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As independent financial advisors, we will arrange a
suitable initial meeting to look at your current circumstances.
This lasts about an hour, is completely free of charge
and without obligation. During this we will take down
information about the four main areas of financial concern
– Protection, Investment & Savings, Pensions,
and Mortgages & Borrowing – and the aim of
the meeting is to establish your aims and objectives,
together with your hopes and aspirations for the future.
We will then agree a course of action and to provide
you with suitable solutions to try to fulfil your personal
financial expectations. A selection of the products
we may discuss with you appears below but please contact
us so we can tailor these exactly to your wishes.
You will know that over the last few years there have
been many advances in technology and consumer goods
which has resulted in improved functions and features,
and that these often come at a lower price than some
of their predecessors.
Likewise the same could be said for the new comprehensive
range of protection contracts now available on the market.
With improved competition, better underwriting and continued
advances in technology, providers of these products
have been able to lower prices and/or provide additional
services.
This is fantastic for new consumers, but, assuming
a persons health has not deteriorated since their original
plan commenced, it is now often possible to reduce the
cost (sometimes dramatically) of many mortgage protection
plans, life and/or critical illness term contracts,
and many income protection schemes. Alternatively, on
reviewing your existing provision, you may choose to
increase the level of protection for you or your family
at little or no additional cost.
Some of the main types of personal protection are:
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A life assurance contract, which, in the event of death, will pay out a predetermined regular amount, usually monthly.
This type of plan pays a lump sum in the event of death during the term of the policy.
This is a type of term assurance policy used in connection with repayment mortgages. The initial amount of life cover reduces each year, closely matching the outstanding capital debt on your mortgage.
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As the name suggests, this can provide life cover without imposing a limited term. In general these are investment-based and are normally written on one of two basis:
MAXIMUM: This provides the highest level of protection for a given premium, which will be guaranteed for an initial period, usually 5 or 10 years, after which time it will be reviewed. At the review the premium will usually require a substantial increase to maintain the level of protection, or this level may need to be substantially reduced to continue premiums at the same rate.
STANDARD: This provides a level of protection that can be sustained by a given premium, provided that investment returns assumptions are met and may lead to a cash return in the future dependent upon investment performance. The value of the investment within the policy is affected by stock market movement and can go down as well as up.
Protection can be arranged as a stand-alone product, or as an add-on to many of the types of plan listed above. It would enable you to receive a cash lump sum, on diagnosis at the outset of an illness or sometimes upon surviving a specified period from diagnosis, minimising financial hardship and stress within your family.
This type of policy will provides the peace of mind of a regular income should you not be able to work as a result of illness or injury, following a specified waiting period and until you either return to work, or reach a specified retirement age.
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Whether you are looking to review your short term arrangements, for instance any deposit based savings or current account, plan for a specific purpose, or invest a recent windfall, inheritance, or excess capital for income or growth, there are so many choices available on the market.
We can guide you through all the savings and investment
vehicles available, which for an individual can be
bewildering, and help you select the most appropriate
type for your needs now and your hopes for the future.
Below is some brief information on some of the wide range of possibilities available, but our investment strategy will be tailored to your own individual requirements: |
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The government offers a range of investments to individuals, some of which have specific terms, lengths of time for investment, and/or are tax-efficient. The returns on these type of investment are not great but are known in advance.
There are an infinite number of possibilities available with financial institutions throughout the UK. The return on these investments tends to be low and their real value eroded by inflation.
This is a tax-efficient investment into which a maximum of £7000 can be invested each year. The investment can be made into a maxi ISA with one provider, or up to 2 mini ISAs with separate providers, subject the following maximum limits: £3000 in cash (usually with a bank or building society) and £4000 in stock-market related. The whole of a maxi-ISA can be invested into stock-market related. Regular monthly investments can also be made.
This type of investment is suitable for individuals who are looking for a better return over the longer term than deposit accounts such as a bank or building society account or cash ISA, as detailed above.
A unit-linked investment bond invests your capital in underlying stockmarket-based funds and other assets. With each product provider there is a wide range of investment funds to help you achieve the balance you require between security and growth potential. Your lump sum is used to buy units in your choice of one or more of these funds. Your returns are directly linked to the performance of stocks and shares and other assets in which the funds are invested. Investment bonds do not normally have a fixed term, but sometimes have withdrawal penalties in the early years.
