{"id":5776,"date":"2024-07-11T08:56:22","date_gmt":"2024-07-11T08:56:22","guid":{"rendered":"https:\/\/www.wealthtime.com\/advisers\/?post_type=blog&#038;p=5776"},"modified":"2024-07-15T12:29:01","modified_gmt":"2024-07-15T12:29:01","slug":"patricks-quarterly-deep-dive-q2-2024","status":"publish","type":"blog","link":"https:\/\/www.wealthtime.com\/advisers\/blog\/patricks-quarterly-deep-dive-q2-2024\/","title":{"rendered":"Patrick\u2019s quarterly deep dive \u2013 Q2 2024"},"content":{"rendered":"\n<p><em>Patrick Mill, CEO<\/em><\/p>\n\n\n\n<p><strong>For Professional Advisers only<\/strong><\/p>\n\n\n\n<p>I think we&#8217;d all say it\u2019s been a fairly eventful quarter. This second quarter concluded with a significant milestone: after the two-year battle to get inflation back on target, it finally happened. Attention then turned to the Monetary Policy Committee (MPC) to see how it would respond. Despite June\u2019s labour market data &#8211; very much a lag indicator &#8211; showing signs of softening, and UK inflation lower than both the Eurozone and US at the time the Committee members met, the MPC nevertheless voted to hold the base rate again. This cautious approach likely reflects the Bank of England&#8217;s concern about reigniting inflation. It seems that they\u2019re treading carefully.<\/p>\n\n\n\n<p>And of course, the quarter included the news of the upcoming General Election. As a Labour election win was widely anticipated it had been priced into financial markets \u2013 meaning it had minimal immediate impact. However, future market reactions will depend on the new government&#8217;s policies. We\u2019ll need to wait and see on that front. We can expect to know more after the State Opening of Parliament on 17 July, where the King\u2019s Speech will highlight the new government\u2019s legislative focuses.<\/p>\n\n\n\n<p>In the meantime, although we\u2019re yet to see the full details of many policies, we\u2019ve had some of the headlines. In the days since their election win, Labour has quickly made several important announcements showing their focus on some of the top challenges facing the country. Here\u2019s just a few:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Reintroduce <strong>housing<\/strong> targets and restart stalled housing projects in key areas \u2013 getting \u2018Britain building again\u2019<\/li>\n\n\n\n<li>Boost <strong>renewable energy<\/strong> by ending the ban on onshore windfarms and creating a publicly-owned GB Energy company<\/li>\n\n\n\n<li>\u2018Turn our <strong>health service<\/strong> around\u2019, including by resolving the junior doctors pay dispute<\/li>\n\n\n\n<li>Improve <strong>education <\/strong>by recruiting an extra 6,500 new teachers<\/li>\n\n\n\n<li>Address <strong>prison overcrowding<\/strong><\/li>\n\n\n\n<li>The Rwanda deportation scheme gets scrapped. Plans to <strong>boost border security<\/strong>, and <strong>clear the backlog of asylum cases<\/strong><\/li>\n<\/ul>\n\n\n\n<p>When it comes to financial services and pensions, we\u2019re yet to see anything too concrete. But chancellor Rachel Reeves has:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Reiterated that Labour would not be increasing national insurance, the basic or higher rates of income tax or VAT<\/li>\n\n\n\n<li>Suggested that they intend to stick to previous plans to encourage pension schemes to invest in UK equities to drive investment in British business<\/li>\n\n\n\n<li>Confirmed that she plans to present an assessment of the state of the nation\u2019s spending inheritance to parliament and that she will announce the date of a Budget before parliament\u2019s summer recess<\/li>\n<\/ul>\n\n\n\n<p>There has been some speculation recently about whether we\u2019ll see a Budget in September or October. &nbsp;And by that time, I\u2019ll be writing my Q3 quarterly deep dive&#8230;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>What\u2019s on at Wealthtime?<\/strong><\/h2>\n\n\n\n<p><strong>Looking back at Q2<\/strong><\/p>\n\n\n\n<p>We continued our Rethinking Retirement roadshows throughout April and May. Thank you to everyone who came to one of the 17 events! We really enjoyed getting out on the road and speaking with you all. If you weren\u2019t able to make it, <a href=\"https:\/\/www.wealthtime.com\/advisers\/adviser-hub\/\">check out the recorded virtual version now<\/a>. &nbsp;We may be looking at doing a further run of roadshows later in the year \u2013 so watch this space\u2026<\/p>\n\n\n\n<p>One of the highlights from Q2 in the service teams was a review which re-examined our processes from the client\u2019s perspective. In practice, this meant a realignment of the operational teams to support customer journeys, and taking a fresh look at how we deal with the more delicate elements of our business such as bereavement claims and complaints.<\/p>\n\n\n\n<p>This quarter, we started work on our Pensions Online initiative. It\u2019ll bring you more information, notifications and efficient pension applications.