We’re proud to announce a wonderful achievement at the Financial Adviser Service Awards 2025 (FASA): our third consecutive five-star rating as a platform provider, coupled with the prestigious Editor’s Choice Award.

These awards are not new. It was – incredibly – the 35th year FT Adviser has run FASA, with providers rated by advisers on categories including value for money, reporting and data, and the quality of systems integration. 

Ratings ranks from the lowest one star up to the maximum five. The number of platforms to receive five stars in 2025 rose from three last year to six this year, while the number given the lowest rating rose from four in 2024 to seven this year.

Endorsement

The five-star recognition reflects the trust advisers place in our technology and service. The Editor’s Choice Award is a powerful endorsement of our vision to build the all-in-one platform for advisers.

Since our founding in 2018, we’ve been relentless in designing a platform that empowers advice firms to deliver more value to their clients. Today, some 800 advisory firms rely on Fundment to streamline operations and manage investments seamlessly.

These awards are recognition of our adviser-first approach, validating the hard work of our team, the feedback of our advisers, and the strength of our partnerships. Looking ahead, we’ll continue to evolve Fundment with the same clarity of purpose.

We’re grateful to the Financial Times and FT Adviser for this recognition, and to every adviser who is supporting our journey.

Often, when I hear a financial planner talk about fees, something interesting happens, writes Neil Bage.

Confidence seems to drain. The tone softens. The words “our fee” land like they’re an apology.

It’s not that financial planners don’t believe in their value. They absolutely do. It’s that a fee feels personal. When you name your price, you’re not just saying what it costs. You’re saying what you’re worth. And that’s vulnerable territory.

From talk to transaction

Money conversations are never neutral. They stir things in both directions. For planners, it can trigger a quiet fear of rejection. “What if they say it’s too much?”

For clients, it can trigger suspicion, “are they worth it?” Two emotional systems, both slightly on guard, meeting in the middle of a pricing discussion.

And that’s uncomfortable, especially in a profession built on care and trust. Most planners see themselves as helpers and guides, not salespeople. They want to be seen as advocates, not vendors. So when the conversation turns to money, it can feel like warmth is being replaced by a transaction.

Clients feel that shift too. They compare before they understand. They’ve been conditioned to think advice should be “free,” because so much around them looks free. Online calculators, robo platforms, podcasts, content that sounds like advice. And when value isn’t visible, cost always wins the comparison.

The reframing

For me, the solution isn’t a better script. It’s a better story.

A story that reframes the fee not as a cost, but as a commitment. A commitment to clarity, to process, to peace of mind. To having someone in your corner when life gets messy, when emotions get loud, and when decisions get hard.

When you can tell that story with conviction, not defensively, but calmly and proudly, something changes. The tone shifts. The energy returns. You stop defending your fee and start owning it.

Because in the end, a fee isn’t just what clients pay. It’s what allows you to show up fully, and to do your best work, without apology.

Neil Bage is a Partner at Shaping Wealth

Two retirement solutions from Just Group are now live and available on Fundment.

• Fixed Term Investment (exclusively on Fundment)

• Secure Lifetime Income

These products are designed and administered by Just Group and will be available through the Fundment platform for advisers to consider as part of client retirement planning.

What is Fixed Term Investment (FTI)?

FTI is a pension investment, using uncrystallised funds, or during flexi-access drawdown, that can provide defined income and/or growth over a selected term. It is exclusively available on Fundment.

What is Secure Lifetime Income (SLI)?

SLI is designed as a guaranteed income solution that seeks to provide a personalised regular income for life, purchased using pension savings. It aims to offer certainty around future income levels.

These solutions give you more ways to tailor retirement outcomes for clients. And because they’re fully integrated into Fundment’s adviser journey, quoting, recommending, and onboarding are as seamless as ever.

Supporting advisers’ needs

Ola Abdul, Founder & CEO of Fundment, said: “We are committed to becoming the leading all-in-one tech platform that supports advisers’ needs across all their financial planning activities, which includes providing access to innovative retirement market solutions such as Just Group’s FTI and SLI.”

Sean Osborne, director of retail distribution at Just Group, added: “We are delighted to launch FTI on Fundment which is at the forefront of adviser platform technology and is committed to giving advisers access to innovative new solutions.”

Find out more

Find out more about Fixed Term Investment and Secure Lifetime Income HERE.

Important information:

• The SLI and FTI are not Fundment products.

• They are designed and administered by Just Group and subject to their terms and conditions.

• Fundment does not provide advice or make recommendations in relation to these products.

• The value of pension investments and any income derived can go down as well as up, and individual outcomes will depend on personal circumstances and product options selected.

• Guarantees apply only in accordance with the product terms and conditions.

• Just Group is authorised and regulated by the Financial Conduct Authority.

We’ve launched The Fundment Marketplace: a powerful new space inside our platform that brings together investment discovery, comparison, and engagement in one intuitive flow.

It's built to free up your time and focus - helping you move from research to results fast.

Turn hours into minutes

No more jumping between platforms, PDFs, and portals. The Marketplace lets you browse model portfolios, securities, and cash investments from Fundment’s provider network. All in one place, and all on your terms.

Due diligence - without the drag

• Clear comparisons: Benchmark portfolios, securities, and indices side-by-side to support your research and due diligence

• Review with clarity: Assess fees, performance data*, and factsheets** to help you make informed decisions

• Engage with ease: Request access and manage agreements, with the flexibility to amend/agree fee arrangements directly.

Built for advisers, not algorithms

We designed the Marketplace to make investment selection simpler, clearer, and more adviser-led. It’s not just a feature, it’s a shift. You’re no longer navigating fragmented tools. You’re making decisions in one flow, with full transparency and control.

Explore the Marketplace

It’s live now. Sign in and head to ‘Marketplace’ to start browsing portfolios, securities, and cash options, and to connect directly with investment managers.

If you would like to know more, get in touch with our team below…

Important Information

• This communication is intended for financial advisers and other investment professionals only, and is not intended for retail clients.

• Past performance (including simulated or back-tested data) is not a reliable indicator of future results.

• Investment values can go down as well as up, and clients may get back less than they invest.

• Fundment does not provide investment advice or recommendations. Investment selection remains entirely at advisers’ discretion.

• *Derived from back-tested data where not provided by the investment manager. **Where provided by the investment manager.

On Wednesday 22 October, Fundment HQ played host to a truly unforgettable gathering: The Adviser Edge, our second in-house live event designed to challenge convention, spark curiosity, and elevate adviser communication.

The day opened with a warm welcome and a clear promise: this wasn’t going to be another industry echo chamber. Instead, attendees were treated to a lineup of speakers who brought sharp insights and a touch of magic (literally).

Rory Sutherland, author of Alchemy, Vice Chairman of Ogilvy, and behavioural economics evangelist, delivered a masterclass in reframing value.

With his signature blend of humour and insight, Rory unpacked the irrational truths behind client decision-making - why perceived simplicity beats technical brilliance, and why trust is built through emotional resonance, not just logic.

Meanwhile, Peter Wozniak, Regional Director, Practice Management, at Dimensional, delved into the world of value and, crucially, advisers’ ability to communicate that value.

With clarity and conviction, he explored how advisers can articulate their worth beyond investment performance - focusing on trust, behavioural coaching, and long-term client outcomes.

Drawing on real-world examples and platform data, Peter made the case for advice as an emotional anchor in uncertain times. His message was simple but powerful: when advisers communicate with empathy, they become indispensable.

Ben Hanlin, magician and broadcaster, brought a burst of energy and surprise to The Adviser Edge.

Blending illusion with insight, he showed how advisers - like performers - can create moments that stick. His session wasn’t just entertaining; it was a lesson in memorability, attention, and emotional impact.

Advisers left inspired to be more engaging, more human, and more unforgettable.

And Mark Polson, founder of the lang cat, delivered a candid, energising take on platform dynamics, regulatory shifts, and what it really means to be adviser-first in today’s market.

Every moment of The Adviser edge was designed to be useful, human, and quietly powerful.

Thank you to all who joined us. If you would like to register your interest in our next event, please do so here.

Designed specifically for Vision’s network of more than 140 appointed representatives (ARs), the platform will offer an intuitive, end-to-end solution to streamline investment management and elevate client service.

Powered by Fundment’s innovative technology, the platform will provide seamless investment capabilities, simplified onboarding, and integrated reporting, enabling advisers to manage investments with greater efficiency.

‘Streamlining’

Zoe King, Chief Executive of Vision, said: “This partnership with Fundment reflects our ongoing dedication to innovation and adviser support.

“The collaboration marks a significant step forward in our commitment to delivering streamlined, technology-driven solutions for our ARs and their clients and we are excited about the opportunities this platform will unlock for our network.”

‘Battling outdated systems’

Ola Abdul, Founder and CEO of Fundment, said: “At Fundment, our goal has always been to reimagine the adviser platform experience with smart, modern technology.

“Platforms should take away unnecessary complexity so advisers can focus on delivering real value to clients, not battling outdated systems.

“This collaboration with Vision moves us further towards that goal, providing advisers with an intuitive platform that streamlines administration and makes decision-making effortless.”

The Vision platform is currently in its final development stages, with a full rollout expected in the coming weeks.

From religious beliefs to personal loss, clients can have powerful reasons behind their investment preferences, even down to excluding specific companies. This adviser’s experience shows why the industry’s ‘we know best’ approach is outdated – and how Fundment’s custom indexing puts control back where it belongs.

“We have been offering custom indexing as an option to some of our clients for a year now,” writes Matt Pitcher, Managing Partner at Altor Wealth Management. “Custom indexing allows us to tailor a portfolio to an individual’s needs and preferences, right down to the exclusion of specific companies.

The power of custom indexing is that you can exclude controversial sectors such as tobacco or fossil fuels, industries, countries, tilt towards shares with certain characteristics (such as income-producing) or just exclude individual companies.

What has been interesting from the conversations we are having with clients is the sheer variety of what they are interested in when it comes to the companies they are willing to entrust their hard-earned money to.

Three ways custom indexing empowers our clients

Firstly, there have been the clients who previously would not have described themselves as ‘ethical’ but, given the full list of controversial sectors (Adult Entertainment, Alcohol, Controversial Weapons, Defense, Firearms, Fossil Fuels, Gambling, GMO (Genetically Modified Organisms), Nuclear, Pork, Stem Cells, Thermal Coal, Tobacco), find a sector that they object to.

We have had ‘non-ethical’ clients exclude gambling because someone in their family had this addiction, and tobacco because they lost a friend to lung cancer. The term ‘ethical’ is helpful to some investors and they can exclude all of the above but, for some people, it is unhelpful and they just need the option to surgically remove a single sector that they have a personal, negative experience of.

Secondly there are those who wish to exclude companies listed in certain countries, or individual stocks such as Tesla, generally for political reasons (Tesla is the most excluded company by our clients).

Thirdly are those clients who have a religious belief or lifestyle choice which leads them to exclude sectors such as pork or stem cells.

There are of course lots of other reasons for exclusions such as excluding the shares of your employer if you already hold these elsewhere (such as in stock options or a share save scheme).

Custom indexing makes it the client’s choice

Most investment managers cannot deliver this level of ‘bespoking’ and make a profit and so claim that the end client shouldn’t be allowed to ‘skew’ the portfolio.

By contrast we believe that it is the client’s capital to invest as they see fit. Too often the investment management industry has had the arrogance to claim ‘we know best’ and the client should take what we give them.

