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What was in the money sections of the weekend’s papers? (22/11/2021)

Category: News

Do you pay too much for financial advice?

The Financial Times covered how a poll suggested most of their readers were happy to continue meeting by Zoom or Teams rather than having an exclusively face to face relationship. This does come with an expectation that the costs associated with purely digital advice will be lower.

The article digs a little deeper and suggests those who had a good relationship with their adviser before the pandemic were those who were the most comfortable when face-to-face advice became screen-to-screen.

We believe the value we deliver extends way past simply “managing” a portfolio. This is not dependent on how we deliver the advice but on how we put it together.

Crypto fever: the pressure grows on wealth managers

The Financial Times also looked at Cryptocurrency and whether wealth managers are including them in their portfolios. Most do not and the main reason for this is its uncertain nature.

Many report their clients are trading on the side which is what we have seen from a minority of clients. Some experience the fear of missing out on what others have “made” trading cryptocurrency.

Undoubtedly, cryptocurrency and decentralised finance will have a massive part to play in the economy of the future. Identifying the winners in advance is impossible and our philosophy is to avoid speculation as much as possible.

Cashing in a final salary pension now pays more than ever

The Telegraph comments on how the average defined benefit pension transfer value is higher than it has been before. A perfect storm of low yields on Government Debt and high inflation have caused transfer values to be over £42,000 higher than this time last year.

A transfer value is a function of how much it costs to pay out the guaranteed income. High inflation increases that cost and low yields might mean more needs to be put away to fund it. What this does not mean is that everyone with a guaranteed pension should cash it in. For most, doing so is more likely to do harm than good to their financial planning.

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