FASA 2023
Investments

Investments

Markets performed better in 2023 than last year, but they are still plagued by the headwinds of geopolitical tensions and economic uncertainty.f

Much talk has been about whether economies such as that of the US will experience a 'soft landing' or plunge into recession.

Amid these tough times, six of the first eight months of 2023 saw UK funds overall experience net outflows.

Meanwhile enthusiasm and appetite for environmental, social and governance-based investing appears to have slowed, with the level of assets in these funds stalling as surging inflation causes problems for the growth stocks they tend to invest in.

In these tough times, many asset managers have had to cut their cloth accordingly, and many across the market have made or announced job cuts.

During these times, service can be one of the first things to suffer.

These companies awarded five stars this year are the ones that have managed to keep service at consistently high levels during these challenging times.

One of the companies that has been given five stars for its service this year is Octopus Investments.

Kristy Barr, head of sales and customer at Octopus Investments, said: “From the very beginning, we set out to be a financial services company with a difference.

“Building real relationships with our customers that are grounded in trust and reliability, and going the extra mile to show them we care is how we aim to live up to that, and is something we take very seriously.

“To have this recognition from our supporters is a really, really huge honour for all of us.”

In fact, 2023 marks the 10th year in a row that Octopus Investments has been awarded the coveted five stars by advisers voting in the FASA surveys.

Cash investments

The need to keep savings readily available is part of good financial planning, so clients do not need to eat into their investments if their boiler breaks down.

But with inflation at highs not seen in years, this makes the selection of a cash investment vehicle more important than ever.

Clients expect to see the corrosive effects of inflation on their cash savings minimised as much as possible.

And the providers of cash management services that have done a good job and offered five-star service will have been richly rewarded during this period.

One of the companies that has been recognised as having five-star service is Flagstone, which was founded a decade ago.

Simon Merchant, founder and chief executive at Flagstone, said: "At Flagstone we work tirelessly to ensure we are listening to what our clients and their advisers need and value from us, and implementing just that.

“At a point in the economic cycle when high interest rates will once again become the norm, appetite to hold cash is growing again and our savers want access to the best possible rates at their fingertips.

“In this way, providing them with one single access point to the UK savings market's widest choice of savings accounts from the widest range of banks and building societies continues to set us apart.

“Our clients and their advisers continually bestow on us their trust and we're grateful for that. 

“Now, with assets under administration in excess of £10bn and that volume increasing by more than £1bn per quarter, we are more motivated than ever to continually innovate and iterate our fintech capabilities to bring faster, more flexible savings options to more clients and their advisers."

damian.fantato@ft.com