Investment Costs - What is the 'Real Deal'?We have visited this subject many times, but make no apology for doing so again. If you currently have investments in Unit Trusts, Stocks and Shares ISAs or Pensions, or are planning to do so, then reading this article could save you a small fortune over, say, 10 - 20 years. Let's take a look at the typical costs you are faced with when you invest your money...
Life Assurance, Critical Illness Cover Etc - Are You Paying For Policies You Don't Need?One of the common issues we find when we review a new client's situation is that over the years they have been sold (or have purchased) many life, critical illness and income protection policies. Now, it's important of course to state that such cover for, say, a couple with a family and a mortgage, is absolutely vital.
Your Retirement - What Will You Actually Do?When we start working with a new client who's, say, aged 50, it's always interesting to get down to what they want to aim for in life. After all, if life is not about thoroughly enjoying doing things you love most, what is it about? So when the 'Retirement Reality' study from an insurance company came out the other day, it was something that we took notice of.
Life Coverage, Critical Illness, Income Protection - Are You Fully Covered?When you graduated, there's a high probability you 'signed up' for income protection cover. Maybe it was at a graduation Ball, or perhaps it was following a talk you attended. Even if you found out since that better coverage was available, the key is that you took action and purchased a very important protection plan.
Savings Rates - Are You Getting the Best Rate For Your Money?We are not talking about serious longer term investments here. This is money which is meant to be safe and accessible, and preferably tax efficient. It could well be that it's money earmarked for your tax bill, for example.
Financial Planning - The 10 Key Questions to Ask YourselfNo matter what stage of career you've reached, or even if you've retired, there's a number of key questions that you should be able to answer to give yourself the confidence that you've addressed all the important areas of your financial planning. So, today, I'm going to run through the key areas that we run through with each client to take a 'barometer' of their financial planning health. Let's get started.
Absolute Return Fund - Should You Invest in One?You may have heard about Absolute Return Funds being launched and appearing in the press recently. We have seen quite a few of them launched in the last year or so, and they sound good don't they? Absolute returns - hmmm, let's investigate. There are 3 main reasons why these funds have appeared on the radar recently:
NHS Pension Choices - The Key FactorsIf you are a member of the NHS pension scheme, you will soon be asked to make a very important decision. That is, should you remain in the current version of the scheme (applies if you were a member pre-April 2008) or should you transfer to the new version (post-April 2008). To help, the NHS have produced 'Your NHS Pension Choice' Guide.
Getting Financial Advice - Your Options ExplainedThis week's article is a biggie, but I guarantee it'll be worth a few minutes of your time. If you're looking for help with your financial planning decisions, there are a number of resources you can turn to.
Income Tax Rises 2010 - Will You Be Affected?Large rises in income tax are due to take effect from next April for people earning over 100,000. New rates of tax were announced by the Government in the recent budget and they are going to hit many of our clients hard! This is because our clients tend to be higher earners, with many in the 150,000 to 350,000 pa bracket. So, how are you going to be affected?
Dentists and Doctors - Do You Need Your Own Cash Flow Forecast?Regular readers of our newsletter will probably recognise the words Cash Flow Forecast (Financial Map or Sat Nav), as we often refer to this when talking about how we help doctors and dentists work out: What they really want to achieve in life? What is this going to cost and when? How does this look when compared to their incomes/assets? After all, dreams are just that unless you measure them and give them a deadline.
New NHS Benefits - It's All Ended in TiersThere have been many changes in overall pension rules by the government, and we have discussed in Financial Tips how this has affected the NHS Pension Scheme in previous articles such as the Lifetime Allowance. Other NHS rule changes might not be so obvious, but for the unfortunate few who fall ill, have a serious accident or die in service, these rule changes are important.
Critical Illness Claim Statistics 2008In line with the trends of the last 3-4 years, many insurance companies have announced their claims statistics for critical illness cover. As a brief reminder, the idea with critical illness cover is that it will pay out a lump sum (usually) in the event of diagnosis of a number of serious illnesses.
