Chapter 1: What is the main topic discussed in this episode?
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Listen to Saigon on the iHeart Radio app, Apple Podcasts, or wherever you get your podcasts. Hi, I'm Bob Pittman, Chairman and CEO of iHeartMedia, and I'm kicking off a brand new season of my podcast, Math & Magic, Stories from the Frontiers of Marketing. Math & Magic takes you behind the scenes of the biggest businesses and industries while sharing insights from the smartest minds in marketing.
Coming up this season on Math & Magic, CEO of Liquid Death, Mike Cesario. People think that creative ideas are like these light bulb moments that happen when you're in the shower, where it's really like a stone sculpture. You're constantly just chipping away and refining. Take to interactive CEO, Strauss Selnick, and our own chief business officer, Lisa Coffey.
Listen to Math & Magic on the iHeartRadio app, Apple Podcasts, or wherever you get your podcasts. Hello, I'm Stephen Carroll. I'm in Brussels, where many of Europe's biggest decisions get made.
And I'm Caroline Hepke in London. We're the hosts of the Bloomberg Daybreak Europe podcast.
We're up early every weekday, keeping an eye on what's happening across Europe and around the world.
We do it early so the news is fresh, not recycled, and so you know what actually matters as the day gets going.
From Brussels, I'm following the politics, policy and the people shaping the European Union right now.
And from London, I'm looking at what all that means for markets, money and the wider economy.
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Chapter 2: What is NEST and its significance in the UK pension landscape?
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Put yourself through some hardships, and you will come out on the other side a happier, more fulfilled, healthier person. Listen to 2%, that's T-W-O percent, on the iHeartRadio app, Apple Podcasts, or wherever you get your podcasts. This is Saigon, the story of my family and of the country that shaped us.
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I like hearing you talk.
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Sting hears madness.
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Chapter 3: How is NEST planning to invest in private markets?
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, I suppose the way for us to look at this is to say, let's not make this all about gender. It seems to be that what is happening here is that German wealth managers and IFAs automatically see their female clients as less financially sophisticated than their male clients.
And so give different types of advice, i.e. make as much money as they can get away with from each class. And they think they can get away with more with their less sophisticated class. You could take gender out of it, right?
Yeah, I think you could. And we've often discussed that there are some frustrating assumptions made about women and investing and men about investing that probably don't really hold true or certainly aren't about gender. But I think that is an absolutely fair point about investing.
Seeing someone that you're assuming to be less sophisticated and then presumably actually getting away with it, because I'm assuming that the advice that's been given here is the advice that's actually followed. I mean, obviously. Yeah, OK, I mean, you can quibble with the statistical significance, although at the same time, it's a big study.
I mean, they looked at about 27,000 real world meetings between people. So, you know, maybe, you know, all of that kind of holds up. But I think the... The lesson really is, and this goes back to, as you say, what we were saying earlier, if you don't want to get taken advantage of, then you need to know something about this stuff, whether you like it or not, or you need to know someone that does.
So it's a bit like if you're going to buy a used car, Normally, ideally.
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Chapter 4: What concerns arise from NEST's investment strategy in private assets?
I mean, don't take me. I know nothing.
Well, there have been several studies that show it doesn't matter how little your man friend knows as long as you take them with you.
Well, OK, well, in that case, it is just sexism. It's quite hard to deny it.
There's not that much of that, not much of that pure sexism left in British society, I would say.
Yeah, I think that's true. And I think, to be fair, I think Britain is actually, you know, and I'm not just saying this, pure jingoism, if you look at You know, like EU studies on things like race, for example, then Britain's actually well in advance of most kind of European countries when it comes to that. So I would guess something similar is true for sex as well.
You know, I couldn't swear to that.
But anyway, clear message, clear message. If you don't know much about finance and investing, when you go to see a wealth manager, take someone with you or an IFA, take someone with you who does.
Or you know what you could do if you can't find a friend who knows something about it. First thing you do when you go in is you say, I was listening to that Merrin Talks Money podcast the other day. And you just casually drop that in the conversation.
Drop that in. And then you can say to them, and you should listen to that too.
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Chapter 5: What role does climate awareness play in NEST's investment decisions?
And as the years have gone by, I've realized it's just stupid. It's never going to happen. And, you know, most people, they don't want to. They don't want to. They've got enough to do. And also, crucially, not only they don't want to do the admin, admin, admin, admin, they also, they don't want the stress.
Most people do not want to wake up in the middle of the night wondering about what's happened to their money. And in difficult times, they don't want to be constantly checking their portfolio. Except, you know what they want? They want someone else to do that for them.
Yeah. I mean, this makes sense. And why not? Why not?
No, no, I don't want to do that.
I mean, to be fair, yeah, I mean, we get tradespeople to do things and professionals to do stuff. I certainly don't want to defend myself in court either. So, yeah, there's definitely a function there. It's just that the information asymmetry was always the problem.
And I don't think it's anywhere near as bad now, partly because, well, we've got ready commissions, which is clearly one thing that this German study is referring to, which is no longer the case in the UK.
Exactly. We had the retail distribution review in the UK, which changed the landscape completely and in the main for the good. A few things still to be ironed out from that. That's been a long time, but in the main, very good. Right. John, is there anything else that we need to add to this?
I feel the world has been put to rights in a rigorous manner.
Thank goodness. Anyway, so the key bit of advice is really, I mean, I know you don't want to, but you need to know what's going on. And if you are with any of these big pension providers, just, you know, email them, let them know what you think. Always worth doing. Right. Thanks, John.
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Chapter 6: Why is transparency important in pension fund investments?
Thanks for listening to this week's Merrin Talks Your Money. If you like our show, rate, review and subscribe wherever you listen to podcasts. Also, be sure to follow me and John on X or Twitter at MerrinSW and John underscore Stepak. This episode was produced by Summer Saadi and Moses. And questions and comments on this show and all our shows are always welcome.
Our show email is MerrinMoney at Bloomberg.net.
This is Saigon, the story of my family and of the country that shaped us. From iHeart Podcast, Saigon. You don't think I'm serious about a free Vietnam? One city, a divided country, and the war that tore America apart. This is for Vietnam. They're pouring petrol all over here. Freedom for Vietnam! There's a fire coming to this country and it's going to burn out everything.
Listen to Saigon on the iHeart Radio app, Apple Podcasts, or wherever you get your podcasts. Hi, I'm Bob Pittman, Chairman and CEO of iHeartMedia, and I'm kicking off a brand new season of my podcast, Math & Magic, Stories from the Frontiers of Marketing. Math & Magic takes you behind the scenes of the biggest businesses and industries while sharing insights from the smartest minds in marketing.
Coming up this season on Math & Magic, CEO of Liquid Death, Mike Cesario. People think that creative ideas are like these light bulb moments that happen when you're in the shower, where it's really like a stone sculpture. You're constantly just chipping away and refining. Take to interactive CEO, Strauss Zelnick, and our own chief business officer, Lisa Coffey.
Listen to Math & Magic on the iHeartRadio app, Apple Podcasts, or wherever you get your podcasts.
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