However, why should any individual make choices with the goods and services they buy that align their spending with their values, but get no choice when it comes to the money they save and invest? What is the point in avoiding buying the products of a company you detest if you are then herded into giving them your pension savings to invest in their same business?

Medical science is progressing towards a world of ‘personalised medicine’ where the drugs we are prescribed are tailored to our genetic make-up. This is much harder to achieve than tailoring a portfolio to the individual and yet widespread personalised medicine might arrive before widespread personalised investing at this rate!

We see some good practice amongst financial advisers and investment managers but the incentives are mostly misaligned with the client’s wishes. It is much more profitable for a firm to offer five risk-graded portfolios from which a client has to pick, than to build as many different portfolios as you have clients.

In a world of developing technology though, it is possible and it is available now.”

Matt Pitcher is Managing Partner at Altor Wealth Management, and this article first appeared on Altor’s website HERE.

Important Information

• This communication is intended for financial advisers and other investment professionals only, and is not intended for retail clients.

• Past performance is not a reliable indicator of future results.

• Investment values can go down as well as up, and clients may get back less than they invest.

• Fundment does not provide investment advice or recommendations. Investment selection remains entirely at advisers’ discretion.

Fundment has been named among 25 high-growth technology companies joining Tech Nation's latest Future Fifty cohort.

The latest entrants to the programme were unveiled at an event hosted by Prime Minister Keir Starmer at 10 Downing Street on 7 May 2025.

The prestigious programme, which has previously supported 30% of the UK's unicorns, is designed to accelerate growth for ambitious late-stage tech ventures from Series B+ and beyond.

Fundment - which announced a £45m Series C fundraise in January 2025 - joins a select group of innovative companies across sectors including AI, climate tech, and fintech.

Chancellor of the Exchequer Rachel Reeves said: “With a billion dollar tech sector and the most unicorns in Europe, the UK has a proud track record in developing innovative technology that will help grow our economy, make our public services more efficient and put more money in people’s pockets.

“The Future Fifty programme plays an important role in supporting the next generation of high-growth scale-ups which employ thousands of people in our future industries, powering growth across the UK”.

Tech Nation's Future Fifty provides participating companies with resources to support their next phase of expansion. Since relaunching in 2024, the programme has built significant momentum, equipping 50 ambitious scale-ups with practical insights and connections crucial for growth.

This latest cohort represents technological innovation from across the UK, with almost a third of companies based outside London. The announcement also coincided with the launch of the It Takes a Tech Nation campaign, which aims to mobilise government, investors, corporations, and founders to propel the UK's next generation of technology businesses.

Fundment's inclusion in Future Fifty 2025 marks a significant milestone in our journey so far, and thanks as always goes to our our amazing clients, dedicated team, and supportive partners who've believed in our vision from day one.

Your business, your rules…

Every client relationship is unique, which is why we've built a fees system to match. With Fundment, you can: 

• Create fee variations to match your service offerings

• Set a firm-wide default while maintaining flexibility for individual clients

• Customise fees for specific client goals and accounts

• Fine-tune your pricing with custom tiering

• Set automatic fee increases at intervals that suit you

Quick set-up in your dashboard

Getting started is simple. Head to Administration > Fees to access your fees dashboard.

Here you'll find two sub-menus: Fee schedules and Fee frequency.

Fee schedules contains your active fees, archived fees, and the option to create new fee structures with just a few clicks. Fee frequency contains your fee generation and fee payment features.

Enhanced cash flow management

Take control of your revenue stream with our customisable fee generation and payment schedules.

You now have the ability to…

Generate fees your way

• Monthly on your preferred date

• Weekly on your chosen working day

Receive payments that suit you

• Daily

• Weekly on your selected working day

• Monthly on your preferred date

Practical payment scenarios

Here are two examples of setting your own fee generation and fee payment cycles, and how they would work:

Monthly generation with weekly payments:

Your initial payment includes the full month's due fees, followed by weekly payments covering any outstanding fees and new transactions.

Weekly generation with weekly payments:

Receive a streamlined weekly payment combining ongoing fees and any pending charges.

This approach aligns all fee types in your payment schedule.

Transparent fee reporting

Stay informed with our comprehensive fee remittance reports, updated automatically the next business day after each payment.

Automatic fee increases

You can set automatic fee increases at intervals that suit you.

Select how often you would like your fee to update (quarterly or annually), pick a start date, and select a mechanism: fixed monetary amount, fixed percentage, or by CPI or RPI. You can even adjust the benchmark if you wish (e.g. RPI + 1%).

How benchmark-based fee increases work

As well as a fixed monetary amount or a fixed percentage, adviser fees can be automatically updated using CPI or RPI inflation data from the ONS.

You can choose:

• Annual updates: Based on the 12-month percentage change.

• Quarterly updates: Based on the latest three-month change.

For example, if CPI rises 3.85% over the year, a £1,000 fee becomes £1,038.50. Quarterly changes work the same way, just over a shorter period.

You can also apply a percentage offset, such as RPI + 1%, to increase beyond inflation.

Updates use the most recent CPI/RPI figures available before the scheduled change. Timing matters: we will always try to use the latest figures but setting updates at the start or end of a month ensures the freshest data.

Figures are published monthly - check the ONS release calendar for dates.

We're here to help

Ready to optimise your fee management? Visit Administration > Fees to get started.

Our support team is ready to assist you with any aspect of fee management. Whether you're setting up new fee structures or optimising your payment schedule, reach out to support@fundment.com

Our Series C fundraise is led by Highland Europe – backers of several fintech scale-ups as well as disruptive nutrition brand Huel – with further participation from long-time investors ETFS Capital.

The new funding comes as we recorded a full-year profit following a doubling of revenues.

Profits of £211,607 for the year to 31 July 2024 come just six years after we took on our first adviser firm. Revenues for the same period were £5.8m, up 115% from the £2.7m recorded in the previous 12 months.

