We used the term Wealth Management in our company name as it best describes the service where we feel we add the most value to our clients; helping our clients to grow, protect and pass on their Wealth. Local business owners who require individual or corporate investment or pension’s advice and Trustees who require initial and ongoing investment advice.
A recent report produced by the FCA explains ‘33% of non-advised drawdown consumers are wholly holding cash. Holding cash may suit consumers planning to draw down their entire pot over a short period. But it is highly unlikely to be suited for someone planning to draw down their pot over a longer period. We estimate that over half of these consumers are likely to be losing out on income in retirement by holding cash’.
At Crown Wealth Management we will review your current circumstances and speak to you about your future aims and objectives. If required, we will then advise you on the most suitable method of drawing down income from your pension and recommend a defined investment strategy for the remaining pot.
If you are unsure how much income you can take without risking draining your pot too quickly, we can create a cash flow forecast which will visually show how income levels and investment provide different outcomes.
You should be aware that investments carry varying degrees of risk and as their underlying value can fall as well as rise you may not get back the full amount invested.
The main purpose of a Rainy Day Fund is to cover one-off unexpected expenses. For example, replacing your car tyres or paying for a school trip. There’s lots of hints and tips online about how to build a Rainy Day Fund, however, having a realistic monthly budget, and sticking to it, is a good start. And, before you ask, there’s not a magic figure that’s right for everyone.
Is a Rainy-Day Fund the same as an Emergency Fund?
Yes and no. Sometimes the terms are interchangeable, but there can be subtle differences. The textbook answer will say an Emergency Funds should cover 3 to 6 months’ worth of living expenses i.e., mortgage/rent, food, utilities, etc. – this could be because of a redundancy, for example.
3 to 6 months’ worth of living expenses will probably seem a lot to most people. However, I’d bet my bottom dollar that people with an Emergency Fund will feel more financially secure.
Our Managing Director, Brian Benson, has recently renewed his SOLLA accreditation after an assessment to test his knowledge and expertise. Brian was tested on various areas, for example, tax and estate planning, legal issues for clients in later life and funding for Long Term Care.
SOLLA stands for Society of Later Life Advisers and is credited to a financial adviser who understands financial needs in later life – it is recognised as the gold standard in advising clients at, arguably, the most crucial time of their (later) life. SOLLA was established in 2008 as a not for profit organisation dedicated to higher standards and accessibility to regulated financial advice for older people and their families.
One of the commitments is build relationships with statutory and voluntary agencies, charities, housing and social care providers, financial services firms and those organisations who are involved in the financial well-being of those in later life.
Brian has been building relationships within an Alzheimer’s Society, Dementia Friends. He recently attended one of their sessions with Eleanor Fitchett to gain a deeper understanding of Dementia and raise awareness within Crown Wealth Management.
Brian said: “many advisers are not able to provide later life advice so having this accreditation is really important and provides the knowledge to help guide clients through what can be a difficult period.”
Eleanor said: “I believe it is important for professionals to understand Dementia and how it can affect an individual’s day to day life – spotting the symptoms early is vital.”
SOLLA advisers are few and far between – Brian is the only SOLLA adviser in Shrewsbury and he hopes this will add to our competitive advantage within the town.
Crown Wealth Management has been celebrating as James, Lewis, Elly and Rosie have recently passed their exams (in order of appearance):
James passed Investment, Risk & Taxation, and is one step closer to gaining the CISI Level 4 Diploma in Investment Advice (Financial Planning and Advice).
Lewis has been awarded the CISI Level 4 Diploma in Investment Advice (Financial Planning and Advice).
Elly is now technically qualified to provide mortgage advice and continues her journey to becoming a financial planner, specialising in providing advice to client’s in later life.
Rosie is showing her commitment to professional learning having passed the CII Life and Pensions Foundations by passing with a score of 95%, which will help her role within the client services team and improve her wider knowledge of the financial services products and the advice process.
Crown Wealth Management is delighted to be supporting Financial Planning Week and will be holding free, one hour meetings which can be booked in advance during the week commencing 3rd October. This will be an opportunity to understand what true financial planning is and how it differs from financial advice.