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Don't Keep Your Savings In A Bank! Here's Why

4/8/2021

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Keeping your savings in a bank is one of the worst things you could do with your wealth!

4/6/2021

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​Some people think that is prudent to keep your money in savings in a bank, but actually that is one of the worst things you could do with your wealth over an extended time period. Cash is a terrible storage medium in the long term because of inflation - if you compound inflation at just 2.5% for 10 years your money would actually be worth 28% less than it was at the beginning of that decade! That devaluation shows the erosion in the real purchasing power and assumes you are receiving no interest payments on the account.
coins and bills
“What about property?” a lot of people say. Well bricks and mortar is generally regarded as a relatively safe haven but the market is cyclical and is well known to crash periodically. The stock markets tend to outperform property over the long term and most investors’ portfolios are heavy in property anyway in the form of the family house.
​I recently saw a relatively wealthy lady who was worried that she was going to have to keep working for years to come and maybe even have to die with her boots on (metaphorically speaking). Using special software tools, we looked at how much income she would actually need in retirement where her mortgage had been paid off. I was able to demonstrate to her that even if she took a larger income than she needed, and lived well past her average life expectancy age, she would have more than enough money to retire now and still be able to pass a generous legacy down to her children.

woman at coffee shop using phone
Money is the best device for storing energy that human beings have devised to date.
This means your wealth is literally a reserve of all the energy that you have amassed at this point in your life. I help you ensure that you aren’t taking any more risk than you need to in order to achieve your objectives.
I kind of have three different roles within my work with you:
First, as a Financial Planner, I look at your bigger picture scenario and answers to three big questions:
  • How did you arrive at your current perspectives on money?
  • Are you managing your money in a way that is improving your life?
  • Are you financially ready for life’s big transitions?​ ​
financial planning
Secondly, as an IFA, I am Independent, not limited to a restricted panel of providers. Our proposition offers genuine whole of market access and I am fully accountable and liable for my advice. As a client, you are entitled to make a complaint through our Customer Disputes Resolution Process which is ultimately enforced by the Financial Conduct Authority and protected by the Financial Services Compensation Scheme.
 
And finally, as a Wealth manager - this is the analytical bit where I look at charts, graphs and performance statistics for the funds that you are invested in. I make sure that your numerous tax allowances are being utilised and that your overall portfolio is fully optimised, properly balanced, competitively charged and that you are in the best performing funds.
We add significant value to your portfolio in many ways - way more than we charge in our fees which are just a relatively small percentage. This is always broken down explicitly in our reports and demonstrated so that our advice should more than pay for itself in the long run. In a nutshell, I think that probably the main thing that I provide for you is reassurance and peace of mind that you can do what you want to without having to worry about money because we’ve made a thorough financial plan together to take care of things.
piggy banks
​So why put your money in a bank when you can have a Financial Planner, an IFA and a Wealth Manager taking care of you and your savings?
 
Start adding value to your future now. Let’s schedule a call and I’ll show you how.
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6 Main Reasons Why You Should Hire a Financial Adviser