An ‘all-in-one’ platform

Fundment launched in 2018 to shake up the world of adviser platform technology and upgrade the investment experience for advisers and their clients.

Our new investment will help us to further develop our technology and service capabilities, grow our team, and explore areas for further expansion.

Ola Abdul, Founder and CEO of Fundment, said: “For the past six years, we have been building Fundment as the all-in-one tech platform to support a financial advice firm’s every need, so they can dedicate more time to delivering value to customers.

“We now have more than 500 firms and some 25,000 advised customers relying on Fundment, but we’re still in the early stages of our journey.

“I’m delighted to have the backing of Highland Europe and look forward to working with the knowledgeable team there as we scale Fundment.”

The new investment follows a jam-packed 2024 for Fundment.

We launched digital drawdown and a Lifetime ISA. We bolstered our cash proposition with a Cash ISA and Cash LISA, and fully digitised our cash investment options. We unveiled a new client dashboard and provided new flexibility around advisers’ fee payments. We even moved home.

A ‘unique perspective’

New backers Highland Europe said financial advisers face a growing need for modern technology.

Gajan Rajanathan, General Partner at Highland Europe, said: “We are thrilled to be backing Ola and the team at Fundment, who have deep domain expertise in asset management and a unique perspective on the software challenges facing independent financial advisers.

“Fundment offers an easy to use, transparent, modern investment platform providing comprehensive access to a suite of investment options.”

Highland Europe invests in exceptional growth-stage technology companies. Formally launched in 2012, it has raised more than €2.75bn and invested in fintech scale-ups such as 9fin, Descartes Underwriting, Featurespace, Finbourne, hyperexponential and Modulr, alongside many other software and internet companies.

Firstly, we wish a very happy new year to all our readers.

Last year proved a fruitful one for investors. The charge higher in equities produced back-to-back years of strong returns and saw UK investors in global stocks ending 2024 up more than 20%. The introduction of interest rate cuts in most major economies boosted growth and investor confidence, while inflation dropped back to more reasonable territory.

Once again the US market led the way, rising 23.3%, as fears at the start of the year around a rate-driven recession eased, with growth slowing but remaining positive over the year. Large tech stocks once again produced strong returns, with the AI theme gaining considerable attention. Focus in the latter half of the year shifted to the path of interest rate cuts as inflation came under control, however the 10-year treasury yield rose 0.71% over the period as the strong economy lifted expectations of the so-called neutral rate.

Japanese stocks were in the spotlight again with the Nikkei 225 benchmark index breaking out from its all-time high last set in 1990, with inflation and wage hikes appearing to finally settle into positive territory after years of deflation. They rounded out the year as the top performing market in December, rising 3.9%, and the second best overall.

UK stocks rose over the year but had a more mixed picture, producing a 5.6% return to investors, with the economy growing but at a slow pace. Despite interest rate cuts, the longer term 10yr Gilt yield rose 1.03%, with inflation proving stickier than other economies despite the lacklustre growth. European and Emerging Markets had similar outcomes, with stock markets rising but perhaps lacking large tech stocks to drive returns.

Politics played a significant part of the backdrop to 2024, with the US, UK, Japan and France all seeing major elections and new leaders (and with Germany and Canada set to follow in 2025). Italy looks set to be the only country in the G7 with a relatively stable backdrop, while President Macron in France faces a tough task to keep together a broad coalition in parliament.

Conflicts in Ukraine and the Middle East raised tensions on a number of occasions, however oil prices were generally stable over the year, falling 3.4%, as demand from China cooled while major producers continued to pump at high levels. The situation in these regions requires ongoing monitoring with both having the potential to drive markets next year.

Gold rose substantially, apparently driven by Central Banks boosting convertible reserves at the expense of US Dollars, with China in particular appearing worried by the potential seizure of Russian assets. Crypto assets were also a notable feature with Bitcoin rising over 120% as the Trump administration promised regulation to bring it into the mainstream.

Finally, although stocks appear to be on a solid footing for the months ahead - with positive economic growth and inflation appearing under control - it would be remiss not to mention key risks which remain through 2025, with politics, trade wars, global conflicts and the path of interest rate hikes likely to feature in the months ahead.

Asset class returns 2020-2024

Areas to watch

1. President-elect Trump is set to return to the White House promising reduced immigration, tax and spending cuts, and tariffs in the years ahead.

2. European politics are likely to be a key feature with an election in Germany set to produce a change in government, while the French government struggles with a divided parliament.

3. The pressure on Keir Starmer to deliver improved public services is set to grow this year following the tax hikes and falling poll ratings in recent months.

4. The conflict in Ukraine appears to be stalemated, however signs of economic weakness in Russia could provide hints to coming instability and increased risks.

5. The ongoing instability in the Middle East requires continued monitoring, with the new regime in Syria changing regional power dynamics amid expectations that Israel could launch further direct attacks on Iran.

News - UK

• GDP dropped 0.1% in October, following a similar drop in September, as the economy appeared to struggle as inflation expectations rose once more.

• The Bank of England held rates at the latest meeting however indicated they expect further cuts in 2025, including at the next meeting in February.

• The UK PMI confidence indicator ended the year steady, coming in at 50.5 in December, with the Manufacturing component dropping to an 11-month low offset by the Service sector showing modest recovery.

News - US

• President-elect Trump continued to announce appointments and policies in key areas, with the choice of hedge fund manager Scott Bessent as Treasury Secretary seen as a market friendly move.

• The Federal Reserve cut interest rates for a third consecutive time, by 0.25% to a range to 4.25-4.5%, however reined in expectations for the number of cuts expected in 2025 commenting that inflation needed to drop further.

• The ISM Manufacturing confidence survey recovered to 49.3 in December from 48.4 previously, the strongest reading since March as New Orders hit the highest level in 18 months.

