Vivian Slattery

In previous years I have usually dedicated a critique to January’s article about preparing yourself for the New Year, but this year I considered that perhaps I should do this a little earlier, allowing more time to prepare. I have read many times that the clearer the resolution, the more likely it is to succeed.

So this year why not take some time out for yourself prior to the New Year and work out your own resolutions for the year ahead, and then put a clear plan together on how you intend to achieve them. Certainly, there have been times when I have realised in that moment approaching Midnight on the 31st of December that I have not quite given enough thought as to what my resolutions should be, and so I then quickly scramble to make some up! In which case, they have simply not been very meaningful.

Once you have decided what your resolutions will be, take some time to put a plan together to aid them to become meaningful and achievable. I always say that the reason the banks ask for a business plan is that you are able to see clearly from the figures whether a business has the potential of working and I always look at the figures to check the feasibility of ideas.

So my advice would be to break down all your resolutions into segments and work out a monthly target in how you plan to achieve them. It is never too late to try and turn your dreams into reality.

If you would like some help in either choosing your financial resolutions or planning how they could be achievable why not pick up the phone today.

We are just about to enter what I regard as the season of madness, which is not going to be easy for many people due to the current cost of living crisis, therefore I thought it would be a good idea to address this in the article.

It was only 3 Christmases ago when Christmas was cancelled for many at the very last moment due to the COVID restrictions, and for many of us we just wanted a Christmas with our families. I know for my family at least, presents did not even enter our minds. I think very often what’s most important gets forgotten. I am not a big fan of going to supermarkets in the lead up to Christmas as it is so easy to start buying items which are not needed, and it certainly appears that everyone around you is doing exactly this.

So, before all the madness begins why not plan how you wish to approach this Christmas and work out a budget of how much you wish to spend on the event.

My approach has always been a different one, so rather than buying lots of presents, I fund a special event which the whole family can enjoy around the Christmas period. In fact, we have started to go to Christmas markets together, which does not have to be expensive.

Christmas can also be a time of sadness for many. For people who have lost loved ones it can make them focus on their loss. For people who are struggling financially it can emphasise their difficult situation, so I think it’s a time when we should stop and think about others around us and consider carefully how we may be able to help.

If you would like to receive any help planning your Christmas financially why not pick up the phone today and book a free without obligation consultation.

I have received some very sad news with regard to both clients and friends and this has brought home the importance of making sure you have everything in order in case anything happens to you. It is probably too early to know all the knock-on affects from the pandemic and if this is a factor. So, what should be your starting point? Have you ever thought of doing a risk assessment on yourself to see the consequences if you died or if you are unable to work due to sickness?

Firstly, I think you need to look at who will be affected, such as a young family, a business, a partner or even a combination of these. Then sit down with a blank piece of paper and consider how each one would be affected if you were to suddenly die or become seriously ill. This should include who would be responsible for your dependents on death or, if you were unable to work, how you would manage financially. In turn this will answer the question as to whether you need additional life or sickness cover. At the same time you should make sure you have a will and that this is up to date, making sure that your responsibilities and funds go to the individual(s) you have chosen, rather than being chosen for you. Also, if you have Pension funds you need to make sure that you have completed an ‘Expression of wishes’, to nominate who you wish the funds to go to, and ensure that this is up to date.

Then I think you need to look at how easily they would be able to access the necessary funds, remembering that following a death any account in the sole name of the deceased could only be accessed once probate is granted. You also need to make sure that you have a power of attorney in place to act on your behalf if you were to lose mental capacity.

There are many considerations if either event were to happen to you, and as I have said before, I see one of my main functions as being a sounding board, so if, once you have done the risk assessment you would like to go through it with someone, why not pick up a phone today and book your free without obligation consultation.

Many people are currently talking about AI and the impact of this pending revolution on our lives, so what does the abbreviation stand for? Artificial intelligence.

It is hard to know what the future is going to look like, just the other day I made a reference to AI taking away all the menial tasks and someone said to me, “Yes but individuals will still have to go out and pick fruit and vegetables”, but will they? There is no reason why these can’t be picked by robots in the future.

The growth can be seen by looking at Tech’s share of the S&P 500 (a stock market index tracking the stock performance of 500 of the largest companies listed on stock exchanges in the United States). They grew from just 6% in 1992 to 19% in 1998 and 30% in 1999.*¹ As one of 11 sectors that make up the S&P 500, the tech industry currently accounts for more than a quarter of the stock indexes value.*²

The speed at which we are now embracing new technology is also interesting. It took Netflix nearly 3.5 years to get a million subscribers, but ChatGPT hit 1 million users in 5 days.*³

So if an individual wanted to invest in this sector how could they go about it?

Well, they could invest in an individual company by buying some shares or they could invest in a unit trust that specialises in that sector, giving them holdings in more than one company so that their risk is spread. They don’t necessarily have to be invested in a specialist unit trust to have holdings in tech companies, and often a fund fact sheet will tell you what the top ten holdings of a fund are.

So if you would like to find out more and the potential risks involved why not pick up a phone today and book a free without obligation consultation.

*1 Forbes, 6th March 2000
*² Google, July 2023
*³ Indian Express, 2023¹

1. ↩︎

I am sure many are aware of the interest rate rises over the last few months. The Bank of England base rate started to increase in March 2022 when we saw it rise from 0.25% to 0.5%, currently the Bank of England base rate is 5%. In turn the average standard variable mortgage rate is currently 8.45%*¹.

Again, as I am sure many are aware the reason for the rate hikes is due to inflation. The Government inflation rate target is 2%. For the year ending May 2023 the Consumer Price Index measure of inflation in the United Kingdom held steady at 8.7%*², unchanged from the previous month’s 13-month low, above market expectations of 8.4% and significantly higher than the 2% goal.^*3

The Monetary Policy Committee (MPC) sets the Bank Rate, they sit once a month and their aim is to help the Government to reach their target inflation rate.

| think most of us understand the rationale around this, increasing interest rates means in turn mortgage payments increase, which means we have less money to spend.

However the impact can be delayed because for fixed rate mortgage holders the rate rises will not impact their mortgage payment straight away. Also not everyone has a mortgage.

According to data from the English Housing Survey^*4, just over one third of households rent their home (36%); another third own their own home outright (35%); and just under a third own their home with a mortgage (30%), in the UK.

So what would our advice be if your fixed rate period is coming to an end soon? We would recommend that you look at your situation as early as you can and do not bury your head in the sand. We offer a free without obligation consultation so if you would like some advice on this matter please pick up the phone today.

_{*¹ www.uswitch.co.uk
*² Forbes
*³ Office for National Statistics*3
*⁴ NimbleFins}

I am sitting here having just recovered from covid which has brought back memories, and the importance of protection. Over the years the amount of protection policies taken out has decreased rather than increased, in 2021 there were 20.4 million policies taken out, which is 30% less than in 2014 (29.3 million).*

When I started my career in the financial advice industry there were still companies selling insurance policies door to door and although I did not necessarily agree with this method, it did mean that more people were likely to consider their protection needs at this time.

I don’t think people necessarily wake up one morning and say, “I need to take out life insurance”, but at the same time we are not all going to lead a long and healthy life. So, what sort of protection do individuals need? The answer to this will of course vary considerably, but where to begin!

Covering liabilities is a good starting point, for example a mortgage. Mortgage companies usually insist that your house is insured, but do you think you would cover this if they didn’t? Surely it’s just as important to take out adequate protection cover if you have financial dependents?

There are many different types of insurance policy and many have their own quirks, so even though there are many comparison websites available today, I still feel that you can benefit from seeking professional advice to suit your individual requirements.
So if you would like to consider the protection options why not pick up the phone today and book a free, without obligation consultation.

_{*Source: https://www.finder.com/uk/life-insurance-statistics
Analysis conducted by finder.com}

My previous article was written before the last UK government budget announcement, it detailed the basis of a budget and was written on the eve of the budget revelations. I highlighted the fact that there is often speculation prior to the speech but until the announcement has been revealed it is only guess work. Also, I pointed out there have been many decisions over the years that have been memorable and for me this budget was one of those.

