Slammed

Solomons-financial-advisor-wimbledon-blogger

Slammed?

I am no art critic. I am a punter when it comes to the experience of art. On occasion though I am left confounded, is this my inability to understand or is this yet another example of the Emperor’s new clothes?

I was at a slam poetry event the other evening. Despite appearances, there really isn’t much that is new about slam poetry.. it is poetry performed by its creator, much how I imagine Chaucer to have gained attention. In most cases it is a powerful experience of rhythm, sound, words and soul as the poet lays bare his or her experience for assessment. Slam poetry is normally competitive, so the performing of the piece is yet another important aspect. However, this is where my perhaps luddite-ness shows, in that the latter overtakes the former, in short, the style over content.

The disconnection I feel is due to the evident accolade and approval that the performance evokes from the assembled crowd. When this is someone of whom I have heard, but never experienced, yet seems inaccessible, invokes the tendency to dismiss all that is not understood as lesser or at least pretentious. I enjoy Jazz, but don’t get some of it. I’m perhaps a little concerned that even if it were explained, I still might find myself feeling indifferent.

I Just Don’t Get It

Contrasting the power of the social, “political” energy of the first set, with incredible, moving, powerful performances from Zena Edwards, Kat Francois and Joelle Taylor the second act, to a layman like me felt more like the event had been hijacked away from the power of the present moment and even the offbeat presumably experimental jazz of Albarn and Coxon did nothing but detract. I say this as someone has paid to board a plane specifically to see a show of new work by Albarn… twice (2007 and 2013).

Diction my, I overpacked ’em

Then I reflected on the way that the language within my own field is often accused of creating impenetrable barriers of jargon and double-talk. The simple idea of talking about money and a plan for life is both nauseating and terrifying that most avoid it or leave it to those who clearly belong in the club of suits, spreadsheets and the occasional Latin text to themselves. The packaging is part of the problem, like the over-engineering of yet another Amazon delivery, almost screaming the box within a box within a box for which the contents is neither necessary nor demanding.

Access All Areas… well, if you are VIP…

The financial services industry is in grave danger of becoming (if not already become) the inaccessible, perhaps misunderstood, detached clique that certain performance art presumes to chastise, yet mirrors. In danger of drowning the life giving and societal changes that the likes of Edwards, Francois, Taylor and Godden offer… or perhaps more accurately, rightly demand. This energy of the current climate (Windrush, #MeToo and street violence) voiced, dreaming and inspiring change needed a bigger platform, not simply the entrance foyer of the British Library.

Despite the sublime funky tones of Don Letts, time, energy, disappointment with the second “set” resulted in an early departure, so yes, I did not stay to “see it through”. I failed to take in the entire piece, but to be blunt, by then it was too late, in every sense and I would simply have to live with the consequences of my choices, being wrong (not for the first time) or simply being slightly further away, which was a pity as I never got to see The Last Poets who are celebrating 50 years of collaboration.

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 [email protected]

Email me to get in touch

SlammedDominic2023-12-01T12:18:07+00:00

Honesty… maybe better than you think

The internet and media in general would probably leave most of us wondering about the state of humanity. If people can be as nasty as they sometimes appear, what hope is there for honesty? Well, rather than write a piece about this, here is one that Mark Rober, an American has prepared already.

This 9-minute video is about (an admittedly small sample) 200 wallets deliberately dropped or “lost” to determine the general honesty of those that found them. He attempted to allow for gender, income and geography in his test. Here are his findings

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 [email protected]

Email me to get in touch

Honesty… maybe better than you thinkDominic2023-12-01T12:18:09+00:00

The Occasional Bad Apple

Apple decided a few months ago that they were going to make fairly radical changes to their App Store. This would result in many thousands or millions of applications either ceasing to work or require a dramatic overhaul.

Our own, rather successful app has been thwarted by this issue and as a result the IT crowd that created the app for us have been working away behind the scenes to ensure that it doesn’t suffer from the bad apple syndrome. Sadly, we cannot keep our unique icon or button.

