I found myself last night, talking to a group of investment experts at the Investment Association, a place I had never expected to be admitted to – let alone welcomed to – following the long arguments of the last decade over cost disclosure. The Investment Association is of course the place where hidden costs and charges are likened to the Loch Ness monster, oft-reported, never seen.
To my surprise, I have been elevated , since I was last there ten years ago, into some folksy pension guru and I was called on last night to deliver my view of the world like the Pension Plowman I always aspired to be. It would have been a little awkward as I know little about investment matters. Fortunately the room was full of young faces, black faces, female faces and I found myself talking with people who clearly wanted to listen, ask questions of me and of themselves. It was a really good session, organised by some Guild that wants to become a Livery Company (why?).
I was talking beside Charlotte O’Leary from Pensions for Purpose, with whom I seem to share a common vision. Not having met her before, I was rather glad to discover that despite the big gap in age and intelligence (both in her favour), we got on rather well.
She’s doing one of Darren and Nico’s podcasts tomorrow, I’ll give it a listen.
I can’t say much about what was said or by who , as we were under the accursed Chatham House rule (why?). I can say that there were many more questions than answers, surely the sign that we are having a debate not a lecture
Something has to be done about the hegemony of insurance in pensions and in investment. The audience last night were clearly responding to Charlotte and my pleas for sanity so we can return to a world where pensions are not swapped for annuities, equities not chucked out for bonds and where the promotion of Solvency II as the only way to reduce risk, is challenged.
Without being too nice to either the Investment Association or the Guild of Investment Managers I think they got this evening right. From a Diversity and Inclusion point of view, I saw a better future sitting in front of me than the past that weighed on me as I entered what had previously been a house of pain.
If, by chance, any of the young , bright , different looking people who sat in front of me, wants to be in touch, I’d like them to link in or send me a mail – henry@agewage.com
Even though I personally have no time for the City and its fripperies , I am quite happy to promote this new Guild to any young person trying to make their way. Better to end up a Nick Lyons or a Michael Mainelli than the this chap!