News - China

• The powerful Politburo committee indicated its strongest support yet for stimulus in the year ahead amid signs of a slowing economy and a potential trade war with the US.

• The 10yr government bond yield dropped to its lowest on record, hitting 1.67% amid expectations of further interest rate cuts.

• The Caixin Manufacturing PMI dropped to 50.5 in December from 51.5 in November, indicating marginal growth as new orders and output both declined.

News - Europe

• The ECB cut the benchmark interest rate to 3% from 3.25%, the third cut in a row amid signs of the economy slowing while inflation appears to have been controlled.

• François Bayrou, a long-time centrist politician, was named as Prime Minister or France as President Macron attempts to navigate a path forward for the budget and wider government.

• The Eurozone Composite PMI confidence indicator recovered slightly, rising to 49.5 in December from 48.3 previously, with weakness in the manufacturing sector (where the reading hit a 12-month low) offset by a recovery in Services. 

Elsewhere...

1. Canadian Prime Minister Justin Trudeau announced his resignation following a rocky month as his influential finance minister resigned in protest at voter-pleasing tax breaks while the threat of a trade war with the US looms.

2. The Bank of Japan indicated they expect further rate hikes in 2025, after hiking twice last year, with inflation remaining above the 2% target for more than two years.

After more than three years at our Newman Street location, Fundment is excited to announce our move to the newly renovated Berners & Wells at 58-60 Berners Street, London.

Our relocation isn’t far: we are still in the heart of vibrant Fitzrovia, an area steeped in rich history and creative energy.

Renovation

Berners & Wells has recently undergone an extensive renovation, combining historical charm with modern amenities to create an inspiring workspace environment.

Our new home also sits adjacent to the iconic Sanderson Hotel, a Grade II listed building that has been a landmark of London’s design scene since 1960.

We look forward to writing our next chapter in Fitzrovia's storied history as we continue to grow and serve our clients from our new home in Berners Street.

UK investors saw only a 0.1% gain in September and appeared to lose 0.7% over the full third quarter due to a resurgent Pound Sterling, which rallied 5.8% over the period and held back returns in global assets.

A rapid rally in Chinese stocks - with key benchmarks up over 30% since mid-September - allowed emerging markets to lead the way, rising 6.4% in September and 7.8% over the quarter. This, after the Chinese government announced a range of stimulus measures and cut key interest rates to bolster consumer spending and the challenged property sector.

Several major central banks initiated interest rate cuts for the first time in years, boosting confidence that the slowing global economy could see a soft landing. The Federal Reserve cut by 0.5% and spurred US stocks to close the period at a record high, rising 2% over the month and 5.5% over the quarter.

UK and Japanese stocks were the laggards, with Japanese stocks down 5.8% and UK stocks up only 1.3% over the quarter, however both of these countries have been affected by rallying currencies which held back corporate profits and stock market performance. Sterling hit its highest in more than two years with the Bank of England set to cut interest rates slower than most global peers, while the Japanese Yen rallied nearly 12% over the quarter after ending a long period of easy money with interest rate hikes and a new, more hawkish, Prime Minister.

European equities posted a 1.7% gain in Q3, reflecting the ongoing challenges in the eurozone's economic recovery. Economic indicators highlighted the slow pace of growth, particularly in Germany, where the country's heavy dependence on manufacturing has become a hindrance.

Elsewhere, gold continued its rally to new all-time highs, up 13.3% over the quarter, while oil prices fell 15.3% over the period despite the ongoing tension in the Middle East, with demand appearing to struggle while supply continues to expand.

Assets in Focus

Bond yields

Areas to watch

1. The impact of interest rate cuts in Europe, the US and UK are being monitored, with underlying demand appearing to be softening.

2. Attention will remain firmly focussed on the two candidates vying to be US President in the coming weeks, with the election due 5 November.

3. Tensions in the Middle East are rising with Hezbollah and Israel trading blows in recent days; markets are hoping a wider regional war can be avoided.

4. Rachel Reeves is set to announce her first UK Budget as Chancellor, with a range of tax hikes mooted to allow for increased spending on key services.

News - UK

• Core Consumer Price Inflation rose to 3.6% YoY in August, from 3.1% previously, with Services inflation remaining stubbornly high at 5.6% YoY growth.

• The Bank of England held rates steady at its latest meeting - contrasting with the ECB and Federal Reserve - as UK inflation appeared to remain embedded.

• The Composite PMI confidence survey remained steady in September, coming in at 52.9 from 53.8 previously, with stable demand providing an encouraging backdrop.

News - US

• Core Consumer Price Inflation picked up to 0.3% MoM in August, and 3.2% YoY, the firmest pace in four months as housing costs rose faster than anticipated.

• Nonfarm payrolls rose by 142k in July which, while positive, continue to come in below the rate required to provide sufficient jobs for new labour market entrants.

• The Federal Reserve cut the key base rate by 0.5% in its first cut in more than four years and indicated further cuts are expected, as a weakening economy spurred policy makers into action.

News - China

• Retail sales dropped to 2.1% YoY growth while Industrial production dropped to 4.5% YoY growth in August, both well below forecast and raising concerns for the target growth rate.

• China’s Central Bank cut the one-year borrowing facility interest rate by 0.3% to 2% - the largest cut since the tool was introduced in 2016 - while the Governor also announced a broad stimulus package to boost growth.

• The Caixin Manufacturing PMI declined to 49.3 in September from 50.4 previously, the weakest reading in over a year as the outlook and new order levels weakened.

News - Europe

• The ECB cut the key deposit rate to 3.5% from 3.75% as inflation continued to cool and concerns about the economy grew, with further cuts expected before year-end.

• Veteran negotiator Michel Barnier was appointed as Prime Minister of France, declaring a centrist position in an attempt to maintain a broad coalition in a fractured parliament.

