Welcome to our November/December 2023 edition of our financial planning magazine.
In this issue, as you sail into your 50s, it becomes pivotal to consider your financial strategy. Life has likely found a steady rhythm by now. Children have probably taken flight, becoming financially self-sufficient, and the idea of reducing work hours or even retiring completely starts to surface. Each person’s life journey is unique and has different resources and challenges. However, there are shared goals and steps that one can take during this stage. On page 07, we consider how knowing where to begin can be daunting, whether you aim to maximise your earnings or lay down a robust financial plan.
In the investing world, the allure of quick profits and instant gratification often tempts some investors to employ a ‘market timing’ strategy. This method involves making decisions about buying or selling financial instruments based on predictions of future market price movements. Market timing is an active investment strategy aiming to beat the traditional buy-and-hold strategy. It involves moving in and out of the market or switching between asset classes based on predictive methods such as technical indicators or economic data. Read the full article on page 08.
The mantra ‘Cash is king’ has echoed through the investment world for years. Cash forms the backbone of our society. As long as money spins the globe, many will uphold cash as the reigning monarch. However, this crown has been slipping as of late. The culprit? Rampant inflation, rapidly eroding the purchasing power of cash. Even the most competitive rates on the high street typically lag behind inflation. On page 12, we raise a question – is it wise to lock into a rate that incurs losses in real terms merely to avoid the short-term volatility of financial markets?
As we approach the end of the year, taxpayers should begin assessing their tax obligations. This is not a task to be left to the eleventh hour, especially considering tax changes coming into effect in 2024. This is also particularly true for 2023, a year already marked by several tax changes that impact higher rate taxpayers. By understanding your tax obligations early on, you could avoid unwelcome surprises. On page 03, we consider how understanding these tax changes allows you to plan and strategise effectively to meet your tax obligations without unnecessary stress or last-minute surprises.
TAKING MORE CONTROL OF YOUR FINANCIAL FUTURE
With our help, you can develop and adapt a strategy designed to help you achieve your financial objectives. Your wealth should represent your values – how it might impact your family and benefit the causes you care about. Our role is to remove the effort from managing wealth, allowing you and your family to enjoy it instead.
We hope you enjoy reading this issue and, for more information on our latest financial planning magazine or to discuss any of the issues raised in this article, please contact us. Further information can also be found at gov.uk.
Personal circumstances differ and not all of this information is applicable to every client and/or their business, this information is general in nature and should not be relied upon without seeking specific professional financial advice.
The Financial Conduct Authority (FCA) does not regulate tax advice, estate planning, trusts or will writing.
The content in this article is for your general information and use only and is not intended to address your particular requirements. Articles should not be relied upon in their entirety and shall not be deemed to be, or constitute, advice.
Although endeavours have been made to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No individual or company should act upon such information without receiving appropriate professional advice after a thorough examination of their particular situation. We cannot accept responsibility for any loss as a result of acts or omissions taken in respect of any articles.
Thresholds, percentage rates and tax legislation may change in subsequent finance acts. Levels and bases of, and reliefs from, taxation are subject to change and their value depends on the individual circumstances of the investor. The value of your investments can go down as well as up and you may get back less than you invested. Past performance is not a reliable indicator of future results.
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