August reinforced the resilience of global markets, but also highlighted that the path forward is less straightforward than headline gains suggest. With central banks, currencies, and politics pulling in different directions, investors should lean on diversification and discipline to navigate what promises to be a more volatile autumn.

Starting 6 April 2027, pensions will no longer be exempt from inheritance tax, fundamentally changing how they are incorporated into estate planning. This shift will alter both the order of asset distribution in the decumulation phase and the approach to accumulation, prompting a more diversified strategy to optimise tax efficiency and align with long-term estate goals.

Emotional biases, especially the fear of loss, often drive investors to make poor decisions during market downturns, jeopardising long-term growth. Staying invested and focusing on time in the market, rather than trying to time it, has consistently proven to be the key to achieving stronger returns over time.

Global equity markets have reached new highs, with sectors including mining and defence leading the charge, while inflation and geopolitical tensions continue to challenge economic stability.

Economics used to drive politics. Today, politics is driving economics. Uncertainty is growing as policy changes intensify. Markets don’t like uncertainty, so increased volatility is to be expected. To help protect against this, diversification across asset classes, geographies and sectors remains key.

Over the next 30 years, up to £7 trillion in wealth will be handed down, representing the biggest intergenerational passing of assets in British history.

After a challenging start to the year, May brought a meaningful shift in sentiment, with equity markets rebounding; inflation softening in key regions; and central banks taking a more balanced tone.

Britain’s inheritance tax system is undergoing substantial reform, reshaping the landscape for families planning the transfer of wealth.

April was a turbulent month in markets, with geopolitics - rather than economics - taking centre stage.