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FINANCIAL GUIDE A GUIDE TO Wealth Management Financial advice that adapts as your needs change over time

A Guide to WEALTH MANAGEMENT A Guide to WEALTH MANAGEMENT Contents WELCOME The freedom to choose what you do with your money Welcome to A Guide to Wealth Management. As wealth grows, so too can the complexity of its management. However, one of the major obstacles to effective planning is the gap between the perception of wealth and reality of wealth. The most important step in the planning process is to establish clear and concise objectives for your wealth management plan, and to acknowledge and address the desired level of involvement you want to retain in managing your wealth. It should also take into account your total estate plan in a manner that is timely, effective and tax-efficient. In this guide, we look at different ways to create, conserve and enhance wealth. We are able to offer you bespoke solutions at every stage of your wealth planning cycle – from maintaining liquid cash reserves and managing wealth as it grows, to finding the best ways to preserve and pass on the wealth you have created. If you would like to discuss the range of services we offer, please contact us for further information. Investment Protection 02 Welcome 33 Wealth protection 04 Wealth creation 34 Safeguarding your family’s lifestyle 05 Spreading risk in your portfolio 35 Making the right decision 06 Asset classes 36 Critical Illness Protection 08 Reducing the overall level of investment risk 38 Income protection insurance 10 Pooled investments 40 Inheritance tax 11 Unit trusts 42 New intestacy rules increase entitlements for surviving 12 New Individual Savings Account (NISA) 13 Open-ended investment companies spouses and registered civil partners 43 Do you know your Inheritance Tax numbers? 14 Investment trusts 15 Investment bonds 16 Investing for income 18 Offshore investments Retirement 20 Financial independence 21 Pension freedom, the most radical reforms this century 22 Clever retirement strategies 24 Question time 25 State Pension changes 27 Retirement income options 29 55% pension tax charge abolished 30 8 Steps to a brighter retirement 31 Self-Invested Personal Pensions 32 Consolidating pensions 02 03

A Guide to WEALTH MANAGEMENT A Guide to WEALTH MANAGEMENT INVESTMENT Spreading risk in your portfolio O ne of the principal tenets of spreading risk in your portfolio is to diversify your investments. Diversification is the process of investing in areas that have little or no relation to each other. INVESTMENT Wealth creation T he first step to building wealth starts with a disciplined decision to pay yourself first, then compounds with a disciplined investment approach. When you define your investment objectives, the priority of where and how to invest should be guided by your specific goals. It should also naturally encourage you to do more as you see it working – encouraging you to further increase, grow and build your wealth. We can help you secure the financial future that you want to achieve and your lifetime goals, enabling you to structure your finances as tax-efficiently as possible. There are many different ways to grow your wealth, from ensuring you receive the best rates for short-term cash management, to the more complex undertaking of creating an investment portfolio to grow your wealth for the long term. 04 Diversification helps lessen what’s known as ‘unsystematic risk’, such as reductions in the value of certain investment sectors, regions or asset types in general. But there are some events and risks that diversification cannot help with – these are referred to as ‘systemic risks’. These include interest rates, inflation, wars and recession. This is important to remember when building your portfolio. The main ways you can diversify your portfolio A properly crafted wealth management strategy allows you to make informed decisions about the investment choices that are right for you, by assessing your life priorities, goals and attitude towards risk for return. Assets To discuss your requirements or for further information, please contact us – we look forward to hearing from you. Probably the best example of this is shares, or equities, and bonds. Equities are riskier than bonds and can provide growth in your portfolio, but, traditionally, when the value of shares begins to fall, bonds begin to rise, and vice versa. We can help you secure the financial future that you want to achieve and your lifetime goals, enabling you to structure your finances as tax-efficiently as possible. Having a mix of different asset types will spread risk because their movements are either unrelated or inversely related to each other. It’s the old adage of not putting all your eggs in one basket. Therefore, if you mix your portfolio between equities and bonds, you’re spreading the risk because when one drops the other should rise to cushion your losses. Other asset types, such as property and commodities, move independently of each other and investment in these areas can spread risk further. It takes patience and discipline to implement an effective long-term investment strategy. In identifying and evaluating opportunities, we seek to understand how financial markets behave by observing asset valuations, price momentum, investor sentiment and economic climate as indicators of future investment performance. Sectors Once you’ve decided on the assets you want to hold in your portfolio, you can diversify further by investing in different sectors, preferably those that aren’t related to each other. The investment world changes constantly so when looking at investing in equity markets, it is prudent to invest in different sectors. For example, some sectors may typically be less volatile, which may appeal if you are focused on predictability and capital preservation. Meanwhile, other sectors that have more growth prospects and higher volatility may appeal if you have a higher risk tolerance. Many fund managers also focus on sector-specific