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At the going down of the sun and in the morning, We will remember them.
11/11/2024

At the going down of the sun and in the morning, We will remember them.

As the end of British Summer Time approaches, Rachel Reeves confronts a fiscal challenge on 30th October akin to what Ch...
24/10/2024

As the end of British Summer Time approaches, Rachel Reeves confronts a fiscal challenge on 30th October akin to what Chancellor Pitt the Younger encountered in the 18th century. The task at hand? Plugging a cavernous void in the public purse without inciting a revolt among the populace.

With her opening gambit being to cut the Winter Fuel Payment to salvage £1.4bn a year whilst using the other hand to remind pensioners of the £2.2bn per year in unclaimed pension credit, she has both given and taken away with equal ineptitude.

Pitt’s triumphs were born from crafting long-term solutions such as a sinking fund to whittle away at the National Debt. Admittedly, his power and influence spanned decades granting him the benefit of time to see his plans through to fruition. Meanwhile, today’s politicians count themselves lucky to outlive leafy vegetables - a fact which perhaps offers some explanation, if not quite absolution, for the ‘quick-fix’ and myopic thinking that seems to fuel much of policy reform today.

Pitt deftly navigated Britain through the economic maelstrom of the Napoleonic Wars with measures such as increasing the window tax and the introduction of Britain’s first income tax which caught many in the middle classes.

For Reeves, the looming Budget presents a £22bn chasm to bridge - a figure likely to be inflated now Lord Alli will no longer be footing the bill for Starmer's suits, glasses and Arsenal tickets. Having promised not to touch National Insurance, Income Tax, or VAT, she is left to play with “wealth” taxes.

The sword of Damocles hangs over Capital Gains Tax (CGT), IHT and even non-doms. CGT could see a hike, potentially aligning it more closely with income tax, hitting business owners and property owners the most.

Meanwhile, home buyers might catch a break, as there’s hope for reforms around first-time buyer relief and the mortgage guarantee scheme.

The digital agora that is Social Media has been doing the rounds on the potential scrapping of the 25% Tax-Free Cash from Pensions. Labour subsequently dismissed this as conjecture following Starmer’s momentary conflation with Stamp Duty thresholds… an easy mistake to make for a Barrister.

Tax-relief however remains a potential target but with contributions being optional I fear it leaves more long-term questions than short-term answers.

The overarching themes? Tax the median, lay the foundations for how Labour will achieve both stability and growth and try to avoid any rotten tomatoes.

Whether Reeves can muster the same creativity, verve and influence Pitt the Younger achieved, we all wait with bated breath.

Mind the GapA series on how to manage your cash effectivelyChapter 6 – How safe is my money?Some would argue that the bi...
30/12/2023

Mind the Gap

A series on how to manage your cash effectively

Chapter 6 – How safe is my money?

Some would argue that the biggest banks offer the greatest level of protection, considering them to be the most secure place for our money.

The Financial Services Compensation Scheme (FSCS) offer protection up to £85,000 per person, per institution should the bank become insolvent. For most of us, this is sufficient protection and larger capital sums can be spread across multiple providers.

However, we may find ourselves at times holding large amounts of cash, even if only temporarily until we are able to allocate it elsewhere. For example, after a business sale, receiving inheritance, between moving home or from an insurance claim.

In these circumstances or for those higher-net worth individuals, a cash portfolio of £1m would require 12 different banks to ensure it remain fully protected.

Not only is this level of complexity unappealing but depending on the size of the cash portfolio or the type of accounts needed, it simply may not be possible to fully protect the entire amount. This is where professional advice can be invaluable in determining whether cash is the most suitable approach and what possible alternative solutions might be available.

An adviser can also look into the financial strength of each institution and factor this into their recommendations, helping to significantly avoid the risk of capital loss. This is extremely useful where a fully protected cash portfolio is not possible or when a smaller number of accounts is preferred over FSCS protection.

When the FSCS limits are exceeded, your capital is not protected and the financial strength of the banks you use becomes an important factor, more important than the underlying interest rate itself.

This is a series that looks at how you can manage your cash effectively. You can find the full article https://www.domusfinancial.co.uk/single-post/mind-the-gap.

Mind the GapA series on how to manage your cash effectivelyChapter 5 – Should I still be invested in the markets when I ...
23/12/2023

Mind the Gap

A series on how to manage your cash effectively

Chapter 5 – Should I still be invested in the markets when I can achieve 5% risk free in savings accounts?

The decisions we make in life are usually driven in some part by our underlying emotions, but when it comes to our money, our emotions play a much bigger role. When markets are rising and the news is optimistic, we tend to be risk takers but when markets are falling and doom and gloom is everywhere we tend to avoid risk.

Going further than that, a basic feature of our psychology as humans is negativity bias - in that we are more affected and naturally inclined towards the negative than we are the positive. It means we dread losses more than we enjoy equivalent gains and remember bad events longer than good events. We usually see in opinion surveys our assumptions are systematically more pessimistic than the reality on key topics such as poverty or crime.

This natural emotional response means we are tempted to sacrifice our long-term priorities for immediate emotional comfort. When it comes to investing, this usually means exiting the markets and selling when prices are low only to return and buy back into the markets when prices are high.

Understanding these natural emotional responses and how we react to them is key in helping us to make logical, clear and pragmatic decisions when it comes to our money.

Putting emotions aside, we can look at the data to better understand the role that cash plays in your overall portfolio.

Cash as an asset, is there to provide liquidity in the short-term or a low-risk portfolio which preserves its value over the long-term. We know from the data above that the value of cash doesn’t grow in real terms, however in order to achieve your goals whether that is to enjoy a better retirement, leave a bigger legacy, pay for school fees or buy a bigger house, some level of growth is needed. This is the role of other types of assets.

