Financial Planning

Lovewell Blake Financial Planning Limited offers independent financial planning advice to both individuals and business owners in Norfolk and Suffolk.
Jump to our dedicated Financial Planning siteFAQs
What is a financial plan and what does it look like?
A financial plan is the landscape of your current finances, your financial goals, and any strategies you've set to achieve those goals. Good financial planning should include details about your cash flow, savings, liabilities, investments, life cover, and any other elements of your finances. It is also highly personal. It considers your personal situation (if you’re married, single, have children or other dependants), risk tolerance, commitments, and any other aspects of your life that can influence your finances. It is meant to create a unique path that, if you stick to it, will lead you to your ultimate financial goal.
I am not sure what my objectives are – can you help me?
Yes. Some of our clients initially find it difficult to articulate what they want to achieve. We can help you ascertain what your objectives are. Our team of financial planning specialists have experience with a wide range of clients whose objectives vary widely. Each adviser has a unique skill set, we take the time to get to know your situation so that we can tailor a service that is suited to your needs. From pension planning, to ethical investing and everything in-between, Lovewell Blake are dedicated to helping you chosoe the right objectives that fit your lifestyle and future aspirations.
Do Lovewell Blake Financial Planning Limited hold my money?
No, we do not hold custody of any client assets. Typically, an investor would complete an application and if the investment is in the form of a cheque, this would be made payable to the investment company, alternatively clients may invest via BACS transfer.
Do Lovewell Blake Financial Planning Limited have an investment committee?
Our investment committee meets regularly to review the current investment landscape to determine if any changes need to be made to our Centralised Investment Proposition.
Can I access my portfolio online?
Yes, our new Lovewell Blake Financial Planning Client Portal, offers a secure online communication tool that enables you an overview of your finances along with a document store, so no more paper! You can also communicate with your financial adviser, view, and sign documents.
Also, developments in technology means that our clients can interact with us using various different methods, although we prefer face to face meetings, we can also offer meetings via Microsoft Teams and interact by telephone, and email.
How are my assets covered under the Financial Services Compensation Scheme?
The Financial Services Compensation Scheme (FSCS) is the UK’s compensation fund of last resort for customers of authorised financial services firms. They may pay compensation if a firm is unable, or likely to be unable, to pay claims against it. This is usually because it has stopped trading, or been declared in default. A wide range of financial products and services such as deposits, investments, pensions, financial advice and insurance is covered.
Different compensation limits apply.
Further information about this compensation scheme arrangement is available from the FSCS website.
Does the 4% rule work for early retirement?
The 4% rule is geared around retirement at age 65. If you wish to retire earlier, there is more of a risk that your retirement funds may not last for the whole of your retirement.
What is the standard portfolio split for a 4% pension?
Traditionally, the 4% pension rule is broken down into a 60-40 split of stock and bonds. This combination has a low volatility and a relatively steady income which is due to the fact that it combines higher-yielding stocks with a buffer of low-risk fixed investment bonds.
What happens to my 4% pension if I die?
Most pension schemes will allow a spouse or beneficiary to receive the remaining value of your entire fund (less tax in some cases) in the event of your death. The receiver of the funds can then decide whether to continue with the level of the previous 4% payment or set a new one. It is generally recommended that at this stage, you seek financial advice to determine a suitable level of income payment.
Related news

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New Year is the perfect time to review your financial health as well as your personal health
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Did you know: that as a result of long-term illness or injury, statistics show that 59% of people would last less than 12 months without their income, and 43% would struggle within 6 months?
Statutory Sick Pay is currently £116.75 per week.

Did you know: that you can nominate beneficiaries for your pension? This ensures that, when you die, any unused pension pot isn’t lost and can pass on according to your wishes.
The recent Budget has focussed attention on what happens to a pension when the pension holder dies.

Did you know: that since 2015, ‘pensions freedoms’ allow you to access your pension pot from age 55?
You can take it as a lump sum, drawdown regular amounts or buy a fixed income with an annuity.

Did you know: that life expectancy is increasing, which means you might need a larger pension pot to maintain your ideal lifestyle in retirement?
Advances in medical science, coupled with healthier lifestyles, means that average life expectancy continues to rise. In the ten years from 2011 to 2021, average life expectancy grew from 80 to 81½.