investments. In some cases, fund managers may only focus on investing in one sector, such as the technology sector or the healthcare sector. Additionally, some fund managers may invest in a range of sectors and companies, but veer away from certain sectors if they don’t like the current prospects for that sector. For example, if the healthcare sector takes a downturn, this will not necessarily have an impact on the precious metals sector. This helps to make sure your portfolio is protected from falls in certain industries. Geography Investing in different regions and countries can reduce the impact of stock market movements. This means you’re not just affected by the economic It’s important not to invest in just one company. Spread your investments across a range of different companies. conditions of one country and one government’s fiscal policies. Many markets are not correlated with each other – if the Asian Pacific stock markets perform poorly, it doesn’t necessarily mean that the UK’s market will be negatively affected. By investing in different regions and areas, you’re spreading the risk that comes from the markets. Developed markets such as the UK and US are not as volatile as some of those in the Far East, Middle East or Africa. Investing abroad can help you diversify, but you need to be comfortable with the levels of risk that come with them. Company It’s important not to invest in just one company. Spread your investments across a range of different companies. The same can be said for bonds and property. One of the ways to do this is via a collective investment scheme. This type of scheme invests in a portfolio of different shares, bonds, properties or currencies to spread risk around. Beware of over-diversification Holding too many assets might be more detrimental to your portfolio than good. If you over-diversify, you may be holding back your capacity for growth, as you’ll have such small proportions of your money in different investments that you won’t see much in the way of positive results. 05

A Guide to WEALTH MANAGEMENT A Guide to WEALTH MANAGEMENT company getting into financial difficulty, bond holders rank ahead of equity holders when the remaining cash is distributed. However, their superior long-term returns come from the fact that, unlike a bond, which matures at the same price at which it was issued, share prices can rise dramatically as a company grows. Returns from equities are made up of changes in the share price and, in some cases, dividends paid by the company to its investors. Share prices fluctuate constantly as a result of factors such as: Company profits – by buying shares, you are effectively investing in the future profitability of a company, so the operating outlook for the business is of paramount importance. Higher profits are likely to lead to a higher share price and/or increased dividends, whereas sustained losses could place the dividend or even the long-term viability of the business in jeopardy. INVESTMENT Asset classes W hen putting together an investment portfolio, there are a number of asset classes, or types of investments, that can be combined in different ways. The starting point is cash – and the aim of employing the other asset classes is to achieve a better return than could be achieved by leaving all of the investment on deposit. Cash The most common types of cash investments are bank and building society savings accounts and money market funds (investment vehicles which invest in securities such as short-term bonds to enable institutions and larger personal investors to invest cash for the short term). Money held in the bank is arguably more secure than any of the other asset classes, but it is also likely to provide the poorest return over the long term. Indeed, with inflation currently above the level of interest provided by many accounts, the real value of cash held on deposit is falling. 06 Your money could be eroded by the effects of inflation and tax. For example, if your account pays 1% but inflation is running at 1%, you are not making any real terms, and if your savings are taxed, that return will be reduced even further. Interest rates – as cash is an alternative lower risk investment, the value of government bonds is particularly affected by changes in interest rates. Rising base rates will tend to lead to lower government bond prices, and vice versa. Bonds Inflation expectations – the coupons paid by the majority of bonds do not change over time. Therefore, high inflation reduces the real value of future coupon payments, making bonds less attractive and driving their prices lower. Bonds are effectively IOUs issued by governments or companies. In return for your initial investment, the issuer pays a pre-agreed regular return (the ’coupon’) for a fixed term, at the end of which it agrees to return your initial investment. Depending on the financial strength of the issuer, bonds can be very low or relatively high risk, and the level of interest paid varies accordingly, with higher-risk issuers needing to offer more attractive coupons to attract investment. As long as the issuer is still solvent at the time the bond matures, investors get back the initial value of the bond. However, during the life of the bond its price will fluctuate to take account of a number of factors, including: Credit quality – the ability of the issuer to pay regular coupons and redeem the bonds at maturity is a key consideration for bond investors. Higher risk bonds such as corporate bonds are susceptible to changes in the perceived credit worthiness of the issuer. Equities Equities, or shares in companies, are regarded as riskier investments than bonds, but they also tend to produce superior returns over the long term. They are riskier because, in the event of a When managed properly, the relatively stable nature of property’s income return is key to its appeal for investors. in capital values. These unusually dramatic moves in capital value illustrate another of property’s key characteristics, namely its relative