Merryn Somerset Webb

I neglect it more than you do.

But anyway, nonetheless.

But you've got to be on top of the stuff.

Now, the thing I wanted to talk about was this report that was not really a report, more of a comment, a thought of the day from one of our favourite analysts at Pamir Liberum.

And he points out that there's a study from Germany which shows that the advice you were given, the investment advice that you were given in Germany, by the way, which is not here, differs by gender.

So here are the things.

Women are 6% less likely to get a rebate on a fund they invest in.

And if they do get a rebate, they get a significantly lower one than men get.

At the same time, they're more likely, 5% more likely.

I mean, you'll say that's not enough to be statistically significant.

But I mean, I still think it's interesting.

5% more likely to get a recommendation to invest in an in-house fund.

The point about that being, of course, that the wealth management company in question will make way more money and fees on an in-house fund than an out-of-house fund.

And more likely to be recommended in an in-house multi-asset fund to make a lot of money from that.

At the same time,

63% of men get a recommendation to invest in the most expensive funds in any particular category, but 73.2% of women get that recommendation.

So what you've got here is, again, I repeat, not here in Germany, a very clear division.

And again, you'll say it's only five or six percentage points.

I think that's enough to make the argument, a clear division between the type of advice given to different types of people.

Now,