14/4/2021

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BUILDING TRUST AND CONFIDENCE IN YOUR FINANCIAL FUTURE
There are many areas in which I, as your financial adviser, can add value to you. Not all our clients will benefit from each area all the time. But over time the value we add will grow and develop as you do. From protecting your young family, through to growing your wealth, drawing an income, and enjoying your later life, there are many areas that we can support and help you. And if circumstances change along your financial journey, for better or for worse, we are there for you. We have identified over 20 areas where we believe we can add value to our clients, but we have picked out just a few below to give a flavour.
​
Please ask me for more details or to help with any questions that you have.
THE SIX MAIN AREAS WHERE WE CAN ADD VALUE:
  • Goals and planning
  • Behavioural coaching
  • Investment oversight
  • Risk assessment and management
  • Tax planning
  • Confidence building
Goals and planning
  • When Alice (in Alice in Wonderland) asks the Cheshire Cat, “Would you tell me, please which way I ought to go from here?” the Cat replies, “That depends a good deal on where you want to get to”. It is the same for all of us – the first stage in achieving your long-term financial goals is to have clarity of what they are.​ This is a key area of our expertise, and we can help discuss, plan, and agree a detailed and realistic plan for your financial future. We ask you questions in a relaxed but structured way; we help you understand risks and opportunities and we build a clear plan for your future. Without a long-term plan your finances are unlikely to head in the right direction. Our job is to give you confidence in the future.
block letters of board fame
  • Most people find it hard (or impossible) to project returns, costs, inflation, and their income needs into the future. We use powerful but simple tools that will illustrate this for you. Seeing a picture of your future “money in and out” can really put into perspective how your plan is progressing.
Behavioural coaching
  • Humans have evolved to survive over many thousands of years. Unfortunately, we have also learned some bad habits and biases in the process. Many of them we are not even aware of. We buy high and sell low, we value the near term more than the long-term, we hold onto investments that have fallen, we believe in information that reinforces our own views. Part of our role is to act as a coach – helping you avoid these mistakes and guide you to a better future. Research shows that investors may be losing up to 2% per year by falling into common traps – we assist in avoiding these.
man giving presentation
  • Holding your hand through difficult times - divorce, death, redundancy, business sales, and making wills are all stressful times. We have the experience, expertise and understanding to assist and guide you through them. We are there when you need us most.
Investment oversight
  • “Don’t put all your eggs in one basket”. A well- diversified portfolio can deliver the returns that you seek with a lower amount of risk. We use sophisticated tools to help you achieve the returns you need; within the risk tolerance you have.
analytics on paper and ipad
  • Reducing costs and boosting efficiency can compound up to big differences over the years. We have access to portfolios that cost well below 0.5% per year versus the average managed fund of 1.37% per year (source: Money Management). Wrap platforms can add real value and make portfolio management easier – we make sure we select one that meets your needs. We make sure the platform is cost effective and reliable – making your life easier.
Risk assessment and management
  • There is a pernicious risk that few investors are aware of called sequence of return risk. It can have a massive impact on how long your pension fund will last – in the worst case it could reduce your income by nine years or more. We can help you plan and take the simple but effective steps to mitigate that risk – and give you a “longer lasting retirement income”.
set of doors
  • Risk is a complex subject with many dimensions – we will help you navigate and understand risk to ensure the solutions we recommend meet your needs. We use our expertise, structured questions, and a conversation to guide you to a solution that meets your needs and objectives in a way you understand.
Tax planning
  • We make sure that we use all applicable tax reliefs and allowances each year – thus helping your money grow faster. Estimates suggest that this could boost returns by 1% per year – so on a £100,000 investment that would be £1,000 per year.
income tax books, papers and calculator
  • Student debt and rising house prices have put huge pressures on the next generation. It is little surprise that parents and grandparents want to help. But what are the most effective and secure routes? How do you gift but retain family control? What are the tax implications of gifts or house purchases? We can help with all these questions to provide the confidence and value you seek.
  • Using simple trusts, wills, and other strategies we can make sure your money ends up in the hands of the people you want when you want. Poor planning can see up to 40% of your hard-earned savings or life assurance paid to the tax man. We give you confidence that your wishes are met, your loved ones protected, and / or your business secured.
Confidence building
  • We can spot opportunities. Understanding your objectives allows us to be alert to opportunities – new products, new tax freedoms, and better strategies. We are your eyes and ears in the ever-changing tax, legal and product markets. We will keep you on track - once we have established your risk profile we will manage and review your investments to make sure you stay on track over the months and years. We assess your risk profile regularly and the risks in your portfolio to make sure they are in tune.
man smiling
  • The freedom to withdraw your pension benefits, however you wish, was introduced in 2015. Initially they were trumpeted as offering great choices for consumers. But over time it has become clear that planning and managing income from a pension pot that may have to last 35 years or more is far more complex than initially thought. Understanding sequence risk and asset class returns vs inflation; establishing a sustainable withdrawal rate; managing life and health longevity; and planning cashflow over four decades is well beyond most investors – especially as they move into later life. We will simplify the process for you and be with you in the long run.
  • We have built our expertise over many years. We are fully qualified financial advisers. We are regulated by the Financial Conduct Authority (FCA) via our network In-Partnership. We have a Statement of Professional Standing (SPS) issued by an independent professional standards body. We are required to maintain minimum standards and conduct regular Continuing Professional Development (CPD). Keeping up to date with all financial matters allows us to give you the best possible advice.
So, is it worth the money to hire a Financial Adviser?
That relationship may be one of the best investments you'll ever make.