I am delighted to report that the new, all-singing, all-dancing (well, maybe not) app is ready for you to use. It remains free of charge to you and anyone that you suggest might be able to gain some benefit from it. You will need to delete the existing app on your smartphone or ipad, irrespective of whether you use the Apple IOS or Android platform.

Your Next Step

All you need do is head over to the appropriate place and download the new version. You will find an app called “My IFA” and you will be prompted to input a code… which is solomons. Any questions, please email us.

https://itunes.apple.com/us/app/myifa/id1318240525?mt=8

https://play.google.com/store/apps/details?id=uk.co.myfirmsapp.one.ifa&hl=en

Why Bother?

The app is rammed with very useful calculators and details about tax deadlines, as well as the more important HMRC allowances and keyfacts. There’s a mileage tracker for drivers claiming allowances, a receipt log and… well frankly, just have a look and play with it. Importantly it enables us to contact you directly (and vice versa) with relevant information (not junk spam). This is called push notification and its something that we would like to use more effectively as most of us spend a lot of time with our mobile devices.

Anyway, enjoy our free gift, let us know what else you’d like added to it if you get the chance.

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 [email protected]

Email me to get in touch

The Occasional Bad AppleDominic2025-01-21T16:40:43+00:00

I, Tonya – it figures

I, Tonya

I have to admit to having only a vague recollection of the infamous events surrounding Tonya Harding in the early 90’s. Figure skating is not something that I know much about, I grew up within a family that watched a fair bit of sport on TV. I can just about remember John Curry winning his gold Olympic medal in 1976, but more significantly Robin Cousins, who was “a local” and became an Olympic champion in 1980. Then of course came Torvill and Dean who blew us all away in 1984.The new and somewhat controversial film about “the incident” is currently playing in cinemas and raises plenty of questions.

Chaos, Controversy and Context

Controversy centres around the accuracy of the portrayal of the facts, which are all important. The film attempts to clearly state that some of the “facts” are inaccurate, but others, are a bit more one word against another. In reality the film is all about relationships. The Tonya Harding (played by Margot Robbie) of the movie is young and hard-edged having lived without much affirmation. She receives constant criticism from an authoritarian, punishing mother (played by Allison Janney) who regularly struck her. This provides fairly much ideal circumstances for a relationship with a man that regularly beat her up. Sadly, all lack any emotional intelligence and none of them appear to have received much of an education.

The Real Thing

Despite a life of struggle, Tonya is certainly a brilliant figure skater. She is the first American female to successfully complete a triple axel. Clearly her home is on the ice. The film is clear that her success and support is lacking due to her inability to fit with the required image. It is suggested that she is thwarted by judges who simply don’t want her kind in the same circles. This of course is a mixed blessing, earning her fans. Harding managed to break the taboos and gained a place on the US team for the Olympics.

Behind the Curtain

The film is of course largely concerned with the attack on Nancy Kerrigan, a team-mate and rival, who is assaulted with a baton, with the aim of preventing her from competing. The movie contends that Harding had no involvement, that she was at the very worst involved in agreeing to send threatening letters to spook Kerrigan. Those that carry out the assault are portrayed as, frankly inept, half-wits who can barely operate a kettle.

Skating on Thin Ice

It’s an engaging movie, it lacks depth or analysis, but it’s a decent story. How much is fact, or a work of fiction is very much up for debate. As Harding has seemingly changed her version of events numerous times, there will always remain some scepticism over any claim to truth. What struck me was the resulting unfairness (in the movie) of the punishment. This implied that the thugs had a short sentence, whereas Harding had a life-long sentence of being unable to teach, coach or compete in any skating event, ever. This was her one unique ability, her one chance of being able to carve a career that could provide for her and her family. Kerrigan went on to win a silver medal.

Technical Merit and Artistic Interpretation

Harding had sufficient focus and natural talent to be hugely successful and make a good life for herself from skating. This was extinguished through folly. I was at a conference recently where a similar message was delivered. People self-destruct, human nature is the enemy of successful investing. A significant part of being a financial planner, is being a coach, helping clients to alter their investment behaviours from those that are more innate and self-defeating, to those that are based on a disciplined approach, with a long-term mind-set. In a lifetime of investing, remembering the one fabulous investment you made whilst blowing the whole plan, has only one possible result and it strips you of both your dignity and independence.

