Blacktower’s Nexus Fund Reaches £100m Milestone
London – July 2019: Leading wealth management provider, Blacktower Financial Management Group has announced value of £100m under its Nexus Global Solutions Portfolio. Launched in 2013 and managed by industry heavyweight, Quilter Cheviot, the funds, Nexus Global Dynamic Portfolio and Nexus Global Solutions Portfolio, were originally conceived by Blacktower Group as means to provide its clients with access to award-winning investment DFM solutions. The Nexus Solutions Portfolio is managed by David Miller, Investment Director of Quilter Cheviot.
Self-Employed Neglecting Their Retirement Plans
If you work for yourself and do not take sufficient steps to invest for later life, you risk an uncertain financial future and may even court the possibility of running out of money at some point in your retirement.
Increasing numbers of successful individuals are forging their own path in life and forsaking conventional career routes, along with conventional pension payment schemes, in favour of the freedoms and innovations of self-employment.
Unfortunately, some freelancers and business owners are so focused on their work at hand that they neglect the necessity of pension planning – an approach that may prove detrimental in the long-run.
Financial Advice or Financial Information?
Regulation is essential in the financial services sector. Not only does it help you ensure that you are receiving financial advice from a professional with a minimum level of expertise, it also enables you to have confidence that you are dealing with someone who is legitimate, rather than a fraudster
Sadly, the cases in which people have lost their money are proof positive that some people are not what they seem.
Regulation is crucial because it provides a framework for outlining the kind of services and advice you might receive; bringing a level of consistency, predictability and reliability to the financial services sector.
FCA Publishes Retirement Transfer Data
There are few, if any, financial decisions as important as deciding what to do with your pension. Nowadays there are so many choices, but the factors that influence the path you choose are complex and should only ever be undertaken in full knowledge of the various options available as well as their many implications.
For example, significant numbers of UK citizens abroad are likely to benefit from an expat retirement transfer, but converting a defined benefit (DB) scheme into a QROPS or SIPP should never be undertaken without reliable and impartial advice that takes full account of the retirement saver's circumstances.
Unfortunately, it can be difficult to find an expat financial adviser who understands all the regulatory and cross-border wealth planning issues at stake.
Rise in Red Flag Activity Not as Simple as Stats Suggest
UK pensions consultancy, XPS Pensions Group (XPS), has reported a concerning rise in "red flag" pension transfer scam activity. It says that the number of red flag incidents rose from 13% in June 2018 to 34% in June 2019 and calculated the total value of the pensions savings placed at risk during the 12-month period at £73,000,000*.
It is possible that the rise in red flags could be a by-product of the enhanced reporting processes that came into effect with the June 2018 revisions to the Pension Scams Industry Group (PSIG) Code of Good Practice (originally published in 2015). These served to highlight pension scam warning signs, to encourage greater awareness of fee and charging structures, and to improve communication between pension schemes and their members.
PRR Proposals Could Place Unfair Burden on New Expats
HMRC proposals to dispense with private residence relief (PRR) could be a stumbling block for expat's wealth management plans as significant amounts of capital gains tax relief could be lost if the proposals become law. But what is PRR, and what does PRR mean for new expats?
ABI and FCA Highlight Pensions Advice Shortfall
Receiving independent, regulated financial advice on an expat retirement transfer is essential for any person who is considering the possibility of converting their existing pension scheme into a QROPS or SIPPS.
However, analysis by the Association of British Insurers (ABI) and the Financial Conduct Authority (FCA) reveal worrying trends.
In 2018, the FCA published research findings showing that during the 12-month survey period 91% of UK adults did not obtain regulated financial advice.*
Data Reveals Expat Cost of Living Impact
How is the outcome of the Brexit process likely to affect your purchasing power as a British citizen living as an expat in Europe?
This question should have priority in your checklist of expat wealth management concerns right now as British expat retirees in Europe are facing the reality of trying to cope with steeper rises in living costs than what is being experienced by their UK-based equivalents.
The revelation comes in the form of a data release from international technology-led services and payments specialist Equiniti. The firm found that British retirees who live in Europe have seen currency shifts contributing to a 14% rise in their cost of living – nearly double the UK's domestic inflation rate of 7%.*