• The Composite PMI confidence indicator unexpectedly dropped to 48.9 in September (from 51.0), hitting an eight-month low as weakening demand appeared to affect a broad range of companies.

Elsewhere…

1. Israel and Hezbollah traded escalating blows against each other throughout the month, raising tensions across the Middle East and risking global supply chains.

2. Japan’s ruling party picked Shigeru Ishiba as its next leader, with the Yen rallying and stocks falling in the aftermath amid expectations of fiscal consolidation and a more hawkish foreign policy.

We are pleased to announce the launch of the Fundment Cash ISA and Fundment Cash Lifetime ISA – a significant step towards meeting adviser and client demand for cash investment options.

This expansion, rolled out in September 2024, follows the July introduction of our Stocks & Shares Lifetime ISA (LISA).

In partnership with Investec Bank, we now offer a 12-month Fixed Rate Deposit (FRD) within our Cash ISA and Cash Lifetime ISA options. We also plan to broaden our cash investment choices in the future.

Ola Abdul, our founder and CEO, emphasised the move's alignment with adviser needs: "We're expanding our ISA range in line with adviser demand. This move, coupled with the full digitisation of our underlying cash investment functionality, demonstrates our commitment to providing advisers with the tools they need to serve their clients effectively."

Digital all the way through

A key feature of this launch is the full digitisation of our cash investment process. From digital account opening and client approval to automated payments of fees, income, and dividends, our streamlined operations allow advisers to focus more on delivering value to their clients.

David Hunt, Head of Funding Partnerships at Investec, highlighted the partnership’s technological focus: "[This] aligns perfectly with our commitment to tech-driven, digitally-enabled financial solutions. By leveraging our API, Fundment has created a frictionless experience for advisers and their clients."

In addition to the Cash ISA and Cash Lifetime ISA offerings, we provide Fixed Term Deposits (FTDs) within our pension and general investment wrappers. These FTDs, also developed with Investec Bank, are available for terms of 3, 6, and 12 months.

This content is for financial advice professionals only.

We have updated our resource for platform users containing simple how-to guides.

There are now 19 user guides available on the ‘Resources’ tab on the platform, including how to change a client’s investment strategy, how to link clients for fee discounting, and how to instruct a Bed & ISA.

The full list of guides:

• How to add a bank account to a client’s portfolio

• How to add a junior goal with a regular contribution

• How to add a new goal on an existing client account

• How to add a one-off deposit expectation

• How to add a one-off employer/employee contribution

• How to add a regular employer/employee contribution

• How to add a one-off withdrawal (non-Pension)

• How to add a recurring withdrawal (non-Pension)

• How to change a client’s investment strategy

• How to create a client illustration (Pension transfer and deposit)

• How to create a drawdown illustration and submit the request for an existing client

• How to create a new fee rate at firm level

• How to instruct a Bed & ISA

• How to instruct a Bed & Pension

• How to instruct an internal transfer phased investment

• How to link clients for fee discounting

• How to request a taxable pension payment

• How to set up a SIPP/SSAS account

• How to set up natural income payments

Andrew Harvey, Head of Adviser Success at Fundment, said: “Our starting point when we design anything on Fundment is for it to be intuitive – and I think we’re pretty good at that.

“But we also know that simple user guides will come in handy from time to time. We’ve had input from the operations team, support, marketing – and we’re pleased to add these guides for users, with more to come.”

New guides are set to be added in the coming weeks and months. If you need to, contact support@fundment.com

We are pleased to announce the launch of our Stocks & Shares Lifetime ISA (LISA), expanding the options available to advisers and their clients for tax-efficient savings.

As an adviser-led platform, we've developed the Fundment LISA in direct response to feedback from our adviser partners.

Our new offering also addresses the limited availability of LISAs on advised platforms, providing a valuable tool for clients saving towards their first home purchase or retirement.

Keeping it simple

Our digital platform prioritises efficiency in account opening and transfers. Clients can easily transfer cash or investments from existing ISAs, including matured Child Trust Funds, into our LISA.

For those with current Stocks & Shares ISAs or LISAs, we also support in-specie transfers, ensuring a seamless transition.

Expanding our offering

The Lifetime ISA complements our existing range of products, which includes:

• Personal Pension

• Junior Pension

• Stocks and Shares ISA

• Cash ISA and Cash Lifetime ISA

• Junior ISA

• General Investment Account

What advisers are saying

Matt Greer, a Chartered Financial Planner with Navigate IFA, said several of his clients had been pushing for access to a LISA.

"Clients in a Lifetime ISA earn £1 for every £4 they put in – a tremendous reward for those saving towards their first home or retirement. For us as advisers, there aren't many platforms that offer a LISA, so we're delighted with Fundment. I can't wait to share the good news with my clients!"

Sharon Bray, Practice Manager at Jacksons Wealth Management, echoed a similar sentiment: "We're always looking for more options from our platform providers. Since day one, Fundment hears us and works with us to evolve a better experience for us and our clients.”

This content is for financial advice professionals only.

Markets rallied in June with several global benchmarks hitting all-time highs, closing up 4.4% over the month and 3.3% over the quarter. Markets appeared unfazed by the upcoming elections in several major countries, with stocks led by US equities as earnings continued to come in strongly.

Emerging markets also recovered as growth remained on track, despite a brief dip amid uncertainty around the Chinese economy and a weaker than expected election result for Prime Minister Modi in India.

European equities were the worst-performing region over the month and quarter (down 2.9% and 1.2% respectively), as an unexpected French election spooked investors in the French stock market. At the time of writing, the nationalist National Rally appear set to be the dominant party in France.

Gold, though flat in June, had a strong quarter, rising 4.2%, and is up 21% over the year as Central Banks increased purchases as they seek to diversify away from US Dollars amid discussions of Russian asset confiscation.