Anyway, here is the trailer for the movie which is currently in cinemas.

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 [email protected]

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I, Tonya – it figuresDominic2025-02-03T10:37:21+00:00

The Mercy

I have to admit that I was a little reluctant to see the new film “The Mercy” despite having three great leading actors Colin Firth, Rachel Weisz and David Thewlis). I was concerned that it was going to be the same film as the Robert Redford movie “All Is Lost” which was essentially a story of one man’s conversation with himself. Thankfully it isn’t.

The Mercy is based on a true story – set in 1968/69. It is the tale of Donald Crowhurst (Colin Firth), a business owner and amateur sailor. He is tempted to compete in The Times Round the World Yacht Race, hoping to become the first man or fastest man to single-handedly circumnavigate the globe. He designed his own boat the Teignmouth Electron, a trimaran.

Beware of Confidence

Thankfully we do not witness hours of footage of sailing single-handedly, but get the opportunity to explore some of the characters and their relationships. Crowhurst suffers from over-confidence, masking a deep sense of a lack of confidence. His boat is too costly for him, so he secures funding through sponsorship. However, it is clear that Crowhurst is not a good businessman, rarely able to come close to initial estimates and ends up signing over the deeds to his home and business should his venture fail. You can smell the inevitability of it can’t you.

Crunch Time

His delayed start to the race, quickly produces Crowhurst with a dilemma – to give up, return home but lose his house and business or to carry on, with little chance of success and at best a 50/50 chance of survival. This is the moment that is so often cited in books and films, where adversity births success. We continue to sail with Crowhurst as other competitors drop out, but soon realise that he is not up to the challenge with so little experience, something that many suspected all along.

False Reporting

Crowhurst sees no alternative but to concoct an alternative reality, 50 years ago this was considerably easier to do than it would be now. His ability to plot a false course and report false progress was arguably harder than an accurate one. Back on dry land an enthusiastic public wanting yet another British hero are fed fabrications about his record progress (again). He continues to make choices under immense pressure, failing to reflect on his purpose or at the very least his motivation, but then the image of anyone sailing single-handedly for months on end, might raise questions about motive. I won’t spoil the story for you.

Life Must Be Lived, What Gives it Meaning – Why?

I often use the analogy of a financial planning as a journey, one where we are clear about the destination, but needing to regularly adjust to get back on course and check progress. This is based on your purpose, your values, your “why?” without that, chances of success are very slight and rarely is it possible to emerge from financial storms without the necessary experience. My suggestion is that lessons can be learned from this.

Here is 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 [email protected]

Email me to get in touch

The MercyDominic2025-02-03T10:37:21+00:00

Avoidance is not in your Interest

We have had a sustained and long-lasting (by comparison) level of very low interest rates. This has been bad news for those with cash savings, but good for those with mortgages or loans, at least regular “mainstream” ones. However a lot of borrowers have mortgages that are interest-only mortgages. This means that they are only paying the servicing interest each month, not actually repaying any of the loan. As rates have fallen, many have failed to use this as an opportunity to make some progress clearing the debt.

The credit crunch had lots of far-reaching effects on most of us, we are still living with the official Government response to it, which is one of austerity. An attempt to keep expenditure lower than income, which for you and I make a lot of sense, as a nation it ought to, but of course the Government has lots of ways of “making money”.

Anyhow, there are a whopping 1.67m mortgages that are either entirely or partly interest-only. The regulator is rightly concerned that borrowers are not engaging with the problem and without any plan to clear the loan will utlimately be subject to discovering the joys of Court and perhaps repossession of their homes.

70% Ignore the Lender

The research conducted, reveals that a staggering 70% of borrowers that fall into the category of an interest-only mortgage never respond to requests from their lenders suggesting a proper review. This is collective denial on a massive scale. Everyone is presumably hoping for one of several possible outcomes.

