YOUR ‘UMBLE SERVANT..

TODAY’S BLOG

YOUR ‘UMBLE SERVANT…

We are regularly looking for new clients that are looking for the services that we provide. I often forget just how daunting an experience this can be for people. Invariably they have had a poor service from someone else, or worse. Some, though relatively few, have never had financial advice of any form.

I was with a new potential client this week, it was a familiar scene. There were lots of statements from various investment companies, lots of bank accounts and a significant amount of confusion. This was no fault of theirs, keeping track of all of your arrangements is made rather difficult by the constant corporate name changes and jargon.

Revealing your story

Every good adviser needs to understand your financial situation and what you hope to achieve. Gathering information from people is painful, because it’s a really tedious task and for many it involves trawling through a mass of paperwork and a sinking feeling that things may not be as good as hoped and unclear about which investment and savings still exist. It is far easier to give the lot to us to sort out and check through, but this requires a high degree of trust. I would generally discourage anyone from sharing or handing over their financial information, but of course to us it is “bread and butter”. Generally, I believe that trust is increased by earning it, by which I mean keeping promises – not by ripping people off.

Pariah Uriah

I was intrigued to see how one of literature’s financial fraudsters, Uriah Heep would fair under the retelling of “David Copperfield”. If you know the Dickens story, Uriah Heep is a man obsessed with class, attempting to ascend the slippery social pole through manipulation and deceit. He is a miserable creature, as legal clerk to Mr Wickfield he enables Wickfield’s struggle with alcoholism, encouraging ever more intoxication and thus more dependency on him. Gradually Heep’s ambitious plan forms into action, he forges signatures and loans and embezzles money from Wickfield and his clients. This leads both Wickfield and his clients to believe they are ruined through poor investments.

Working fiction

One would like to believe that this is a rather pertinent financial lesson – beware of the pressures on your adviser and his or her vices. Today it is both harder and easier to misrepresent the truth. Online portals that link up your arrangements (such as ours) show valuations, every day. These are from the providers themselves, so it would be very difficult for us to alter them. However, I have no doubt that with the advantages of a decent bit of editing software, things could be misrepresented by those that wish to do so. Whilst I might wish to believe our portal is your first port of call, it also acts as confirmation of other documentation sent directly from investment companies (further reassurance).

Who knows what Uriah Heep would have done with the available technology today. Thankfully character and processes and decent regulation all help limit the impact of such fraud.

A Story is not set in stone

As for the film, well I loved it. It isn’t the book. The timeline is a little different but it is a charming and very warm re-imagining of the story. Of course, the way we might discuss your future, we tend to jump around from present, past and future and re-imagine different versions of your future if you make different decisions. So messing around with a timeline if frankly very normal for a planner. I was surprised to learn that some feel it is very “unlike the book” and are particularly vexed by the multi-ethnic cast. It seems a more than a little silly to want historical accuracy about a fictional piece when it comes to skin tone. In any event, much of our understanding of multiculturalism is rather blinkered by the retelling of history from a particular perspective. I fail to see what the fuss is about and find many of the comments rather thoughtless. In any event, the essence of the story is about different types of people from the different classes. There are merits and flaws in each.

DIVERSE-I-FIC(A)TION

As for your portfolio, well its diverse – globally diverse. Its available to view within our secure portal and you ought to check it occasionally just to know that what I have told you is fair, accurate and true – that we have kept our promises.

That’s said, I would actively discourage too much focus on investments, there is no need to obsess over performance when the portfolio has been established to stand the test of time, apply disciplined, evidenced theory to seek appropriate returns for the degree of investment risk you wish to endure. The portfolio is low cost, globally diverse and set up to last a lifetime. You simply require patience and perseverance.

As for Uriah Heep, he is found in most bookshops and of course in the current film by Armando Iannucci and starring Dev Patel (who is excellent) leads the rather good good. Here is the trailer. I enjoyed the movie – pushing 9/10.

Dominic Thomas
Solomons IFA

You can read more articles about Pensions, Wealth Management, Retirement, Investments, Financial Planning and Estate Planning on my blog which gets updated every week. If you would like to talk to me about your personal wealth planning and how we can make you stay wealthier for longer then please get in touch by calling 08000 736 273 or email info@solomonsifa.co.uk

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Solomon’s Independent Financial Advisers
The Old Bakery, 2D Edna Road, Raynes Park, London, SW20 8BT

Email – info@solomonsifa.co.uk
Call – 020 8542 8084

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YOUR ‘UMBLE SERVANT..Dominic2023-12-01T12:17:01+00:00

ANOTHER DECADE OF CHANGE

TODAY’S BLOG

ANOTHER DECADE OF CHANGE

A new year, a new decade. There have been huge global changes over the last decade. Cast your mind back to 2010. Gordon Brown was PM. The FTSE100 closed 2009 at 5412. The starting rate of income tax was 10%, the personal allowance was £6,475 unless you were over 65. The annual allowance for your pension contribution was £245,000 with a lifetime allowance of £1,750,000. ISAs were limited to £10,200. Corporation tax was 28% or 21% for small companies. The Credit Crunch had happened, unemployment in the UK had soared to 7.8%.