Did you know: that Income Protection Insurance can replace up to 70% of your income due to illness or injury?
Statutory Sick Pay is currently £116.75 per week. That is less than a third of the weekly take-home pay of someone on the adult minimum wage.

Did you know: that only about 35% of UK adults have life insurance, despite its importance in providing for their families?
There are two main reasons that people take out life insurance cover – but many should be considering it for other purposes.

More investors looking at benefits of EIS and VCT investing
A growing number of investors are seeking ways to invest tax-efficiently in places other than their pensions and ISAs, usually because they have already fully used their ISA allowances, and significant pension contributions have compounded over the years.

Did you know: that if you start saving at 40, you’ll need to save a considerable amount more than if you started at 20, to achieve the same retirement goals?
When should you start saving for your retirement?

Don’t panic! No need for knee-jerk reactions to Budget pensions IHT announcement
Stephen Metcalf of Lovewell Blake Financial Planning says that pension-holders should avoid any knee-jerk reactions to the Budget announcement that pensions will fall under inheritance tax from 2027.

Securing your family's financial future is the best gift you can give this Christmas
The festive season is an excellent time to combine seasonal generosity with some inheritance tax planning.

Did you know: that only about 12% of UK adults have Critical Illness insurance and yet statistically, 1 in 3 of us are likely to suffer a serious condition?
If you become seriously ill, the very last thing you want are financial worries.

Did you know: that based on historical data, if you held a portfolio of stocks and shares for one year, there is a 68% chance of making money? But, if you held them for 20 years, you increase your chances to 100%.
People tend to believe that the short-term volatility of the stock market makes it a risky investment, but here is an important fact:

Did you know: that investing in stocks and shares can produce higher returns than cash in 90% of cases?
In the 30 years between 1992 and 2022, the FTSE 100 outperformed the returns on cash investments by more than 4% annually – if you compound that growth, it amounts to a very significantly higher return over the long-term.

Did you know: that contributions to your pension can receive tax relief?
Everyone wants to pay less tax, and everyone likes a bonus – and saving in a pension meets both those aspirations.

Scams warning as self assessment deadline looms
HMRC is warning of scam attempts targeting self assessment taxpayers in the run up to the 31 January deadline.

ISAs should be viewed as an ongoing opportunity, rather than a one-off tax-saving method
Although we don’t yet know the full details, it is clear that taxes on gains on savings and investments is one area that the Chancellor will be looking at to raise extra revenues. This is having the effect of shining a spotlight on the benefits of wrapping investments in an ISA, where both capital growth and dividend/interest income are free of tax entirely – you don’t even have to declare any ISA on your tax return.

Investment bonds – a flexible investment vehicle which falls outside capital gains tax
Chris Egmore of Lovewell Blake Financial Planning says that onshore investment bonds can be a tax-efficient and simple way of investing for the medium- to long-term

What pension reforms could the chancellor be considering in her first budget?
Scott Hansell of Lovewell Blake Financial Planning outlines some of the possible pension reform options open to The Chancellor as she prepares her first Budget.

Thousands of young people could have £2,212 sitting unclaimed in their Child Trust Fund account
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Could you be missing out on State Pension payments?
Thousands of people are missing Home Responsibilities Protection from their NI record.

‘A step in the right direction’ towards monitoring the performance of workplace pensions
Stephen Metcalf of Lovewell Blake Financial Planning welcomes a new FCA framework which will assess the performance of workplace defined contribution pension schemes.

‘All you need to know about pensions in 20 minutes’: financial planning firm offers free online webinars as part of pension awareness week
One-to-one pension review appointments also on offer.

Leading Financial Planning firm offers pension guidance sessions as part of Pension Awareness week
A leading firm of financial planners is giving people the chance to take a closer look at their retirement plans as part of Pension Awareness Week, which runs from 9th-13th September.

The Bank of England has cut the base rate from 5.25% to 5%
The Bank of England (BoE) cut interest rates from a 16-year high on Thursday 01 August, after a narrow vote in favour from policymakers divided over whether inflation pressures had eased sufficiently enough.
Investment market unflustered despite political change
Despite political uncertainty at home and abroad, the investment market remains remarkably unflustered, says Scott Hansell of Lovewell Blake Financial Planning.

