From 6 April 2022, no-fault divorce came into effect in England and Wales. No-fault divorce is a long-awaited revolution in family law, finally removing the need for blame as a basis for divorce. The result is that the only ground for divorce is that the marriage has ‘irretrievably broken down’. No one enters into a
According to new research[1], 95% of adults in the UK are worried about the anticipated rise in the cost of living in 2022. The expense most UK households are concerned about is the rise in energy bills (92%), with three in ten (29%) being apprehensive about this, followed by food shopping (87%). Cost hikes to
Many initially seek financial advice because they want help with something like a pension or making intelligent investment decisions. However, pensions or investments are only a means to an end which is helping you pursue your goals. An advisor cannot manage a portfolio or create a robust financial plan unless they have a holistic view
How often do you talk about money with your partner? Issues around money can sometimes make or break a couple. Research indicates it causes a lot of struggle. According to a survey from Royal London, 62% of couples in the UK have argued about money. The most common cause is the perception that one of
Events have conspired against the lowkey nature of the Chancellor’s Spring Statement. The Ukraine invasion, steep increases in the cost of living and lower than forecast borrowing led to many hoping for major announcements. Highlighting the need for domestic economic stability in a volatile geopolitical landscape, Rishi Sunak laid out the facts: Higher global energy,
Right now, some may wonder if they can get all the rewards of investing without any of the downsides. By this, they may mean they do not want to experience market declines but still want to get a return. Can you do this? Now what I am not going to do is lie and say
It goes without saying that war is a humanitarian tragedy. We are not ignoring this, but many may worry about the impact of war on their planning and their portfolio. We will not aim to give any geopolitical or strategic commentary. That is not, and never will be, an area we specialise in. Instead, we
We all have heard the phrase ‘Humans are creatures of habit’. However, do habits help or hamper us when we think about money? Habits are behaviours and preferences we develop based on our views and belief systems. They are mental shortcuts or scripts that help us to navigate the world. We all have developed numerous
Last year the government revealed new proposals for funding long-term care. At the time, much was made of the point at which someone needing to pay their care costs in full increasing to £100,000 and the overall cap on care costs being £86,000. The Government made out as if this fulfilled its manifesto promise that
Following a financial plan and staying disciplined can be challenging. A good start can be with what someone shouldn’t be doing with their finances. Not having an Emergency Fund An emergency fund underpins a solid financial plan. We advise our clients to hold at least six months’ expenditure, plus any planned additional spending, in easy
Some are lucky enough to be awarded shares in the company they work for. Companies can reward their staff with actual shares or options that they can exercise sometime in the future. What is the difference between shares and options? Shares and options have different uses and benefits. These include how they are taxed. It
Relax. Live for the moment and enjoy life. Most of us know someone who, despite being well off, struggles to spend money on things that make them happy. Instead, the fear of running out of money controls their spending habits. On the other hand, there are those who struggle to think past the next few
We are committed to helping our clients better appreciate the value and benefits of financial planning. One of the ways we do this is by using lifetime financial forecasting, which we also refer to as cash-flow modelling. This enables us to help our clients understand their financial planning needs better. This is because it allows
We personalise the advice we give to our clients as much as possible. Our financial planning process is all about collaboration. We seek to understand where you are, what you want from life, and any concerns you have. Your goals and priorities are unique to you. Once we have done some analysis, we will have
In September 2020, annual inflation in the UK was running at 0.5% on the CPI measure and 1.1% using the old RPI yardstick. At the time price rises were the least of our worries. 12 months later and inflation has become a hot topic. The latest (August) figures are 3.2% CPI and 4.8% RPI. The
The clients we serve best have the following qualities: They work in partnership with us to make good financial decisions Our clients appreciate, that the advice of a highly qualified advisor is useless if not acted upon. The ultimate decision lies with them, and our role is to help them make it a good one.