On a lighter note, Chelsea were top of the Premier League, Jenson Button had been F1 World Champion for 2 months. The year ended and 2010 began with the worst snowfall since 1982. The iphone 3GS was 6 months old, the ipad hadn’t even been launched.

Looking back, 2010 started nursing the pains of the credit crunch

Most (almost all) financial advisers all worked on a commission, the regulator (FSA) and its Chief Executive were still fending off criticism about mishandling the credit crunch, whilst working to implement new standards for advisers, which wouldn’t be implemented for another 3 years. Solomons had been removing commission since formation in 1999. A decade of commission removed already!

Evolution

Technology has evolved. Advisers have evolved (as has the regulation). Tax rates and allowances have changed, pensions have been mauled. We have lived with base rates of less than 1% for a decade (all that wasted money in Cash ISAs!).

“Lessons will be learned” (more likely: mistakes will be repeated)

The top Unit Trust returned 684% over the decade (ending 2009) it happened to be a fund investing in gold. At the start of the relevant time period, the then UK Chancellor was at the beginning of Government policy (1999-2002) to sell off UK Gold reserves like they were a bad disease, the price of gold was rock bottom at the time. However, the worst fund returned (lost) -72%! That’s a huge difference, and of course only something most didn’t achieve, for few investors had the stomach for gold when tech was the best game in town. In fact, it was the Framlington NetNet fund that was launched in 1999, a fund that was marketed to capture the returns of the internet. Within a few weeks of the start of 2000, the dotcom bubble burst. The fund was renamed and rejuvenated which ended the decade at a loss of -72%. Most investors (and Governments) did the exact opposite of what they should have done. Lesson learned? Of course not.

Planning is Art and Science

Technology is often fantastic; I use tools that I wish I had in the early days. The 2020s will only see more become available and hopefully more efficient ways to do things. Technology is simply a tool, not a replacement. It doesn’t cope well with real life and the changes that can be very sudden. So, advice should always be grounded in the real world, but more importantly with your real goals and real values. That’s where the art comes in and here is some from Carl Richards of the Behavior Gap (American!)

Dominic Thomas
Solomons IFA

You can read more articles about Pensions, Wealth Management, Retirement, Investments, Financial Planning and Estate Planning on my blog which gets updated every week. If you would like to talk to me about your personal wealth planning and how we can make you stay wealthier for longer then please get in touch by calling 08000 736 273 or email info@solomonsifa.co.uk

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Solomon’s Independent Financial Advisers
The Old Bakery, 2D Edna Road, Raynes Park, London, SW20 8BT

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ANOTHER DECADE OF CHANGEDominic2023-12-01T12:17:04+00:00

SORRY WE MISSED YOU

TODAY’S BLOG

SORRY WE MISSED YOU

The new Ken Loach movie “Sorry We Missed You” takes a scathing look at the life of the new gig-economy self-employed who are now a part of the service sector that we all use. Instantly you will sense that this is a political piece and you are probably right. Loach makes yet another bleak, grey but good little movie about the daily struggle to make ends meet. This story may jog your memory about snippets of information that you have picked up over the last couple of years. I can assure you that it will have an impact on your thinking for any online orders you make before Christmas.

Confession – I quite like Ken Loach. I have a great deal of empathy for what he seems to be trying to do. As far as I can gather, this is little more than calling to account a system that is simply not working for lots of very “ordinary people”. This movie is clear that some employers are abusive. I suspect you know this already to be true. Whilst one would argue that “workers rights” are largely the diet of the left-leaning, I haven’t met anyone that believes people should be treated as commodities, perhaps I don’t get out enough though.

Masters of the Universe

Ricky (Kris Hitchen) is fed up with being told what to do, a friend suggests he become a self-employed delivery driver. He can be his own boss. I may have misheard, but I think the deal is £150 a day for deliveries completed to satisfaction. The problem being that Ricky doesn’t have a van, he can rent one from his new sole customer (at £60 a day) or make his own arrangements. Ricky also has a tight schedule (set by others) which means he doesn’t have time for anything more than a 10-minute break in his 12-14 hour day. Worse still, he can only “not work” if he has arranged a driver to cover him or it’s a £100 fine and a “penalty”. The parcel tracking device is provided (it’s a requirement) but if lost must be paid for at £1,000. The parcels, once taken by the driver become a personal liability.

