An independent (financial adviser's) view
Philip Hanley
Director and Independent Financial Adviser at Philip James Independent Financial Advice
I had a very trying train journey to London this week. I couldn’t get the wifi to work for love nor money and the buffet trolley ran out of croissants. I can’t remember ever having these problems in my days as a British Rail commuter. So bring on re-nationalisation, Jeremy and John.
“Controversy over 'Online GP' after minister’s endorsement”
Our leaders are keen to help us embrace the digital age; purely in our best interests, of course. A Robocop may still be a little way off, but they hope Roboadvice will take the place of we advisers and now the Robodoctor is set to replace your GP. Many (mainly men, of course) already rely on Doctor Google, who tends to be a bit of a pessimist and can convince you that a slight cold is actually double pneumonia. I fear, though, that it’s an option many others will embrace, if only to avoid those scary receptionists…
“Hong Kong stocks fall as Trump hits China with $200bn tariffs”
If anything’s going to cause stock markets to tumble/crash/plummet (which of course they will at some time), it will be bigger issues than our self-inflicted Brexit side-show. Trump’s trade war coupled with hikes in the US interest rates will in (his) theory make America great. The effects, real or perceived on the rest of the world will slap us all firmly in the face and/or backside some time soon. Watch this space. But don’t panic. It will be alright in the end; and if it’s not alright, it’s not the end yet. Etc.
“Investor confidence in UK drops beneath 2008 low”
It could be that the 52% who were keen to Take Back Control and Rejoin the Rest of the World are not investors. Or maybe no-one asked them. It seems though, that most ‘retail investors’ think Brexit may not be good news for our stock market, and could in fact be worse than the banking crash of 2008. They’re not experts, of course. However, expert and Brexiteer MP John Redwood, who has a Saturday job with stockbroker Charles Stanley, has advised their clients to move their money out of the UK. Good to know we’re in safe hands.
“No easy way to bring self-employed into workplace pensions”
There is a glaringly obvious way to make sure the self-employed (and the rest of the working population) ‘save for later life’. It was introduced 70 years ago and was a pretty good idea and was called National Insurance. You pay what is really an extra tax, and in return you get State Benefits. You could call it The Welfare State. The systems are already in place and however complex, are a bloomin’ (pardon my French, missus) sight simpler than the administrative morass of auto-enrolment pensions. But maybe I’m going all leftie in my old age. Next thing you know, I'll be campaigning to bring back Green Shield Stamps (kids etc.)...
New Standard Life fund managed by ‘Artificial Intelligence’
If you’re a fan of the brilliant page-turner author Robert Harris, you may have read ‘The Fear Index’, his surely-sci-fi 2011 novel about a hedge fund managed by Artificial Intelligence. Well, guess what, such a thing has come to pass, at the behest of Standard Life, no less. In the novel the AI could also control the markets. I’d give that less than another seven years, wouldn’t you? Clever these Chinese (and maybe Russians), as my grandad might have said.
Back next week,
Philip