It's October. The final quarter of the year has already arrived, it is only a week before the clocks change and next month the season of Christmas parties inevitably begins. It seems like only yesterday that our good intentioned plans for 2009 were being contrived.
Almost a year further on, following the worst recession experienced in our lifetimes, we are actually quite pleased to have ticked off some of these boxes. Okay, let’s put aside the annually recurring themes of losing weight, getting fit, spending more time with the family etc. Our biggest challenge, and that of many of our clients, was the potential financial impact of the recession. And, like so many of our clients, the most important resolution that we kept was to remain positive, take the bull firmly by the horns and invest in our business at a time when the economic outlook suggested we should be paring back.
Admittedly there were times when our conviction was tested, but with the support of some wonderful business partners, we’ve stuck to our beliefs and are confident that the road ahead now looks much brighter, as it does for so many of our clients.
Soon it will be time to set next year’s goals, which will be the continuation of a theme. Heritage is constantly aiming to raise its standard, as you will see from the excerpt of Citywire’s interview with Suzanne below, which gives our clients the confidence and reassurance to know that their financial future is in good hands.
We continue to achieve our purpose (and your plans) by reviewing our approach to planning, and over the coming months we’ll be telling you more about how our streamlined services will support you even further.
Have you set out your own vision and aspirations, to make 2010 your most fulfilling year yet?
Suzanne & Peter
Making the most of the specialists
Historically, managing your money has always been a vital part of our role but to get the best from your investments, we are developing links with discretionary fund management companies that invest heavily in research. Managing money on a ‘discretionary’ basis means that an investment manager constantly monitors portfolios and can react immediately to market changes to make sound investment decisions. By utilising the services of specialists it leaves us with quality time to do what we do best. Our skills and experience lie in taking stock of the ‘big picture’ rather than the day-to-day aspects of investment management. Where we are best positioned is spending more face to face time with you and developing creative solutions to improve your finances.
Once a fund manager is given their remit, they will manage the portfolio and make investment decisions without having to contact the client at every stage. The advantage being that if their research department sees an investment opportunity, it can be purchased immediately, without waiting for the client’s written or verbal agreement, which could take days or weeks, by which time the vital window of opportunity could have been missed. They also have access to investment areas not readily available to individual investors, such as hedge funds and structured products.
Although you can have as much contact with the fund manager as you wish, it will be our responsibility to monitor their performance and ensure they stick to the mandate set up by you. This is the future that switched on wealth managers and lifestyle planners are taking and one we will be talking with our clients much more about in the near future.
New Model Adviser
‘Suzanne Allen is playing to her strengths and along with co-director Peter Dunn has fine-tuned Heritage Financial Advisers in Newbury to offer tailored lifestyle planning to dentists.’
So begins the recent article following Suzanne’s interview with Citywire, the independent financial publishing and data group, 22% owned by Thomson Reuters that provides a unique combination of journalistic experience, regulated financial advice and proprietary data.
We were delighted with the feature article written about Suzanne and Heritage. To read the interview click on the link provided. We’re sure you will find it interesting.
The tax planning specialists Silver Planet have recently presented us with an exciting new dental business venture that offers attractive tax benefits for dentists and has generated considerable publicity within the profession.
In essence, it is an investment opportunity into a company developing new composite filler for the dental market that requires development costs of £150,000 per investor, all of which can be offset against income tax.
Key highlights:
Participation in a genuine development project that has originated from the EC grant funded R&D project ‘Safeworker’.
‘Safefill’ can instantly cure to 8mm with no shrinkage, providing an estimated time saving of 15 minutes per treatment.
5 yrs exclusivity of supply in the UK at cost + 10%.
Royalties from a specified US territory are allocated to individual dentists.
Income warranty ensures no liability if the project does not complete or increase profits and provide royalty revenue streams.
Creation of ‘development expenditure’ equal to £150k, treated as an allowable business expense
Tax relief of between £60,000 and £75,000 depending on which tax year the claim is made.
The dentist’s outlay is only £30,000, spread over 10 months.
While we cannot advise on the suitability of this investment for individual dentists, as a dental sector specific product it has eliminated the 10hr rule that applies to other tax saving schemes, so it may present a genuine tax saving opportunity for you.
We know there has been a strong uptake to date, so if you are interested it will be necessary to act promptly. Please note that this is not an investment regulated by the Financial Services Authority. We will only support applications that have been reviewed by your accountant or tax adviser and we will be happy to provide them with the full project details, which includes an accounting and tax analysis.
If you are keen to take advantage of this opportunity once you have digested the pack, we will introduce you to the specialists at Silver Planet.
Useful reading
I recently subscribed to have a national newspaper delivered to my home each day but after several weeks of stressing out because I never actually had the chance to sit down and read it thoroughly, I gave up and cancelled the service.
Now I buy a paper when I know I have the time to read it and avoid the pressure of fitting in with the newsagent’s schedule.
So we know what it is like. With all good intentions you subscribe to those industry publications you enjoy or benefit from reading the most and then watch them pile up as you never get a clear moment to actually read them.
Suzanne and I frequently write articles for Dental Tribune and once published, we put them on our website for everyone to read at their leisure. Feel free to visit the site and flick through the articles: if any of the topics raise questions, don’t hesitate to call us for a chat.
If you are planning to visit BDTA Showcase this November and would like to meet up with Suzanne and I, then get in touch and we’ll agree a mutually convenient time and place.
We find Showcase a superb event to catch up and look forward to seeing as many friends, colleagues, and clients there as possible – even if it is only for a quick chat.
We are planning to spend Thursday 12th and Friday 13 th
in Birmingham. Don't let the date put you off - we look forward to meeting up!
None stranger than folk
And finally… a story that we are told is true and certainly deserves to be has come to our attention.
Mrs Merv Grazinski, a good citizen of Oklahoma City, Oklahoma, purchased a new 32 foot Winnebago motor home. On her first trip home from a football game she drove onto the freeway, she set the cruise control at 70 mph and calmly left the driver's seat to go to the back of the Winnebago to make herself a sandwich.
Not unsurprisingly, the motor home left the freeway of its own volition, crashed and overturned. Somewhat more surprisingly, Mrs Grazinski sued Winnebago for not putting in the owner's manual that she couldn't actually leave the driver's seat while the cruise control was set. The Oklahoma jury awarded her $1,750,000 PLUS a new motor home.
Winnebago actually changed their manuals as a result of this suit, just in case Mrs Grazinski has any relatives who might also buy a motor home.
The Obligatory Stuff
'Heritage Financial Advisers Ltd’ is an appointed representative of First Financial Advisers Ltd which is authorised and regulated by the Financial Services Authority.