That they have a plan in place that will clear the debt, they simply haven’t told anyone
That they intend to sell their property and downsize once clearing the mortgage
That they have every intention of doing something, just never got around to it.
That the lure of gambling or lottery, cryptocurrency winnings will be the answer
That they expect the world to end, so who is really bothered…..

As you may have gathered, I’m probably offering thoughts that aren’t written down in the report, though I suspect I’m not far off the truth. Denial is a very powerful force and many people are, frankly taking their future all too lightly.

I will sell up and then rent, what’s the big deal?

Of course selling the property, hopefully for a figure larger than the loan, may work for some, but for others there is unlikely to be much left over to buy a house. So perhaps renting is a consideration, after all, interest-only mortgages are a bit like renting, except the borrower also has all the upkeep and insurance. However, renting is not as easy as you may think. Most agents apply a multiple of secure income (pensions) to determine if the rent is affordable. As a guide, expect to prove that your income is 30x the monthly rent…. most will not be able to do so. If you are over 70, then add in the lack of suitable property and landlords willing to rent to people more likely to fall and hurt themselves… well, let’s just say that renting becomes harder.

As is probably obvious, the regulator is concerned about the lack of engagement. I suspect that this might lead to some new initiatives to “encourage” borrowers to take action. You have been warned.

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 [email protected]

Email me to get in touch

Avoidance is not in your InterestDominic2025-02-03T10:37:21+00:00

Three Billboards

Perhaps Three Billboards Outside Ebbing Missouri is the ultimate signposting movie ever made. It certainly doesn’t do much to alter any preconceptions about certain segments of American society, however it is a work a fiction, albeit with an alarming gritty realism. However, despite the gasps of shock within the audience at some utterly backwards attitudes. The most striking aspect about this film for me was the lack of any action.

In the film various characters are assaulted, verbally and physically, yet witnesses basically remain as bystanders, doing absolutely nothing, apart perhaps, from a disapproving “tut”. I comfort myself that this is fictional, it’s a movie, people don’t’ stand and gawp, doing nothing… do they? I mean I know we are all able to witness terrible scenes from around the world in a voyeuristic sense, but we aren’t right there on the spot, we are unable to immediately intervene… but if that happened within our own home, street or park, we would intervene right? To me, the lack of engagement or outrage was worse to witness than the racism or violence itself.

Engage with Other

It is surely our involvement and engagement, that provide us with a sense of our humanity. This was demonstrated in a CCTV clip that I saw this week of a person saving the life of a man about to throw himself in front of a train. Many do care and do get involved, but some seem to be happy to be mere bystanders in life. Maybe this is what the Director intended, given the politics of the day, perhaps this is a commentary on those that make claims about a President and turn a blind eye, frequently, to the continuous blatant hypocrisy. The movie certainly has the title and whiff of a “based on true events” tale. In short, I guess they could be, which is deeply worrying. Indeed, the very premise of the story is around the lack of action by the local police.

This is Hollywood, not Missouri… right?

As for the film itself, there are two very strong performances. The lead character Mildred (Frances McDormand 60) gives a very “real” depth to the characterisation and Sam Rockwell (49) nails his performance of Dixon, the cop you hope to never meet. There are some notable choices for the cast, Abbie Cornish (35) plays the wife of Police Chief Willoughby, (Woody Harrelson 56) she was 3 when he started his role in the bar sitcom “Cheers”. The white middle-aged men are hopefully too clichéd with Mildred’s former husband (wife/probably anyone-beating) Charlie, (John Hawkes 58) now with Penelope, (Samara Weaving 25) a woman considerably younger and more the age of their murdered daughter Angela (Kathryn Newton 20). Perhaps this too is deliberate characterisation of men unable to cope with ageing.

One of the talking points of the movie will likely be the actions of the Police Chief Willoughby, who takes a view on terminal illness and sets his mind to dealing with loose ends. His words to Dixon and the subsequent events seem unlikely and have caused controversy in various circles. However plausible, clearly each character is responding differently to stress, turning to their known and learned patterns from some rather poor parenting, at least that is what I assume it is.