Protecting your loved ones
When it comes to personal protection, it is not often considered as a necessary expense.

Vital to realise that inheriting a pension pot can be a taxing experience
Many people are ignorant of the potential tax burden those inheriting their pension pot might face – but there is a solution, says Richard Ince of Lovewell Blake Financial Planning.

Inflation falls after UK moves out of recession
The rate of UK inflation fell to 2.3% in the year to April, according to the Office for National Statistics (ONS).

Could the rise in interest rates force you into completing a self-assessment tax return?
How could the changes affect you.

One simple check which could have a big impact on your pension
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New tax year, new ISA allowance
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Is it time to simplify your financial life?
Consolidating your investments with one adviser or financial manager brings a number of advantages, says Stephen Metcalf of Lovewell Blake Financial Planning.
Two new directors appointed to Lovewell Blake Financial Planning
Lovewell Blake Financial Planning, the financial planning division of Lovewell Blake, has announced that Stephen Metcalf and Scott Hansell have been appointed directors.
Why asset diversification matters for investors
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Overcome those investment jitters to take advantage of a good time to invest
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Personal cashflow - Taking the whole life view
The final part of our personal cashflow series looks at how the cashflow modelling tool is a robust way of predicting the impact of each financial decision.

Everything you need to know about workplace pensions
Workplace pensions are a crucial aspect of financial planning in the United Kingdom, providing individuals with a means to secure their financial future during retirement. For employers and employees alike, understanding how workplace pensions work is essential. In this article, we will provide you with a comprehensive overview of workplace pensions, answering common questions and addressing key topics related to employers' and employees' pension contributions.

Everything you need to know about NHS Pensions
If you're a healthcare professional working in the United Kingdom, one of the most valuable benefits you receive is your NHS pension. It's crucial to understand how NHS pensions work, the contribution rates, and the potential financial value they hold.

Required retirement income study should focus all our minds on pension saving
Two newly-published reports are focussing minds on how much we all need to save for retirement, says Stephen Metcalf of Lovewell Blake Financial Planning.

Cashflow - Time to retire
In the first three parts we have introduced the concept of personal cashflow planning, and seen how it has helped Joe and his wife Jessie face unforeseen events, pay for their son Johnnie’s education, and stay on track for a comfortable retirement. In this part we see how the online planning tool can help them achieve that goal.

Cashflow - Joe, Jessie and Johnnie
In parts one and two, we saw the value of personal cashflow planning for our case study, Joe. In this part, we find him married with a baby.

Does your business have a will?
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Seven financial things you should be doing when you get a new job
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Cashflow - Facing up to the consequence of illness
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Cashflow - It's not just for business
The rise of personal cashflow planning

The perfect Christmas gift for a child: a pension
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Employer pension contributions – an extremely efficient way of withdrawing cash from your business
For owner-managers of incorporated businesses, making employer pension contributions can be an extremely tax-efficient way of withdrawing cash from a business, says Scott Hansellof Lovewell Blake Financial Planning.

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Yesterday, you were busy working and today you are retired, what’s next?

What is a midlife gap year?
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Changes to the Lifetime Allowance and Pension Death Benefits
During the Spring Budget 2023 the Government announced the removal of the Lifetime Allowance (LTA) and in the 2023/2024 tax year we have seen the LTA Tax Charge being abolished.

Good Money Week 2023
We are living in a world where it is not unusual for both individuals and groups to actively look for ways to reduce our impact on the environment. For example, ‘Just Stop Oil’ has carried out a series of high-profile protests, including recently disrupting play at Wimbledon and Lords.

New guidance on investing charity funds published
The Charity Commission’s document aimed at charity trustees which gives guidance on investing charity money has been significantly updated.

Is it too early/late to start investing in a pension?
For some, retirement might feel miles off, but the sooner you can start saving for it, the better.

Doing our duty on behalf of the consumer
New regulations mean that financial services firms have had to review everything they do, says Stephen Metcalf of Lovewell Blake Financial Planning.

Retirement - An emotional journey?
Retirement has a habit of creeping up on you whilst you are busy getting on with your life, to the extent that we barely give it consideration until it is almost upon us.

Is orange the new green? For investors, not yet
High-profile protests by Just Stop Oil activists are making the headlines – but are they influencing investors, asks Andrew Spaxman of Lovewell Blake Financial Planning.

