What makes a good financial prophet? Predicting investment returns is akin to make weather forecasts. While you might get a sense of what might happen over the next few days, further out is totally impossible and the real experience can be totally random on any given day.
Last week there was extensive media coverage of a report that, at a very high level, seemed to imply that pension funds are charging 3% p.a. in fees and are putting pension plan holders’ future pension pots in jeopardy as a result. For my own part a number of my own clients reached out to me and enquired as to whether this report was relevant to them and how much fees where they themselves paying.
A QROP is a pension scheme that is approved by the HMRC (UK’s Revenue and customs office) for transferability of UK pension benefits to Ireland in a tax free manner in the eyes of the UK revenue once certain criteria is met.
Partnership Insurance is a form of Life Insurance that provides compensation to the remaining Partner in this event in order to allow them to buy the deceased person’s share of the partnership from their next-of-kin.
In the week that’s in it for golf nerds I thought that I would highlight the role that a great Financial Planner carries out is something akin to that of a what a great Professional Golf Caddy does. For those who aren’t tuned into Sky Sports Golf over the last few days the 2021 Masters is being held this week in Augusta, Georgia and only the world’s best golfers are invited to participate. Included in this year’s golfers are our own Rory McIlroy and Shane Lowry.
In the midst of running your business it is all too easy to overlook performing due diligence on the very asset that keeps all of the above in check, you.
This is where the need for a life assurance business arrangement comes into play and while there are a number of structures that can be enacted, for the purpose of simplicity, Corporate Co-Director Insurance is also referred to as shareholder protection.
In order for any business to ‘keep going’ it needs to ensure that its key people are properly motivated and remunerated for the expertise, value, and insight that they add. But what happens if those key people can’t keep ‘going’? If their stopping has major financial and operational ramifications for the business. If that person became seriously ill or even passed away suddenly, what safeguards do you have in place?
Thankfully, this gap can be bridged to compensate for these unknowns by taking out Keyperson Insurance on those key members of staff that are critical to your business’ success.
Being Widowed. When a spouse passes away their financial dealings need to be organised. In some cases they will have held a number of pensions with various employers over their lifetime. They often have more than one bank account, in a few cases a second home, investments, company shares, life assurance policies, and unfortunately debts that may have accrued, large or small.
In the past week, Irish financial circles have been rocked by the Central Bank of Ireland fining Davy Stockbrokers €4.13 million for breaching market rules in 2014 through a transaction that involved its senior management, many of whom are still in leadership roles there. Within its current website, Davy states that it “is a trusted market leader in wealth management and capital markets, building rewarding relationships that last. At Davy, it’s not just business, it’s personal.”
Receiving a windfall from an inheritance, a legal settlement, a gift, or winnings naturally lends itself to exuberance and disbelief. Likewise, to receive sudden money is rightly a time to express joy and many find it difficult to contain themselves, often sharing their good news with friends and family such …