illiquidity compared to equities or bonds. Buying equities or bonds is normally a relatively quick and inexpensive process, but property investing involves considerable valuation and legal involvement. As such, the process is longer and dealing costs are higher. When there is a wholesale trend towards selling property, as was the case in 2007, prices can fall significantly. Conversely, when there are more buyers than sellers, as happened in 2009, price rises can be swift. Economic background – companies perform best in an environment of healthy economic growth, modest inflation and low interest rates. A poor outlook for growth could suggest waning demand for the company’s products or services. High inflation could impact companies in the form of increased input prices, although in some cases companies may be able to pass this on to consumers. Rising interest rates could put strain on companies that have borrowed heavily to grow the business. The more normal state of affairs is for rental income to be the main driver of commercial property returns. Owners of property can enhance the income potential and capital value of their assets by undertaking refurbishment work or other improvements. Indeed, without such work, property can quickly become uncompetitive and run down. Investor sentiment – as higher risk assets, equities are susceptible to changes in investor sentiment. Deterioration in risk appetite normally sees share prices fall, while a turn to positive sentiment can see equity markets rise sharply. Mix of assets Property In investment terms, property normally means commercial real estate – offices, warehouses, retail units and the like. Unlike the assets we have mentioned so far, properties are unique – only one fund can own a particular office building or shop. The performance of these assets can sometimes be dominated by changes When managed properly, the relatively stable nature of property’s income return is key to its appeal for investors. In order to maximise the performance potential of a diversified investment portfolio, managers actively change the mix of assets they hold to reflect the prevailing market conditions. These changes can be made at a number of levels including the overall asset mix, the target markets within each asset class and the risk profile of underlying funds within markets. when markets are doing well and more cautious ones when conditions are more difficult. Geographical factors such as local economic growth, interest rates and the political background will also affect the weighting between markets within equities and bonds. In the underlying portfolios, managers will normally adopt a more defensive positioning when risk appetite is low. For example, in equities they might have higher weightings in large companies operating in parts of the market that are less reliant on robust economic growth. Conversely, when risk appetite is abundant, underlying portfolios will tend to raise their exposure to more economically sensitive parts of the market and to smaller companies. Building a diversified portfolio Some investors may choose to build their own portfolios, either by buying shares, bonds and other assets directly or by combining funds investing in each area. However, this can be a very time-consuming approach and it maybe difficult to keep abreast of developments in the markets, whilst also researching all the funds on offer. For this reason, some investors may alternatively prefer to place their portfolio into the hands of professional managers, and to entrust the selection of those managers to a professional adviser. As a rule, an environment of positive or recovering economic growth and healthy risk appetite would be likely to prompt an increased weighting in equities and a lower exposure to bonds. Within these baskets of assets, the manager might also move into more aggressive portfolios 07

A Guide to WEALTH MANAGEMENT A Guide to WEALTH MANAGEMENT Many factors can affect the market price of bonds. The biggest fear is that the issuer/borrower will not be able to pay its lenders the interest and ultimately be unable to pay back the loan. Every bond is given a credit rating. This gives investors an indication of how likely the borrower is to pay the interest and to repay the loan. Typically, the lower the credit rating, the higher the income investors can expect to receive in return for the additional risk. A more general concern is inflation, which will erode the real value of the interest paid by bonds. Falling inflation, often associated with falling bank interest rates, is therefore typically good news for bond investors. Typically, bond prices rise if interest rates are expected to fall, and fall if interest rates go up. INVESTMENT Reducing the overall level of investment risk T he volatility experienced in global markets over the past six years has tested the nerves of even the most experienced investors, making it a difficult time for individuals who rely on income from investments for some or all of their needs. To avoid concentrating risk, it is important not to ‘put all your eggs in one basket’ by investing in just one share or in one asset class. If appropriate to your particular situation, spreading capital across different shares and different asset classes can reduce the overall level of risk. Funds are typically seen as a way to build up a lump sum of money over time, perhaps for retirement, but they can also be used to provide you with a regular income. Type of income funds There are four main types of income fund: Money Market Funds – pay interest and aim to protect the value of your money. 