governments and companies routinely complain about the practice of ‘forced technology transfer’ in China, but are these grumbles justified? And beyond the trade war, what does the future hold for Chinese tech innovation?
 
 
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While we could be in the late stages of the current bull market, we see stocks grinding higher in the coming months through increased volatility.
 
 
 
Wealth & money management awards
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Bento 1058: Everyone’s different
12 Jul 2019

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At Royal London, we understand everyone’s unique. That’s why our protection proposition isn’t ‘one size fits all.
 
 
   
 
 
 
 
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We’re seeing significant changes in how people invest: auto-enrolment has created millions of new savers; there’s an increasing reliance on defined contribution pensions; and pension freedoms legislation means many more remain invested during retirement.
 
 
   
 
 
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While bonds appear to be signalling an economic slowdown, equities are suggesting growth will continue. In this month’s video, Investment Director, Ritu Vohora looks at the conundrum facing investors, with mixed messages emanating from bond and stock markets.
 
 
   
 
 
 
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In this webinar, Roger Perry will cover:- how financial advisers can use multi-asset funds for growth
 
 
 
 
 
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Investors globally are exceedingly optimistic in their expectations for returns for the coming years, according to Schroders Global Investor Study 2019.
 
 
   
 
 
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Technology is changing the way financial advisers work and it's also changing what clients expect from their advisers.
 
 
   
 
 
 
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Figures released today by SRI Services point to rapidly growing interest in environmental, social and ethical investment in the retail (individual) investment market. 
 
 
 
Wealth & money management awards
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Bento 1057: Crime, punishment and tax
10 Jul 2019

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We hear that BA is facing a chunky fine for data protection breaches, £183m in fact, equivalent to 1.5% of the airline's annual turnover. The Information Commissioner's Office said it found "poor security arrangements" by BA. CEO Alex Cruz expressed surprise. This the biggest the ICO has ever imposed.
 
 
   
 
 
 
 
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The Fed could have a challenge on its hands if it hopes to discover signs of a pickup in inflation.
 
 
   
 
 
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Your website is your shop window, and a key communication tool, but is it working as hard as it should?

 
 
   
 
 
 
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One of the reasons for selecting a discretionary managed, segregated portfolio over a portfolio in a collective structure, such as ETF or OEIC, could be the treatment of tax. Specifically, the management of Capital Gains Tax.
 
 
 
 
 
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Register for our next protection webinar - Why mortgage clients need income protection.
 
 
   
 
 
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Asian US dollar bonds typically offer a yield advantage over comparable US and European bonds. But what else does the asset class have to offer?
 
 
   
 
 
 
 
 
 
 
On 19 June, the FCA published some new data on the defined benefit transfers market. This was accompanied by a strongly worded media comment with the FCA saying it was ‘deeply concerning and disappointing’ to see the high proportion of recommendations to transfer, bearing in mind it has repeatedly said advisers should start from the position that a transfer is not suitable.
 
 
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Wealth & money management awards
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Bento 1056: Markets Now: Review and Update
8 Jul 2019

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Our proprietary leading economic indicator moved into negative territory in May, reflecting weakness in global trade data, manufacturing data and initial claims data.
 
 
   
 
 
 
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If your clients are thinking about taking out protection, they’ll want to trust that their plan will pay out if they ever need to make a claim.
 
 
 
 
 
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Since 2005 we've been conducting service satisfaction surveys across different product areas to collate advisers’ views on the service they receive from product providers.
 
 
   
 
 
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In our post RDR, post consolidation world, with the advent of the larger, more integrated advice firms, and their professional academies, the sales techniques of the 90s are well overdue for expunging from the business. 
 
 
   
 
 
 
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When it comes to marketing your business, there are an overwhelming number of ways you can approach it - website, social media, branding, events, blogging, ads, video etc. 
 
 
 
 
 
 
 
 
We created a step-by-step guide to help your clients through what they need to do when someone dies.
 
 
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There’s a quote that says, “Trust takes years to build, seconds to break, and forever to repair”. This is nowhere truer than in the financial world, where a person’s quality of life relies on decisions made by the experts in whom they place their trust.
 
 
 
 
 
 
 
 
There have always been three certainties to top slicing relief for insurance bonds. 
 
 
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Wealth & money management awards
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Bento 1055: Brexit fallout, would you employ Ollie Robbins?
3 Jul 2019

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I do not know, him, have never met him or have any personal axe to grind but last week’s announcement that the ‘Rasputin’ of Brexit is to leave (when Theresa May leaves office) his  role as head of the European and Global Issues Secretariat, advising the Prime Minister on the EU and to oversee Brexit came as not a big surprise.

 
 
   
 
 
 
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60 second video: James Sym expects the value style to start outperforming growth later this year, and there is one unloved sector in particular he singles out.
 
 
 
 
 
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Our proprietary leading economic indicator moved into negative territory in May, reflecting weakness in global trade data, manufacturing data and initial claims data.
 
