Savings
The ratio of earnings and savings is at an all-time low, that is to say the proportion of savings from income earned is currently poor.
Historically low interest rates have provided a huge dilemma for savers in recent years. With many Banks and Building societies offering rates of interest that don’t even keep pace with inflation is it any wonder people are reluctant to save? We believe that a proper discussion, detailing why you are saving and when capital is required can lead to a solution many people wouldn’t have normally thought of. Budgeting is crucial to saving; contributions must be affordable, because this could contribute towards failure to achieve what you had set out to do. Saving in a tax-efficient manner and using tax allowances is also a crucial element of savings, making sure your money works hard for you and the taxman doesn’t take valuable profits! We are here to help and explain everything in simple terms so that you are aware of all the facts, and what is available to you and your family to ensure you make an informed decision. Remember, you can arrange a free no-obligation meeting to discuss your requirements.
Investing
Risk Vs Reward, yes this is a common term when it comes to investing but how much risk an investor takes is just a part of the process.
Once again, investing money has to be properly discussed with an agreed objective in mind. Your objectives, such as knowing how long you wish to invest for can avoid avoiding costly mistakes such as making the wrong choice of product or investment, or being taxed on profits. We believe that we need to agree a strategy, then stick to it, with regular reviews, to ensure its ongoing suitability and check your investment remains on track. The two main taxes to avoid are Capital Gains Tax & Income Tax. We pride ourselves on offering the correct solutions for clients, but we can only do this by knowing what you require. Investing is a joint exercise and we involve the client in every part of the process. We can by prior arrangement meet groups of people at our offices to offer a free no-obligation overview. However, should you feel that a personal meeting is best please do give us a call. Inheritance Tax can also be a burden to those investors with larger assets, we also offer a full IHT review service where we not only look at avoiding this tax but also long term estate planning with Wills, Trusts and Lasting Power of Attorney guidance.
Mortgages
In the complex world of mortgages, Right Advice aims to simplify the process for our clients.
If you are seeking to remortgage your existing property, we will conduct the transfer in a simple and efficient manner, and achieve your requirements, whether this is just transferring to a new lender for a better deal, or perhaps borrowing additional funds.
With government backed schemes often available, first-time buyers have better opportunities of stepping onto the property ladder then during the economic downturn. An often daunting task, our service is personalised and is designed to take the stress from your shoulders during the buying process.
During recent years, we have seen more and more demand from clients that are approaching retirement, or already retired, to release valuable equity tied up in the value of their home. Whether the need is additional income or a lump sum we offer a full equity release service that will place the correct plan to suit your circumstances.
When giving any mortgage advice, we liaise with all parties involved i.e. solicitors, estate agents etc to ensure the process is completed as swiftly as possible.
We work within a modern paperless office and use all technology at our disposal across all of our services.
Retirement Planning
This area financial planning is one of the most talked about, yet one of the most difficult to get right mainly because people leave it too late to plan their retirement or they forget that the costs of day to day living in retirement still increase with inflation so your retirement income should do the same.
With people living longer these days failure to plan for what could be the longest holiday of your life could result people moving into poverty in their old age.
We believe that Retirement isn’t just about setting up a pension. There are many ways of providing retirement income for example;
• Company pensions
• Private pensions
• Existing property
• ISA’s
• Cash deposits
• Investments
• Business assets
• Inheritance
Early planning is essential remember it is better to know what is required and plan your route.
For example if a 45 year old earning a monthly salary was aiming to retire at 65 there would be just 240 pay packets left to help fund their retirement.
Other services
We offer advice and planning on all areas of protection with extensive research software to ensure the Client gets the very best protection products on the market.
Of course protection is a big word and could mean anything, so to give people an idea of how financial planning could work within this area we have listed examples below.
• Protecting Your Family against death ensuring they are financially looked after if their Guardians are taken away from them.
• Wills form a big part of financial planning to ensure the people you care about benefit after if you are no longer around.
• Protecting your home and assets against care costs should you be elderly and in need of care.
• Protecting your income should you become too ill to work or be made unemployed
• Protection against the event of a critical illness such as heart attack stroke etc, this would benefit you because it is often paid as a lump sum to the person who has survived the illness to aid their recovery and take away the burden of money worries such as paying off a mortgage .
• Protecting your wealth against rising inflation or imposing taxes. This could be avoidance of Income tax, Capital Gains Tax, or Inheritance Tax.
We are happy to talk you through the maze of different situations where protection could be required and give you the advice to help you protect yourself and your family against most if not all eventualities. Should you require a meeting without obligation and free of charge please give us a call.
