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.
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 Hansell of Lovewell Blake Financial Planning.
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.
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.
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 11th-15th September.
For some, retirement might feel miles off, but the sooner you can start saving for it, the better.
Soaring rates are bringing annuities back into fashion, says Richard Ince of Lovewell Blake Financial Planning.
Yesterday, The Bank of England (BoE) revealed a 0.50% point interest rate rise – its ninth consecutive increase, as it looks to maintain its battle against inflation. The decision to raise the bank rate to 3.5% means it is at its highest level for 14 years.
National Savings and Investments (NS&I) have announced another increase to their Premium Bond customers, who are set to get a welcome New Year boost, with an increase to the prize fund rate from 2.20% to 3.00%.
Workers have saved more than £114 billion into their pension pots since pensions automatic enrolment was implemented ten years ago, according to data published by the Department for Work and Pensions (DWP).
Those approaching retirement and worried about market volatility affecting their pension pots don’t need to panic, says Chris Egmore of Lovewell Blake Financial Planning.
The COP27 summit in Egypt is making more investors think about the ethics of their portfolio, say Andrew Spaxman and Louise Daniels of Lovewell Blake Financial Planning.
National Savings and Investments (NS&I) have announced that from 1 October 2022 there will be millions of pounds added to Premium Bond prizes. NS&I will increase the prize fund rate from 1.40% to 2.20%, adding an expected £76million to the prize fund.
We are seeing a lot of negative headlines regarding the financial markets, and it is natural to worry about your investments; however, history tells us that it is better to stay invested during these times, and not to sell out.
For most, the State Pension forms the foundation of their retirement planning.
Interest rates in the UK are on an upwards trajectory with the latest 0.50% increase culminating in a current base rate of 1.75%.
Following our articles in December and February, the Bank of England (BoE) has responded to the likelihood that the war in Ukraine will push inflation to around 10% in autumn by raising interest rates to a level last seen in March 2020, before the COVID-19 pandemic took hold.
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.
For pensions, the Lifetime Allowance (LTA) is the overall limit of pension funds a member can accrue during their lifetime, and which will benefit from favourable tax treatment before an LTA tax charge applies.
Over the last few days, tension has intensified between Russia and Ukraine. We wanted to take some time to position what’s happening between the two countries and what this could mean for investors.
Following our article in December the Bank of England (BoE) has tightened the squeeze on household finances with its first back-to-back interest rate rise since 2004, as the central bank forecast inflation will increase to north of 7% in April.
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.
Following the implementation of the EU Fifth Anti-Money Laundering Directive (5AMLD), there is a requirement for certain trusts to be registered on a central government list. This is called the Trust Registration Service (TRS), and when it was initially introduced in 2018, many non-tax paying trusts were exempt from registering.
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.
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.
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.
In 2020, the state pension age officially increased to 66; however, recently there has been several news articles and commentary around the government’s triple lock promise and that this could mean an 8% increase in the state pension from April 2022.
Employers that push staff into making unsuitable defined benefit transfers should beware the “Financial Conduct Authority’s (FCA’s) gaze”, a director at the regulator warns.
As we enter a new tax year, many people will be wondering how they can make their savings work harder for them, with interest rates at historically low levels.
I don’t know how many of us thought that we’d still be adhering to so many restrictions after all this time, but here we are, over a year on and the pandemic is still having a big impact on all of us.
Covid savers should be making the most of their pensions allowances, says Sharon Mattheus of Lovewell Blake Financial Planning.
What do I need to do?
Following our article in October, where we advised that the State Pension had officially increased to age 66, we wanted to take this opportunity to position further changes announced around private pension access – that were shared in September.
A Bury St Edmunds based financial adviser has been named as one of the UK’s most influential businesswomen by a leading business publication, carrying off the title of UK Financial Adviser of the Year.
Financial planners and advisers Lovewell Blake Financial Planning, which for the past three years has been listed as one of the Top 100 Financial Planners in the UK by the Financial Times, has appointed Sharon Mattheus as a Financial Adviser.
An East Anglian firm of financial planners has been named as one of the UK’s Top financial advisers by the Financial Times for the third year running – achieving a rating of 28th in the country, up from 72nd in 2019.
Financial planners and advisers Lovewell Blake Financial Planning, which for the past two years has been listed as one of the Top 100 Financial Planners in the UK by the Financial Times, has appointed Richard Ince as a financial adviser.
In short, it depends where and how you are invested. Since the markets saw a dramatic fall in March, it has been a bit of a choppy ride in general.
A tracker fund is a simple way of investing your money in company shares, bonds, and other assets.
In March, the Bank of England unveiled its second interest rate cut in under two weeks, as part of a number of measures the central bank and UK government rolled out to help mitigate the economic impact of the Coronavirus.
Whether you are investing in funds purely for growth, or if your portfolio consists of funds which pay out a natural income to you, it is likely that dividends will play a big part in performance.
An East Anglian firm of financial planners has been named as one of the UK’s Top financial advisers by the Financial Times for the second year running.
An East Anglian firm of financial planners has been named as one of the UK’s Top 20 financial advisers by the Financial Times.