Abram Partnership Ltd - Bristol

Yesterday saw Ken and James talking to students at the Finance, Audit & Tax Employer Meet & Greet at Cardiff Business School in Cardiff University.

It was a great event and some great conversations took place.

If you would like us to talk to your students or staff please get in contact.

We wanted to say a huge Congratulations to our Financial Adviser Chris Hopkins who has now been a member of the team for 3 years!

Chris has become an integral part of the team and we look forward to many more years to come working together.

The more you check, the worse it can feel. 

You will want to keep an eye on your investments, however looking too often can create added stress. The more you look, the more you will see the volatility in markets. 

Remember investing is a marathon and not a sprint. 

We suggest checking once a month but we have clients that do not look at their investments between their reviews. 

Are you investments causing you stress, why not get in touch for a free no obligation initial meeting?

Staying invested is important during market downturns, you may be temped to sell and avoid potential loses but time can be difficult. You may miss market gains if you try to time the market and you’ll need to be right twice, once when you sell and again when you buy!

By focusing on your goals and the time horizon for your goals, this can help you make well thought out decisions. 

If you are struggling to plan or work towards your goals, why not get in touch to see how we can help.

It’s well known markets go through cycles, whilst it’s never nice to see your investments fall in value it’s important to keep a long term perspective. 

Rather than worrying about short term fluctuations, look at your long term goals and have confidence markets will rebound.

Patience and consistency is key when investing. Whilst ‘timing the market’, where you buy low and sell high can seem attractive, this rarely works in practice.

Missing just a few of the market’s strongest days can have a significant impact on overall returns. As an investor it’s important to remember time in the market is better than timing the market. 

If you are worried about your investments, how they are performing, why not get in touch to see how we can help or what we would suggest.

When investing, Diversification is key to managing risk and generating consistent returns. 

By spreading your investments across different asset, sectors and markets, you can reduce the impact of one investment on your portfolio. Historically diversification has proven to be one of the most effective ways for reducing volatility and achieving long term success. 

We can help construct a well diversified portfolio that is tailored to your needs and attitude to risk.

As it’s International Dog day we thought we’d share a picture of our adviser Chris’s 15 week old puppy Blue!

Investing regularly is a key strategy to help build wealth over time. 

By making saving/investing a priority all year round it helps build a habit and take advantage of compounding whilst helping to weather market conditions. 

By investing regularly you can also benefit from pound cost averaging, this is buying more units when markets are low and less when markets are high.

Investing early is a fundamental part of building wealth. 

Compounding is a magic snowball effect, this occurs when the money saved/investing grows, this then earns more growth and so on. The longer you are invested, the more time for your investment returns to grow. 

Start investing early to take advantage of the powerful compounding, it can help you reach your goals quicker.

7 Tips to grow your money

1) Start early – don’t put off until you have a large sum. Start early and benefit from the power of compound interest/growth
2) Invest often – Regular investing is a key strategy to help build up wealth over time. This also helps build a saving discipline
3) Diversification – This is key when investing to help manage risk and help generate consistent returns
4) Time in the market – Trying to time the market rarely works, being patient and consistent is key
5) Markets go through cycles – Whilst unpleasant to see values fall, it’s important to key a long term view
6) Focus on what you can control – It’s easy to get caught up in the market cycles, focus on what you can control and your long term goals
7) The more you check, the worse it feels – Don’t monitor your account to regularly, the more you check, the more you will feel changes

Happy Birthday to our Financial Director Sue!

We hope you have a wonderful day.

Why is it important to review your financial protection?

There are several reasons to review your financial protection but it’s important to remember that your needs change and protection forms an important part of your overall financial goals.

These are some of those reasons:
1) Your priorities may have changes
2) Your outgoings may have changed
3) Your financial commitments may have changed
4) You may have changed jobs, had a payrise or change in benefits

We can conduct a free no obligation review of your existing policies to ensure that your cover meets your needs and make any suggestions where your cover could be improved.

Please Note: Financial Protection plans typically have no cash in value at any time and cover will cease at the end of term. If premiums stop, then cover will lapse.