Return to sender

The benefits of self-employment quickly evaporate with a sense that in practice, Ricky is not in control of very much at all, yet has agreed to offer his services at guaranteed rates for guaranteed results. This is really the crux of the story and the resulting pressure. The employer has waived all responsibility and has rented labour at a lower cost than having proper employees.

Technology that liberates?

Amazon and other delivery drivers spring to mind. However Ricky’s wife Abbie (Debbie Honeywood) is a carer that is employed at arm’s length to care for (clean, bathe, feed) infirm people on set 30 minute slots (or less) and invariably this isn’t enough time to do the job properly or with any care, let alone get to the next “client” on time. As you may imagine, the fact that both husband and wife are running around working long hours attempting to keep to someone else’s schedule has a knock-on effect for their family and relationship.

I’m not a fan of “zero hours” contracts or the gig economy. I don’t like “internships” or unpaid labour with the hope/promise of better things. I think its abusive and I have little time for those that use it as their business model. That covers almost the entire media industry.

Sorry but I have a few questions…

I do have some questions for Loach. If Ricky earns £150 a day and is working 6 days a week. That’s £900 a week or £46,800 a year. Abbie also earns and so I wonder what is happening to their income. They missed out on buying a home in 2008 due to loss of his job, but quite what that was is unclear. However the inference is that the failure of Northern Rock and the credit crunch are partly to blame. There may well be some debt, but this is not explained. Teenage son Seb (Rhys Stone) goes from being “top of his class” to a truant, violent, petty thief – what happened there? When he and younger sister Lisa (Katie Proctor) state that they want things to return to “how they were” what does that mean? When?

Required: Thinking

To my mind Ricky and Abbie are taken advantage of. They may or may not be good with money and sums, frankly its impossible to say. They certainly care and seem like “decent people”. Even with the abusive employment, why don’t the drivers have rota for a shared replacement driver, so that they can actually take time off for important things? There is simply not enough to convince me that any of them really understand what “self-employment” is. Perhaps because everything about the work has the feel of employment without the reality.

The problem I have as a financial planner is that I suspect that some of the financial problems that Ricky and Abbie have could probably be easily addressed, but nobody has the time to stop to think, assuming they are able to do so. Perhaps “the job” could work for some but it certainly doesn’t for this family. I was moved by the story but left with questions about the how and why. Whilst Loach has a specific working-class focus, in practice the same stresses of post-modern life and inability to see the bigger picture can negatively impact any of us. Sadly, I suspect that this will be seen as little more than a critique of “big business” and “Government policy” yet the problems are far deeper than that, issues that need facing before any significant change can occur.

Anyway, here is the trailer. The movie is out now.

Dominic Thomas
Solomons IFA

You can read more articles about Pensions, Wealth Management, Retirement, Investments, Financial Planning and Estate Planning on my blog which gets updated every week. If you would like to talk to me about your personal wealth planning and how we can make you stay wealthier for longer then please get in touch by calling 08000 736 273 or email info@solomonsifa.co.uk

GET IN TOUCH

Solomon’s Independent Financial Advisers
The Old Bakery, 2D Edna Road, Raynes Park, London, SW20 8BT

Email – info@solomonsifa.co.uk
Call – 020 8542 8084

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The Old Bakery, 2D Edna Road, Raynes Park, London, SW20 8BT

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SORRY WE MISSED YOUDominic2023-12-01T12:17:06+00:00

JUDY – A STAR IS BORN

TODAY’S BLOG

JUDY – A STAR IS BORN

The new film “Judy” about the last year of Judy Garland’s life is now on general release. Renee Zellweger gives an impressive performance or perhaps impression of the troubled Garland.

50 Years – 1969 Tempus Fugit

Judy Garland died on 22 June 1969, just a few days before the moon landing. She died of an overdose of barbiturates, at a rented property in Chelsea. The overdose was probably a culmination of a lifetime of pill-popping, established by the shameless manipulators of a young girl. The irony that even then “we” could land on the moon but fail so spectacularly to address mental health problems is bad enough, yet today, whilst mental health and well-being are on the list of hot topics, the progress is painfully slow.

The Yellow Brick Road

The movie depicts a woman that struggles, we are left thinking “little wonder” not because of her talent, but due to the constant pressure she faced from childhood to perform. Bullied and harassed by her studio, the yellow brick road was certainly long and hard. When I learn about stories like these, which are all too familiar and present, there is a deep sense that those people around the individual concerned continually fail to protect and care. It seems to me that they are little more than parasites, there is no oversight of value, simply extraction.

Judy Garland - A Star Is Born Movie Poster 1954

There’s No Place Like Home..

Garland died with huge debts for 1969, she was basically swindled by her managers Fields and Begelman, was forced to sell her home and lived from hotel to hotel, reflecting her succession of husbands, all 5 of them. None appeared to offer any solace. “There’s no place like home, there’s no place like home” a line a young Garland echoes across time as Dorothy from Kansas. A story I suspect we all know well. She died homeless, with an estate of just $40,000 that couldn’t meet the charitable bequests she made in her Will.

