News story of the week: A first for UK personal finance
A disclaimer before we begin - the subject of this week’s standout story is a Foco client, but what they’ve done is groundbreaking, so we’re going to tell you anyway!
There’s a new financial advisor in town - and she’s digital! ‘So what? Isn’t that already a thing?’, you ask. What hasn’t been a thing, up until now, is a regulated, independent digital financial adviser - see? The service is called MyEva and its creator, Wealth Wizards, celebrated earlier this week as she (the preferred mode of address - take note) left beta testing.
The project was designed with the #FinWell at work agenda in mind and packs a bonus punch for conscientious HR departments by offering it a ton of anonymised management intelligence on its employees’ financial concerns. MyEva is now available to companies who want to use the service to beef-up their employee benefits packages and get to know their staff’s needs a bit better, rather than offer the standard one-size-fits-all range of sometimes irrelevant ‘perks’. The likes of FVH (Calvin Klein, Tommy Hilfiger) and the Foreign and Commonwealth Office have already adopted it in their offices and clients like Unilever are singing MyEva’s praises - hurrah!
Comment piece of the week: Market urban myths debunked?
Longstanding “conspiracies” about money and investing are dissected in a lighthearted listicle by The Financial Post’s Peter Hodson, who looks at the way disgruntled traders have attempted to offer eachother solace (and appease clients who make a loss) by blaming external factors for badly-performing investments.
We won’t spoil it for you, but the piece features an obligatory Trump conspiracy theory, a view on gold manipulation, the part psychology plays when we open a position and some more fun stuff..
Number of the week: $600million
Ballsy starlet-cum-beauty entrepreneur and all that’s in between Rihanna has been rightfully celebrated by mainstream, entertainment and finance press alike this week; after Forbes’ reported on her earnings. These gargantuan earnings of $600million, by the way, have only gone and make her the world’s (yes, the world’s) richest female musician - that means she’s richer than Madonna, Beyonce and Celine Dion, by the way.
Forbes list her partnership with none other than LVMH, her acting endeavours and of course, her musical prowess as contributing factors to her success. The cash-covered snowball that is Fenty Beauty, however, is one venture that stands out, serving as another Kylie Jenner/Pat McGrath-esque example of the viability of dabbling in make-up and skincare aimed at Gen Z and younger Millenials. Clarins is just one beauty behemoth that has recently taken note of this by introducing its vegan ‘young’ range, My Clarins. Not sure how good their execs would look in hot pants on stage though.
Tweet of the week: