Hamnett Wealth Supports Sheffield Cathedral’s Christmas Tree Festival

Louise, Jayne and Lisa from Hamnett Wealth Management with our decorated Christmas tree at Sheffield Cathedral.

Despite the challenges of Covid-19, Sheffield Cathedral are hosting a Christmas Tree Festival to bring some Christmas cheer and joy to the city. 

Hamnett Wealth Management are very pleased to be able to sponsor a tree which the team have decorated and is now on display at the Cathedral. 

The Christmas tree festival is now live and online for you to view the decorated trees and vote for your favourite. There are two categories: favourite charity tree and favourite business tree, and local good causes will benefit from cash prizes.  

You can also see the trees when visiting the Cathedral for prayer, reflection and worship.

At the end of the festival, all the trees will be disposed of environmentally. The firm doing this will make a donation to The Sheffield Children’s Hospital Charity.

To view the trees, please visit: Christmas Tree Festival

For more information on The Sheffield Children’s Hospital Charity, please visit: The Children’s Hospital Charity

Jonathan Achieves Affiliate Membership of STEP

Jonathan Rowley, Chartered Financial Planner and Director of Hamnett Wealth Management, has achieved Affiliate Membership of STEP, the global professional association for practitioners who specialise in family inheritance and succession planning.

STEP works to improve public understanding of the issues families face in this area and promote education and high professional standards among their members.

STEP members help families plan for their futures, from drafting a will to advising on issues concerning international families, protection of the vulnerable, family businesses and philanthropic giving.

Jonathan has been advising clients for over 26 years and is a Chartered Independent Financial Adviser which means he’s not restricted or limited in which products or providers he recommends. 

Jonathan said: “I am delighted to be an Affiliate Member of STEP as it demonstrates my continued commitment to high professional standards and continued professional development, inspiring the confidence, respect and trust of my clients.”

Hamnett Wealth Management have been providing unbiased, personal financial and investment advice since 1988.  We offer a range of services for individuals, business owners and trustees across a number of financial planning areas.

For more information on STEP, please visit https://www.step.org/

Talk Money Week

Next week (9th -13th November) is Talk Money Week.  People in the UK don’t talk about their money enough.  Despite the COVID-19 crisis affecting our finances, 9 in 10 UK adults – that’s 47 million of us – don’t find it any easier to talk about money, or don’t even discuss it at all.

Talk Money Week is designed to increase people’s sense of financial wellbeing by encouraging them to open up about personal finance – from pocket money to pensions. Held each November, it’s an opportunity for everyone with an interest in financial wellbeing to get involved with events and activities across the UK, designed to help people have more open conversations about money.

Everyone has money worries – and for many, current affairs in 2020 have made these worse – but just as you can take actions to improve your physical health, you can take some simple steps to feel more in control of your financial wellbeing too. Research shows that people who talk about money:

• make better and less risky financial decisions

• have stronger personal relationships

• help their children form good money habits for life

• feel less stressed or anxious and more in control

Building money conversations into our everyday lives also helps us build financial confidence and resilience to face income shocks, life events and whatever the future throws at us.

For more information about Talk Money Week, please visit https://maps.org.uk/talk-money-week where you’ll find a range of guides to help you start the conversation. Join in the conversation online using #TalkMoneyWeek

If you’d like to have a conversation with us about your financial future, please call us on 0114 235 3500.  We’re operating as normal but can also offer appointments by telephone or Facetime, Microsoft Teams and Zoom. 

Hamnett Wealth Management Becomes Associate Firm with the Personal Finance Society

Hamnett Wealth Management has become an Associate Firm with the Personal Finance Society, the largest professional body for the financial planning sector.

Associate Firms voluntarily demonstrate the adoption of the professional standards set by the Personal Finance Society enabling them to stand tall behind a culture that places clients and staff at its heart.

Associate Firms work alongside the Personal Finance Society to build public trust in financial services and elevate the importance and value of financial wellbeing through regulated personal finance and Investment advice.

Jonathan Rowley, Director and Chartered Financial Planner, says that becoming an Associate Firm was a natural step for the company: “We have always prided ourselves on being thoroughly professional in everything we do. As an Associate Firm, we can signal our commitment to the highest levels of service to our customers.”

Phil Smith, Director and Independent Financial Adviser, is very proud of the company’s new status with the Personal Finance Society: “I am pleased that Hamnett Wealth Management has obtained this accolade as it is testament to the hard work that our team have put in over the years.  It reassures our clients that they are receiving advice of the highest possible standard and provides enhanced confidence in the industry as a whole.”

The Personal Finance Society is part of the Chartered Insurance Institute; their purpose is driven by their Royal Charter commitment, granted by the sovereign on the advice of the Privy Council, to secure and justify the confidence of the public in the profession.

Hamnett Wealth Management have been providing unbiased, reliable and trusted personal Financial Advice and Investment Advice since 1988.  They offer a comprehensive range of unbiased financial advice services for individuals, business owners and trustees across a number of financial planning areas.

Growth is the New Gold

Jonathan Rowley recently spoke with Ian Leech, editor of Yorkshire Business Insider, about recent changes to the market and where opportunities lie in a new era. You can download the article:

You can also read the article online at: https://www.insidermedia.com/publications/yorkshire-business-insider/yorkshire-business-insider-october-2020/growth-is-the-new-gold

Westside Article – October 2020

No matter how large or how modest, everyone has an estate and you will want to control how it is administered to the people or organisations you care most about. There are lots of points to consider such as making a will, appointing a Lasting Power of Attorney or creating the right Trust to protect your assets and help your beneficiaries. It is important to plan ahead with confidence in order to minimise the tax burden for your family and loved ones in the future.

