Financial Planning or Advice

  • by Graham Bond
  • 25 Apr, 2017
Financial Planning or advice

Although the terms are familiar, there is a big difference between the types of service your Financial Planner will provide, compared to the work a financial adviser will carry out for you.

Financial Advice

Financial Advice relates to the specific task that your planner or advisor will carry out for you. Types of tasks might include arranging an Individual Savings Account or your pension. It addresses the specific needs you have now, not looking into the future. This type of advice can be provided by an independent financial adviser, or a restricted adviser. Restricted advisers can recommend one or a limited number of product providers.   Banks and Building Societies usually offer restricted advice.

Financial Planning

Financial Planning addresses your long term objectives, dreams hopes and desires for the future, and how you can achieve this. A good financial planner will help you develop a long term financial plan that is continually reviewed and adjusted according to your change in circumstances. The plan should show you what you need to do, to make sure your dreams and wishes come true.
Any long term  financial plan  should also include an analysis of your income and expenditure (not just now but in the future), your assets and liabilities, your thoughts and feeling about investing as well as your short medium and long term objectives.

A good financial planner should show you how to reduce risk. Whether to yourself, your family, your assets (for example investments, pensions, business and property.
A planner that offers a comprehensive service will work closely with their clients to help them live the life they want not just now, but in the future.
Addressing issues such as never running out of money and maintaining your standard of living in retirement. A cautious and prudent approach to managing your money is at the heart of any good financial plan.

Less than ten years to retirement

For some clients the service advisers carry out will be sufficient. However the closer you get to retirement, arguably you should have plans in place to ensure you finances are mapped out. If you feel that you need a financial plan, always contact your financial planner or adviser. They should be able to help, if not then find one that can help you.

We have developed our Lifestyle financial planning service over the last five years. It is specifically designed to help clients that are within ten years of retirement. If you would like to find out more about our service please contact us.


Recent Posts

by Graham Bond 25 May, 2017

Personal Finance Portal (PFP) has evolved and can now give you access to your entire financial portfolio including all short, medium and long-term savings and investment information in one place 24/7 – anywhere, on any mobile or web device. It features redesigned screens and layouts which makes it much easier for you to use. There’s even a dedicated mobile phone app for iPhone and Android users coming soon.

As well as the great functionality you currently enjoy with PFP, you can also now get:

Additional access to PFP Premium

PFP Premium is an additional service that enables you to collate information on your short-term finances like bank account(s), credit cards, loans and mortgages together your advised products, giving you powerful insight into your total net worth. Plus, you’ll also be able to receive alerts and insights into spending and saving habits so you can keep track on how you’re progressing against the goals you’ve set. Why not give it a try?

Of course you can still view your fund information and financial portfolio at the click of a button. So whether you’re looking for an up-to-date valuation of your portfolio, want to assess how you’re progressing against your goals or simply wish to get in touch, PFP has it covered.

Secure messaging between us and you

With email and post increasingly open to being intercepted, we treat the security of the data you share with us with utmost importance. PFP provides you with a secure messaging service, so you can quickly get in touch with us and have the peace of mind of knowing that any information you share is encrypted and completely private.

A secure document vault

PFP provides you with a secure document vault, so you can house all your financial documents online where they are secure and fully backed up - much safer and more convenient than the bottom of the filing cabinet.

The new service will offer improved screens This upgrade will provide improved features for our clients. The link below give an overview of the new PFP

If you are not already using the PFP facility and would like to please contact us.

by Graham Bond 25 May, 2017

Capital Gains tax on shares and investments. When you sell shares, you will either make a profit or a loss. Profits made are classed as a capital gain.

There are some exemptions where capital gains tax (CGT) is not liable:

  • Individual savings accounts (Isa’s)
  • Venture Capital Trusts
  • Enterprise Investment schemes
  • Gifts to Charity
  • Government Securities
  • Corporate Bonds of a qualifying status
  • Transfers of shares between spouses or partners in a civil partnership
  • betting, lottery or pools winnings

Apart from the exemptions, sales or disposal of the shares will normally be classed as a potential capital gain.

Each person has an allowance each year they can use to reduce the amount of CGT they might pay. If your total gains for the tax year are below the “annual exempt allowance” you will not have to pay any tax.

If your gains are over the allowance then tax would be due on the balance. It might also be possible to offset any losses from previous tax years. If you do not use your annual exempt allowance for CGT in a tax year, then you lose it and you cannot carry it forward to another year. The CGT tax rate payable will depend on your total income and any gains made for the tax year in question.

The government changed the way Capital Gains were taxed from April 2015. The amount of tax due will depend whether you are a basic or higher rate taxpayer.

by Graham Bond 23 May, 2017

If you sell a property, you might have to pay tax. This tax is called capital gains tax. The amount you might have to pay will depend on the amount of profit you make.

If the property you are considering selling is your main residence then you would normally be entitled to “Principle private residence relief”. This relief normally allows you to you to sell your home without incurring capital gains tax (CGT).

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