‘Face-to-face meetings will quickly become the exception rather than the norm’
It is an industry built on personal relationships and face-to-face meetings; but covid-19 has pushed the financial advice sector to catch-up with the rest of the world.
While some back office functions have warmly embraced ever-improving technology, there has not been a similar wholesale rush by advisers. This is likely driven by their clients being older and less tech-savvy.
But firms have had to adapt to the restrictions that the pandemic placed on them and the majority have not only coped but actually thrived in the “new normal”.
Thankfully, with the NHS’ tremendous vaccination effort, the UK is near the end of its long lockdown – but are firms ready for the UK to be unlocked?
Financial considerations before buying a property
Buyers should try to pay as much in cash as possible for a property, limiting the mortgage value to as little as they can afford. This means they not only pay less in interest but their monthly costs are also reduced. Ideally, the monthly mortgage payment should not exceed 20 per cent of the purchaser’s total household income, says Carol Glynn, founder of Conscious Finance Coaching.
“If it’s a rental property, plan for the property to have periods when it does not have a tenant. Ensure you have enough cash set aside to pay the mortgage and other costs during these periods, ideally at least six months,” she says.
Jeremy Woodley will become chairman
International advice firm The Fry Group has made some changes to its leadership team.
Current chief executive Jeremy Woodley will leave his current role to become chairman, effective from April 2022.
Woodley joined The Fry Group in 2005 to lead the UK team and then took the top job in 2018.
David Pugh, chief strategy and commercial officer, will succeed Woodley. The appointments will be phased in over the next 12 months to ensure a smooth transition, the company said.
Pugh managed the firm’s Singapore operations from 2010 to 2018 when he returned to the UK.
‘Growing our global position’
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Investing in stocks and shares always involves an element of risk, but if you are investing money you don’t actually have, then it starts to get seriously dangerous.
Yet that’s exactly what growing numbers of investors are doing. They are borrowing money they do not have and investing in shares they think will make them rich, with the aim of repaying the debt and making a small fortune.
Borrowing to invest is known as gearing or leveraging. While it can magnify your returns in the good times, it also multiplies your losses in the bad.
As US technology stocks coninue to rise and Bitcoin creates billionaires, leveraging up is all the craze.
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Saving goals for retirement usually depend on which country you plan to settle down in during your golden years, but it is also important to start planning as early as possible, financial experts say.
A survey by global consulting company Mercer in February last year found that almost half of all UAE residents often delayed preparing for their retirement until they had reached their late 40s and 50s.
It also found that about 45 per cent have no plans to ensure an adequate standard of living after they retire or plan to work beyond their retirement age to ensure a steady income.