Many people will hold considerable investments and share portfolios that form part of their estate on death. It is possible to transfer some or all of those assets into alternative vehicles that fall outside of your estate after 2 years.  You can also retain access to the capital in case you need it. This is achieved by utilising business property relief which results in 100% relief from inheritance tax on the amount invested after a maximum of two years.

Business owners can gain business relief which makes their business exempt. However, when the business is sold, the sale proceeds are inside their estate for Inheritance Tax and 40% tax beckons. It is possible to re-invest into qualifying investments where the previous business reliefs are retained.

If your estate is valued at over £1M, as many increasingly are, then a Inheritance Tax Review is advisable.  Here’s an example of how it works:

A couple own a house worth £700K.  They also have –

ISA’s                                                £100K

Share portfolio                            £350K

Buy-To-Let houses                    £500K

Their total estate comes to £1.65M.  Assuming they have 2 Nil-rate bands of £325K each (£650K) plus a main residence nil-rate band of £175K each (£350K), it is possible for most people to pass on £1M of their estate tax free. In this example there is a £650K excess taxed at 40% so the tax bill would be £260K.

If the above clients transferred their existing share portfolio of £350K into an exempt asset, it would reduce their Inheritance Tax bill by £140K and they would still have control of their money, be able to access it at any time and receive a stable return.

More and more people are seeing the increase in house prices pushing their estate values higher and higher. The Government raise billions each year from people sleep walking into higher and higher taxes. It is time to act now.

Call us on 0114 235 3500 or email us at advice@hamnettwealth.com for a free consultation to find out how we can help you.  Our recommendations will take into account all of your investments, retirement and protection strategies so that your estate planning fits your goals.

You can read this month’s Westside online at https://www.rmcmedia.co.uk/magazines/westside/

Pension Awareness Week 2020

Next week sees the return of the annual Pension Awareness Week and this year the roadshows have gone virtual.  The annual campaign takes place around the official UK Pension Awareness Day on 15th September.  The five-day virtual event offers you the chance to have your questions answered and the website will feature a range of videos, blogs, tips and other useful and practical resources. For more information, please visit: https://pensionawarenessday.com/

If you would like pension advice, Hamnett Wealth Management are your local Independent Financial Advisers.  We can look at whether your current pension arrangements are likely to help you achieve your retirement goals. If not, we will recommend actions to take and the likely effect of them in order to secure your financial future.

We ensure that you fully understand all of your numerous retirement options and that you don’t have to take the first offer from your existing pension provider. There is nearly always better value to be had from the open market when considering annuities and the new flexible pension option should also be fully considered.

Our impartial advice takes into account all of this as well as the latest retirement and pension legislation, including the new limits on lifetime allowances. If necessary, we will also recommend any steps you can take to limit your tax liabilities.

We’re operating as normal but can also offer appointments by telephone or Facetime, Microsoft Teams and Zoom. Please call 0114 235 3500 to arrange a free review meeting or visit www.hamnettwealth.com

Over £30 million lost through pension scams

Pension savers are being warned to watch out for scams as over £30 million has been lost to pension scammers in just three years.

Information released by the Financial Conduct Authority (FCA) and The Pension Regulator (TPR) reveals that a total of £30,857,329 has been lost to pension scammers since 2017. The full article can be read online at www.moneyfacts.co.uk

In 2019, the Pensions Transfer Gold Standard was launched. This is a voluntary code of good practice for safeguarded and defined benefit pension transfer advice, based around a set of nine principles. Full details at: https://www.thepfs.org/about-us/initiatives/the-pension-transfer-gold-standard/

Firms are required to adopt and promote the principles so consumers can better understand and find good advice, and be confident they are dealing with a firm that goes beyond the minimum requirements.

Hamnett Wealth Management have adopted the Pension Transfer Gold Standard. For more information, please visit https://www.hamnettwealth.com/retirement.html or call us on 0114 235 3500.

Lockdown Pressure Impacts Relationships

Just over 1,000 online divorce applications were lodged in the first week of lockdown.  Figures from Her Majesty’s Courts and Tribunals Service (HMCTS) saw 1,001 web petitions filed between March 23rd and March 31st alone. With statistics for the rest of lockdown not yet available, it is feared that there will be a huge surge in couples deciding to separate.  

Going through a separation or divorce is a difficult and daunting time and it can feel overwhelming with everything that has to be considered.  It is vitally important to think about how the breakdown of a relationship affects any assets, estate and, most importantly, any children.

There will be areas that need dealing with immediately to maintain stability such as bills and mortgage payments. However, once these are taken care of, it is time to look longer-term and seek advice from a professional Independent Financial Adviser.

Hamnett Wealth Management specialises in this area and we can discuss the best way to split assets for separating couples and consider the tax and legal consequences. We are an accredited member of Resolution, an organisation of 6,500 family lawyers and other professionals in England and Wales, who believe in a constructive, non-confrontational approach to family law matters.

Find out more about how we can help by giving us a call on 0114 235 3500 or email us at advice@hamnettwealth.com.