But don’t just take our word for it - here are two independent sources of evidence of the Value of Advice:


  • A report by the International Longevity Centre (ILC) think-tank has found that those who have sought professional financial advice can end up almost 40% better off in terms of liquid assets compared to those who receive no advice.
  • Research carried out by Unbiased highlights the boost to pension pots that professional advice can bring. They state that the benefit the benefit of advice on pension contributions outweighed the cost by almost 6,000%
For more information about services, to arrange for a free no obligation conversation or to talk about a specific area of financial planning please contact us.
With thanks to TCF Investment!
Links to sources:
https://ilcuk.org.uk/wp-content/uploads/2018/10/ILC-UK-The-Value-of-Financial-Advice.pdf
https://www.unbiased.co.uk/pro/press-releases/new-data-shows-the-benefits-of-financial-advice-can-outweigh-the-cost-by-nearly-6-000--7-9-2015
Crystal Wealth Management
0117 456 5150
  • We offer independent financial advice to individuals, families, business owners and directors, aimed at UK Residents only.​
  • Tax Planning, Will Writing and Inheritance Tax Planning advice is not regulated by the Financial Conduct Authority
  • A Pension is a long term investment. The fund value may fluctuate and can go down. Your eventual income may depend upon the size of the fund at retirement, future interest rates and tax legislation.
  • Investments: The value of units can fall as well as rise, and you may not get back all of your original investment.
  • Life Cover (Non-Investment) and Income Protection: The plan will have no cash in value at any time and will cease at the end of the term. If premiums are not maintained, then cover will lapse.
  • Critical Illness Plans: The policy may not cover all definitions of a critical illness. For definitions of illnesses covered please refer to the Key Features and Policy Documents.
  • PMI: The insurance may not cover all definitions of pre-existing conditions, or some long term illnesses and treatments. For definitions of the conditions covered please refer to the Insurance Product Information Document.
Crystal Wealth Management Ltd is an Appointed Representative of The On-Line Partnership Limited
​which is authorised and regulated by The Financial Conduct Authority.

Crystal Wealth Management Limited is committed to the security of your personal data
​​and takes the protection of your privacy very seriously. We will only use your personal information to deliver the services you have requested from us and to meet our legal responsibilities.
​
© 2020 All Rights Reserved, Crystal Wealth Management Limited  |  Registered Office: 19 Portland Square, Bristol, BS2 8SJ
FCA registration number: 717673     Registered in England and Wales     Company number: 04931573​
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Crystal Wealth Management
0117 456 5150
  • We offer independent financial advice to individuals, families, business owners and directors, aimed at UK Residents only.​
  • Tax Planning, Will Writing and Inheritance Tax Planning advice is not regulated by the Financial Conduct Authority
  • A Pension is a long term investment. The fund value may fluctuate and can go down. Your eventual income may depend upon the size of the fund at retirement, future interest rates and tax legislation.
  • Investments: The value of units can fall as well as rise, and you may not get back all of your original investment.
  • Life Cover (Non-Investment) and Income Protection: The plan will have no cash in value at any time and will cease at the end of the term. If premiums are not maintained, then cover will lapse.
  • Critical Illness Plans: The policy may not cover all definitions of a critical illness. For definitions of illnesses covered please refer to the Key Features and Policy Documents.
  • PMI: The insurance may not cover all definitions of pre-existing conditions, or some long term illnesses and treatments. For definitions of the conditions covered please refer to the Insurance Product Information Document.
Crystal Wealth Management Ltd is an Appointed Representative of The On-Line Partnership Limited
​which is authorised and regulated by The Financial Conduct Authority.

Crystal Wealth Management Limited is committed to the security of your personal data ​​and takes the protection of your privacy very seriously.
​We will only use your personal information to deliver the services you have requested from us and to meet our legal responsibilities.
​
© 2020 All Rights Reserved, Crystal Wealth Management Limited  |  Registered Office: 19 Portland Square, Bristol, BS2 8SJ
FCA registration number: 717673     Registered in England and Wales     Company number: 04931573​
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