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Introduction by Money Marketing editor Justin Cash
Financial planning is a delicate balance. Nowhere are such trade-offs more evident than in decisions about how much cash to hold – about how to juggle a potential drag on returns with the benefits of security and liquidity. Retirement planning has evolved at such a pace since the RDR that these questions have become even more crucial. It’s not just the frequent volatility in markets that has thrust the issue of cash holdings into stark relief; the clear direction of travel towards holistic financial advice has as well. The idea of separate pots for decumulation has grown in prominence, where cash can fill a vital role in meeting short-term needs. The reassurance it can give as a buffer, to keep clients on track to meet life goals in an emergency, has also played in its favour. Amid the market drop of coronavirus, those holding significant amounts in cash would have been confident they had made the right preparations for such an event. But, as markets have jumped back up, where does that leave cash recommendations? Still, the question in modern financial planning isn’t whether to hold cash; it’s how to hold it most efficiently. In this supplement, we look at how advisers view the evolving role of cash in a financial plan, and the improvements they would like to see from cash providers. There are no hard rules about how much cash is right, but we hope you find it a useful guide to frame that difficult decision.
There is undoubtedly a host of reasons advisers should continue to feel optimistic. Many I speak to are having to turn away clients who are queuing up for their services as demand races even further ahead of supply in the wake of the pensions freedoms. But so much of the modern adviser’s role is about keeping financial plans on track, guarding against volatility and carefully monitoring their client’s affairs as the sands shift beneath them. In this supplement, we take a comprehensive look at how advisers can navigate impending challenges across the economic, investment and regulatory landscapes. From SMCR and a review of RDR to a potential return to more normal levels of inflation and equity valuations, advisers certainly have a lot of issues – and acronyms – to get their heads around. We hope we can put some meat on the bones of conversations with clients, and help advisers prepare for what will inevitably be some tricky discussions ahead. No one has a crystal ball, but neither can they afford to be blindsided.
New world, new NS&I
Last year NS&I launched an online service for advice firms and here it provides an overview of this initiative, including how to register
Q&A
Cash is a crucial piece in a client’s planning jigsaw, says Andrew Pike, head of intermediary relationships at NS&I
On the money
If advisers weren’t talking about cash before, they should be now, as pandemic-panicked clients run to their perceived safe haven
Cash for questions
Attitudes have shifted over the years and cash management services are on the rise – but are they suitable for all types of client?
and
ADVICE
CASH
Safety first, or the best of both worlds?
How planning around cash has transformed since the RDR
September 2020
For more information about NS&I online service for advice firms visit https://www.nsandi-adviser.com/obtaining-client-information
For more information about NS&I visit https://www.nsandi-adviser.com/
ON THE MONEY
Home
By Laura Miller
When managing pension drawdown for risk-averse clients in volatile markets, advisers find smoothed funds a vital tool
Stop people on the street and ask them how much cash one should save for a rainy day and most will tell you, trotted out for years as scripture by various experts, that it is three months’ expenditure. But what has worked for cash in the past, either as a buffer against the unexpected or as part of a portfolio, might not work today. “We are living in truly uncertain times and those who can afford to do so may endeavour to reinforce their rainy-day pot,” says Interactive Investor personal finance campaigner Myron Jobson. “Having three months’ worth of salary stashed away is a good rule of thumb although many people would want to double that given the employment uncertainty amid Covid-19 – if they were fortunate enough to be able to do so.” People who can are moving into cash at breakneck speed, worried first by volatile, coronavirus-pummelled stockmarkets in the first half of the year, and now by the recession we are told will be the worst for at least 100 years – GDP for the second quarter showed a 20 per cent contraction in the UK economy, the deepest drop ever recorded in Britain. In a survey in June by currency trader HYCM of more than 900 UK-based investors, all with investments above £10,000, a third planned to put more money into their savings accounts over the coming 12 months. In a separate survey by Columbia Threadneedle in July, the message was the same: 36 per cent felt the crisis had made them more inclined to favour cash. Another finding in the Threadneedle survey was even more telling, with 36 per cent saying the pandemic had made them place more value on professional advice. Clients are running scared into their perceived safe haven, and they want