Energy prices rallied over the month as demand remained firm, combined with growing fears of an expanded conflict in the Middle East as Israel and Hezbollah traded blows. UK and US bond yields fell back slightly over the month but remained solidly up over the quarter - up 0.23% and 0.18% respectively - as both countries compete for timing of the first rate cut.

Assets in focus

Bond yields

Areas to watch...

1. The UK general election results are expected on 5 July, with Labour likely to return to power for the first time since 2010.

2. The decisive second round of the French general election will take place on 7 July, with the nationalist National Rally securing 33% of the vote in the first round.

3. The next Federal Reserve meeting is at the end of July with markets now expecting rates to be held flat until September. However, participant commentary remains closely monitored.

News...

UK unemployment rate highest since '21

• General election campaigning is ramping up, with attention being paid to Labour’s tax and spending promises. Polling suggests Sir Keir Starmer will be the next UK Prime Minister.

• The unemployment rate rose to 4.4% in April (from 4.3%) while the claimant count for May rose 50,400. Both readings are the weakest since 2021 as higher interest rates appear to bite.

• The Composite PMI confidence survey dropped to a seven-month low of 51.7 in June (53.0 in May), with services companies reporting subdued demand ahead of the General Election.

US inflation reading below forecasts

• Inflation as measured by the Consumer Price Index fell to 3.3% in May (3.4% in June) and, though a marginal drop, it was the first time in several months the reading came in below forecasts, providing relief to markets.

• The Federal Reserve kept rates steady at the latest meeting, while official forecasts indicated policymakers now expect only one rate cut this year, rather than the three forecast in March.

• Non-farm payrolls surged 272k in May, well ahead of forecasts, while wages also grew 0.4% month-on-month with the employment market appearing to remain in a strong position.

China CPI suggests demand recovery

• China's consumer price index, its main gauge of inflation, rose 0.3% year-on-year in May (falling 0.1% on a monthly basis), while the producer price index, which eyes China's manufacturing sector, fell 1.4%, with deflationary pressures continuing amid weak demand.

• Retail sales accelerated to 3.7% year-on-year in May (from 2.3%), though Fixed Asset Investment continued to disappoint despite new stimulus for the housing market.

• Meanwhile, Inbound Foreign Direct Investment fell 28.2% year-to-date as the country struggled to attract overseas investment amid weak demand and growing trade constraints.

ECB in first-mover rate cut

• President Macron unexpectedly called a French parliamentary election after disappointing results in the European election, in an apparent attempt to blunt the ascent of the National Rally partly led by Marine Le Pen.

• The ECB moved first amongst major central banks and cut interest rates by 0.25% to 3.75% as inflation levels dropped across the continent, although cautioned there may be a pause rather than further cuts.

• The Composite PMI confidence indicator dropped to 50.8 in June from 52.2 previously as the manufacturing sector reported falling demand after a brief improvement.

And finally... elsewhere...

• Narendra Modi won a third term as Prime Minister of India in a closer than anticipated election, with his support in parliament now reliant on smaller coalition parties which could slow down his pace of reforms.

• The Japanese Yen fell below 160 to the USD and hit a 38-year low, despite Bank of Japan intervention to slow the weakness, as easy monetary policy led to significant capital outflows as investors look to lock in higher interest rates elsewhere.

Global markets sustained their upward trajectory in March, with global stocks delivering a 3.6% return to UK investors, contributing to a quarter where the total return reached 9.4%.

Momentum was underpinned by robust economic data, particularly the outperformance of the US economy in 2023, which surpassed expectations due to growth in consumer and government spending.

A significant driver of the strong Q1 performance was the remarkable growth of large technology and semiconductor stocks. Notably, the Japanese stock market saw a substantial rise of 17%, while the US market recorded a 10.2% increase. However, the UK, which had previously lagged behind through the first two months of 2024, emerged as the top-performing market in March, recording a 4.2% rise.

Bond yields rose rapidly, with the UK 10-year yield up 0.44% as expectations for interest rate cuts were pushed back. However the rate fell back 0.15% in March amid the ‘Goldilocks’ (neither too hot nor too cold) environment.

Energy prices climbed over the quarter, with oil rising 13.4% as demand firmed, aided by the Chinese economy showing shoots of recovery. However, a mention has to go to Bitcoin: the cryptocurrency rallied 68.7% over the quarter (hitting an all-time high) as a range of tracking ETFs were approved in the US in a move expected to boost investing demand.

Assets in focus

Bond yields

Areas to watch

1. Inflation data continues to generally cool, however most economies are still seeing headline rates well above central bank targets, with a risk they become embedded.

2. Given that consumer spending constitutes around 70% of US GDP growth, Personal income and Spending should be monitored to assess whether the consumer remains the main driver of growth.

3. The Japanese economic renaissance continues unabated, with observers keen to see the impact of interest rate hikes on domestic inflation and growth

4. The Chinese economy has struggled recently but data shows improvement which, if sustained, could prove to be a boon to emerging market stocks.

News - UK

• UK inflation as measured by the Consumer Prices Index dropped to 3.4% year-on-year in February, from 4% growth previously, with the core reading also coming in below expectations.

• The Chancellor announced a pre-election Budget with a headline grabbing 2% cut in National Insurance tax, however a range of other tax raising measures to minimise the impact on public finances were also announced.

• The Composite PMI confidence survey remained steady at 52.9 in March, with new order levels growing in the manufacturing sector. However prices paid also firmed after a period of decline.

News - US

• Inflation in the US rose again to 3.2% year-on-year (from 3.1%), with the monthly core reading rising 0.4%, as the economy continued to run hotter than the Federal Reserve would like.

• The Fed kept rates in a range of 5.25-5.5% while signalling it expects three rate cuts this year (from four previously), with the economy and inflation remaining strong.

• The ISM Manufacturing Index rebounded to 50.3 in March – a first positive reading since September 2022 – as production rebounded amid stronger demand, while input costs also rose. 

