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Why You Don’t Need A Financial Adviser in This Crisis

The markets rallied because investors gained confidence from the infection curve flattening in Spain and Italy. Then they crashed again…

If the conflicting news are making you want to scream, you’re not the only one. Trying to find the perfect explanation from such complex events, assuming you can figure out exactly why things happened – or what will happen soon – is a fool’s game. Unless you are an economist or journalist, don’t bother trying. I don’t.

“But hold on, isn’t that your job?” It’s not. Yes, I’m a financial adviser, but these last few weeks have been very quiet for me – as they should. My job is to help clients plan for the medium and long term, and that doesn’t change when the markets are going insane (as they often do). Sure, some clients need reassurance, and with some older clients I need to make sure a temporary downturn on the markets won’t affect their retirement, but that’s about it. The less my clients feel the need to speak to me now, the better the job I was doing before this insanity started.

When you are making decisions in response to what the markets are doing, you’re being more emotional than rational. With money, that’s never a good thing. If you don’t have a financial adviser, that’s ok – just sit tight and don’t panic. If you have one who’s busy talking to you about all the ways you should be moving your money around now, put the phone down, wait this out and, as soon as you can leave your house, go find a better adviser.

Other News

Expats – help beat the homesickness bug

Woman standing on a bridgeRelocating to a new place can be an exciting time. Experiencing different environments is usually a good thing, and moving abroad can open up many opportunities, such as the chance to learn a new language and experience a different culture first hand. Whether you’ve relocated in retirement, because of work, or to be with a partner, the expat life can certainly be a fascinating one.

However, once you have your accommodation and finances sorted out, the absence of friends, family and UK home comforts can begin to take its toll. Homesickness can be hard to shake.

If, as an expat, you are feeling low, there are several things you can do to help make yourself feel at home no matter where in the world you find yourself.

Read More

Reforms to pension tax relief may happen soon

TaxThe importance of putting money into a pension cannot be understated, and the British government has a regulation in place – the pension tax relief scheme – to encourage people to save. But many experts are predicting significant changes to the scheme. If you’re planning to retire overseas as an expat and take advantage of international pension transfers, you’ll need to stay updated with these changes.

How does pension tax relief work?

The pension tax relief scheme is an incentive to entice people to put money into their pension pot. To reward people for thinking ahead to their retirement, the government currently tops up their pension contributions based on the rate at which they pay income tax. So, basic rate taxpayers will receive 20 per cent tax relief (meaning they only need to pay £80 into their pot to get £100), while higher rate taxpayers are entitled to 40 per cent relief.

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