your help. If advisers weren’t talking to their clients about cash before, they should be now. Cash has changed from being a peripheral part of portfolio management to an integral piece of the advice puzzle. “Originally, financial advice was very product based and arguably sales driven, so many advisers in the past might not have paid much attention to a client’s cash position, other than perhaps in terms of ‘selling’ the client another product,” says Rowley Turton financial adviser Scott Gallacher. “The good news is that, as financial advisers have embraced financial planning, cash holdings are an increasingly important part of that financial planning jigsaw.” Due to this historic sales culture, some clients are still sometimes reluctant to make their adviser fully aware of their savings position for fear of being sold another product, says Turton. “I always make a point of explaining to clients that we need to see the full picture of their financial planning jigsaw; and, if I know they have £X on deposit, then that’s £X I don’t need to find elsewhere to help them achieve their retirement or other goals,” he says. Working out how much cash an individual client needs to hold is also nuanced, depending on their stage in life. Red Circle Financial Planning chartered financial planner Darren Cooke gives the example of a client who is in retirement with the bulk of their income secured through defined benefit pensions and the state pension. “They may not actually need much cash beyond an emergency fund,” he says. “Likewise, for a client in accumulation, if they have a very secure job and income, do they really need much cash?” However, if a client’s job is not secure, or if they are taking benefits and living off their investments and want to pause income during a market crash, “three months’ savings may not be much”, advises Cooke.
The households’ saving ratio, which measures the propensity of UK households to save out of their current income, has been creeping up, reaching 8.6 per cent in the first quarter of 2020, the highest rate since 2015. Some of this coincides with employers adding to pension savings via auto-enrolment, but it also points to a wider and increasingly long-standing nervousness about the state of the economy and individuals’ personal finances. One example of this risk-averse, cash-favouring sentiment is the number of people subscribing to stocks-and-shares Isas in the 2018/19 tax year, which fell by 450,000 from 2017/18, while cash Isa subscriptions increased by 1.4 million. Knowing that the majority of cash savings accounts do not beat inflation, and how much that can eat into wealth over the years, let alone the lost opportunity cost of not investing the money, how do advisers talk to clients about the pros and cons of cash? The Money Panel financial planner and host of the In Her Financial Shoes podcast Catherine Morgan says her audience are “big fans and hoarders of cash”. She has created three golden rules when giving advice to help her navigate this proclivity. “First, get financially naked, strip everything back and understand where the money is going. Second, give every pound a purpose in line with the client’s values and intentions. And third, help clients create conscious awareness about their spending habits.” Morgan finds simple analogies work well with clients. She talks about cash in terms of their fridge, larder and freezer: store some cash in your fridge for everyday use and easy access; store some in the larder for when you need occasional access; and top up your freezer for investments in your future. “Cash is often related to the feeling of financial security, safety and enoughness,” she says. “If you can help a client to create positive feelings of holding cash at the right levels, it can help them to stretch their financial comfort zones and feel more comfortable to look at alternatives to cash.” Clients also need advice about where to put all this ready money they are holding – or, more importantly, where not to put it. Often any instant-access savings account will do for a rainy-day fund, but the most obvious place can be on the same platform they are using for their retirement and general investment funds. This is usually a far-from-perfect, albeit neat, solution. “Platforms have always represented a pretty poor home for cash, and with the current low levels of interest rates that is absolutely the case,” says The Lang Cat consulting director Mike Barrett. “Any cash holdings on a platform should probably only be for short-term refuge from the markets, or used to pay fees,” he says, adding this is especially the case where the platform applies a charge on cash holdings as well as investments, which many do, as the following table, based on The Lang Cat data, shows. “For these platforms, the combination of levying charges on cash and the current low rates means the clients are signing up to a guaranteed loss,” says Barrett. History has shown that, over the long term, a well-diversified portfolio of financial assets is more likely to generate returns compared to cash. But that doesn’t ever seem to dent its appeal. Instead, advisers need to listen to their clients’ fears and come up with better ways to manage their love of putting money under the metaphorical mattress.