Risk is one of the trickiest subjects to discuss in investing. Investors face many kinds of risk. For those planning their future, the ultimate risk is failing to meet their goals. Addressing this needs a sound investment strategy and solid financial planning. This is vastly different to what many think risk is. They think it
It is easier and cheaper than ever to invest money or to start a pension. In addition, we like to say that long term investing is, to a fair degree, solved. We do accept that we cannot tell you what the perfect portfolio is going to look like for the next 30 years. However, we
There has been as much research into what makes us happier as there has been into what makes us wealthier. As financial planners, we are trying to help our clients improve their lives using their money. So, it is therefore important to look at what drives happiness and how it relates to money. The happiness
Do you have all your essential documents in one place? If you do not, it may be a good idea to start. To focus your thoughts, think about what you would need in the event of a disaster like severe weather or a house fire. What would you need to have ready to grab and
We all want the best for our grandchildren. We would also like to reduce the inheritance tax (IHT) our loved ones could pay when we die. For many, giving their children or grandchildren the best opportunities means private schooling. More than half a million children currently going to private schools in the UK. According to
The Halifax has published research into first-time buyers showing the heavy year the Bank of Mum and Dad has experienced. The average price paid by a first-time buyer in the UK last year was £256,057. This was up by £22,939 (10%) from a year earlier (£233,118). How much of this came from the Bank of Mum and
The coronavirus (COVID-19) pandemic has caused massive job losses across the country. But some households have been saving more money than ever [1]. For these households, they have a choice which could have a big impact on their future wealth. This is the choice between saving or investing. More money to invest than usual The
Paying yourself first Before you pay any bills, consider paying yourself first. This means saving and investing a portion of your earnings before you do anything else with your money. In the book The Richest Man in Babylon, written by George S. Clason, the parables are told by a fictional Babylonian character called Arkad, a
Demonstrating value to our clients is crucial. There have been a number of studies by industry bodies and providers, including Royal London here and Russell Investments here, which quantify the value advice can give to our clients. The results are clear; individuals are better off, net of costs, by taking financial advice. What about business owners? Let us
I have always been passionate about helping people feel more financially confident and achieve financial security. What this can be boiled down to is increasing financial wellbeing. The Financial Wellbeing Book, published in 2016, laid out five parts to financial wellbeing: A clear path to identifiable objectives Control of daily finances Ability to cope with
If you were not prepared financially for the first wave, then that is understandable. However, being prepared for a second wave is critical. So, what can we do? Do not rely on the Government When the infection first reached the UK, the government was quick to step in and help people financially through various schemes.
You may have some spare money some surplus income. Either way, you might be thinking about what is best to do with this. Is it better to invest or repay your debts early? Paying off your debt could mean means reduced stress, and a greater ability to withstand personal emergencies, recessions, and depressions. Investing means
Educated guesses are key to financial planning. No matter how diligent we are when gathering information about a client, financial planning is about the future, not the past. As such we will need to make some “guesses, or assumptions, about what will happen in the future. Whilst these guesses need to be as educated as
2020 has put our ability to survive financial shocks to the test. However, for many, the financial implications of the pandemic have not been as bad as they could have been. This is thanks to the government’s support schemes. Other than being unable to work, the biggest causes of financial emergencies are cars, properties, family
First-principles thinking helps reverse-engineer complicated problems. The idea is to break something down to its base elements. We can then reassemble them from the ground up. This approach was used by the philosopher Aristotle. Elon Musk and Charlie Munger are among those who use it now. It allows them to cut through the fog of
A survey of 2,000 people reveals we spend 110 hours a year think about what might have been. Eight out of ten believe their lives would be better if they had taken more risks. The most common regrets were: Not saving more when younger Not keeping in touch with old friends Not taking the plunge
If you want to make better decisions with your money, we can help. However, working with us is not for everyone. We help our clients take the necessary steps to get the most out of their money. There are some things some expect from us which bear little relevance to what we do. Some of
To be in control of your money, you should have a plan for what you spend. This allows you to give each pound you make a purpose. Although this may seem like a lot of work, it is key to lasting financial success. A good spending plan will help you take each financial step as
Getting the most out of life can be like climbing a mountain. The goal is to reach the peak and hoist up your flag. The journey will be challenging, so you need to be passionate about it. Most financial plans involve investing and markets always have difficult periods. It is essential to have something to
We can get the answer to just about anything in a few clicks. However, the difference between getting a solution and the one which is right for you can be huge. This difference is where the value of good advice is. The truth is everybody would probably benefit from financial advice in some way. Saving
Lifetime financial planning done correctly has to include a fluid financial forecast created using sophisticated planning software. We take a snapshot of your financial situation and project this forward year by year. The process is only as comprehensive as the information we put into it. The more information we put in, the better the output. The
Financial planning is key to resolving worries about money. It may be useful to think about financial planning in terms of some common concerns: Will we be able to support our current standard of living in retirement? Can we manage financially if one or both of us needs long term care? What happens to my
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