This time the speculation was around the Lifetime allowance increase, but for me the big surprise was that this was removed, although there were a few conditions put in place. So what does this mean? Prior to the budget if you built up over a certain amount in a Pension you would be subject to a tax charge unless your Pension had a form of protection from this charge. The budget removed this rule but there are still restrictions with regard to the amount of tax free lump sum which can be enjoyed. I know I was not the only one surprised by this announcement.

But this may not be the end of the Lifetime allowance. Labour have said if they were to get back into power they will reintroduce the rule. So care still needs to be taken, especially if you have protection in place, which due to the changes may not seem to be relevant at this stage but may be important in the future. This could mean that if you break the terms of your protection now, you may regret it later.

This was not the only Pension announcement, the government also increased the annual allowance from £40,000 to £60,000pa. Now all has been revealed, should you need some help understanding the implications of the latest UK budget and how this is likely to affect you personally, do not hesitate to call us for a free, without-obligation consultation.



_{The content included on this page is based on our understanding of the UK tax
law at the time of publication. It may be subject to change and may not be applicable to your circumstances.}

I am writing this column on the eve of the UK’s ‘Government Budget’, and so I thought it would be an ideal subject to reflect upon. So what is The Budget ? In simple terms it is a projection of the Government’s revenue and spending for a particular period of time, often referred to as a financial or fiscal year. It is no different to a household budget where we look at the amount that is coming in and whether there are ways we can increase this, and then decide how we are going to spend it.

Some of the decisions or announcements have been more memorable than others and not necessarily for the right reason. I am not sure anyone is going to forget the budget of Liz Truss’s reign last September.

For me, the one that was most memorable was the 2014 Budget when the term ‘Pension Freedom’ was announced, when individuals no longer had to annuitise (secure an income from) their Pension at any stage. I heard someone refer to this as a “JFK moment”, and saying that if you ask the majority of our parents what they were doing when they heard about the assassination of JFK they can clearly remember. There have not been many events like this where we clearly remember exactly what we were doing when we heard about something significant, but I do believe that when ‘Pension Freedom’ was announced IFAs would remember when they first heard this news.

There is a lot of history surrounding the Budget which originates from the 1720’s. The red briefcase which carries the papers has been used for over a century and the chancellor is even allowed to consume alcohol whilst delivering it, which is the only time during a parliamentary debate that ministers may consume alcohol in the House of Commons.

There’s always plenty of speculation around what’s going to be in the Budget announcement, but only time will tell. Once all has been revealed, should you need some help understanding the implications and how this is likely to affect you personally, do not hesitate to call us for a free without-obligation consultation.

The content included on this page is based on our understanding of the UK tax law at the time of publication. It may be subject to change and may not be applicable to your circumstances.

During Covid, I feel we saw a higher level of camaraderie that has now somewhat dissipated as life returned to normal, and keeping an eye on loved ones and neighbours is so important, to ensure they are managing through the winter months, particularly with the current cost of living crisis. It’s thought that one of the contributing factors for more elderly people dying in the winter months is due to them not wanting to turn expensive heating on, or even not eating properly as they may avoid venturing out in the cold.



So often, the need for care comes suddenly and the first priority has to be where and how to provide care. However, don’t overlook the need to plan finances, because if you are the one needing care, and you are self-funding, your savings may go down fast.



Too many people approach us for advice when their money is already running out, by which time it’s too late to do anything about it.



As soon as the right care is in place, that’s the time to make sure the ability to pay for it is guaranteed, and if you can plan ahead, that’s even better. You may be eligible for Local Authority financial support, but if you’re not paying the bills, you may have less choice about where you are cared for. If you start out paying for your care, and the Local Authority are required to step in later, the risk is that they may not be prepared to pay the fees for where you are currently placed. What happens then?



This is a worry for some people, but with the right advice from a specialist financial adviser, you can plan your financial affairs so that your money will last as long as possible. It’s even possible in many cases to buy a guaranteed income for the rest of your life, which could remove the risk of your money running out.



So if this is an area you would like to research further why not pick up the phone today and book a free, without obligation consultation.