‘These funds are just trying to smooth out performance for those who worry about day-to-day volatility’
‘Many advisers in the past might not have paid much attention to a client’s cash position’
Which platforms make a margin on cash?
PLATFORM
CHARGE LEVIED ON CASH BALANCE
Advance by Embark Aegon Platform Aegon Retirement Choices J Bell Investcentre Alliance Trust Savings Ascentric Aviva Credo Elevate Embark FundsNetwork Hubwise James Hay Multrees Novia Nucleus Old Mutual Wealth P1 Investment Management Parmenion Praemium Raymond James Seven IM Standard Life Transact Wealthtime
No Yes Yes Yes No Yes Yes Yes Yes Yes No Yes Yes No Yes Yes Yes Yes Yes Yes No No Yes Yes No
CASH FOR QUESTIONS
By Natasha Turner
Attitudes towards cash have shifted over the years, especially in the wake of financial crises, and cash management services are on the rise – but are they suitable for all types of client?
Making big changes at a time of crisis is rarely a good look for financial advisers, and attitudes to cash are no different. Emergency buffers are of course recommended, with the three- to six-month rule generally intact despite more caution among clients who came of age during the last financial crisis. But cash management services appear to be on the rise, which could present solutions for advisers – if the rates can be justified. When it comes to clients’ cash, National Savings and Investments remains a popular choice for advisers. A recent study by NextWealth, ‘Giving Credence to Cash: Why It’s Time for Financial Advisers to Challenge Their Assumptions’, found it had nearly 10,000 customers with more than £1m invested, and about 67,000 customers with more than £250,000 invested, indicating many advised clients were customers. “We are really big fans of anything NS&I,” says Emery Little director Jo Little. “Clients don’t have to worry and the simplicity of it is really important.” Glasgow-based Save and Invest managing director Jeffrey Deans adds: “Especially when people have relatively substantial amounts of assets, the total security of NS&I gives complete peace of mind.” Meanwhile, NextWealth managing director Heather Hopkins says: “NS&I works really well for the cash buffer.” Cash buffers are important for any client. For Bristol-based Brunel Wealth financial planning director Ria Bedford and her business owner clients, three to six months is typical. Similarly, Little says six months tends to work for clients in accumulation, with closer to three months for those in drawdown. “A huge number of our clients are lucky enough to have secure income via final salary pension schemes so, while we would still encourage a healthy cash buffer, there is secure income,” she says. For other clients in retirement, a larger buffer may be required. “We found 84 per cent of advisers used a cash buffer for clients in retirement, and most were allocating at least one year,” says Hopkins. “Whether that’s different for clients in accumulation, I don’t have any data to support it, but conversations with advisers suggest clients who are fully retired will have greater cash holdings because they need a bigger buffer.” Advisers may not have made rash decisions during the Covid-19 crisis, for example, but attitudes towards cash have shifted over the years. Numerous studies, including a 2016 US Federal Reserve survey of consumer finance, have tracked the behaviour of different demographics as they emerged from recessions. “There’s some evidence that people who came of age in the financial crisis have a much lower appetite for risk and will hold larger cash,” Hopkins says. Bedford adds: “There’s a hangover from the previous financial crisis when they really valued having a good level of available cash and having things not tied up. “Before that there was a bit of complacency and everyone was quite happy to hold very low levels of cash because the trade-off was a much higher return that went on for a very long time. “So that changed a lot of opinion among my clients in terms of cash, and a lot of them now, particularly the business owners, feel much more secure holding higher levels of cash.” One change the RDR brought about was a move towards a more holistic, financial planning approach to advice. This has resulted in the increased uptake of cashflow modelling. Hopkins says: “Eighty per cent of advisers tell us they use cashflow modelling now. “That’s not to say people who are doing cashflow modelling are taking cash into account, but it might be a proxy for holistic financial planning.” Deans says: “Cashflow planning has become very important for people. Especially in estate planning, people worry about gifting, but you can often say to them: ‘Well, you’ll run out of money when you’re 135 and that’s the worst-case scenario, so you can afford to give that £200,000 into a trust or just outright.’” But he adds: “Cashflow planning is key but that’s nothing to do with holding money in cash; it’s assessing the longevity and the needs of individuals to fund their lifestyle and any other planning aspects they want to think about.”