Are you one of the 4.6 Million households in privately rented accommodation in the UK?

How would you pay your rent if you were unable to work?

We can help put solutions in place to help you in this circumstance, we can also help put this into a wider plan to help you save for your own future home purchase.

https://www.statista.com/statistics/286512/england-number-of-private-rented-households/

Please Note: Financial Protection plans typically have no cash in value at any time and cover will cease at the end of term. If premiums stop, then cover will lapse.

Are you one of the 93% of UK Adults without income protection*

Income protection provides you with a regular income if you are unable to work due to illness or an accident. 

If you are employed, do you know how long your sick pay covers you for if you were unable to work? What would you do after this period ends?

If you are self employed, what would you do if you are unable to work?

Income Protection takes away this worry, why not get in contact so we can take away your financial worries. 

*Based on research by Charles Stanley. 222.Covermagazine.co.uk/news/4057053/uk-adults-critical-illness-income-protection

Please Note: Financial Protection plans typically have no cash in value at any time and cover will cease at the end of term. If premiums stop, then cover will lapse.

There are also many other benefits of financial protection, including:
▪ Minimising stress for your family and loved ones;
▪ Providing peace of mind for you;
▪ Making sure your debts are covered;
▪ Helping you achieve your long-term goals;
▪ Providing financial security; and
▪ Help protecting what’s most important to you.

1. It provides peace of mind
When planning, it’s normal for ‘what-if scenarios’ to pop up.
What would happen if you were to become too ill to work?
Could your loved ones cope financially without your income?

The right financial protection can give you peace of mind. You know that you have something to fall back on if necessary. Taking out an appropriate policy can keep you on track financially even when things go off course. It’s a step that can ease fears and let you focus on what’s important to you.

2. It acts as a safety net when things don’t go to plan
Even the best-laid plans can go off course. When something unexpected happens, it can leave you financially vulnerable. Whilst it’s always a good idea to have an emergency fund and other provisions, financial protection acts as a safety net too.

If losing your income for an extended period of time means you’d struggle to keep up financially, protection can be the cash injection you need. Hopefully, it’ll mean you don’t have to worry about paying for the essentials, such as your mortgage or rent, at a difficult time.

3. It can give you time to get back on your feet
If you’re unable to work due to illness, it can be tempting to go back as soon as possible for financial reasons. But it could harm your recovery.

Income protection or critical illness cover can give you some breathing space. It means you’re able to get back on your feet first and figure out if adjustments need to be made.

If you access financial protection, it may be the case that an accident or illness will have a long-term impact. Having a policy to fall back on means you don’t have to rush into making a decision.

4. It can protect what’s most important to you
What are you most concerned about should something happen?

For some, it’ll be keeping up with mortgage payments if you were unable to work.

For others, a key worry will be what would happen to their family without them.

Financial protection can provide confidence that what is important to you will be protected.

Please Note: Financial Protection plans typically have no cash in value at any time and cover will cease at the end of term. If premiums stop, then cover will lapse. Cover is subject to terms and conditions and may have exclusions. Your home may be repossessed if you do not keep up repayments on your mortgage.

Have you thought about how you would cope if you were unable to work or how your family would cope if you were unable to work or passed away?

It’s not a subject anyone wants to think about but with life being so unpredictable there is always the chance the worst can happen. Even with savings in the bank, these won’t last as long as you may think if you were unable to work. 

Financial Protection is there to ensure yours and your family's finances are taken care of should something happen, reducing stress and burden in a difficult time and forms a cornerstone of any financial planning.