&nbsp;We started by making visible all existing Drip Feed Drawdown instructions \u2013 view them under the wrapper details section on the Uncrystallised SIPP.<\/p>\n\n\n\n<p><strong>What to expect in Q3<\/strong><\/p>\n\n\n\n<p>We continue to look at what changes we can make to bring improvements for you and your clients.<\/p>\n\n\n\n<p>In the service world, one of our key changes will be the introduction of new automation in some of our processes (such as the Secure Lifetime Income process and transfer out confirmations). This will bring greater efficiencies to improve the time it takes to complete these processes.<\/p>\n\n\n\n<p>When it comes to developments, we\u2019re in the early stages of adding an online journey for requesting ad-hoc pension income.<\/p>\n\n\n\n<p>And we\u2019re working on the flexible charging options to bring you tiered charging structures and adviser charge groups. We\u2019re testing it with selected firms at the moment, ahead of plans to roll out the features more widely later in the summer.<\/p>\n\n\n\n<p>Talking of summer, I hope you have an enjoyable and successful Q3, or at least get the chance to get some much needed R&amp;R!<\/p>\n\n\n\n<p>____________<\/p>\n\n\n\n<p>FT.com <a href=\"https:\/\/www.ft.com\/content\/1c7beb93-4809-407d-bc85-7e320287a1d6\">Bank of England holds rates at 5.25% in \u2018finely balanced\u2019 decision<\/a><\/p>\n\n\n\n<p>Inews.co.uk <a href=\"https:\/\/inews.co.uk\/news\/politics\/labour-plans-uk-announcements-since-winning-election-3158178\">What are Labour\u2019s plans for the UK? All key announcements since winning election<\/a><\/p>\n\n\n\n<p>FT.com <a href=\"https:\/\/www.ftadviser.com\/your-industry\/2024\/07\/08\/reeves-includes-pensions-in-series-of-reforms-for-growth\/\">Reeves includes pensions in series of reforms for growth<\/a><\/p>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n\n<\/div>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Related content<\/h2>\n\n\n\n<p><strong>What to expect from the new Labour government<\/strong><\/p>\n\n\n\n<p>Following Keir Starmer&#8217;s historic victory and his appointment as our Prime Minister, the new Labour government is poised to implement significant changes in pensions, taxes and economic policy. What might this look like?\u00a0<\/p>\n\n\n\n<p><a href=\"https:\/\/www.wealthtime.com\/advisers\/blog\/what-to-expect-from-the-new-labour-government\/\">Find out more<\/a><\/p>\n","protected":false},"author":17,"featured_media":5777,"template":"","class_list":["post-5776","blog","type-blog","status-publish","has-post-thumbnail","hentry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Patrick\u2019s quarterly deep dive \u2013 Q2 2024 - Advisers<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.wealthtime.com\/advisers\/blog\/patricks-quarterly-deep-dive-q2-2024\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Patrick\u2019s quarterly deep dive \u2013 Q2 2024 - Advisers\" \/>\n<meta property=\"og:description\" content=\"Patrick Mill, CEO For Professional Advisers only I think we&#8217;d all say it\u2019s been a fairly eventful quarter. This second quarter concluded with a significant milestone: after the two-year battle to get inflation back on target, it finally happened. Attention then turned to the Monetary Policy Committee (MPC) to see how it would respond. Despite [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.wealthtime.com\/advisers\/blog\/patricks-quarterly-deep-dive-q2-2024\/\" \/>\n<meta property=\"og:site_name\" content=\"Advisers\" \/>\n<meta property=\"article:modified_time\" content=\"2024-07-15T12:29:01+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.wealthtime.com\/wp-content\/uploads\/sites\/7\/2024\/07\/Patrick-bigger-white-border-above.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"937\" \/>\n\t<meta property=\"og:image:height\" content=\"749\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.wealthtime.com\\\/advisers\\\/blog\\\/patricks-quarterly-deep-dive-q2-2024\\\/\",\"url\":\"https:\\\/\\\/www.wealthtime.com\\\/advisers\\\/blog\\\/patricks-quarterly-deep-dive-q2-2024\\\/\",\"name\":\"Patrick\u2019s quarterly deep dive \u2013 Q2 2024 - Advisers\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.wealthtime.com\\\/advisers\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.wealthtime.com\\\/advisers\\\/blog\\\/patricks-quarterly-deep-dive-q2-2024\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.wealthtime.com\\\/advisers\\\/blog\\\/patricks-quarterly-deep-dive-q2-2024\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.wealthtime.com\\\/wp-content\\\/uploads\\\/sites\\\/7\\\/2024\\\/07\\\/Patrick-bigger-white-border-above.jpg\",\"datePublished\":\"2024-07-11T08:56:22+00:00\",\"dateModified\":\"2024-07-15T12:29:01+00:00\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.wealthtime.com\\\/advisers\\\/blog\\\/patricks-quarterly-deep-dive-q2-2024\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.wealthtime.com\\\/advisers\\\/blog\\\/patricks-quarterly-deep-dive-q2-2024\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.wealthtime.com\\\/advisers\\\/blog\\\/patricks-quarterly-deep-dive-q2-2024\\\/#primaryimage\",\"url\":\"https:\\\/\\\/www.wealthtime.com\\\/wp-content\\\/uploads\\\/sites\\\/7\\\/2024\\\/07\\\/Patrick-bigger-white-border-above.jpg\",\"contentUrl\":\"https:\\\/\\\/www.wealthtime.com\\\/wp-content\\\/uploads\\\/sites\\\/7\\\/2024\\\/07\\\/Patrick-bigger-white-border-above.jpg\",\"width\":937,\"height\":749},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.wealthtime.com\\\/advisers\\\/blog\\\/patricks-quarterly-deep-dive-q2-2024\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.wealthtime.com\\\/advisers\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Patrick\u2019s quarterly deep dive \u2013 Q2 2024\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.wealthtime.com\\\/advisers\\\/#website\",\"url\":\"https:\\\/\\\/www.wealthtime.com\\\/advisers\\\/\",\"name\":\"Advisers\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.wealthtime.com\\\/advisers\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Patrick\u2019s quarterly deep dive \u2013 Q2 2024 - Advisers","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.wealthtime.com\/advisers\/blog\/patricks-quarterly-deep-dive-q2-2024\/","og_locale":"en_US","og_type":"article","og_title":"Patrick\u2019s quarterly deep dive \u2013 Q2 2024 - Advisers","og_description":"Patrick Mill, CEO For Professional Advisers only I think we&#8217;d all say it\u2019s been a fairly eventful quarter. This second quarter concluded with a significant milestone: after the two-year battle to get inflation back on target, it finally happened. Attention then turned to the Monetary Policy Committee (MPC) to see how it would respond. Despite [&hellip;]","og_url":"https:\/\/www.wealthtime.com\/advisers\/blog\/patricks-quarterly-deep-dive-q2-2024\/","og_site_name":"Advisers","article_modified_time":"2024-07-15T12:29:01+00:00","og_image":[{"width":937,"height":749,"url":"https:\/\/www.wealthtime.com\/wp-content\/uploads\/sites\/7\/2024\/07\/Patrick-bigger-white-border-above.jpg","type":"image\/jpeg"}],"twitter_card":"summary_large_image","twitter_misc":{"Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.wealthtime.com\/advisers\/blog\/patricks-quarterly-deep-dive-q2-2024\/","url":"https:\/\/www.wealthtime.com\/advisers\/blog\/patricks-quarterly-deep-dive-q2-2024\/","name":"Patrick\u2019s quarterly deep dive \u2013 Q2 2024 - Advisers","isPartOf":{"@id":"https:\/\/www.wealthtime.com\/advisers\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.wealthtime.com\/advisers\/blog\/patricks-quarterly-deep-dive-q2-2024\/#primaryimage"},"image":{"@id":"https:\/\/www.wealthtime.com\/advisers\/blog\/patricks-quarterly-deep-dive-q2-2024\/#primaryimage"},"thumbnailUrl":"https:\/\/www.wealthtime.com\/wp-content\/uploads\/sites\/7\/2024\/07\/Patrick-bigger-white-border-above.jpg","datePublished":"2024-07-11T08:56:22+00:00","dateModified":"2024-07-15T12:29:01+00:00","breadcrumb":{"@id":"https:\/\/www.wealthtime.com\/advisers\/blog\/patricks-quarterly-deep-dive-q2-2024\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.wealthtime.com\/advisers\/blog\/patricks-quarterly-deep-dive-q2-2024\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.wealthtime.com\/advisers\/blog\/patricks-quarterly-deep-dive-q2-2024\/#primaryimage","url":"https:\/\/www.wealthtime.com\/wp-content\/uploads\/sites\/7\/2024\/07\/Patrick-bigger-white-border-above.jpg","contentUrl":"https:\/\/www.wealthtime.com\/wp-content\/uploads\/sites\/7\/2024\/07\/Patrick-bigger-white-border-above.jpg","width":937,"height":749},{"@type":"BreadcrumbList","@id":"https:\/\/www.wealthtime.com\/advisers\/blog\/patricks-quarterly-deep-dive-q2-2024\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.wealthtime.com\/advisers\/"},{"@type":"ListItem","position":2,"name":"Patrick\u2019s quarterly deep dive \u2013 Q2 2024"}]},{"@type":"WebSite","@id":"https:\/\/www.wealthtime.com\/advisers\/#website","url":"https:\/\/www.wealthtime.com\/advisers\/","name":"Advisers","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.wealthtime.com\/advisers\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"}]}},"_links":{"self":[{"href":"https:\/\/www.wealthtime.com\/advisers\/wp-json\/wp\/v2\/blog\/5776","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.wealthtime.com\/advisers\/wp-json\/wp\/v2\/blog"}],"about":[{"href":"https:\/\/www.wealthtime.com\/advisers\/wp-json\/wp\/v2\/types\/blog"}],"author":[{"embeddable":true,"href":"https:\/\/www.wealthtime.com\/advisers\/wp-json\/wp\/v2\/users\/17"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.wealthtime.com\/advisers\/wp-json\/wp\/v2\/media\/5777"}],"wp:attachment":[{"href":"https:\/\/www.wealthtime.com\/advisers\/wp-json\/wp\/v2\/media?parent=5776"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}