Professional Financial Planning is the process which aims to help you realise your ambitions. As professional financial advisers we can help you make informed decisions about your financial future, short, medium and long term.
You will almost certainly have plans of one kind or another - buying a home, starting a family, living abroad, perhaps retiring, but such ambitions have financial implications and you can't leave it all to chance. Careful planning aims to help turn your plans into...
Health Insurance is probably one of the most important types of insurance you can own. Without it, an illness or accident can have serious financial implications for you and your family.
Most people will be aware that Health Insurance can cover the cost of private medical treatment for any acute conditions you may suffer in the future. However, there are a number of other types of Health-related Insurance policies which are worthy of serious consideration.
The main purpose of Life Assurance is to provide money for those people who may depend on you financially, in the event that something should happen to you. These people could include family members or business partners.
This type of protection plan is called life 'assurance' because death is at some point inevitable, which means that you are 'assured' that the plan will definitely pay out one day, so long as you have paid all the premiums and you die whilst the plan is in force.
All businesses are exposed to risks in their day-to-day operations. Without insurance cover to provide protection against some of these risks, businesses would find it difficult to operate efficiently and profitably.
Adequate insurance is therefore not a luxury - it is an absolute necessity.
These days, many people are not afraid to seek compensation. No win - no fee advertisements encourage claims, and businesses need to protect themselves against liability claims that could run into millions of pounds.
Accident, Sickness & Unemployment insurance (ASU), is designed to provide you with an income to meet your outgoings in case of absence from work due to illness, an accident or redundancy.
With an accident, sickness & unemployment policy you pay for a monthly premium for the level of cover you need, and if you lose your job or can't work, you will receive that amount of money each month to cover your costs and spend as you wish. Policies usually pay out for up to a year or until you...
If you are in full time employment you should consider the benefits of a redundancy cover plan. We are all vulnerable to the potential of involuntary redundancy and the good old days of knowing that you have 'a job for life' seem to be gone.
Part of the payment protection insurance - PPI - family, redundancy cover provides a tax free monthly amount that can be used to help you manage financially in the event of involuntary unemployment.
Your mortgage is probably the largest financial transaction and commitment you are likely to undertake. Surely then you should seek mortgage advice which is individually tailored to your needs and requirements?
We are not tied to any particular lender, which means that we have the ability to act on your behalf, representing your best interests, in order to establish the most appropriate mortgage solution for you.
When you retire you still need food and shelter as an absolute minimum, but of course you will want to maintain the lifestyle to which you have become accustomed, so unless you can guarantee a large windfall, you need to provide yourself with a secure income for the rest of your life.
A well prepared pension plan which is regularly reviewed should go some way to providing this.
When someone talks about savings and saving money, it could be referring to a piggy bank or a high interest deposit account. Savings are effectively cash or cash instruments, such as deposit accounts, term bonds etc.
Investing is what you do with the savings you have - if you are looking to generate a greater return on your money than is available to you through your savings instruments.
Taxation can be very complicated and the rules, reliefs and allowances often change, so it is worth obtaining a clear grasp of how these taxes work by discussing with a professional adviser the most efficient way to arrange your finances.
An expert will be able to help you plan your taxes in advance, and come up with effective strategies that will use the lawful reliefs and allowances to minimise the amount you have to pay.
Wealth, just like your health, must be carefully preserved. Your assets need to be protected against the potential threats of erosion by taxation, the effects of inflation and investment risks.
Whatever your level of wealth, there is nothing wrong in making the decision to prepare a risk aversion strategy. Risk aversion is a reasonable and prudent strategy for anyone who is sure that they already have ample to provide for themselves and their family into the future.
Often, people save for a specific reason and it's usually the safest way to build up a pot of money.
It’s less risky than investing, but it offers limited growth. The most you'll earn on the money you save is the interest added. Saving is perfect for people who don’t want to take any risks with their money, and most savings accounts have easy access or are for a fixed term.
However, you should also consider the effect of inflation on your savings. If the rate of inflation is greater than the rate of interest being earned, your savings are effectively losing value over time. Also, you should ensure that the savings account chosen is covered by the Financial Services Compensation Scheme (which will compensate you if the institution that holds your savings fails and can’t pay back your money) and that the amount saved is no more than the limit payable under this scheme.
Often, people save for a specific reason and it's usually the safest way to build up a pot of money.
It’s less risky than investing, but it offers limited growth. The most you'll earn on the money you save is the interest added. Saving is perfect for people who don’t want to take any risks with their money, and most savings accounts have easy access or are for a fixed term.
However, you should also consider the effect of inflation on your savings. If the rate of inflation is greater than the rate of interest being earned, your savings are effectively losing value over time. Also, you should ensure that the savings account chosen is covered by the Financial Services Compensation Scheme (which will compensate you if the institution that holds your savings fails and can’t pay back your money) and that the amount saved is no more than the limit payable under this scheme.
There are many different ways to save, but whichever way you choose, the general idea is the same: to build up some money - savings - that can be used, for example, to make a large purchase such as a new fridge, go on holiday, pay for school fees or cover the cost of expensive times like Christmas.
Savings also provide security by making sure that some money is put aside for emergencies or unexpected costs.
Where can I put my money?
There are a number of different types of savings products out there. The links in this section will provide a guide to what is available to you.
What's the difference between saving and investing?
Saving is a stage on the way to investing.
You cannot be an investor without being a saver - but you can be a saver without being an investor.
When someone talks about savings and saving money, it could be referring to a piggy bank on the mantelpiece or a high interest deposit account. Savings are effectively cash or cash instruments, such as deposit accounts, term bonds etc.
Investing is what you can do with the savings you have created - if you are looking to generate a return on your money that is greater than what is already available to you through your savings instruments.
As a saver, you will be taking very few and very small risks with your money.
As an investor you are taking a much greater risk. Not only is the return on offer to you likely not to be fixed or guaranteed, the capital sum you invest may be at risk as well.
So why would anyone want to take such risks? The short answer, of course, is because the potential rewards may be greater and you want to generate more from your money than is possible by simply leaving it in a bank or building society deposit account.
What should I do now?
Since there are so many different types of savings and investments, and there are potential risks with investments in particular, it is wise to seek expert advice which can be tailored to suit your own circumstances.
THE VALUE OF INVESTMENTS AND THE INCOME FROM THEM MAY GO DOWN. YOU MAY NOT GET BACK THE ORIGINAL AMOUNT INVESTED.