For Deans, looking after client cash is not part of his job, and for Little and Bedford cash management solutions have not been necessary for clients. However, the NextWealth report shows cash products, and enquiries, are on the rise. St James’s Place and Hargreaves Lansdown have launched cash management solutions, the former now having more than £1bn on deposit. “There has been an increase in enquiries to cash management providers,” says Hopkins. “Talking to platforms they’ve seen cash holdings on the platform increase, and Investment Association data showed some of the top-selling funds were cash-like funds.” One advice firm using cash management solutions is Wetherby-based Berry and Oak. It uses NS&I, Cater Allen and Insignis Cash Solutions. Through Insignis, the firm can link cash products into the Intelligent Office client portal, and it has started using it for larger cases. “Insignis gets better rates by shopping around and can keep clients under the Financial Services Compensation Scheme limits, so we typically use it for clients with £200,000-plus to place in cash,” founder Andrew Elson told the NextWealth report. “The client completes only one application form, which reduces admin hassle opening different accounts.” Elson uses Cater Allen for clients entering decumulation and drawing income from their pension. The firm usually makes one annual pension withdrawal and puts that money into a Cater Allen bank account with a standing order to deliver a monthly sum. These kinds of solution may be suitable only for higher-net-worth clients, however. Octopus Cash’s average deposit size is £150,000, with Insignis’s and SJP’s solutions offering tiered plans for clients with more than £250,000, although the latter also has a £50,000 option. They are also not without their issues.
‘Cash holdings on platforms have increased, and some top-selling funds on platforms are cash-like’
Changing attitudes
Solutions in sight
‘Paying for cash management has always been a psychological blocker, so you really want to ensure what you pay for is of value to you’
“The main thing is better rates,” says Hopkins. “The alpha they can get from cash isn’t big enough to justify the adviser’s fee in a lot of cases, so they’ll often not charge for their advice on that. So, if they’re going to use a cash management provider, they have to charge a fee and the rates aren’t high enough to make enough money on that to make it worthwhile.” Hopkins adds that better integration – providers having data feeds better aligned with back-office systems – may also help, and paper-based, wet signature processes are not always the smoothest. Little says: “Paying for cash management has always been a psychological blocker, particularly when you have access to things like NS&I, so you really want to ensure what you pay for is of value to you. “We’re such a regulated industry that, with the sheer amount of work and time that needs to go into making recommendations, in order to add cash to that you have to ask: is there a net benefit to the client? And we’re not yet in the position to say yes.” Thorough financial planning, often including cashflow modelling, means clients are prepared when disaster strikes, particularly if options such as the NS&I are still deemed to have reasonable rates. How cash solutions match up to future challenges will be key if they want to continue their success.