Wicked

It baffles me that advisers (of all types) deliberately rip off their clients. There are regularly stories of actors, musicians or sports stars who are often very successful in their field, but not good with money. My main professional function is to help clients to keep more of their money, to avoid financial investing mistakes, scams and waste. Getting this right provides the base for some decent planning, using money wisely. Every time I see these stories, I wonder why they didn’t have a decent adviser, why they didn’t ask me? (of course, being a minnow, how would they?).

Placed on the stage as a toddler, she rarely found attention of value outside the spotlight. The film may take some liberties, (I hope) with her treatment in London, which she had described with deep fondness previously, particularly after her 1951 tour of the UK. One scene at the Talk of the Town Club shows an embarrassingly disrespectful crowd. I hope that this is artistic license (a similar incident did happen in Melbourne, Australia in 1964).

Babes on Broadway (1941)

It takes something to have been married 5 times by the age of 46, that something is clearly a damaged psyche desperately looking for the right attachments. Her trouble with men almost certainly began way before David Rose (30 at the time) proposed to her on her 18th birthday whilst still married himself. They married a little over a year later under Studio advice. There then followed a constant supply of unsuitable men.

Thousands Cheer (1943)

The film implies that perhaps the blame for her lot is rather wider than simply the men in her life. The studios promoted the “girl next door” image and the studios made her continue to play roles that she was too old for. Their argument being that the public loved her as a “kid”. The studios were responsible for her health and wellbeing, but merely encouraged eating disorders, addictions, suicide attempts and a deep sense of inadequacy. How complicit audiences and fans are in the rise and fall of stars remains a question that we return to regularly.

Perhaps what we can take from this tale, is that, sadly, good advice is much rarer than bad advice. There are many that are willing to part you from your money and cause your ruin. Don’t be fooled, seek out good advisers that offer the invaluable, connecting you and your money with your values. Judy Garland was failed. Spectacularly.

As a movie, this is a good one. Here’s the trailer.

Dominic Thomas
Solomons IFA

You can read more articles about Pensions, Wealth Management, Retirement, Investments, Financial Planning and Estate Planning on my blog which gets updated every week. If you would like to talk to me about your personal wealth planning and how we can make you stay wealthier for longer then please get in touch by calling 08000 736 273 or email info@solomonsifa.co.uk

GET IN TOUCH

Solomon’s Independent Financial Advisers
The Old Bakery, 2D Edna Road, Raynes Park, London, SW20 8BT

Email – info@solomonsifa.co.uk
Call – 020 8542 8084

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JUDY – A STAR IS BORNDominic2023-12-01T12:17:12+00:00

KEEPING YOUR EYE ON THE BALL

TODAY’S BLOG

KEEPING YOUR EYE ON THE BALL

It’s the final weekend of Wimbledon. Our local global sporting event comes to an end on Sunday. The winners are those that “see the ball big” and like most sports’ folk, keep their eye on the ball. A tournament that creates legends of the game. Anyone that makes it through to the second week has played incredibly well, perhaps to the finest edge of their personal best. We can all list off some of the great tennis stars, and perhaps each victory acts as a landmark in time of our own lives.

However great you are in your field of expertise, does not necessarily translate into other areas of life. Indeed, success in your field of expertise, can bring its own problems. Fame, fortune and expectations. One of the Wimbledon legends announced his arrival winning the men’s singles final at just 17 years old. Boris Becker. I had just finished my O’Levels and was watching someone in the year above me win Wimbledon.

A great Champion

Becker was hugely successful in his professional tennis career. He went on to win Wimbledon 3 times, the Australian twice, the US once and a Davis cup winner twice. A man that was so powerful, determined, focussed and successful on court had his problems off court. I have no wish at all to criticise Becker, he’s human, he made plenty of bad decisions in his personal and commercial life.

Selling the Silverware

This week Becker was forced to sell his trophy memorabilia to repay some of the debt that stands against his name. The auction raised £680,000. Declared bankrupt in 2017 his financial mismanagement caught up with him. The Court registrar at Christine Derrett said of Becker “One has the impression of a man with his head in the sand”. Which is probably a very polite way of reducing the facts of the case which included claiming diplomatic immunity. The debt was north of £5m. This against a career ending in summer 1999 – which saw his last grand slam win in 1996. His career prize money was $25m but that excludes all the sponsorship. His own advocate at the London hearing (John Briggs) in 2017 described him “he is not a sophisticated individual when it comes to finances”.