08 Bond (Fixed Income) Funds – pay a higher rate of interest than cash deposits, but there is some risk that the value of your original investment will fall. Equity Income Funds – the income comes from dividends paid to shareholders. In return for some risk to your capital, you may get a more regular income than you would from cash, and that income, as well as your capital, may increase over time. Property Funds – pay income from rents, but the value of your investment can fall as well as rise. There are also mixed asset funds, wwhich invest your money in both bonds and equities. Generating income Interest from cash or money market funds The income varies in line with the interest rate set by the Bank of England. The fund’s investment manager will aim to get the best rate available, helped by that fact that, with large sums to deposit, funds can often get better rates than individual investors. The capital amount you originally invested is unlikely to go down (subject to the limits for each deposit under the Financial Services Compensation Scheme). If the interest rate is lower than the rate of inflation, however, the real spending value of your investment is likely to fall. Fixed interest from bonds Bonds are issued by governments (known as ‘gilts’ in the UK) and companies (‘corporate bonds’) to investors as a way to borrow money for a set period of time (perhaps five or ten years). During that time, the borrower pays investors a fixed interest income (also known as a ‘coupon’) each year, and agrees to pay back the capital amount originally invested at an agreed future date (the ‘redemption date’). If you sell before that date, you will get the market price, which may be more or less than your original investment. If you invest in bonds via a fund, your income is likely to be steady, but it will not be fixed, as is the case in a single bond. This is because the mix of bonds held in the fund varies as bonds mature and new opportunities arise. Dividends from shares and equity income funds Many companies distribute part of their profits each year to their shareholders in the form of dividends. Companies usually seek to keep their dividend distributions at a similar level to the previous year, or increase them if profit levels are high enough to warrant it. Rental income from property and property funds Some people invest in ‘buy-to-let’ properties in order to seek rental income and potential increase in property values. Property funds typically invest in commercial properties for the same reasons, but there are risks attached. For example, the underlying properties might be difficult to let and rental yields could fall. This could affect both the income you get and the capital value. to the capital value of your investment, but if a regular income is important to you and you do not need to cash in your investment for now, you may be prepared to take this risk. Income funds of the same type are grouped in sectors The main sectors for income investors are: Money Market, Fixed Income (including UK Gilts, UK index-linked Gilts, Corporate Bond, Strategic Bond, Global Bond and High Yield), Equity Income, Mixed Asset (i.e. UK Equity and Bond), and Property. Look at the fund yield The fund yield allows you to assess how much income you may expect to get from a fund in one year. In the simplest form, it is the annual income as a percentage of the sum invested. Yields on bond funds can also be used to indicate the risks to your capital. Decide how frequently you wish to receive your income All income funds must pay income at least annually, but some will pay income distributions twice a year, quarterly or monthly, so you can invest in a fund which has a distribution policy to suit your income needs. If you invest in bonds via a fund, your income is likely to be steady, but it will not be fixed, as is the case in a single bond. Select income units/shares if you need cash regularly The income generated in a fund is paid out in cash to investors who own income units. If you choose the alternative – accumulation units/shares – your share of the income will automatically be reinvested back into the fund. Balance your need for a regular income with the risks The income from a fund may be higher and more stable than the interest you get from cash deposited in a bank or building society savings account, but it can still go up and down. There may be some risk 09

A Guide to WEALTH MANAGEMENT A Guide to WEALTH MANAGEMENT INVESTMENT Unit trusts U nit trusts are a collective investment that allows you to participate in a wider range of investments than can normally be achieved on your own with smaller sums of money. Pooling your money with others also reduces the risk. INVESTMENT Pooled investments I f you require your money to provide the potential for capital growth or income, or a combination of both, and provided you are willing to accept an element of risk, pooled investments could just be the solution you are looking for. A pooled investment allows you to invest in a large, professionally managed portfolio of assets with many other investors. As a result of this, the risk is reduced due to the wider spread of investments in the portfolio. Pooled investments are also sometimes called ‘collective investments’. The fund manager will choose a broad spread of instruments in which to invest, depending on their investment remit. The main asset classes available to invest in are shares, bonds, gilts, property and other specialist areas such as hedge funds or ‘guaranteed funds’. Most pooled investment funds are actively managed. The fund manager researches the market and buys and sells assets with the aim of providing a good return for investors. 