‘A lot of my clients now, particularly the business owners, feel much more secure holding higher levels of cash’
a crucial piece in a client’s planning jigsaw
Head of intermediary relationships, NS&I
Q&A: Andrew Pike
Cash forms a core part of wealth, and holistic financial plans cannot be described as such if clients maintain substantial cash holdings outside their scope. Many advised clients hold large sums in cash. For example, NS&I has more than one million customers with over £50,000 invested with us, and most of these customers will have sought financial advice. We also have more than 10,000 customers with over £1m invested. Cash can provide liquidity in a portfolio – and, importantly, protect capital by providing a secure hedge against riskier investments. Fixed-term cash deposits also offer a guaranteed rate of return for a specific period. This can protect capital should the markets be uncertain or expected to fall. Cash providers, like the large banks and building societies, offer increased security. This is especially true of NS&I with its 100 per cent security guarantee for all funds, even above the Financial Services Compensation Scheme limit, due to its backing by the Treasury. This year, cash providers are reporting a surge in enquiries since the global pandemic and resulting market declines and volatility. Hence there has never been a better time for financial advice firms to take another look at how they work with their clients’ cash holdings, and at the service they offer to existing and potential clients. The cash management sector is expanding to meet growing demand. St James’s Place and Hargreaves Lansdown both offer cash management services to clients, and existing UK specialist providers are being joined by new players from overseas. Additionally, cashflow modelling is widely used by financial planners, but you can’t predict the future without the full picture of a client’s finances. Cash is an asset class and as such should be considered as part of the overall financial plan.
Cash is an under-represented asset class on platforms, primarily due to the arguably out-of-date commercial model still being commonly used in the industry. As there just isn’t the margin in cash to pay platform fees, this will always be prohibitive until platform providers look at the wider picture. Having cash products on platforms enables advice firms to see the full picture of a client’s finances, while in some cases cash providers can provide a ‘trust halo’ effect that positively impacts on the whole platform proposition. This situation is slowly improving though, with some platforms now adopting different models. In the meantime, cash providers are evolving their own propositions. For example, last year NS&I launched its new, dedicated online service for advice firms, with hundreds registered already; this in itself shows the increased interest in cash among firms these days. Probably no surprise, however, because it’s highly likely that most if not all advice firms have clients with NS&I holdings. So this gives them the missing piece in their clients’ financial jigsaw.
'Cash is no longer considered a secondary concern by most planners but instead an integral part of portfolio planning'
What role do you think cash should play in a financial plan?
What are the main adviser frustrations with cash platforms at the moment?
'Cash providers are reporting a surge in enquiries since the global pandemic and resulting volatility'
Some client attitudes towards cash remain unchanged. The main drivers to holding large sums of cash are a desire for liquidity and protection of capital. The following are more specific reasons for large cash holdings: • Cash buffer: Cash buffers are widely used. While we have not quantified their use for clients accumulating wealth, research by NextWealth for Aegon earlier this year found that 84 per cent of financial advisers used a cash buffer for clients in retirement, and 69 per cent allocated at least one year of income to cash • Large known expenditure: Investors will hold a cash reserve to pay a large tax bill, such as for the sale of a business, or for a downpayment or renovation of a house • Sudden windfall: Customers often pause for breath after receiving a large lump sum of cash, for example from the sale of a business, an inheritance, or a large Premium Bonds/Lottery win However, the financial crisis and the global pandemic have combined to significantly increase the focus on retaining funds, rather than growing them, which in turn has sent clients towards the security offered by cash deposits.
'There has never been a better time for financial advice firms to take another look at how they work with their clients’ cash holdings'
Is there such a thing as the right amount of cash buffer?
In the Financial Advice Barometer that NS&I ran from 2016-19, the most popular figure quoted by advisers for how much to hold in cash was 10 per cent of a portfolio. However, it varied quite a bit with some advisers recommending just 5 per cent and others 30 per cent plus. This year these figures will have almost certainly increased. However, using a ‘typical’ figure here is difficult because it really depends on an individual client’s risk appetite and needs, both short term and long term.
Cash deposits are becoming an increasingly important aspect of a client’s portfolio, and are no longer a peripheral concern for planning firms. Financial planners have always tended to include cash deposit savings as part of their holistic planning propositions, as they are viewed as an important piece of their clients’ overall financial jigsaw. Holistic financial planning has become much more widespread in the financial advice profession in recent years, which has meant that cash is no longer considered a secondary concern by most planners but instead an integral part of the portfolio planning process. Since the RDR in 2012, clients have had much higher expectations of their planning firms due to the more transparent – and in some eyes expensive – fees paid up front. They now believe that their financial adviser should do everything for them, including all liaison with product providers to manage their investments, and this includes managing the cash element of their portfolios too. Our research has shown that most planners now discuss their clients’ cash positions with them, making those who don’t include cash in their financial planning proposition part of a small minority within the industry. Clearly we are in the middle of an extraordinary year, with the global pandemic leading to a new ‘flight to safety’, and large inflows coming into NS&I and no doubt other cash providers. So it is more important than ever for financial planning firms to take note of these changes within the advice market and adapt to clients’ increased expectations; and, if they have not already done so, start to think about how they can best incorporate cash deposit savings into their wider financial planning proposition.