Game, set and match

There were many business ventures, some costly personal divorce and children, but a lot of money melted away, like an embarrassing 6-0 set full of double faults. There will be reasons, fame, character and pressure all combining against him perhaps, but the apparent lack of anyone that might be termed a decent financial planner would be my logical concern. Irrespective of fame, skill or wealth, the lack of a plan and someone to properly facilitate this can be disastrous. Becker is now having to sell his silverware to pay his bills. In tennis, most amateur players beat themselves rather than being beaten by a better opponent, the same is true for investors (amateur and professional). Keeping your eye on the ball – the financial one, is game, set and match.

Dominic Thomas
Solomons IFA

You can read more articles about Pensions, Wealth Management, Retirement, Investments, Financial Planning and Estate Planning on my blog which gets updated every week. If you would like to talk to me about your personal wealth planning and how we can make you stay wealthier for longer then please get in touch by calling 08000 736 273 or email info@solomonsifa.co.uk

GET IN TOUCH

Solomon’s Independent Financial Advisers
The Old Bakery, 2D Edna Road, Raynes Park, London, SW20 8BT

Email – info@solomonsifa.co.uk
Call – 020 8542 8084

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The Old Bakery, 2D Edna Road, Raynes Park, London, SW20 8BT

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KEEPING YOUR EYE ON THE BALLDominic2023-12-01T12:17:14+00:00

THE FLYING SCOTSMAN

TODAY’S BLOG

THE FLYING SCOTSMAN

What is it about a steam engine and the Flying Scotsman in particular? As I sat down to enjoy a trip aboard a Pullman coach, my companions and I attempted to unpick what was the nub of the attraction. After all, we had taken a train from a station close to home simply to take another train journey back into the Surrey hills, where we had just come from. This was, to put it bluntly, a journey back to where we started, simply for the sake of it. This reminded me of my own childhood and going for a drive with my father, just for the fun of it. He used a phrase “We are going there and back to see how far it is” which is something his own father used to say to him. My dad was one of the few people in his street whose family owned a car, the days when the roads were about as busy as the Scottish Highlands, or as my daughters used to say when they were small, when the dinosaurs were around…

For all our discussion, we still didn’t really identify quite what made this steam trip so special, which it was. Something elemental about water, fire and steam? Perhaps nostalgia and the various cultural references to steam engines? A simpler way of life? The noise, smell and sense of occasion? The sense of travelling with style? Perhaps all of those or none of them. What was certainly disarmingly charming was the smiles, waves and cheers that greeted “us” along the route. People of all ages had come to bear witness to this now rare event, sharing in the collective experience, contributing to it.

Old Technology

The steam engine is very obviously old technology. It was vital and pivotal in the industrial revolution and therefore Britain’s role in moving the world forwards. Today it is largely for the amusement of enthusiasts, but most of us probably have a fond regard for this rather nostalgic, romantic form of transport, with a sense of stepping into a story from Agatha Christie.

I found myself wondering about the different ticket classes for the 475 passengers, some of whom had a basic carriage and brought a picnic, whilst others sank into Pullman coach armchairs, enjoying canapés, champagne, and a three-course meal with wine. Yet this would be similar on aeroplanes, or contemporary trains… or frankly almost any service. We were all being pulled along the same track at the same speed. None of us were in control of the engine or actually aboard the Scotsman. Our experiences were similar but rather different. We all arrived at our final destination at the same time, on time, but perhaps in different states of rest.

Life is a Journey

Regularly we all see adverts that play on the idea that life is about the journey not the destination, this is a truth, but how we decide to experience the journey may well impact how we feel when we finally arrive.

The idea of a journey as a metaphor often used within financial services. Indeed I often describe it as such and talk of “course correction”. Yet in practice a good plan is simply mapping out where you wish to go, the method of travel may vary and perhaps alter, the speed, comfort and experience of the journey can be tailored to suit most budgets. The key is making sure you are not simply going around in circles and on your own path. However, one inescapable reality, is that a financial plan invariably begins at home and ends at home.

Dominic Thomas
Solomons IFA

You can read more articles about Pensions, Wealth Management, Retirement, Investments, Financial Planning and Estate Planning on my blog which gets updated every week. If you would like to talk to me about your personal wealth planning and how we can make you stay wealthier for longer then please get in touch by calling 08000 736 273 or email info@solomonsifa.co.uk

GET IN TOUCH

Solomon’s Independent Financial Advisers
The Old Bakery, 2D Edna Road, Raynes Park, London, SW20 8BT

Email – info@solomonsifa.co.uk
Call – 020 8542 8084

7 QUESTIONS, NO WAFFLE

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PRIVACY POLICY | DATA PROTECTION

GET IN TOUCH

Solomon’s Independent Financial Advisers
The Old Bakery, 2D Edna Road, Raynes Park, London, SW20 8BT

Email – info@solomonsifa.co.uk Call – 020 8542 8084

7 QUESTIONS, NO WAFFLE

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THE FLYING SCOTSMANDominic2023-12-01T12:17:22+00:00

THE STARRY MESSENGER

TODAY’S BLOG

THE STARRY MESSENGER

I was working with clients the other day and they noticed one of the icons in the software I was using with them. It was marked as “midlife crisis” and the icon was a sports car. They thought the IT company could do rather better with its icons (no I had not used it in their plan). However perhaps the sports car isn’t that bad an icon – a cliché admittedly. Perhaps I should suggest that they use a star now that a new play (well new to the West End) “The Starry Messenger” is running at Wyndham’s theatre.

