Westside Article – March 2019

Entering the new tax year is a great time to spring clean your finances. Here’s Hamnett Wealth Management’s suggested checklist:

1. Maximise your tax-free saving allowances

If you’ve money to save, but haven’t used up your ISA allowance, make sure you take advantage of this tax-free form of investment.  Equally, ensure you’re making the most of allowances on your pension contributions to cut your tax bill.

2. Take control of your pension arrangements

Whether you’re looking to set up a pension, save money on annual management charges or to reduce fees on expensive pension plans, review your current pension arrangements to see if they’re likely to help you achieve your retirement goals.

3. Review your investments

Last year saw increased volatility and this year could be just as interesting. This has meant that some previous flagship funds have fallen from grace. These new “Dog funds” have been named and shamed for charging high fees and delivering well below average performance. We are happy to review your funds and ensure that they are in line with your objectives and attitude to risk.

4. Plan for the future

Safeguard against unexpected future events spoiling your final wishes by setting up a trust alongside your will.  Trusts come in a variety of forms and can help lower potential inheritance tax bills as well as give extra guarantees  that loved ones will be looked after.

Appoint a lasting power of attorney so loved ones can act in accordance with your best interests and wishes as they are now.  There are two different lasting powers of attorney to consider – one to look after your health and the other your finances.

5. Get in touch

Have you lost touch with your previous advisor? Did you use a Bank who have since withdrawn from offering advice? Has your advisor lost their Independent status and become restricted in what they can provide to you?

Hamnett Wealth Management are Chartered Independent Financial Advisers who offer unbiased, expert financial planning advice and are working towards becoming a dementia friendly business.

Jonathan Rowley, Director and Chartered Financial Planner, is also an associate member of SOLLA. SOLLA helps people and their families in finding trusted accredited financial advisers who understand financial needs in later life.

We offer a free initial face-to-face consultation where we’ll assess your needs and explain how we can help. You’re always welcome to call into our office on Baslow Road, Totley or we can visit you in the comfort of your own home.  Call us now on: 0114 235 3500 or email us at: advice@advice@hamnettwealth.com

March is Free Wills Month

Next month is Free Wills Month.  This event brings together a group of well-respected charities to offer members of the public aged 55 and over the opportunity to have their simple Wills written or updated free of charge by using participating solicitors in selected locations around England, Wales and Scotland.

Wills are an essential part of any financial plan, as they dictate how you wish for your assets to be divided upon your passing.

They are increasingly important if you have dependents who rely on you financially, or if you wish to leave assets to those outside your immediate family. A Will can also be a good way to limit the burden of Inheritance Tax that may be left after you’re gone.

An up to date Will written by a solicitor ensures your wishes are respected. It also avoids difficult decisions and legal complications for your loved ones. Free Wills Month allows you to provide for family and friends and leave a gift to your chosen charities too.

To take part in Free Wills Month please visit https://freewillsmonth.org.uk to register.  You will then get access to the details of your local participating law firms.

State-of-the-art scanner arrives at Sheffield Children’s Hospital

A state-of-the-art scanner, which will allow doctors to diagnose young patients quicker than ever before, has arrived at Sheffield Children’s Hospital. Kids with cancer, epilepsy, painful injuries or neuro-disabilities will all benefit from the new £800,000 SPECT CT scanner.

The scanner was funded by members of the public and businesses across the region through the hospital’s dedicated charity. Dan Walker’s celebrity golf day, which Hamnett Wealth take part in every year, contributed a further £50,000.

SPECT CT is a ‘dual-imaging’ scanner, meaning radiologists will be able to take standard CT images and nuclear scans at once, providing more certainty for doctors and meaning more tailored treatment.

We have been proud supporters of the Children’s Hospital Charity for a number of years and Dan Walker’s Golf day, which takes place annually at Hallamshire Golf Club, has now raised a staggering £182,000 since the first event back in 2014.

