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Woodruff Financial Planning blog is born
If
you are reading this newsletter, then the chances are that you are
interested in financial planning, and what it can do for your financial
future.
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If so, you will be happy to learn that we have now launched a blog
service for our contacts, so that you can read daily news and comment
on financial planning issues.
We
will be posting daily updates on issues such as financial planning,
investments, pensions, mortgages, protection and inheritance tax
planning.
Take
a look at our financial planning blog here.
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Get
a FREE investment or pension portfolio review
We have just launched this free initiative, designed to show prospective
clients what we can do to help you keep on track towards your investment
and pensions
goals.
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What's
in the review
OK, it's free, so we won't do a full review (as in our Portfolio
Management service). What we will do is give you an overview
of your investment portfolio, how it has performed over the last
5 years, and an analysis of the risks both now and for the future.
How
to get your review
If you have investments or pensions, and want to review how well
your funds are doing, then this is for you.
Simply
contact us,
and we will arrange to do a basic review of your investment portfolio.
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Questions
& Answers
Here we seek to answer the questions you have on financial matters.
To
submit a question, click here. |
I
am about to retire, and need to take an income from my personal
pensions. How do I go about this?
Mr B - Essex
Answer
When you come to your selected retirement age your pension companies
will write to you to offer you various options. These will be:
- To
keep the plan going (until age 75 at the latest)
- To
take an income (annuity) from your current provider
- To
take an income (open market option) from another provider
We
would say that in almost all cases you are better off by taking
the last of these options. Under the open market option you are
allowed to take your fund and shop around for the best income available;
nearly always this is better with another provider.
You
should take advice on your options at retirement because many of
these decisions cannot be reversed once taken. Click
here to read our basic leaflet on retirement decisions.
I
have seen some competitively priced flats in my area. I am thinking
about buying one as a buy to let investor. What
do I need to think about?
Mrs G - Essex
Answer
Buying property can be a great long-term way of building up assets
for your financial future. This is especially so given that if you
rent out the property, you can hopefully get someone else (the tenant)
to pay the costs of your mortgage.
However,
buying investments through debt can be a risky venture if you do
not open your eyes to all the risks. Think about some of the following:
- Diversification
If your property goes down in value, so will your investment;
try to diversify wherever possible.
- Property
valuations
Remember that prices can go down as well as up. You need to be
in it for the medium to long term to avoid any short term fluctuations.
- Gearing
Buying
through debt can increase your risk since your debt will remain
the same no matter what the value of your asset.
- Tenants
They are not always perfect, so you need to think about the costs
of renovation, decoration and some months without rent.
- Costs
Many buy to let investors forget about added costs, such as mortgage
fees, solicitors costs, tax, estate agency fees, letting fees
etc.
Click
here to read a basic leaflet on the risks of buy to let. |
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I
didn't know you did that!
Many
people do not realise all the areas in which we offer advice, so
here is a comprehensive list!
- Comprehensive
financial planning
Working towards your long-term financial goals;
- Investments
Including: portfolio management, ISAs, investment bonds, unit
trusts, investment trusts, OEICs, fund supermarkets;
- Pensions
Including: personal pensions, stakeholder pensions, Self-invested
personal pensions (SIPPs), Executive pensions (EPPs), Unsecured
pensions (drawdown), Annuities, Small Self Administered pensions
(SSASs), Retirement annuity contracts;
- Mortgages
Including: mortgages, remortgages, buy to let mortgages, commercial
mortgages;
- Protection
Including: life assurance, critical illness cover, income protection,
family income benefit, keyman cover, unemployment cover, private
medical insurance;
- Inheritance
tax planning
Contact
us to find out more! |
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The
Explainer This
seeks to bring you an easy to
understand explanation of some of the jargon used
in the financial news. |
| The
Retail Distribution Review
You
probably started yawning when you read this title. Actually,
this will result in fundamental changes to the way Financial Advisers
will work in the future (from the end of 2012).
The
review is being pushed through by the Financial
Services Authority, who want to ensure that consumers get the
right advice from suitably qualified advisers, in a fair and balanced
way. The main areas of interest for you are:
- Qualifications
Most advisers will need to raise their qualification levels.
- Remuneration
Advisers will be forced to stop being paid by commission
- Scope
of advice
Advisers will only be able to offer either independent or restricted
advice
- Professional
standards
Advisers will be forced to adopt ethical standards similar to
other professions
You
won't be surprised to know that we already meet all of the proposed
changes. Click here
to see more information. |
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Quiz
Test your knowledge of financial planning
with our quiz - just for fun! |
According
to the Department for Work and Pensions in 2007, which of the following
was more likely?
- Claiming
on a life cover policy
i.e. the risk of early death.
- Claiming
on a critical illness plan
i.e. the risk of getting a serious illness.
- Claiming
on an income protection plan
i.e.
the risk of being off work for a long time.
Click
whichever link you think is the correct answer. |
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