ISAs - Are They Really That Tax Efficient?One of the standard pieces of advice we have always given when it comes to investing in stocks and shares is that it really will pay off to maximize the allowances clients have to ISAs. If a client is looking to invest, this is the first port of call for us as wealth managers. As a couple can invest 7,200 each in every tax year, this 'pot' can potentially grow very nicely over the longer term.
Last Will and Testament - The Perils of Dying 'Intestate'Not the most enlightening of subjects is it? And not one you'll probably discuss often, with either friends or family. What's that I hear you say? Dying. The good news is that I'm not going to take up the next few minutes of your life talking about how we might all eventually leave planet earth.
New NHS Pension Choice at Retirement - More Pension Or More Cash?In the past when it came to how the NHS paid your pension, it was very simple. You had a pension based on the number of years' service in the Scheme, your income, and whether you had purchased added years. You also received a tax free lump sum of three times that pension (although GMPs and GDPs have their pension entitlement calculated on a slightly different basis). No thought was required when you reached retirement age.
1970s Crisis - Is it the Same This Time?Well, what a year it's been... High street banks in crisis, investment banks closing their doors, 'experts' pointing fingers, and SERIOUS questions asked of the Financial regulators. Yes, what WERE the regulators doing on both sides of the Atlantic? And to cap it all, a $50bn (expected) fraud uncovered in the US. Is there more to come, one wonders?
Lower Interest Rates - What Do They Mean to You?The fact that the Bank of England (BOE) has slashed interest rates by 1.5% to 3%, I think shows how worried they are about the British economy. In a Bloomberg survey of 60 economists, nobody had predicted such a large cut in one go. You would be forgiven for wondering what the reasoning behind this decision is when inflation has reached over 5%, and the BoE are supposed to target 2%.
Retirement Planning - Should You Take Your Pension at 60?This week we are discussing a scenario where an individual is about to reach 60 and are wondering whether they have to take their pensions at 60, or if they can delay this decision. And indeed, what are their overall options? Some years ago, many in the pensions world advised investors not to touch their pension until it was absolutely necessary.
How Safe is Your Money? - Your Guide to ProtectionMy goodness what a rollercoaster it has been recently! It seems that not a day goes by without more gloom. A bank goes bust or is rescued, an insurance company is swallowed up by another or is nationalised. It is in times like these that people quite naturally get very worried and want to make sure that they are protected. Let's look at cash deposit savings.
The Cost of Investing - Are 'Hidden' Charges Eating Your Returns?We live in interesting times. The investment bank Lehman Brothers has filed for bankruptcy protection, Merrill Lynch is being taken over by Bank of America and it's predicted thousands of bank employees will be picking up their P45s by the end of the month. If you have money invested in ISAs and personal pensions these may be worrying times.
Have You Clearly Defined Your Goals? - Living the Life You Want to LeadWhen we meet a new client or review the financial affairs of someone we have known for some time, the first thing we automatically concentrate on is what goals in life do they have? For a new client - how can we as planners really encourage them to think about what they want to do with their lives? For existing clients - we know their goals and so where are they on this journey? Are there any new
Be Smart - Be a Passive InvestorOne of the first things we come across when we take on a new client is starting to make sense of the collection of policies and investments they have. They are usually in a pile somewhere and tend to consist of many different funds across several providers. Almost without exception, their investment plans include 'active fund manager' investments. The values vary, but 100,000 to 250,000 is not unc
Investing in Money Market Cash Funds - Are They a Wise Option?When it comes to investing your money, you'll probably know by now that you have numerous options to choose from. In fact, it can feel like a bit of a minefield and sometimes you may not know if you've made the right choice. Should you choose a bond fund, equity fund, property fund or a money market cash fund? Or any other type of fund? So, what is a Money Market fund?
Dentists' Provident Society - Income Protection Claim StatisticsIf you are a dentist, it's likely that you've taken out income protection insurance (also referred to as permanent health insurance). In fact, you may have even claimed on your policy. During the last few years many of the leading insurers have been releasing their claim statistics for critical illness cover and income protection.
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