The play explores the now recognised normality of a mid-life crisis. 50 something male falls for vivacious female, some 20 years his junior. Like him, she has baggage though I struggled to see how it even vaguely matched. Mark Williams is a teacher at the New York planetarium teaching evening classes of adult education. He loves his subject, but his va-va-voom has long since departed, his career has been side-lined to the extent that he clings to the hope of even a data entry job so that he can at least be associated with a worthy project. He laments that others are simply better at what he does than he himself. He is un-inspiring. He meets Angela, a hard-working single mother, training to be a nurse. Her genuine kindness somehow enables a relationship to develop.

Ordinary Pain

There is something terribly ordinary about the play. By that I mean the ordinariness of real people living a real life. Many of us, have occasion to contend with huge disappointment and trauma. This is the bread and butter, or perhaps blood and tears of author Kenneth Lonergan. You have probably seen or lives a version of this story. The question remains whether Mark and Anne Williams will be able to face and overcome the chasm of a void in their relationship.

Extra-ordinary Plan

As someone that partakes in the new permitted addictions of social media, within my own field I regularly come across claims that lives are changed by a great financial plan. Part of me wants to agree with this, but another part also would wish to make the point that stuff happens, or as John Lennon put it “life is what happens to you while you’re busy making other plans”. We can plan sensibly, even brilliantly, but sometimes life throws up a problem or two. A financial planner can help make allowance for job loss, serious illness, long-term illness, business collapse or even death itself, but all these assume relationships last. Sometimes they don’t. I would urge caution, however detailed, however much room for error has been made, life is not as predictable as we may think. That does not negate the value of a good plan (or a brilliant one) I am simply making the point that we don’t know the future and some people talk as though they do. Beware.

As for Mark, Anne and Angela – you can see their story develop at Wyndham’s. Mark is played by Matthew Broderick, most famous for his role as Ferris Bueller (1986). A casting that seems entirely appropriate, how would 50-something Ferris face the day? I wonder if he would repeat “You’re not dying, you just can’t think of anything good to do”. Elizabeth McGovern (Downton) plays Anne and rising star Rosalind Eleazar plays the luminous Angela.

The play has begun a 3-month run. You can find tickets here. Here is a short video of the cast members discussing the play and the trailer.

Cast Discussion

Trailer

How will your story play out? Get in touch to consider your options.

Dominic Thomas
Solomons IFA

You can read more articles about Pensions, Wealth Management, Retirement, Investments, Financial Planning and Estate Planning on my blog which gets updated every week. If you would like to talk to me about your personal wealth planning and how we can make you stay wealthier for longer then please get in touch by calling 08000 736 273 or email info@solomonsifa.co.uk

GET IN TOUCH

Solomon’s Independent Financial Advisers
The Old Bakery, 2D Edna Road, Raynes Park, London, SW20 8BT

Email – info@solomonsifa.co.uk
Call – 020 8542 8084

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The Old Bakery, 2D Edna Road, Raynes Park, London, SW20 8BT

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THE STARRY MESSENGERDominic2023-12-01T12:17:23+00:00

EVERYONE KNOWS, BUT NOTHING IS SAID

TODAY’S BLOG

EVERYONE KNOWS, BUT NOTHING IS SAID

I wonder if you have played Scruples. I haven’t done so for many years, I remember it as one of those ice-breaker/get-to-know-you games that occasionally got wheeled out at a student party. How truthful and how flexible with the truth are we with one another? Perhaps there has been an episode or incident in your life ,or that of a friend, where everyone seems to know something is awry, but nothing is said. To some this is friendship, to others it is dishonesty.

Money is one of those very divisive topics, aside from income and discussions about fairness, how we all spend it and use it tends to be something that is often hidden. We see some degree of opinion exposed in the media, largely chastising both the very wealthy for their luxury spending and those that are poorer – spending money on “non-essentials”. To say that it is a loaded and often heated topic would be an understatement.

All My Sons, London Old Vic Solomons IFA Blog

A Financial Plan based on reality

The problem for you and I is that in order to provide any meaningful financial plan, you have to declare your real-world spending, so that I can build a plan to enable you to continue to maintain your lifestyle, but also attempt to help more of your own money stick to you. What good is it if I build a plan to deliver an income of £30,000 a year when £45,000 is actually needed. This is a precarious aspect of the adviser/client relationship. In the nearly 3 decades that I have been advising clients, I have very rarely met anyone that hasn’t struggled with completing a spending plan. I have been told the experience is difficult, it raises issues of where has the money gone and what have I to show for it?

