An independent (financial adviser’s) view

It is, of course, not the winning but the being nominated and shortlisted and the chance to dress posh in a fancy hotel in that-there-London. Our very own Sian (Woman of the Year - Retirement Planning) and Kendra (Rising Star - Advice) had their names on the screen but were pipped for the actual awards. We were, however, about the only not-huge company with our own table at the Women in Financial Advice Awards this week. SJP had 5! But then they would, wouldn’t they. Anyway, who’d have thought? Warm enough to be sitting outside in the sun on Bonfire Night Sunday? Enjoy your Guy and bangers if you're celebrating. And this week’s Phrase That Annoys?: ‘Not too bad’. Be one thing or the other. I’d say.?

“Bank holds interest rates and warns it’s too early to cut”

Thursday at the Bank of England was much like any other day. And then…nothing happened (one for Python fans). Interest rates stayed at 5.25%, just as, in Europe, they stayed at 4%. What does it all mean? Is this the beginning of the end for nothing happening to investments? Well, yes, it does signal that there may be a sense that inflation may be likely to continue to fall. Governments both here and there and across the Atlantic are desperate for it to do so before elections next year. Then interest rates can come down and off we can go again. Those are the issues which are holding back stock markets and the faintest firm glimmer of hope will send them up again. Perhaps quite sharply. Watch that space.

“FCA is managing out smaller firms it does not trust, industry says”

Are we ‘small firms’ really doomed? Is the regulator plotting our demise by default? The argument is that the rules, particularly the most recent ‘Consumer Duty’ set, are designed for the big players with big compliance departments and plenty of time and money to produce the endless paperwork they require. How can we minnows keep up? And wouldn’t the FCA prefer to send loads of people in to go over the books of a few big boys than to try to visit every Tom, Dick and other Back-Bedroom-Based one man band adviser? The counter, however, is that they perhaps know we small boys are, with only very occasional exceptions, not the problem; and they can rely on us to get on with it and do the decent thing. It’s actually much easier, as has been many-times proven, for bad apples to hide in the middle of large barrels.

“Talking to clients about cohabitation, intestacy and inheritance”

You’d be surprised at how many we meet who’ve never ‘got around’ to getting married, sometimes after many, many years of being together. Or those of fewer years, but with children, often both joint and previous. Being married can both complicate and decomplicate matters, of course, and money should never be the reason to do the deed. But you need to plan accordingly. You should always have wills, and wills which are up to date, as ‘common law’ usually protects no-one. Life cover should be in place and in trust if there are kids involved. And you should be aware, at least, that if Inheritance Tax is a concern, getting married, even at the last minute, can be an effective tax-planning strategy. As with many things, the real world moves far more quickly than that of the rule makers.

“Top Tories want to cut Stamp Duty or abolish Inheritance Tax after by-election thumpings”

I have to say my first reaction to this was anger, that these ‘Top Tories’ would think that enough of the voting population would be shallow enough not to see through such an obvious election bribe. Maybe they’re right, but it’s a more than a little desperate and very much targeted at the at-risk Blue Wall. No one likes paying Stamp Duty, and no one’s family likes paying IHT. But they would of course, be stealthily replaced by, respectively, some other form of transaction and gift tax, the argument being that both would bring us more in line with other countries’ systems. Rejoining the World rather than asserting our independence? Cynical? Moi?

Found this almost by accident and, not looking too closely, assumed it was the first of a series. It’s ‘a short’, will only take 20 minutes of your time but will stay with you for very much longer. It left us in an almost stunned silence, realising that the ending was, indeed, the ending. It starts with the brilliant David Oyelowo, successful and besuited on a day out with his family. There’s a tragedy, and we next see him as an Uber driver, with fares of all sorts in the back. The focus is on his face and reactions, and it’s a short study of grief. It really is a very powerful piece of work, and I would urge you to seek it out.