10 A pooled investment allows you to invest in a large, professionally managed portfolio of assets with many other investors. Trackers, on the other hand, are passively managed, aiming to track the market in which they are invested. For example, a FTSE100 tracker would aim to replicate the movement of the FTSE100 (the index of the largest 100 UK companies). They might do this by buying the equivalent proportion of all the shares in the index. For technical reasons, the return is rarely identical to the index, in particular because charges need to be deducted. Trackers tend to have lower charges than actively managed funds. This is because a fund manager running an actively managed fund is paid to invest so as to do better than the index (beat the market) or to generate a steadier return for investors than tracking the index would achieve. However, active management does not guarantee that the fund will outperform the market or a tracker fund. Some funds invest not in shares directly but in a number of other funds. The unit trust fund is divided into units, each of which represents a tiny share of the overall portfolio. Each day, the portfolio is valued, which determines the value of the units. When the portfolio value rises, the price of the units increases. When the portfolio value goes down, the price of the units falls. The unit trust is run by a fund manager, or a team of managers, who will make the investment decisions. They invest in stock markets all round the world, and for the more adventurous investor there are funds investing in individual emerging markets, such as China, or in the socalled BRIC economies (Brazil, Russia, India and China). Alternatively, some funds invest in metals and natural resources, as well as many putting their money into bonds. Some offer a blend of equities, bonds, property and cash, and are known as balanced funds. If you wish to marry your profits with your principles, you can also invest in an ethical fund. Some funds invest not in shares directly but in a number of other funds. These are known as ‘multi-manager funds’. Most fund managers use their own judgement to assemble a portfolio of shares for their funds. These are known as ‘actively managed funds’. However, a sizeable minority of funds simply aim to replicate a particular index, such as the FTSE all-share index. These are known as ‘passive funds’ or ‘trackers’. 11

A Guide to WEALTH MANAGEMENT A Guide to WEALTH MANAGEMENT An OEIC, pronounced ‘oik’, is a pooled collective investment vehicle in company form. They may have an umbrella fund structure allowing for many sub-funds with different investment objectives. INVESTMENT New Individual Savings Account (NISA) T he New Individual Savings Account (NISA) rules were introduced in July 2014 designed to help and encourage people to save more for their future and give savers and investors more flexibility and a larger tax-efficient allowance than ever before. This tax efficient ‘wrapper’ can hold investments such as unit trusts, other collectives such as OEIC’s, shares and cash. Four out of ten people told the consumer organisation Which? that they would save more as a result of the annual limit increasing to 15,000, up from 11,880. Over the previous 15 years, more than 23 million people have opened ISAs, totalling over 440 billion, according to HM Revenue & Customs. The increase in the total amount you can save and invest in what are now called New Individual Savings Accounts (NISAs) is not the only change since July. Did you know? You can decide how you want to split the 15,000 between the Cash and Stocks & Shares parts of a NISA. Or you can allocate the whole 15,000 into either a Cash or Stocks & Shares NISA. Previously you could only put up to half 12 the annual ISA allowance into a Cash ISA. You can move your money from a Stocks & Shares NISA into a Cash NISA, or vice versa. Previously you couldn’t move money from a Stocks & Shares ISA into a Cash ISA. New flexibility and higher limits You pay no tax on the interest you earn in a Cash NISA. With a Stocks & Shares NISA, you pay no capital gains tax on any profits and no tax on interest earned on bonds. The dividends paid on shares or funds do have the basic rate of 10% tax deducted. This means that higher and additional rate taxpayers don’t have to pay their higher rate of tax on their dividend payments. each account provider will have different deadlines by which date all requests to increase amounts must be processed. If you want to add more money and your provider doesn’t allow it, if appropriate you could transfer your existing Cash ISA to another provider that will allow top-ups. You’ll need to check first whether there are any penalties for transferring to another provider. Another alternative if you’ve opened a Cash ISA and not fully utilised your allowance at the start of this tax year is to open a Stocks & Shares NISA to use the rest of your allowance. Remember, you are only allowed to open one Cash NISA and one Stocks & Shares NISA in one tax year. It’s never too late to start If you’ve already paid into an NISA in this current tax year, you can top it up to the new limit if your provider allows – ‘Four out of ten people told the consumer organisation Which? that they would save more as a result of the annual limit increasing to 15,000, up from 11,880.’ INVESTMENT Open-ended investment companies O pen-ended investment companies (OEICs) are stock market-quoted collective investment schemes. Like unit trusts and investment trusts, they invest in a variety of assets to generate a return for investors. a number of shares. You can choose either income or accumulation shares, depending on whether you are looking for your investment to grow or to provide you with income, providing they are available for the fund you want to invest in. An OEIC, pronounced ‘oik’, is a pooled collective investment vehicle in company form. They may have an umbrella fund structure allowing for many sub-funds with different investment objectives. This means you can invest for income and growth in the same umbrella fund, moving your money from one sub-fund to another as your investment priorities or circumstances change. OEICs may also offer different share classes for the same fund. By being ‘open ended’, OEICs can expand and contract in response to demand, just like unit trusts. The share price of an OEIC is the value of all the underlying investments divided by the number of sha

A Guide to WeALtH MANAGeMeNt 02 Contents 03 WeLCoMe The freedom to choose what you do with your money Welcome to A Guide to Wealth Management. As wealth grows, so too can the complexity of its management. However, one of the major obstacles to effective planning is the gap between the perception of wealth and reality of wealth.

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