This is a series that looks at how you can manage your cash effectively. You can find the full article here https://www.domusfinancial.co.uk/single-post/mind-the-gap

The value of pensions and investments and the income they produce can fall as well as rise and you may get back less than you invested.

The level of past performance is not indicative of any future potential performance. All performance figures can fall as well as rise. There are no guarantees to any level of future performance.

The levels of personal and commercial taxation are subject to change, at any time, which would affect future returns available.

We accept no liability for any inaccuracies or mistakes in any of the figures. The representation of the information obtained is purely based upon our interpretation of the data provided to us.

Mind the GapA series on how to manage your cash effectivelyChapter 4 – What are the benefits of managing my cash?At the ...
16/12/2023

Mind the Gap

A series on how to manage your cash effectively

Chapter 4 – What are the benefits of managing my cash?

At the time of writing, the highest instant access account is offering 5.25%, whereas the highest five year fixed rate account will offer 5.50%, just 0.25% extra and not much incentive to tie up your money for the long-term. The reason for this is that there is just as much uncertainty over the short-term as the long-term and banks have priced this in.

However, although it appears inflation will continue to outstay it’s welcome for some time yet, it will slowly reduce and interest rates, including those paid on instant access accounts, will duly follow. Once a sense of security and stability has returned, you will see the appropriate level of premium applied to longer-term accounts and cash left dormant in instant access accounts will quickly begin to erode against the effects of inflation.

Adopting a portfolio and actively managed approach to your cash, will ensure your accounts never become dormant.

This is a series that looks at how you can manage your cash effectively. You can find the full article here https://www.domusfinancial.co.uk/single-post/mind-the-gap

The value of pensions and investments and the income they produce can fall as well as rise and you may get back less than you invested.

Mind the GapA series on how to manage your cash effectivelyChapter 3 – Simplifying the process of managing your cashFor ...
09/12/2023

Mind the Gap

A series on how to manage your cash effectively

Chapter 3 – Simplifying the process of managing your cash

For those with smaller pots of money under £50,000 and who only need personal accounts, the most straightforward approach is to research online to find the accounts paying the highest rate of interest. Each month, our blog releases the latest top interest bearing accounts so you can use this as a starting point.

If your circumstances are more complex or you don't have the time, resources or willpower to do your own research then your financial adviser will be able to carry out the research on your behalf while taking account FSCS protection limits and the financial strength of the bank looking after your money. You will then need to apply to the banks directly to set up the accounts. Each year, you will need to renew any accounts that have matured. This is particularly useful for those who need to set up cash and savings accounts within their pension, ISA, business, trust or charity as information about these accounts is not as readily available online.

It is clear setting up new bank accounts and moving your savings each year is rather inconvenient and probably the main reason why so few do so. Fortunately, there are now solutions available to tackle with this inertia.

For those who prefer a completely hands off approach of managing their cash or where there is a significant amount of cash that needs to be spread over several accounts to maintain FSCS protection, cash platforms are available. A Cash Platform provider can set up, manage and renew maturing accounts on an ongoing basis, on your behalf. Only one application form is required at outset and once setup, your cash will be automatically moved into the highest paying accounts each year. The provider will charge a small proportionate fee for the service.

This is a series that looks at how you can manage your cash effectively. You can find the full article here https://www.domusfinancial.co.uk/single-post/mind-the-gap

The value of pensions and investments and the income they produce can fall as well as rise and you may get back less than you invested.

Mind the GapA series on how to manage your cash effectivelyChapter 2 – The 6 principles of managing your cash effectivel...
02/12/2023

Mind the Gap

A series on how to manage your cash effectively

Chapter 2 – The 6 principles of managing your cash effectively?

We feel our approach to cash differentiates us to most other financial advisers. We understand the important role cash plays in a wider portfolio and appreciate that not everyone needs nor wants to be fully invested in the markets. This is our starting point and has helped us in developing clear and simple strategies for our clients to deploy.

To take control of your cash and maximise its value, you must follow these simple principles:

1. Have a plan – and understand what you want and need from your cash and savings.
2. Do not be over loyal – and research the entire market to maximise your rates of return.
3. Protect your capital – Banks and Building Societies can go bust and you can lose your money. Do not leave this to chance and ensure you stay within FSCS limits and checking the financial strength of the banks you are using.
4. Meet your short-term needs – and only retain the amount you need available to use over the next 12 months on Instant Access.
5. Save for the longer term – by building a portfolio of Fixed Term accounts, spread up to five years, with the balance.
6. Make a financial decision every year - Interest rates change and become dormant. Ensure you review your accounts every 12 months, just like you do with your home insurance, your energy bills, your car insurance etc. With an account maturing each year, you will never be more than 12 months away form a new tranche of capital.

This is a series that looks at how you can manage your cash effectively. You can find the full article here https://www.domusfinancial.co.uk/single-post/mind-the-gap.

We've created a care guide which is designed to give you all the important information you will need when thinking about...
26/11/2023

We've created a care guide which is designed to give you all the important information you will need when thinking about finding the right care for yourself or a loved one.

Please find our care guide in the insights & Resources section of our website - https://www.domusfinancial.co.uk/copy-of-who-we-are

Address

St. Brandon's House, 29 Great George Street
Bristol
BS15QT

Opening Hours

Monday 9am - 5:30pm
Tuesday 9am - 5:30pm
Wednesday 9am - 5:30pm
Thursday 9am - 5:30pm
Friday 9am - 5:30pm

Telephone

+441179596474

Website

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