The intention is not to expose, embarrass or shame, simply to understand and see things for what they are, without value judgement. I cannot see how I can do a proper job for my clients without understanding how much money they have and need each month to support their lifestyle. Honesty about where we are now is vital in order to enable us to reach the future together. Financial denial is no different from any other form of denial. It can feel comforting, but there are consequences to failing to face realities.

Family Secrets

I was reminded if this as I was watching “All My Sons” by Arthur Miller (1947). A powerful play that I had seen before in 2010. The play is based on a true story. The main characters all know a discomforting truth which is shameful. The neighbourhood also all know of this, perhaps discussing in private, but otherwise ignoring the proverbial elephant in the room. Whilst a son, a missing in action pilot, acts as the delusion in which others share, it is merely representative of a deeper, darker truth, that a great injustice has been done. In many senses exposing this discomforting truth is a patriotic and righteous act. In reality Miller, was called before the House of Un-American Activities (hard to comprehend this today) on 21 June 1956 to explain himself for writing the play, which casts a wary eye over the American Dream.

To have the future you want, we need to understand your goals and the reality of your situation. Everyone is entitled to dream, but my job is to build a path to the future, not prop up ladders to castles in the sky.

If you don’t know the play I will not spoil it for you, but at the heart is the sense of blood money – or at least money earned deceitfully.

“Chris, I want you to use what I made for you … I mean, with joy, Chris, without shame … with joy…. Because sometimes I think you’re … ashamed of the money…. Because it’s good money, there’s nothing wrong with the money.”

It doesn’t have to be like this…

I’m not implying that clients earn their money deceitfully! – I’ve only had one instance where this was actually the case and we didn’t proceed… well you don’t want to upset a mercenary really do you! We all know that money is loaded with sentiment, assumptions and values – many learned from our families or social structures. Money doesn’t have to be divisive, secretive or delusional. We can talk about it honestly.

As for the play, currently it is being performed at the Old Vic and stars Bill Pullman and Sally Field until the 8th June. In my honest opinion, it is Colin Morgan as Chris Keller that delivers the strongest performance. One definitely to watch. Here is the trailer and click here for tickets.

Dominic Thomas
Solomons IFA

You can read more articles about Pensions, Wealth Management, Retirement, Investments, Financial Planning and Estate Planning on my blog which gets updated every week. If you would like to talk to me about your personal wealth planning and how we can make you stay wealthier for longer then please get in touch by calling 08000 736 273 or email info@solomonsifa.co.uk

GET IN TOUCH

Solomon’s Independent Financial Advisers
The Old Bakery, 2D Edna Road, Raynes Park, London, SW20 8BT

Email – info@solomonsifa.co.uk
Call – 020 8542 8084

7 QUESTIONS, NO WAFFLE

Are we a good fit for you?

Take Survey

PRIVACY POLICY | DATA PROTECTION

GET IN TOUCH

Solomon’s Independent Financial Advisers
The Old Bakery, 2D Edna Road, Raynes Park, London, SW20 8BT

Email – info@solomonsifa.co.uk Call – 020 8542 8084

7 QUESTIONS, NO WAFFLE

Are we a good fit for you?

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PRIVACY POLICY | DATA PROTECTION

EVERYONE KNOWS, BUT NOTHING IS SAIDDominic2023-12-01T12:17:26+00:00

HOW TO STOP TIME

TODAY’S BLOG

HOW TO STOP TIME

I have recently enjoyed a rather good book “How To Stop Time” by Matt Haig. The basic outline is that some people age much more slowly than the rest of us. This provides for some fascinating encounters in history, walking the streets of London from the time of Shakespeare to the present.

Matt Haig has already assembled an impressive body of work and this novel, which was published a little over a year ago is a really worthwhile investment. It is the story of Tom Hazard who at 41 has a secret that must be maintained and kept from the witch hunters of the time. Tom ages slowly – about 15 times more slowly, so whilst Tom moves from 15 to 20 years of age, his contemporaries have become 90. This makes for good fiction and a hugely enjoyable walk through history from the late 1580’s.

Short-term obsessions

There are some wonderful insights about time, fear of the future and relationships. It prompted me to reflect on the main problem that we all have – being somewhat obsessed by the short-term and immediacy of “news”. There is a great line that I shall probably use – “your nose is pressed against the canvas, you need to stand back to see the whole picture”.

Predicting the future?

As a financial planner that uses cashflow modelling, there is a danger of giving the impression that the future is predictable. There’s something of the mystic meg with her crystal ball, seeing the future… The truth is rather different – it is only predictable in its unpredictability. However, we can look to history as a great teacher. We use historical data to help shape our assumptions about the future. We get to play with the future, to alter it and reinvent scenarios, time and time again.