There are a few different types available:
1) Life insurance – Life insurance pays out a lump sum on death. Typically many policies are set up to pay off any mortgage or debts on death to remove this worry for loved ones
2) Critical Illness Cover – This pays a lump sum should you be diagnosed with a serious condition such as Heart attack stoke or cancer. This is typically used to pay off debts but also can often be used to fund adaptions that may be needed to support you. 
3) Income Protection – This cover pays you a regular income if you are unable to work due to illness or an accident. Typically set to kick in after you sick pay benefit for those that are employed, income protection is a important consideration for people who are self employed who do not get sick pay. 
4) Family Income Benefit – This pays a regular tax-free income from death until the end of the policy term. This can be used to replace income to support your loved ones should the worst happen.
5) Private Medical Insurance – This can help you obtain medical treatment quicker than otherwise maybe possible through the NHS if you were to fall. This will mean you will hopefully be better soon and enable to return to work quicker. This can be an important consideration for those who are self employed.

At Abram Partnership we are independent Financial Advisers who will listen to your concerns and help you find the best cover for your circumstances. Being independent can look at the whole of the market to find the best cover for your needs.

Why not get in contact to allow us to take the worry away from you?

Please Note: Financial Protection plans typically have no cash in value at any time and cover will cease at the end of term. If premiums stop, then cover will lapse. Cover is subject to terms and conditions and may have exclusions.

Happy Birthday Ken!

We hope you have an amazing day.

How much can I pay into my Pension?

For most people, the annual allowance for Pension contributions is 100% of your earnings up to a maximum of £40,000 per tax year, this includes a top up of 25% from HMRC (known as Tax relief) and contributions paid by your employer.

As an example, if you pay £100 into your Pension you get tax relief of £25 giving you a total contribution of £125. That is money back into your pension from the government.

To keep it simple; Pay what you can afford into your Pension, start building the foundations for your future, this is your savings for you to enjoy in retirement

A pension cannot typically be accessed until age 55 (57 from 2028)

Levels, bases of and reliefs from taxation may be subject to change and their value depends on the individual circumstances of the investor.

Do you run a pension scheme for you staff?

We often get asked if we can help set up corporate pensions or review them, we can! 

Feedback we often receive is that they are difficult to maintain or are not simple to administer. 

Why not speak to a member of the team to review your provision and see if we can help ease some of the burden.

Should I consolidate my pensions?

There are lots of reasons to look at merging your pensions but here are four reasons which you may consider:
1. It makes them easier to review
2. You can reduce your pension costs
3. Potential for improved investment performance
4. More flexibility when it comes to retirement

Whilst there are reasons to consolidator there are reasons not to consolidate, here are Four reasons NOT to consolidate your pensions

1. You have a final salary pension
2. You have valuable guarantees
3. Your pension receives employer-matched contributions
4. You will pay an exit fee when transferring away

There are lots of things we check before considering consolidating pensions.

Before combining your pensions together, you will want to check that you are not going to be worse-off, here are a few things to check:
– Valuable guarantees
– Investment costs
– Investment returns
– Investment range
– Retirement options

This is not an exhaustive list but covers the key points, as you can see there are lots to consider to ensure that consolidating is in your best interest.

If you would like some help as independent financial advisers we are able to work through the positives, negatives of consolidations whilst looking at your goals to ensure you get the best outcome for your retirement

Why is it important to review your pension?

There are several reasons to review your pension but it’s important to remember that your pension is for your future.

These are some of those reasons:
1) To Be in control
2) To review performance
3) To maximise returns
4) Your circumstances change
5) To meet your retirement goals

Do you have a pension?21% of the UK say they have no private pension provision*. 

We can help you start a pension, even a little each month can be built over time to a substantial amount to support you in retirement. 
Why not get in touch so we can discuss helping you start saving towards your retirement?

You cannot typically access your pension until age 55 (57 from 2028)> Investments carry risk.

* Unbiased 25th Jan 2023 https://www.unbiased.co.uk/news/financial-adviser/one-in-six-over-55s-have-no-pension-savings-yet #:~:text=At%20least%2017%25%20of%20people,they%20have%20no%20private%20pensions.

Emergency Fund

We quite often talk about emergency funds with clients, this is exactly what it says it is the ‘what if’, ‘rainy day’’, the catastrophe fund...

However you think of it, the fund is there should the unexpected happen and you need money all of a sudden such as a boiler breaking down, the car needing repairs or if you are unable to work. How would you continue to pay your bills?