Have you seen a change in adviser habits since the RDR, and lately Covid-19?
Are client attitudes towards cash changing too?
Andrew manages NS&I’s key relationships with the intermediary market, including the professional bodies, and oversees NS&I’s overall proposition for financial planners and paraplanners. He has more than 25 years’ experience in marketing and business development, including the past 16 years with NS&I, where he has also managed its retail partnerships.
Biography
For more information, please go to: www.nsandi-adviser.com
cash:
One of the largest savings organisations in the UK 25m customers with over £200bn invested Unique 100% security, even above the FSCS limit, due to HM Treasury backing Often seen as the default home for cash in the minds of advice firms
Who are NS&I?
Many will have sought financial advice Also 11,000 customers have over £1m invested
A million customers each hold over £50,000 with us
Danny Cox
“For millions, the NS&I brand stands for financial security and remains the first-choice safe haven”
Chartered Financial Planner, Hargreaves Lansdown
Income and fixed term products, ISAs, other savings accounts and Premium Bonds of course Some can be held in a Trust, SIPP or SSAS Individuals can invest over £4m with us risk-free
What do we offer?
Secure hedge against riskier investments Provides liquidity Guaranteed rate of return with some products
Cash is now an integral part of a portfolio
Since the RDR, cash has had an essential role in the financial planning process, especially in these turbulent times.
“NS&I is a respected and trusted brand, and our common objective is to improve outcomes for clients”
Jacqueline Lockie
Head of Financial Planning, CISI
NS&I launched an online service for advice firms designed to meet your growing expectations. By registering, firms can get faster, easier access to information on their clients’ holdings.
– enabling information on clients’ holdings to be accessed over the phone for the first time – removing the need to complete a new one every time – for faster and easier access to client information, again for the first time
NS&I enjoys high advocacy levels among financial advice firms
Highest ever advocacy score in July 2020 of 8.66 (out of 10) in response to the question ‘How likely are you to recommend NS&I?’ 85% of advisers regularly recommend Premium Bonds
You asked, and we made it happen
In response to feedback, we have introduced some significant service enhancements for financial advice firms, including:
FA service enhancements
Faster access to client information via our new online service
You can now view the following digitally:
A list of your clients with NS&I holdings Select a client and view their NS&I portfolio Copies of clients’ NS&I statements and other communications Valuations of fixed-term investments and their maturity dates Transaction history of an account Premium Bonds prize history
“This new service from NS&I is a most welcome development, enabling us to easily obtain an up-to-date, consolidated list of client holdings. This saves time, improves efficiency and allows us greater monitoring of a client’s overall financial plan.”
Peter Osborne
Client Director at Paradigm Norton Financial Planning
Since launch more than have registered to use our online service FA satisfaction has increased by since the online service was launched Service well received by firms as they have found that it saves them time and improves the onward service they give their clients
Positive reaction by advice firms to the online service
Join the hundreds of advice firms that have already started enjoying the benefits of faster, easier access to their clients’ NS&I holdings, and register today for the online service by visiting:
Have you registered your firm yet?
nsandi-adviser.com/ obtaining-client -information
2016
2018
2019
2021
2022
Enhanced new version of FA website
Indefinite Letter of Authority
Online service launched
Adding trusts to the online service
Enhanced Adviser Helpline
Digitalising the registration process
Transactional access/ platform propositions
An enhanced Adviser Helpline
An ‘Indefinite’ Letter of Authority
A revolutionary online service
700 firms
20%
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