News - China

• Industrial production rose 7% year-on-year in February, the fastest pace in two years, while retail sales declined to 5.3% growth, in a mixed bag of economic data. However, it did indicate that the important manufacturing sector could be recovering.

• The stock of outstanding yuan loans grew 9.7% in February from a year earlier, the slowest pace since records began in 2003, as borrowing demand waned despite stimulus measures from the central bank.

• The official Manufacturing PMI confidence indicator rose to 50.8 in March from 49.1 in February, the first positive reading in five months, while the Services reading also hit the highest reading in eight months.

News - Europe

• Eurozone consumer confidence rose to its highest level since February 2022 as optimism around the economic outlook brightened while inflation pressures abated.

• The ECB kept rates steady at 4% at the latest meeting, with board members torn between stubborn inflation readings and a range of signs that price shocks are receding.

• The Composite PMI confidence indicator rose to a nine-month high of 49.9 in March, with both the services and manufacturing sectors improving. However output falls in France and Germany pointed to an uneven economic picture. 

And finally… elsewhere:

• Japanese GDP grew 0.4% year-on-year in Q4, well ahead of expectations of a 0.4% decline, while recent inflation and wage growth data has remained robust.

• The Bank of Japan subsequently raised the key benchmark rate above zero for the first time since 2016 - a first hike for 17 years - as the era of deflation appears to finally have been overcome.

There are several ways to display rates of return on an investment.

At Fundment, we currently show a simple return (as pounds and pence) and a time-weighted return (as a percentage). These figures rarely match exactly, so let us explain the difference…

What is the difference between a time-weighted return and a simple return?

Put simply, they represent different things.

A simple return shows a straightforward financial gain (or loss) over a period. If we started with a £1,000 investment and it grew to £1,100, the simple return is £100.

It is a portfolio’s end value minus its start value and fees, and net of any cash flow (contributions and withdrawals). Whatever is left: the simple return.

A time-weighted return instead shows the performance of the underlying investment strategy by stripping out any cash flow.

It is calculated by splitting the period into days (this is how we do it at Fundment) and figuring out the daily return, net of cash flow. Each day’s return is then multiplied for a time-weighted return.

This difference in calculation can mean the simple return and the time-weighted return rarely match exactly. One can even be positive while the other is negative.

Example 1: The difference between a time-weighted return and a simple return

One of our favourite ways to think about this is as follows…

A client opens a pension and a Flexible ISA at the same time and puts a lump sum – say £20,000 – in each.

Both the pension and ISA invest in the same strategy.

Over the next six months, the client adds £1,000 a month steadily into the pension.

During the same period, the client withdraws some money from their Flexible ISA to pay for home improvements, and later puts it back.

The client’s time-weighted return across both the pension and ISA will be the same because the underlying investment strategy was the same.

However, their simple return will be different because their cashflow was different.

Why is a time-weighted return important?

A time-weighted return seeks to give an 'unbiased' view of returns by showing how the investment strategy itself is doing.

We think it can help advisers assess performance and compare investments without the potentially distorting effects on growth rates caused by cashflow.

Example 2: Simple return vs time-weighted return

Consider another example of how cashflow - in this case a regular contribution of £10,000 - can affect returns, depending on which measure you’re looking at.

In the table below, see how the contributions help the client achieve an overall positive simple return.

The time-weighted return instead shows the ‘unbiased’ portfolio performance - effectively what would have happened if the client had not made any contributions or withdrawals during the period.

This content is for financial advice professionals only.

We have launched digital drawdown, giving advisers more control over initiating drawdown strategies for clients. The system enables advisers to set up benefits for clients in minutes and to see what is in place for them in a single view.

Here is a brief introduction to digital drawdown on Fundment…

Launch drawdown in as few as six clicks

A common execution of at-retirement planning is a client wishing, simply, to take their max PCLS via flexi-access drawdown (FAD). That’s six clicks on Fundment.

In a client’s goal, select pension; FAD; maximum PCLS; bank account, review, complete. Your client can approve via DocuSign if they wish.

And, though it may be a few more clicks, it’s similarly straightforward to set up taxable income for a client as well.

Our pension is now 100% digital

By digitising our workplace contribution process (employer and employee), our pension is now fully digitised end-to-end. You will not need to leave the platform at any stage to complete a pension instruction.

Send forms for both one-off and recurring contributions via DocuSign from inside our platform architecture, making life simpler and faster for you and your clients.

Pay clients’ tax-free cash into their GIA

Another of our favourite features when adding retirement strategies for clients on Fundment.

Under FAD, you can pay a client’s PCLS into their GIA, if they have one. So, you and your clients have a choice, and a simple one, for each FAD: bank account or GIA. No additional hoops, forms or declarations.

We like to think of it is an example of the simplicity built into the system. Drawdown strategies can be simple or they can be complex, but building and executing them on Fundment has been designed to be straightforward regardless.

More choice on drawdown illustrations

You can generate drawdown illustrations for clients at account (wrapper) and goal level (crystallised and uncrystallised), enabling you and your clients to see the impact of a particular strategy on all their pension goals, or on a single goal.

New ‘edit’ option under flexi-access

We have enhanced our digital drawdown proposition so that you can quickly and easily edit clients’ taxable income under FAD.

This makes it much simpler if you need to change a client’s income arrangements.

Edit as often as you need to and, when you make a change, you’ll be shown the current income option alongside the new one before approving.

A ‘modal’ user experience

Sometimes it’s the little things that make the user experience that much better.

Our pop-up windows (otherwise known as modals) are now moveable. Grab and drag a window whenever you need to, such as if you wish to see what’s behind it and would prefer not to close the window.

Simply click and hold on the six dots on the top-left of the modal, and move.

Interested? Find out more (and book a demo if you’d like to)…

As always, if you have any questions, please contact us at support@fundment.com.

This content is for financial advice professionals only.