Serious Stress Test

How we respond to stress when it arrives is hard to predict. However much we plan or prepare, the reality can be different. Life can provide us with unrelenting strain, serious illness, financial ruin, loss of a loved one – much of our ability to control these things is as fictional as the movies. Yet, we can plan, doing so in our more thoughtful moments, so that we can fall back on who we are, not what our surging biology deems us to be in the crucible of the furnace. It is easy to put off difficult things in life, we may get warning signs – even billboards, but sometimes even three at once isn’t enough in this modern twist on “don’t kill the messenger”.

So here I am…. have you got your stuff together?

Here’s the official trailer, the movie is tipped to do well in the award season, partly because it seems to reflect the moment in America today. Oh… and the language is certainly….. colourful.

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 [email protected]

Email me to get in touch

Three BillboardsDominic2025-02-03T10:37:21+00:00

Coco

It has been a while since the regulator (FCA) warned and restricted the sale of COCOs (Contingent Convertible Securities) in fact it was October 2014. We have never advised anyone to buy CoCos, however, this blog is about a very different Coco, the new animation film from Disney and Pixar.

I know, you are a “grown up” and don’t go to see a cartoon at the cinema unless you must do so, accompanied by your children or perhaps grandchildren, but as usual with Pixar, this is really a film for adults and reminding us to reconnect with and aspect of ourselves that often the daily grind of life wears down.

So yes, I went to see this at the BFI Director Q&A Preview early on Saturday morning, with one of my daughters, who at 22 isn’t the obvious excuse as accompanying a “child”. So, hands up, yes I have been to see this already – and for the record, the distinction between a cartoon and animation is pretty important to film folk. To me it is another artform.

The Spice of Life

Coco is a colourful, vibrant story about a family in Mexico. It is laced with Mexican traditions and beliefs without judgement, because the people at Pixar invariably see past all our “stuff” to the core of what it is to be human. Miguel, is the central character, attempting to find the essence of who he is, whilst trying to be observant and respectful of his family context. As with most families, much is unsaid and assumed and we all have ways of living and seeing the world based upon a collection of lifetime experiences, sometimes the lifetimes of others too, hence inter-generational traditions.

Set against the backdrop of “Dia de los Muertos” the Day of the Dead, we get a rather better understanding of what this means to Latins in particular. A Day to remember and be thankful for those members of our families that have deceased. A touch of flair and a big dose of imagination creates a powerful world, in which even the most fixed in their chosen religion would find hard to resist a sense of appeal. However, this is not a theological piece.

Familiar Myths

In a rather classical myth form, Miguel risks his soul in pursuit of who he is and in the process, discovers more than he bargained for and is faced with information that contradicts and challenges what he already believes or “knows”.

The film is an opportunity to reflect on the family and friends that you have, to remember them, “warts and all”. We are also reminded of the impact that choices we all make each day have on others and how every family narrative has many limitations. The animators use forgetting as the vehicle to deliver a message that we all know, but often… well… forget.

Who will tell your Story?

We all face mortality, financial planning will help prepare you, your family, your business for any disaster financially, but of course it cannot help you reclaim time with those you care about. At best a planner can help remind you of your own values, by reflecting them back to you and embedding them in your plan, but time is brief. We can also point out how little time there is and help you plan to enjoy more of it by figuring out how much money is enough for you.

Over the last 3 years or so I have encouraged clients to make a “life book”. A short book about who they are (through their own eyes). This is a way of passing on your own story to those that matter most to you. Of course, most of us put off such a thing – “one day I will get around to it”. Sadly, a different day can arrive without warning, very suddenly. This isn’t meant to be schmaltz, but somewhere in our culture, the idea of story has become diluted or perhaps lost, by celebrating, celebrity or projecting a hollow version of life that has little resemblance to reality. Like Miguel, you may discover that some of your greatest heroes are those nearest to you.

Here’s the trailer. I dare you.

