The decision to start quarterly newsletters again and to do so during different seasons of the year reminds me that the seasons have an impact on our emotions and intellectual focus.
July inevitably means a focus on holidays, gardens and family.
This year a tragic focus on death and destruction reminds me why I started in financial services.
The motivation came from two deaths and a job in HR, both men, one in his twenties with a pregnant wife and the other a father of two school age children.
The first was a tragic accident, the second a heart attack.
My HR job was for a large department store, in the Midlands, at a time when women mostly stayed home and the men worked in the local car factory.
It is necessary to have experienced life in the 70s to understand that, when the men lost their jobs, the women looked for a means to replace some of the family income.
The car factories had paid well.
There was money for package holidays and washing machines.
It became apparent to me that saving for a rainy day was never considered.
Whilst you take time with family holidays, remember you are more likely to be involved in a traffic accident when you are in a foreign county. Accidents can leave you seriously injured or dead.
Family protection should always be at the top of your insurance needs.
Successive governments have encouraged saving for a rainy day by providing tax shelters, such as ISAs, pensions and family trusts.
It is because only the poorest should need to call on the state.
If the reason any of your family or friends have not considered the need for family protection, maybe it is the time for you to ask the question, why not?
You may be aware that I have a web site and blog where there is more information about my firm and occasional topical items on the blog pages.
If not, you can see it here: http://www.oliff.info
This is my latest item . . .
Ever Present Danger … and more
I once asked a friend if the widow of his next door neighbour would receive a life assurance payment.
He, my friend Ernie, was a bit shocked at the question. It is not something you generally ask the recently bereaved. It is however something the family care about. Will we be able to pay the bills this month, this year, in the future?
I know it sounds a tad un-British to ask about money at such a time but here is what I know.
Death or major illnesses intervene when not expected. Having a safety net can make a difference in how you recover from the loss of a loved one or the shock of sickness or injury.
If your busy life has contributed to a heart attack then money at the right time can pay the bills, stopping much of the stress. It can give time for recovery.
In my 35-years career, I have experienced late night calls from worried clients asking “will I be able to pay the mortgage this month. Will I need to sell my home?”
Sickness and death are not just for the elderly but they are an ever-present danger.
Most of us, mercifully, will never be harmed at the hands of a terrorist but never the less, life rarely treats us kindly.
I return to the subject of ISAs.
Because I am still hearing people complain about the low interest they are
getting on cash ISAs. Apart from it being frustrating to overhear this, it occurred to me that people have stopped listening to advice.
Cash ISAs lose money , as inflation is higher than the annual interest rate, FACT
As an independent adviser, each client is different and gets treated differently.
But if you want a simple, do it yourself solution, check out some of the on-line offerings, watching out for charges and historic volatility: Both Prudential and Royal London have funds that are designed to minimise risk.
If you want an opportunity to do good as well as making a better return then find an
Ethical or Socially Responsible Solution: www.uksif.co.uk
And if you would prefer to accept and pay for valuable good professional advice . . .
Paid for Advice?
Why pay for advice when you can find insurance cover and/or ISAs on line?
Whether you pay for the advice or pay for the product, you still pay.
The advice is there, as an option.
To discover the full range of available solutions, you will need independent advice.Is price the only thing that matters? When it comes to your family probably not.
Jan Oliff Financial Planning Limited
Noumena, Little Green, Broadwas, WR6 5NH 01886 822205
Nothing in this newsletter constitutes personal advice
Authorised and Regulated by the Financial Conduct Authority – registered number 725129