This is for regular savings for a specific period of time. The maximum amount any individual can save is £25 per month in any one plan, but they have distinct tax advantages. They are particularly ideal for long-term savings vehicles for children.
PLEASE REMEMBER THE VALUE OF ANY INVESTMENTS LINKED TO THE VALUE OF THE STOCKMARKET MAY FALL AS WELL AS RISE AND YOU MAY NOT GET BACK THE FULL AMOUNT YOU INVESTED.
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One of the main areas of financial planning is to ensure the provision of an adequate income in retirement. This is an area that we are committed to advise upon.
The main sources of retirement income fall into four types:
1. Basic State Pension
2. Top-Up State Pension
3. Occupational Pensions
4. Personal Pensions
Provided you have paid sufficient relevant National Insurance contributions you will receive the basic state pension from the government which is reviewed annually. Unfortunately, this is not really sufficient to provide most people with a comfortable retirement income. In addition with an ageing retired population the chances are that this relative figure will not be available in the future, except perhaps for a small few.
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This is made up of 2 elements, the State Earnings Related Pension Scheme (SERPS) and the State Second Pension (S2P). Until April 2002 only employed persons paying sufficient National Insurance Contributions qualified for SERPS. On 6th April 2002 the State Second Pension (S2P) replaced SERPS with any existing SERPS entitlement being protected. The S2P is intended to provide a more generous state pension for people on low or moderate earnings and for carers and people with a long term illness or disability. Like SERPS, the self-employed will not be entitled to S2P benefits at retirement.
These pensions are offered by employers and broadly fall into 2 schemes - Final Salary Schemes, which gives a pension based on your length of service and salary, and Money Purchase Schemes, which rely on investment performance and amount of contributions to determine the amount of pension at retirement. Some schemes do not require you to contribute, others do. Under current rules you do not have to join your employer's pension scheme (this is under review by the Government) but as the employer will be responsible for many of the costs associated with setting up a plan, it is usually advisable to join the scheme in preference to making your own arrangements.
If you are self-employed or your employer does not run a company
scheme, then this is a tax-efficient way of saving for retirement.
A personal pension plan charges the individual for setting up
the plan, unlike an occupational pension scheme where the employer
often pays the charges. The affect of charges can be significant
and erode the value of your plan, especially if you have to stop,
start or suspend premiums or change the selected retirement age
that you originally applied for. Since April 2001, Stakeholder
Pension Plans have been available, and these are personal pension
plans which meet certain statutory requirements. For example the
provider’s charges may not exceed 1.5% annually of the fund
value and there
Sometimes an individual may have contributed to a previous scheme with an employer and moved on to pastures new, or may have previous personal pension arrangements which are no longer valid. Charging structures and the performance and management of all pensions schemes can change and if you have an existing or former pension arrangement, it may be beneficial for you to review this with a view to transferring the locked-in benefits to a new provider. This is a very complex area of financial advice, but quite important to you as an individual for you to plan efficiently towards your retirement.
When you reach retirement, or when you want to start easing into
retirement gradually, we can provide you with the suitable options
for your personal situation. For instance to take the pension
made available to you from your employer or your personal pension
provider may not be the most suitable.
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Whether you are a first time buyer, a home mover, or someone looking to pick up a better rate, we should be able to help. We feel as independent advisers we are ideally suited to provide research and advice. We are not tied to any one lender and have the full range of mortgage providers at our disposal. In fact our highly-advanced sourcing systems can search from over 200 lenders and 7500 schemes for the best mortgage and lender to suit your personal circumstance. If you were to try to do this personally it could take you weeks, and in some circumstances the rates are not available direct to individuals, and only through advisers.
We can also advise you on the best way of repaying your mortgage and protecting this in the event of your death during the mortgage term. If you should be unfortunate enough to lose your job, or be unable to work through accident or illness, we can also provide advice on providing a suitable income. Likewise we can provide quotations and advice on insuring your property and contents
There may be a fee for mortgage advice. If so, the precise amount will depend on your circumstances but we the normal charges we apply are £250, in addition to the receipt of any introducer or procuration fee received from the lender.
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