A client recently confessed that “the penny had dropped” for him. He was suddenly gripped by the reality that his retirement is now not so much theoretical, but all too real and getting closer by the day. Time marches on and it eventually forces us all to pay close attention. We now adapt the possible scenarios with far greater awareness of time. His experience is very normal and in practice it really doesn’t make that much difference how many times I or anyone else says – start investing early, there are always other calls for your money and the future, is… well, it’s the future, not the present.

In many respects Haig concludes that to know thyself and live a life without fear of the future is the logical conclusion for all us “mayflies”. Relationships are temporary and to be treasured. Loss of loved ones is a far harder path than the loss even of identity, let alone wealth. My job is to help you preserve yours, to start with the end in mind and to underscore your values – the people, places, things that make your life’s work worthwhile.

Time marches on, thankfully.

I enjoyed the book, here is a link to help you find it. Matt has been wonderfully honest about his struggles with depression and its also worth having a listen to his videos on the topic – reasons to stay alive. Here isn’t a bad place to start…

Oh and if you are interested, Matt Haig is currently touring the country promoting “Notes on a Nervous Planet”. Brighton at the weekend then blazing a trail up to Edinburgh for 28th April.

Dominic Thomas
Solomons IFA

You can read more articles about Pensions, Wealth Management, Retirement, Investments, Financial Planning and Estate Planning on my blog which gets updated every week. If you would like to talk to me about your personal wealth planning and how we can make you stay wealthier for longer then please get in touch by calling 08000 736 273 or email info@solomonsifa.co.uk

GET IN TOUCH

Solomon’s Independent Financial Advisers
The Old Bakery, 2D Edna Road, Raynes Park, London, SW20 8BT

Email – info@solomonsifa.co.uk
Call – 020 8542 8084

7 QUESTIONS, NO WAFFLE

Are we a good fit for you?

Take Survey

PRIVACY POLICY | DATA PROTECTION

GET IN TOUCH

Solomon’s Independent Financial Advisers
The Old Bakery, 2D Edna Road, Raynes Park, London, SW20 8BT

Email – info@solomonsifa.co.uk Call – 020 8542 8084

7 QUESTIONS, NO WAFFLE

Are we a good fit for you?

Take Survey

PRIVACY POLICY | DATA PROTECTION

HOW TO STOP TIMEDominic2023-12-01T12:17:30+00:00

CHRISTMAS BELLS ARE RINGING…

Solomons-financial-advisor-wimbledon-blogger

CHRISTMAS BELLS ARE RINGING

There are moments during every Christmas when something is captured that seems to remind me of the optimism that Christmas can bring. This is no small feat as each year brings a tendency to be ever more cynical and exasperated by the lack of progress our world makes in terms of living peacefully with one another. It seems that each year the numbers sleeping rough on the streets of London become ever greater and the yet ever more anaesthetising my conscience. The recent death of a homeless man outside Parliament is taken as a fact that is almost un-shocking.

One such moment, occurred last night at the National Theatre. A truly mesmerising production of “A Christmas Carol”. Transported back to Victorian London, we gather around the streets of London. The Old Vic is reconfigured once again for an immersive experience and a truly wonderful set of paths chosen, doors opened or closed and the ever-calling chimes of time. We are confronted by a belligerent Mr Scrooge, played by Stephen Tompkinson. We all know the story of course, yet this production manages to capture something fresh and important, an echo of the past for present and our future.

SOLOMONS IFA - THE OLD VIC A CHRISTMAS CAROL

Time and timeless

The performances are moving and heart-warming, despite the progress we have made as a society the same ills are evident. The words are as apt today as they were when Dickens wrote them. The story seemed to continue once we left, walking through the half-lit empty cobbled backstreets of Waterloo, under the arch of Cornwall Road where a soup kitchen was in full flow. How to find joy and pleasure in all things – something that the reformed Mr Scrooge achieves.

Lighting your path

Whatever life throws at us, however the next few months take shape, there will be dark moments. But we shall be here, holding a torch to the path that you have chosen, helping lead you to your chosen destination. Your portfolio may take a knock or two, it has already, but it is set on firm and timeless principles, designed for your story, not the latest news story, set in harmony with your values. We are all the sum of our choices, let us make good ones together.

As for the show, I would encourage you to get along to see it, tickets are still available and its a great show for your entire family.

Dominic Thomas
Solomons IFA

You can read more articles about Pensions, Wealth Management, Retirement, Investments, Financial Planning and Estate Planning on my blog which gets updated every week. If you would like to talk to me about your personal wealth planning and how we can make you stay wealthier for longer then please get in touch by calling 08000 736 273 or email info@solomonsifa.co.uk

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CHRISTMAS BELLS ARE RINGING…Dominic2023-12-01T12:17:40+00:00