Knowledge is Power!

In April 25, 2015
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Today is a Saturday and instead of being at home on the sofa catching up on the latest episode of Bones or Walking Dead, I am sat at my desk writing my latest blog, following on from holding our Annual Client Review Seminar. I am absolutely buzzing after spending the whole day presenting to our valued clients, important information about changes to Pension legislation, a 2015 Budget Review, Care Fee Cap analysis, changes to Trust taxation and the effect of the upcoming Election, low interest rates and low inflation on our clients investment returns.
This all stems from our belief that knowledge is power and that if our clients remain well informed about changes in the UK and wider global economy, they will be able to make better informed decisions regarding their financial wealth and security. Over the years we have also found that the media and politicians don’t always present the full story when they announce new changes to any law or legislation, so we think it’s important to cut through the jargon and give our clients a plain English explanation, which actually means something to them.
In particular, it was worrying how many clients were under the impression that the Governments new “Long Term Care Cap”, which is being introduced in April 2016, means once you have paid over £72,000 in Care Fees, the local authority will step in and pay the rest. As they say, the devil is in the detail and once you look under the bonnet of this so called “Care Cap”, the reality is very different. The cap does not include any costs associated with your food or accommodation (quite possibly the biggest cost of care for many people) and in fact only covers your nursing care costs for your medical needs; which is why it is anticipated that most people will pay in excess of £140,000 of their own personal money for care, before even getting close to the £72,000 cap. At which point, yes, the local authority will step in, but again only to cover your nursing/medical care costs, not your food and accommodation costs.
Thankfully, now armed with this information, which was largely missed by the media and the politicians, our clients now know the facts and can make an informed decision about whether or not they want to put some Care Fee planning in place to stop this happening.
The best outcome from working this Saturday was also getting to see all of our lovely clients and catch up with them and what’s going on in their lives. Across the different sessions we held throughout the day, we celebrated the arrivals of new children and grandchildren, big birthday’s, Golden Wedding Anniversaries and stories of our clients travelling around the world, enjoying their retirement. It is these stories and moments with our clients that always remind me why I LOVE what I do. It’s not the products, the rules or regulations; it’s the people! Getting the chance to help improve the lives of our clients and their families is the most rewarding part of my job and is well worth giving up a Saturday for!
But don’t just take my word for it, here are some of the testimonials our clients gave us on the day…
“Impressed with the presentation, very knowledgeable, good communication and patient providing answers to questions” Sue & Graham, Portchester.
“Steve & Jasmine demonstrate time and again that they know their stuff and explain it clearly to us. Trust them and you won’t go far wrong financially.” Andy & Natasha, Southampton.

 

“If you want someone who gives you a personal service at a reasonable cost and know you are being well advised, choose Redwood”. Peter, Langrish.

 

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Your capital is at risk. Investments can fluctuate in value and investors may not get the amount back they invest. Tax rules can change at any time.

 

Please remember your home or property may be repossessed if you do not keep up repayments on your mortgage. We give clients the option to pay for mortgage advice by fee rather than commission. Equity Release refers to lifetime mortgages. To understand the features and risks, ask for a personalised illustration.

 

The Financial Conduct Authority do not regulate, Will Writing, Buy to Let Mortgages, Auto Enrolment, Tax Advice and Estate Planning.

 

The opinions contained within this blog, do not constitute financial advice and no action should be taken based on this content alone.

Jasmine has been a qualified Financial Planner since 2008. She has also been a member of the Society of Will Writers since 2012. She is passionate about helping Clients build their wealth and achieve the financial lifestyle they desire. Her areas of expertise are that of Savings, Investments, Pensions and Retirement Planning.

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Redwood Financial Family Wealth & Estate Planners Ltd is Directly Authorised and regulated by the Financial Conduct Authority. FRN number 774469.

Disclaimers

The Financial Conduct Authority do not regulate, Will Writing, Buy to Let Mortgages, Auto-Enrolment, Tax Advice and Estate Planning. Your capital is at risk. Investments can fluctuate in value and investors may not get the amount back they invest. The guidance and/or advice contained within the website is subject to the UK regulatory regime and is therefore primarily targeted at customers in the UK. https://register.fca.org.uk/

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Redwood Financial Family Wealth and Estate Planners Ltd Company Number: 08926661
Registered Office Address: Wellesley House, 204 London Road, Waterlooville, Hampshire,