 
   
 
 
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You can see from the pass rates above that you need to be well prepared in pass the exams.

 
 
   
 
 
 
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It is now three years since Britain voted to leave the EU and we are still none the wiser as to the final conclusion. In this note Tristan Hanson, M&G Fund Manager, asks how have financial markets moved since the referendum vote?
 
 
 
 
 
 
 
 
We’re committed to helping you build strong, lasting relationships with your clients.
 
 
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Worries over slowing global growth and rising trade tensions hit European share prices hard at the end of 2018. While early 2019 saw a rally, there remains considerable scepticism over the prospects for the European economy and its listed companies.
 
 
 
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Bento 1054: Talking with David Cumming
1 Jul 2019

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Talking equities, markets and playing the piano with David Cumming, Chief Investment Officer, Aviva Investors and Richard Romer-Lee, Square Mile.
 
 
   
 
 
 
 
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As clients have become more accustomed to stable and growing markets, advisers worry about future stock market volatility and geopolitical risk.
 
 
   
 
 
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Investors often don’t achieve the investment outcomes they could. That’s the consistent conclusion from studies such as the annual Dalbar analysis of investor behaviour.
 
 
   
 
 
 
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This goes through how some unwitting advisers’ sale prices are being held hostage through a potentially malicious GDPR loophole and how best to avoid it.
 
 
 
 
 
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Will McIntosh-Whyte of Rathbones, reflects on the risky business of managing multi-asset funds, and why you should always remember the Green Cross Code.
 
 
   
 
 
 
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The Fed’s latest meeting marks a significant shift in its thinking. What does this mean for the bond market and our duration positioning?
 
 
 
 
 
 
 
 
Advisers know about the advice gap, its reasons and implications, but there is another gap which is becoming more evident.
 
 
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Bento 1053: A nice little earner.
28 Jun 2019

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Dodgy dealing has come along way over the years, gone are the good old days’ as some may see it, when a little bit of petty larceny was seen as a fair contest between the ‘punter,’ the police and the villain. 
 
 
   
 
 
 
 
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Studies have shown that when women invest in the stock market they generally do well. However, the majority favour the perceived caution of cash. This comes at a cost, as their savings fall prey to inflation and lose value in real terms.
 
 
   
 
 
 
 
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In the centre of London, there is a market whose history stretches back to the first century. Built on the site of a Roman forum, Leadenhall was once the biggest market in Britain, with its merchants eventually selling poultry, cheese, meat, and fish.

 
 
   
 
 
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Find out about the benefits in the new Defaqto risk bound fund family report. It provides a regulatory update, an overview of the multi-asset fund universe and a framework for rating and selecting from both a quality and suitability point of view. 
 
 
   
 
 
 
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As the state of growth becomes harder to gauge, small-cap fundamentals are likely to matter more and more.
 
 
 
 
 
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The world seemed to unravel further last month, with British voters electing members to the EU Parliament whose goal is to leave it, and Donald Trump continuing to wield his trade cudgel. Our chief investment officer Julian Chillingworth considers the implications.
 
 
   
 
 
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Prudential invite you to join their Investment – Why alternatives webinar on 4 July at 9.30am. 

 
 
   
 
 
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Bento 1052: Getting yourself noticed
26 Jun 2019

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A big part of my job is getting noticed - in the right way. But it is more difficult than you might think. In normal times, we have to compete against the big players who have the funds to buy lobbyists, engage PR companies and get themselves strategically positioned across every media platform possible. 
 
 
   
 
 
 
 
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The US is expensive, and emerging markets (EMs) are cheap We've observed that before. But price alone isn’t what matters. What matters is the relationship between what you’re paying and what you’re getting, and the US and EMs represent different baskets of businesses.
 
 
   
 
 
 
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Paul Richards, Head of Sales, FundsNetwork interviews Colin Turton, Director, AdviserAsset on the latest developments in the adviser platform market.
 
 
 
 
 
 
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How can you see our industry changing? We need your help to answer five very short questions and share insights and opinions on what you believe the future holds for the next generation of financial advisers.
 
 
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The world is facing a rising tide of societal challenges, from the potential chaos associated with the breakdown of our climate, to unsustainable levels of waste and pollution, to vast and growing social inequality.
 
 
   
 
 
 
 
 
 
 
With robust tools and guides, investors can improve their chances of reaching their desired financial destination rather than taking a wrong turn.
 
 
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There’s no single type of lifetime mortgage customer. We’ve seen customers in a range of different circumstances benefit from unlocking the cash in their home. It’s not just the client that benefits from a lifetime mortgage either; a lifetime mortgage can help their families, too.
 
 
 
 
 
 
 
 
German bunds have become a lightning rod for market anxiety; Western Asset's Gordon Brown argues that too much bad news is built into current pricing, obscuring some key long-term macro drivers.
 
 
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