The emergency fund is there to give you a safety net, savings that are accessible to you if you need to make an unexpected payment.

As a guide it is recommended that you have 6 months of essential outgoings saved in available cash. If you are unsure how much you need then it’s a good idea to review your outgoings.

Make a start in building an emergency fund, you can use banking tools that will round up what you spend, they put the extra into your savings or you can set up a regular amount to put away each month.

We review our clients emergency funds as part of their annual review process.

Whilst everyone predominantly thinks about ourselves for end of tax year, our children or grandchildren also have opportunities and allowances we need to take into account.

Each year we can look to utilise their Junior ISA’s currently to a maximum of £9,000 and/or contribute to a Junior Pension to the maximum of £2,880. Have you ever considered starting a Junior pension for your children or grandchildren?

Please note; a pension is a long term investment and cannot typically be accessed until age 55 (57 from 2028)

Have you fully funded your ISA this year?

With less than 5 weeks to go, there’s not long to take advantage of your ISA allowance this year. 

ISA’s are a great tax efficient savings vehicle with tax free withdrawals, should the money be needed.

We can even help get next years ISA set up ready to go for the 6th April as well, why not get in touch to see how we can help? 

Levels, bases of and reliefs from taxation may be subject to change and their value depends on the individual circumstances of the investor.

Hi I’m Chris Independent Financial Adviser with the Abram Partnership

🏦 I joined the team in September 2020 and have been in financial services for over 15 years. Before this my career was spent in customer services
💑 I live with my wife Gina and we’ve been married 12 years in September
🐇 I have 4 house rabbits
🥋 In my spare time I help to run Adaptive Martial Arts CIC a non for profit teaching martial arts for people of all disabilities

My focus is on helping understand the goals that you would like to achieve and helping to build a plan around this whilst ensuring you have the financial protection in place should the worst happen.

You can read more about the wider team here: https://abrampartnership.co.uk/meet-the-team/

Have you fully utilised your tax efficient contributions for this tax year or do you have any unused allowances from the three previous tax years?

Levels, bases of and reliefs from taxation may be subject to change and their value depends on the individual circumstances of the investor.

With the End of Tax year just around the corner we wanted to share with you a few quick tips:
💷 Check your PAYE Tax code – This helps to ensure your paying the right amount of tax, not too much or too little
💑 Transfer part of your annual allowance – Married couples and registered civil partners can share 10% of their personal allowanceUtilise your
📈 ISA Allowance – You can put £20,000 each year into an ISA to maximise that tax efficiency of your saving
🏦 Maximise Pension Contributions – Pension contributions can reduce your tax liability by increasing your tax freeholdsContribute to a Junior ISA for children or grandchildren – Children have a £9,000 a year Junior ISA Allowance
🧒 Contribute to a Junior SIPP for Children of Grandchildren – It is possible to contribute £2,880 per year into a junior pension which with tax relief becomes £3,600

These are just some ideas to help you with the end of tax year, we are on hand with personal advice and support should you need us.

*Levels, bases of and reliefs from taxation may be subject to change and their value depends on the individual circumstances of the investor.

Why do I need a financial adviser?

Many people think that they only need a Financial Adviser if they have a lot of money.

Financial planning is more than just investing money, it's about structuring your finances in the best and most efficient way to let you live the life you want.

A financial advisor can help with things like
🏖️Planning for retirement
🏦Advice on your pensions.
🔐Life insurance advice.
📈Investment financial advice.
💸Making the most of any lump sums of money you may receive, such as redundancy or inheritance.
📑Writing Wills or Estate Planning Advice.

Our role is to help you think about your goals for the future, create a plan to help you get there and help you along the way to ensure your plan becomes a reality.

Your goal could be to retire at a certain age, purchase the campervan you’ve always wanted, help your kids through life, save up for a particular event or protect your family’s future.

We consider all of this and also make sure you have a back up plan in place as well should anything go wrong along the way.

There is no cost for your initial consultation to discuss how we can help you reach your goals.

*Investment Carry Risk.