01494434544 info@pwwpl.com

Financial planning in a post-pandemic world

8th July 2021

We have always been advocates of Financial Planning. In our eyes, unless you have a financial plan; for retirement, for saving, for long-term investment, for buying your home, for estate planning; then you cannot realistically expect to achieve your financial objectives. 

 We have just lived through the most turbulent, changeable year in any of our lifetimes and some may ask what’s the point of financial planning? In fact, you could even ask what’s the point of any planning?

At first glance, it’s a valid point. On March 23rd last year the UK – like so many countries around the world – went into lockdown. Further lockdowns followed. Tens of thousands of people lost their jobs. Businesses which had taken years to build were wiped out overnight. Stock markets around the world experienced tumultuous times. 

Yet, fifteen months later a vaccine programme is being rapidly rolled out. The economy is rebounding. Many of the world’s leading stock markets actually gained ground in 2020. All the world’s leading markets – with the exception of China, which fell 1% – made gains in the first quarter of this year. 

If the last fifteen months have taught us anything, it is that what we previously thought couldn’t happen can happen – and in many cases happen very quickly – so we need a plan, we need savings: we need a buffer. It has also reminded us that saving and investing is a long-term commitment, and that there will always be short term fluctuations. We have been reminded how important regular contact between a financial adviser and a client is. Plenty of our clients have needed reassurance over the last fifteen months: plenty have had questions that needed answering. We have been happy to do both. 

It is also interesting to consider whether things have really changed that much. Are things different or are we just doing the same things differently? For example, for those people who have maintained employment, the work they do is broadly as it always was, it may just be the environment that is different. They now work from home, they now wear a mask at work, but overall, their work is still the same. For the retired, they have still been spending time with their family, this just happens to be in a different format, be it by video conference or telephone. Whilst we must acknowledge that for many people, things changed enormously with the loss of loved ones, many of us have continued what we always do and have just changed how we do it.

The last fifteen months have certainly forced us all to change our plans. But that is not a bad thing. Plans have to be flexible; they have to cope with change. How often has a diversion sign on a journey actually taken us past a lovely gastro pub that we didn’t know about before? Whilst the initial change seemed to be a problem, it can often generate an opportunity that we hadn’t considered before.

What we hope to do is to encourage people to look forward to how it will be rather than them hoping that it will go back to what it was. Let’s face it, the quickest way to become an old dog is to stop learning new tricks.

For example, for so many of us, holidays (certainly foreign holidays) have been missed, but this may be a good time to consider something different for when they return. Why does it have to be two weeks in the sun because it’s always been two weeks in the sun? Why not take the end of Lockdown as the start of some new plans. You could take control of your newfound IT skills and google ‘different holidays’. This may encourage you to plan a 2022 trip to South Africa or perhaps its February in the Alps learning to ski. Why not look at some new pastimes? You could find out about that art class you have always considered, perhaps learn to dance or take up golf or tennis.

We have to acknowledge that this is going to be a new world, so this feels like the perfect moment to take control of your money and see what it can do for you. Don’t just wonder whether you could, find out how you can. Be intentional with your plans, make things happen. This is where we can help. At the next review (or even before then if you wish), why not tell us what your plans are and then we can help you achieve them, by making sure your assets can drive your ambitions. Come and tell us about your new kitchen plans, holiday plans, retirement plans, pastime plans. We will then build them into your cashflow document and offer you confidence to drive the plans forward.

Because it’s not about what your money is worth, but what it is worth to you.

 

ABI Guide - Health and safety for small/medium sized businesses

Good health and safety standards help you to run your business successfully.

Aviva Motor Fleet Advice

Employers are legally responsible for employees who drive whilst at work.

Budget 2013

The 2013 Annual Budget Statement painted a somewhat bleak economic picture, alleviated by a few crowd-pleasing bright spots.

Budget Summary

Despite some speculation that Budget 2012 may have brought some unwelcome surprises in the

Charity Fundraising by PWW

This year for the first time, staff at P W White and Partners attended the Amersham carnival on 13thJuly in the glorious weather with temperatures of over 30 degrees C.

Dilnot Report on Long Term Care

Since 2004, the number of Britons aged over 85 has risen by two-thirds, and demand for care has outstripped supply. The UK's elderly population will continue to expand.

Disclosure of all the facts

Are you aware of yourresponsibility to disclose what is considered ‘material’ information inrelation to your Insurances?

Driving Licences and Driving Other Cars Third Party

If you are aged under 70 the chances are that your licence has not expired as driving licences generally expire at 70 unless extended.

Flood Advice from insurers

Insurers risk surveyors have been busy visiting the impacted areas across the UK and one of them yesterday in a flood

Floooding and Commercial Premises

Recent flooding events experienced across the UK, particularly over the last decade, have shown the devastating impact that flooding can have on property, businesses and individuals.

GAP Cover for new & used Cars

P W White & Partners Ltd now have the facility to provide GAP cover when you purchase a new or used (up to 7 year old) car from a dealer.

Have you provided your ELTO details?

ELTO is the Employers Liability Tracing Office which was set up so that all businesses (subject to a few exclusions)

Important information that could affect the validity of your cover

Any intended alteration or extension to your property – personal or commercial, i.e. creating an additional bedroom, bathroom or shower room

Intestacy changes from 1 October 2014

The Inheritance and Trustees' Powers Act 2014 announced some key changes to the intestacy rules.

Motor Insurance Database

If you run a motor fleet have your details been entered on the MID?

NISA New ISA

From July 1 2014 all ISAs will become New ISAs (NISAs).

Paper driving licence changes

From January 2015, the DVLA will no longer issue the paper counterpart to the photocard driving licence.

Pension Lifetime Allowance Limit (LTA)

In 2006 the Government introduced a cap on the value of Pension Pots.

Tax Disc Changes

The new rules, which came into effect on 1stOctober 2014, mean it will no longer be possible to transfer tax when a vehicle is sold.

What is the Retail Distribution Review (RDR)

The implementation of the Retail Distribution Review (RDR) is one of the biggest overhauls of financial regulation since the Financial Services Act of 1986.

Whiplash Reforms

The first stage of the government’s whiplash reform programme was introduced on 1st October 2014

Why to use an Independent Financial Adviser

You may have noticed the recent media coverage following the findings by Which?

Your choices at retirement

When you reach retirement age, with interest rates at historic lows, your most important choice will probably be between

 FSB member logo   Link to Cobra Network website        Click here for the BIBA website

P W White & Partners Limited is authorised and regulated by the Financial Conduct Authority. Financial Services Register No: 126673 http://www.fca.org.uk/register.

P W White & Partners Limited Registered Address: Suite 1, Sycamore House, 1 Woodside Road, Amersham, HP6 6AA. Registered in England & Wales, No. 933961.

Neither P W White & Partners Limited nor its representatives can be held responsible for the accuracy of the contents/information contained within the linked site(s) accessible from this page.

The Financial Conduct Authority does not regulate National Savings or some forms of mortgage, tax planning, taxation and trust advice, offshore investments or school fees planning.

The Financial Ombudsman Service (FOS) is an agency for arbitrating on unresolved complaints between regulated firms and their clients. Full details of the FOS can be found on its website at www.financial-ombudsman.org.uk.

The information contained within this site is subject to the UK regulatory regime and is therefore targeted primarily at consumers based in the UK.

Please read our Privacy Statement before completing any enquiry form or before sending an email to us.