Tag Archives: financial planning

PM+M Two-Wheeled Professionals Networking Ride

networking cycling blog

The afternoon of Wednesday 19 April saw the third 2017 gathering of PM+M’s two-wheeled professionals cycle-networking ride. The weather, yet again, was kind and the group met at The Green Jersey in Clitheroe to head out for 25 miles of pleasant riding and business-related conversations. Thanks to modern technology and GPS tracking the route can be viewed using the following link https://www.relive.cc/view/949367024  but took in Bashall Eaves, Cow Ark, Whitewell, Chipping and Chaigley.

The turnout, as ever, was excellent and we certainly weren’t short of representation from many different disciplines including lawyers, bankers, estate agents, marketing specialists andmore!

As ever the conversation flowed as well as the route and I am aware of at least a couple of follow-up meetings in the diary. Post-ride feedback was as positive as ever and the format universally praised. Collaborative communication within the group is so good that the route was planned to allow one of our riders to swing off home on our return to Clitheroe in time to successfully sell a car without missing the ride!

If you are interested in an invite to the next event then please get in touch.

Neil Welsh - Navy
Neil Welsh
Independent Financial Advisor
Email: neil.welsh@pmm.co.uk
Tel: 01254 679131

What Is Wealth Management?

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This is a question clients often tell me they were afraid to ask.

First and foremost, Wealth Management isn’t a barrier to having a conversation with me or one of the PM+M team. Don’t think about in terms of ‘I haven’t got any wealth to manage’ but rather ‘have I got financial plans for my future?’

There is no limit, value or threshold on who we talk to and who we don’t.  Everyone needs financial planning advice at some time or other and we are always happy to have an initial no obligation conversation.

The term Wealth Management has grown from the segmentation within the financial service industry of those who sell financial products, from those who actually advise. Fundamentally it represents a branch of the industry that turned its back on receiving commission where costs were shrouded by smoke and mirrors, turning instead towards clear and transparent charging for the time, skill, expertise and experience of finding the best solutions to meet client needs.

This ‘new model’ of advice became an industry standard on 1 January 2013 when commission payments were banned under legislation brought in following the Retail Distribution Review. The legislation also meant that a higher minimum level of qualification was required of financial advisers. Here at PM+M this ‘new’ model has been followed for almost 15 years, whilst the professional qualifications have not only been met but have exceeded the new standards.

What does this mean? Simply it means that we put our clients’ financial planning needs before anything else. Of course we expect to cover our costs and to make a profit – in fact it is essential (a non-profitable financial advisory firm is unlikely to remain open) as a profitable firm is likely to be there for many years to come supporting its clients for the long term as well as having the ability to invest in its people and systems.

In very simple terms, whether you call it Wealth Management or Financial Planning, there are three basic steps that drive our actions on behalf of you, the client. These are:

1. Plan for your future
2. Minimise your tax
3. Optimise investment returns

There is a second process that underpins this to give you peace of mind:

  • Assess and understand
  • Set your goals and objectives
  • Detailed plans and recommendations
  • Implementation
  • Monitor and review

Our aim is to support your financial planning journey, as well as that of your family, for many years to come. This is done by giving you the confidence that you have a team of professionals working on your behalf for your best interests.

One thing that helps to separate PM+M from the competition is the fact that we are much more than Wealth Management. The firm was and still is predominantly an accountancy practice with almost 100 years of history and growth. Originating in Blackburn and still based here, as well as having offices in Burnley and Bury, we currently employ 90 people across our various departments providing a range of financial and business services to individual and business clients of all shapes and sizes. Within Wealth Management there are 8 of us, of which 4 are advisers, but in reality our team is closely linked with our wider team of specialists across the firm.  Specialist departments include Tax, Audit, Payroll, Corporate Finance, IT and the ever growing Run My Business. Our specialists are as likely to be found dealing with the tax return of a mobile-hairdresser as they are advising on a multi-million business acquisition.  We work particularly closely with our tax colleagues in providing a complete estate and capital taxes planning service.  Corporate finance can also be very handy if part of your financial planning involves selling your business when you retire.

The fact that we see our relationship with our clients as long term also means that, unlike some advisers, we aim to recoup our reasonable costs over the fullness of time rather than front-loading them with high initial charges. This is a different business-model to most, but reflects the fact that we look after a very significant amount of money for our clients and have done so for many years.

Hopefully, this has helped paint a picture as to what we do and how we do it. What this blog can’t convey is the spirit in which we aim to deliver our service as one of our core values is to have fun – happy people make for a happy firm which makes for happy clients – it really is that simple!

If you want to know more, please get in touch or attend one of our informal seminars where you can get a feel for who we are, what we do and how we do it.

 Neil Welsh – Wealth Management IFA 

PM+M Wealth Management Ltd is authorised and regulated by the Financial Conduct Authority.

 

 

Navigating through the pensions maze

maze

It seems that hardly a day goes by without more articles appearing about pension changes since the major relaxations in the rules governing how you can access your pension savings were announced in this Spring’s Budget.

Recent ones include stories in the press over the weekend about the flipside of the new pension flexibility meaning that your pension fund could be available for creditors in insolvency or cause problems on divorce or affect those with means tested benefits.

We also have the Chancellor’s announcement this week that the current 55% tax charge on pension funds is to be abolished from April 2015. This charge applies to the unused fund if you die after age 75 or if you started to draw down from your pension pot before age 75.

This latest announcement paves the way for family pension pots which can be passed down the generations tax efficiently.

With all these changes bringing a host of opportunities and also some threats, how do you make sure that you choose the right path for you and your family?

The answer is that there is no one size fits all approach, but our team of skilled financial planners and tax experts will sit down with you, spend the time to understand your situation and then work with you to guide you through the pensions maze.

Pensions are notoriously complex and confusing for even the financially astute. Our job is to demystify them for you and give you clear information and helpful advice so that you can make the right decisions.

If you would like advice on your pension planning please contact Tony Brierley, Antony Keen or Richard Hesketh on 01254 679131.

During 2014/15 we are running a number of important FREE seminars aimed at helping people plan their financial futures and achieve peace of mind. For more information and to reserve your place click here.