News & Insights

During these unprecedented times the Corona Virus pandemic has impacted so many lives in so many ways.  The fact that every country in the world is affected and having to take measure to help support their economy will have such profound long-term consequences that governments are forced to take actions never before seen.  You have probably seen the headlines: Australia pumping $66Billion into their economy, Spain €200 Billion, UK £500 Billion, USA $2Trillion, the list goes on.

Generally speaking, saving money and planning for your future are two key aspects of financial planning. So, getting this right as early as possible should be one of your main priorities, to ensure that there are no nasty surprises down the line. There are a multitude of reasons that you might choose to put money aside, such as for a "rainy day fund", a house purchase, your children’s education or making sure that you can retire comfortably.

Whatever your objective is, you can save by either putting money aside each month, or, if you have already managed to save money in the bank, look to gain a better rate of interest for a greater return. This could be a particularly advantageous avenue when you consider that in fact, once you take inflation into account, most money on a bank deposit will effectively be losing its value each month.

The United Kingdom finally left the European Union on 31 January 2020. As such, the two jurisdictions are now in the process of implementing the Withdrawal Agreement, with the transition period ending at the close of 31 December 2020.

This means that in the short-term, nothing really changes for UK expats in the Netherlands – they will continue to enjoy the protections and freedoms of EU regulations, including, crucially, freedom of movement and the right to work and study in the country. Find out more about how Blacktower can help you during Brexit, here.

However, following the end of the transition period – i.e. after 31 December 2020 – UK nationals and their family members who live in the Netherlands will require a residence document. This should be arranged through the Immigration and Naturalisation Service (IND), which, in theory, will be sending letters to all UK nationals in the Netherlands detailing how they can apply online.

At time of writing, global stockmarkets have witnessed some of the largest daily fluctuations since the financial crisis; on the back of continued concerns with the virus and how long it will last and the impact on the global economy.

For new investors this can be extremely worrying times as you will not have been used to such short-term volatility. For seasoned investors who went through the financial crisis of 2008, the technology bubble of 2000 and even black Monday in 1987, the short term pain being witnessed is often seen as a confirmation that although stockmarkets can’t always go up, over the long term, they always have done so.   With this in mind, it is important to remain calm and not change your investment time horizon. If for example you are saving for your retirement ten years from now; then maintain that timescale and don’t panic sell on the back of a matter of weeks of market downturns. The reason for this is that the coronavirus is an unforeseen event as opposed to their being any change to market fundamentals. Parallels can be drawn with the SARS outbreak in 2003. Markets fell over 14% at that time, yet the year ended up 18% higher - a swing of over 30% from bottom to top.

John Westwood, Blacktower Financial Management's Managing Director, founded the firm in 1986 after previously forging a career with Schroder Financial Management that saw him develop a reputation as one of the leading financial advisers in London.

In 1999, John founded Blacktower's first European office, in Portugal's Algarve region, and since then he has been instrumental in ensuring that the Blacktower group moves from strength to strength. However, despite his ongoing commitment to innovation, he continues to operate at the "coal face", providing advice to many high-net-worth clients within the European and international markets.

In this week's Blacktower View article, John reflects on the thirty-plus years he has spent working as a wealth manager and financial adviser, while also offering some useful advice for investors and business people alike that he would now give his younger self.

The Financial Conduct Authority's (FCA) limitations in relation to scams and mis-sold products have been brought into the spotlight in recent months, with a number of high-profile scandals.

For example, last year nearly 12,000 London Capital & Finance (LCF) investors lost approximately £237m (€277.8m) as a result of investing in mis-sold speculative mini-bonds.* This is because they weren't aware of how to spot a scam.

A clearly frustrated LCF bondholder told press that it should be an imperative for HM Treasury and the government to take steps to clarify and strengthen the law in relation to liability. The LCF bondholder also called on government ministers to ensure better regulation of online ads, to make avoiding scams easier for victims.

The health and safety of our clients and all associated with our company is of paramount importance and as such we would like to share some information about the steps we have taken to ensure the welfare of all those concerned. Our response takes account of WHO and local Governmental guidance in addition to our existing business continuity and scenario planning.