Annuities offering attractive returns for retirees
Soaring rates are bringing annuities back into fashion, says Richard Ince of Lovewell Blake Financial Planning.

Changes to the Lifetime Allowance
The 2023 Spring Budget introduced a number of key changes to pension legislation, and in particular changes to the Lifetime Allowance.

Income Protection
With the rising cost of living, protecting your income has become increasingly important. So, what would you do if you were unable to work due to a long-term illness or injury and your income dropped, or worse, stopped?

Business in East Anglia
The pensions measures in the recent Budget is good news for high earners, but there are still some uncertainties.

NHS Pension Retirement Flexibilities
In recent correspondence to members, the NHS Business Services Authority (BSA) has set out details of proposed changes to the NHS Pension Scheme, aimed at introducing additional flexibility for members at retirement

Billions in lost pensions
National Pension Tracing Day, 30th October 2022.

NHS Pension - Have you checked your Annual Allowance charge position?
Thousands of NHS healthcare professionals, including consultants, general practitioners and dentists, have started to receive copies of their Annual Allowance Pension Savings Statements (AAPSS) from the NHS Business Services Authority (NHSBSA).

How looking after the grandchildren* could help your state pension entitlement (*other relationships are available!)
With the increasing cost of childcare, it’s not uncommon for hard-pressed parents to turn to their family, especially grandparents, for help with looking after the children.

When is it best for me to retire?
Firstly, that’s a great question. The simple answer is that you can retire when you have adequate wealth to do so. This can be a mixture of pensions, savings, investments, and property.

How can you teach teens about money?
It’s never too early to start teaching young people about money, says Trazer Farnese of Lovewell Blake Financial Planning.

Government to review state pension age for second time
The first Review of State Pension age was undertaken in 2017 but the government has now launched a second pension age state review, which will consider whether the increase to age 68 should be brought forward to 2037-39.

Pensions, Protection and Investments
No matter if your business is small or large, three things that are often overlooked when running a business are; Pensions, Protection and Investments.

What is an Exchange Traded Fund (ETF)?
Diversification is of paramount importance in investment success, and one way to achieve it is by buying ‘Exchange Traded Funds’, or ETFs

Pension contributions and corporate tax relief
In 2012, due to concern that the UK population weren’t taking adequate measures to save for their retirement, the Government took the radical measure of introducing auto-enrolment.

Understanding 'Pension Freedoms'
Pension Freedoms was introduced in April 2015 and significantly changed the landscape of pensions and retirement. Ever since its introduction, there remains some misconceptions about what this really means, and the practical implications it has for individuals.

What is Inheritance Tax?
Many of us could be caught out by Inheritance Tax (IHT). Contrary to popular belief, you do not need to be mega-rich to owe HMRC a chunk of money when you die. I think most of us would prefer as much as possible to go to our loved ones, rather than HMRC.

What is pension tax relief?
Pension tax relief can seem like an alien concept, but it pays to understand what it is and how you can make the most of it, up to certain limits.

Re-joining the NHS Pension Scheme
Changes to pension annual allowance rates that were announced in this years budget, those who previously opted-out may now consider opting back in.

UK Pension Guide
A pension scheme is a savings plan to help you put money aside for later life. It has favourable tax treatments when compared to other forms of savings.

When can I retire?
Firstly, that’s a great question. The simple answer is that you can retire when you have adequate wealth to do so. This can be a mixture of pensions, savings, investments, and property.

Changes to pension access
Under the current ‘pension freedom’ rules, individuals over the age of 55 can access their pensions - how and when they choose to do so; however, the government has recently confirmed that this is set to rise to age 57, by 2028.

Attitude to Risk Vs Capacity for loss
The difference between a perceived attitude to risk and actual capacity for loss can often be confused.

Introduction to active and passive investment management
A tracker fund is a simple way of investing your money in company shares, bonds, and other assets.

Have you checked that your NHS Pension record is up to date and accurate?
The NHS Pension scheme is considered one of the most generous in the UK and is a substantial benefit for its members.
Related events

Spring Statement briefing - Thetford
We are pleased to invite you to join us for our Spring Statement briefing at Thetford Garden Centre on Tuesday 1 April.

Business Protection webinar
What would happen to your business should the worst happen to you?