Professional Financial Advice - Helps To Create, Manage And Protect Your Finances
In addition to the start of a new year, the 1st January 2013 also marked one of the most significant changes to financial advice for many years, which is referred to as the ‘Retail Distribution Review (RDR)’. The Financial Services Authority (FSA) advised that “The aim of the RDR is for more consumers to have sufficient confidence in the market to want to use its products and services more often”.
As a professional financial adviser, my aim is to make your money work for you, whatever your situation or stage in life, so that you can live the way you want to. I always aimed to emphasise this as part of my service as an Independent Financial Adviser and anything which seeks to further improve standards in the industry (through the implementation of RDR) should be seen as a good thing.
In order to provide a service which is appropriate for their clients, Lighthouse Financial Advice has chosen to avoid types of products considered to be too high risk for the majority of clients. Instead of providing Independent Financial Advice, their advisers are now referred to as providing Restricted Financial Advice, however it is important to explain that this is only a restriction on the type of investment available and I will continue to have access to the Whole of the Market so that I can provide unbiased and impartial recommendations to my clients.
Since 1st January 2013, my advice has not been able to include recommendations on Occupational pension scheme transfers, Exchange-traded funds, Investment trusts, Venture Capital Trusts (VCTs) or Enterprise Investment Schemes (EISs). The most important aspect in my view is that changes brought in by RDR will not affect the unbiased financial advice that I provide whether it is in the form of investment, pension, protection or mortgage advice to suit your personal circumstances, financial objectives and attitude to risk.
Don't Forget Your Tax-Free Savings. It's ISA Season!
There have been numerous tax legislation amendments over the last few years, including significant changes to Inheritance Tax (IHT) and Capital Gains Tax (CGT). The annual Individual Savings Account (ISA) allowance increased to £11,280 with effect from 6 April 2012 for all persons eligible and is due to increase again from 6 April 2013. To find out how these changes might affect you, no matter what your financial experience or financial objectives are, I offer a friendly, confidential and professional financial planning service including:
- Lump Sum Investments (including ISAs and other tax efficient savings)
- Regular Savings (including ISAs and other tax efficient savings)
- Inheritance Tax Planning
- Mortgage Advice (for First Time Buyers, Homeowners & BTL Investors)
- Protection Advice (including life assurance and income protection)
- Retirement Planning (including Personal Pensions and Annuity Advice)
As an unbiased Financial Adviser, I aim to build up a close relationship with every client to provide bespoke and professional financial advice and offer an ongoing financial service. It is often very complicated and time consuming to investigate and research the wide variety of financial products and services on your own. By appointing an impartial Financial Adviser you will be able to benefit from a professional and unbiased recommendation whether you require investment advice, retirement planning / pension advice, mortgage advice or life assurance / protection advice.
The professional financial service I offer can be illustrated according to the following strategic financial planning and financial advice process:
- An initial meeting takes place with a detailed assessment of your current situation. This meeting includes a discussion about your short, medium and longer-term personal financial objectives, as well as a comprehensive assessment of your attitude to risk. There is no obligation to continue afterwards and the cost of the initial meeting is paid by Lighthouse Financial Advice.
- After outlining my assessment of your financial needs and priorities, if you wish to continue with a formal recommendation, the costs involved for the professional service is agreed. Following this, comprehensive research is carried out to construct a distinctive financial plan, which is then carefully discussed and agreed with you at a second meeting.
- The next step is to implement each element of the agreed financial proposal with effective monitoring and active management, which may include subsequent meetings. Regular financial reviews are recommended so that amendments can be made in line with any change in personal circumstances, financial objectives or attitude to risk.