To find out how you can support the appeal for an expanded Emergency Department and build a better future at Sheffield Children’s Hospital, visit www.tchc.org.uk

Read more about the scanner at: https://www.thestar.co.uk/news/sheffield-children-s-hospital-unveil-out-of-this-world-backdrop-for-revolutionary-new-800-000-scanner-1-9572029

Law Changes on Pension Cold Calling

The Information Commissioner’s Office (ICO) recently announced that cold calls about pensions are now illegal in some circumstances following a change in the law.

Unsolicited calls are the most common method for companies who operate pension scams to contact people and new legislation introduced by the government from 9 January aims to tackle this.

ICO Investigations Manager, Andy Curry, said:

”These calls cause untold misery to thousands of people and we are pleased that the law now offers greater protection to stop them being scammed out of their hard-earned pensions by unscrupulous operators. The ICO has powers to go after companies who make these nuisance calls and their directors and can impose fines of up to £500,000. We would encourage people to report calls like this to us to help us take action.”

The ban prohibits cold calling in relation to pensions, except where:

  • the caller is authorised by the Financial Conduct Authority, or is the trustee or manager of an occupational or personal pension scheme, and;
  • the recipient of the call consents to calls from the caller, or has an existing client relationship with the caller such as might give rise to an expectation of receiving cold calls from that caller.

For further information, read the ICO’s updated guidance for businesses in the telephone marketing section of the guide to the Privacy and Electronic Communications Regulations (PECR).

The ICO have also updated their nuisance calls advice for the public. If you think you have received a call like this, you can report the details to the ICO here.

New Year’s Resolutions you need to keep…

The start of a New Year is the time when we all resolve to change something – whether it’s to lose weight or join a gym – but what about ensuring our finances are fit and healthy?  At Hamnett Wealth Management, we think now is the ideal time to review your existing financial arrangements.  Here are our 3 suggested resolutions for 2019:

  1. Take control of your pension arrangements

Whether you’re looking to set up a pension, save money on annual management charges or to reduce fees on expensive pension plans, make sure you review your current pension arrangements to see whether they are likely to help you achieve your retirement goals.

2. Maximise your tax-free saving allowances

The 5th of April is just around the corner – the date by which you should have finalised any tax-efficient savings plans and pension issues. If you have money to save, but have yet to use up your ISA allowance, make sure you take advantage of this tax-free form of investment.  Equally, ensure you’re making the most of allowances on your pension contributions to cut your tax bill.

3. Review your investments

Investment values have risen well in the last 12 months but volatility has been high. With fast changing political events affecting markets, it is imperative that your portfolio and pensions are strategically invested to profit from uncertainty and protect yourself from market shocks.

Take control of your financial future today with Hamnett Wealth Management.  We offer a free initial face-to-face consultation where we will assess your needs and explain how we can help. Call us now on: 0114 235 3500 or email us at: advice@hamnettwealth.com

Tax Free Allowances – Are You Up To Date?

The recent budget didn’t deliver any shocks, but it’s still worth reviewing your finances.

With Christmas rapidly approaching, the Chancellor’s budget announcements on Monday 29 October 2018 might feel like a long time ago. If you didn’t manage to catch the full budget analysis, check out 7IM’s quick tips.

Unlike other budgets, this one didn’t spring any big surprises or changes. Some personal allowances went up, a few stayed the same, and duties for things such as cigarettes and alcohol were increased, as is often the case. All in all, it wasn’t a budget to send people reaching for their calculator, but there were some Christmas-stocking-sized treats. You might want to think about how they affect you, before your thoughts turn to the holiday season.

Read 7IM’s article on the key things to think about for the 2019/20 tax year:https://www.7im.co.uk/private-client/news-and-insights/Tax-free-allowances-are-going-up

Whenever the tax regime is changed, it can be a good time to review your financial situation. If you’d like to speak with one of our advisers about what next year’s tax changes might mean for you, call us on 0114 235 3500.

Westside Article – December 2018

Jonathan Rowley, Chartered Financial Planner and Director of Hamnett Wealth Management, has recently achieved Later Life Adviser Accreditation from the Society of Later Life Advisers (SOLLA).

