Independent Financial Advice

Protecting your Income

Mon, 2 Mar 2009 12:19:32 +0000

With the downturn in the economy, you may have heard how many homeowners are suffering financially. For example, the Council of Mortgage Lenders expect around 45,000 homes to be repossessed this year, compared to about 26,000 last year and just 8,000 five years ago.

It’s a concerning time, but there are simple steps that you can take to help safeguard your home during these difficult times. For example, you can help protect yourself from the financial consequences of being unable to work.

Do you need protection?

Imagine for a moment that you have to stop work because you were sick or unemployed.

• How much would you need to pay for your mortgage and the cost of living each month?
• How long could you live on your savings?
• What would happen when your savings ran out?

Being out of work is stressful enough and, if it happens, it is important to be able to concentrate on getting well or finding another job.

The good news is that we can help you protect yourself against the financial consequences of being out of work due to illness or redundancy. And it’s probably quicker, simpler and more affordable than you expect. A recent client’s income protection was almost halved just by talking to us.

The material above is provided by LV= but as independent advisers we will only recommend cover that is right for you (whether it is the new LV= product or a different plan).

So, if this is something you should consider, contact us to arrange a financial review at a time that’s convenient for you.

5 Reasons to use a Financial Adviser

Mon, 9 Feb 2009 15:18:31 +0000

Many people think that financial advice is only required by the very rich. However, everyone can benefit from it. Not only can it help you protect and build your assets, it can help you make the most of your investments and help secure you and your family’s long term future. Issued by marketing-hub.co.uk on behalf of your professional financial adviser.

No 1: To protect your family

There are a lot of people trying to sell you insurance of one type or another but an adviser can tell you which one is actually worth buying. They will assess your position and guide you through the best options to protect yourself and your family - regardless of whether you are single, married, have children or they have long left home. Whatever your needs, an adviser can help ensure personal tragedy does not turn into financial crisis.

No 2: To help plan your spending – and saving

To secure your long-term future, you need to build some assets, initially to get you through the rainy days and then to pay for holidays and luxuries. Step one is to plan your spending so that you begin to save – and step two is to plan that saving so that you can build your wealth as efficiently as possible. Regardless of whether you currently have £10 or £10,000, a financial adviser will look at your situation and find the best starting point for you.

No 3: To help you plan for retirement

Once you have sorted out your short-term saving needs, you can then start thinking about the long-term – and most people these days realise they cannot rely on the State for more than the absolute basics. However, planning for retirement is a complex business and there are many different options available. Pensions have come a long way in terms of flexibility and transparency in recent years and now offer a wide range of investment options. A financial adviser will not only help sift through the many rules and product options but also help construct a portfolio to maximise your long-term prospects.

No 4: To save money
Once your risk and investment assessments are complete, the next step is to look at tax and even the most basic overview of your position could help. It may simply mean using ISAs or a pension plan to benefit from Government incentives or it could mean choosing growth assets over income to use capital gains allowances rather than pay income tax. Alternatively, for more complicated
arrangements, it might mean moving assets to your spouse or children to make full use of their personal allowances.

A financial adviser will always have your tax position in mind when making recommendations and can help point you in the right direction even in complicated situations.

No 5: For peace of mind

Money is a complicated subject and there are many things you need to think about to both protect it and make the most of it. Markets are volatile and the media is prone to exaggeration of both the risks and the rewards. Employing a good financial adviser can take the emphasis away from you and move it into the hands of an expert. Whether you need general, practical advice or a specialist
with dedicated expertise, the money you invest in taking advice could be paid back many times over in the long term.

If you would like to take a closer look at your own circumstances and discuss the best mix of
investments to meet your needs, please contact us.

The contents of this document do not constitute advice and should not be taken as a recommendation to purchase or invest in any financial product. The value of a market investment can go down as well as up and you may not get back the full amount, particularly in the short term. Before taking any decisions, we suggest you seek advice from a qualified financial adviser.

Carrick Businessman rewarded for 25 years Sterling Service

Thu, 1 Jan 2009 11:16:04 +0000

Twenty-five years ago, Sydney Johnston, a well-known and respected Carrickfergus businessman, set up in business as an independent Financial Services Advisor and agent of Progressive Building Society.

Born in Ballymena, Sydney moved to Carrick as a teenager and set about making a life for himself in the coastal town. By the stage he was entering the workforce, Carrick’s three main employers at the time where Courtaulds, Carreras and ICI Fibres. Sydney cut his teeth in the financial industry by gaining experience within the accounts departments of all three companies. When ICI closed in 1981, he had gained more than enough skills and confidence to set up his own business and hence Sydney Johnston Financial Services was born.

From the start, he was keen to forge a relationship with a local building society with which he shared the same business values. At that time Progressive Building Society’s Development Manager, George Reid, who himself went on to be the Society’s General Manager, convinced him Progressive was that organisation.

“As well as the choice and diversity that a mutual society brings, I liked that Progressive Building Society was, and still is, comitted to supporting its members and values commitment, loyalty and development from its agents,” says Sydney, about his decision. “Progressive provides a top quality, competitive service to savers and homeowners in Northern Ireland. Like the Society, I am dedicated to encouraging home ownership and saving, serving and supporting the local community, ensuring fairness in any dealings with Members, meeting Members expectations and continuous improvement in efficiency.“

In the early days, Sydney was assisted by his wife, Hazel, and his niece, Sandra Boreland. Sandra, someone who clearly receives job satisfaction, is still involved today and is known by many customers as the face of the business as she is the first point of contact that customers meet when they enter the agency. Twenty-five years on, their combined efforts built the foundations for a strong business that now staffs five people, which also includes Sydney’s son, Richard.

“I also believe in the old adage - saving for a rainy day - which is just as well with the recent weather! I still keep a piggy bank at home for loose change myself and encouraged my granddaughters Daisy and Annie Johnston to do the same and get into the routine of putting a little away into the Start Up accounts I opened for them both with Progressive,” adds Sydney.

Admiring Sydney’s career and entrepreneurship, Bill Webb, Progressive’s Chief Executive, says; “Sydney has won Progressive’s Agent of the Year Award on at least six occasions that I can recall, so it goes without saying that he’s a valuable asset to our Society. It was only fitting that we celebrate this anniversary with our colleague and friend.”

Anyone with a financial enquiry wishing to benefit from Sydney’s years of experience, should feel free to contact Sydney Johnston Financial Services at 46 Scotch Quarter, Carrickfergus or telephone 028 9336 9191 to make an appointment. The agency is open 9am to 5pm Monday to Friday (closed 1-2pm for lunch) and 9am to12 noon Saturday.

Payment Protection Insurance banned from 2010

Mon, 1 Dec 2008 09:19:01 +0000

The sale of payment protection insurance (PPI) alongside loans and credit cards will be banned from 2010 under a recent ruling by the Competition Commission (CC). They have argued that consumers should be helped to consider and compare alternative products (such as income protection). The CC found that many consumers were unaware they can buy PPI from other providers and that alternative products are available, for example, from Independent Financial Advisers such as:

- personal accident insurance;
- income protection (as distinct from short-term IP);
- critical illness insurance;
- life (whole of life) insurance;
- term life insurance; and
- decreasing term life insurance.