SOLLA helps people in finding trusted accredited financial advisers who understand financial needs in later life. Established in 2008 as a not for profit organisation, it is dedicated to higher standards and accessibility to regulated financial advice for older people and their families.

Having been developed over a number of years, the Later Life Adviser Accreditation (LLAA) has now become established as the industry standard of excellence for those advising in the later life market. In addition to being a stand-alone award, it is also the basis of membership of the Society of Later Life Advisers.

Jonathan has been advising clients for over 26 years and is an 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 a SOLLA Accredited Later Life Adviser. Professional qualifications, whilst essential, don’t provide the full picture of my expertise. Taking the steps to become independently accredited provides my clients with the added reassurance that I offer the practical help and guidance they need to help them make the right decisions at the right time.  I have many older clients who I advise on retirement planning, saving and investment planning, tax matters, and estate and wealth planning.”

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.

Take control of your financial future today with Hamnett Wealth Management.  We offer a free initial face-to-face consultation where we will assess your needs and explain how we can help. Call us now on: 0114 235 3500 or email us at: advice@hamnettwealth.com

Everyone at Hamnett Wealth Management would like to wish all readers of Westside a very Merry Christmas and a prosperous New Year.

Talk Money Week 12th – 18th November 2018

Talk Money Week is happening this week (12-18 November 2018) and is an opportunity to have a conversation about money. Whether it’s within families, between friends and colleagues, financial services and customers, charities and clients, housing associations and residents, teachers and students, government and local authorities and citizens; Talk Money is about improving people’s money management skills and financial wellbeing. The first step is breaking the taboos, so that we can all Talk Money.

It is also the annual celebration of the work thousands of organisations are doing to improve people’s financial capability across the UK. Throughout the week organisations will be engaging with their customers, showcasing their services, and leading the charge to make their work more effective, by turning evidence of what works into action at scale.

The theme for 2018 is financial wellbeing – with a focus on what organisations can do to get more people accessing free debt advice, more people saving regularly, more young people receiving a meaningful financial education and fewer people using credit for everyday spending.

You find out more about Talk Money Week at https://www.fincap.org.uk/en/articles/talk-money-week and join the conversation over on Twitter by searching #talkmoney

Your investments and how to navigate uncertain markets

With markets seeing more volatility and Brexit still taking centre stage, it’s always useful to revisit how to manage your money. Cash is king in the short-term but for the medium to long-term then investing in real assets will always win the race.

Wise words in this article in the Financial Times and a reminder to stick to your fundamental investment principles: https://www.ft.com/content/a36ab474-d608-11e8-ab8e-6be0dcf18713

SOLLA National Conference celebrates 10 year Anniversary

Last week the Society of Later Life Advisers (SOLLA) – of which Jonathan Rowley is a full member and an accredited Later Life Adviser – welcomed over 160 advisers and guests to its 2018 conference in central London.

Various speakers addressed the real and pressing issues facing our aging population including Dr Yvonne Braun of the ABI who discussed the need for financial advisers to build on the FCA’s work around vulnerability, emphasising that as many as 25 million people could be in this category.

Baroness Altmann shared her views around the options for funding social care as well as putting into perspective the importance of savings and pensions. In doing so she considered the role of state incentives in encouraging long term planning and referred to SOLLA as ‘The Gold Standard’.

All speakers emphasised the need to ensure that the highest standards of later life financial advice were available to people and the SOLLA Accreditation was clearly seen by all as a strong consumer benefit.

In closing the conference Tish Hanifan, Founder and Joint Chair, highlighted this recognition: “So many people don’t know who to go to or who to trust and this can prevent them from taking advice that would greatly help them to make the right financial choices. In the last 10 years SOLLA has increasingly become the ‘Go To’ organisation for peace of mind.”

To speak with Jonathan about later life financial advice, please call 0114 235 3500.

To find out more about SOLLA visit www.societyoflaterlifeadvisers.co.uk