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 [email protected]

Email me to get in touch

CocoDominic2025-02-03T10:37:22+00:00

All the Money in The World

A film with a title to grab attention is currently on release. You may recall the story (from 1973 – which may test your grey matter) of a ransom kidnapping for $17million, add the spice of a well-known Director deciding to reshoot significant segments of the film due to revelations about the original actor Kevin Spacey and there is a bubble of interest. Captain Von Trapp himself, (Christopher Plummer) a man still obviously enjoying working at the age of 89 stepped in for the reshoots.

Much like the story of Titanic, I’m not too worried about spoilers on this one, I assume that most know the basics of the story. The clear interest in this version of events is the struggle between Gail Harris, ex-wife of one of Getty’s sons (Jean Paul II), to persuade Getty to pay the ransom. Getty, whilst being probably the richest man alive, was a modern-day Scrooge. One can scarcely believe the red phone box installed at Sutton Place, just off the A3 before Guildford – his British home, for his guests to use, but it is an alarming accuracy.

Last on the list

I think it fair to say that the audience I was with were somewhat shocked by Getty. He is portrayed as a man that seems to care little for people, admitting that he had no time for his family as he had to focus on his business. He is reduced to a character that prefers possessions, very beautiful and expensive ones (he was an avid collector) over people. I cannot remember accurately what he says, but effectively that things don’t change, they cannot let you down, they are what they appear to be. In short, his experience of people (from his point of view) has been obviously disappointing. He was married 5 times, the first four each lasting 2-4 years, his final marriage to Louise Lynch lasted 19 years, though ended shortly after their son Timothy died from a brain tumour at the age 12 in 1958, Getty did not even attend his funeral. So, by the time of this story, Getty is divorced 5 times

Reflections Today

In many respects, Getty is Trump-like, in that he seems to have a very small circle of people that he trusts and lacks any significant depth of emotional intelligence. If Trump has read a book it was probably “How to be Rich” written by Getty.

The gasps from the audience at some of Getty’s actions and statements reflect the mood of today, mostly connected with the ultra-rich avoiding any taxes and structuring their affairs in a way that will ensure their preservation. The film suggests that Getty only eventually agrees to pay a reduced ransom as he is informed that there are tax advantages….

The sadness is the simple lack of any evident connectedness to another person. Money is simply a way of Getty feeling good about himself and importantly to him, making his own father seem like a pauper.

The Bully and the Buck

The ransom itself is largely about power, money is wanted by everyone, as one communist attests in the film. The very rich want more, perhaps because it increases their sense of security. It is implied that the mafia eventually takeover the ransom, like a business venture, resulting in entire communities unwilling to help a frightened juvenile. A by-product of successfully bullying is wealth.

As for Getty, here is a quick quote from the film, which is of course dramatized, based on true events but by no means a documentary.

Fletcher Chase: Nobody has ever been richer than you are at this moment.
Jean Paul Getty: I have no money to spare.
Fletcher Chase: What would it take for you to feel secure?
Jean Paul Getty: More.

Getty wouldn’t get it

Clearly as a financial planner, my role is to help you figure out how much is enough. Getty would not understand such a conversation because he also doesn’t understand living a successful life. There would never be enough, never any satisfaction, never any sense of contentment, never any rest.

Fortunately, a successful life is possible, and a great financial plan can help bring this into reality and last. You don’t need the fortune of Getty, you need ears to hear and eyes to see and the ability to verbalise what is important to you.

Here’s the official trailer. I gave the movie 6/10. Its too long at 2 hours 12 minutes, you feel a little captive yourself.

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 [email protected]

Email me to get in touch

All the Money in The WorldDominic2025-02-03T10:37:22+00:00

Glengarry Glen Ross

The 1984 play by David Mamet opened in London last week. I had seen the 1992 film but had not the play. They are certainly different. To my mind the characters in the film generated more sympathy than those in the play. Whatever your view, the performances are strong, but perhaps not as strong as the language which is about as “locker room” as you can get, as clashing egos and dysfunctional ideas about masculinity are spat across the space between characters.

These are “men” that have a fluid understanding of truth, it seems that they believe that it serves their purpose to be economical with the truth. Selling whatever they can for as much as they can to whomever they can. We are all probably familiar with the hard sell and yet despite it being largely frowned upon here in Britain, we are all still regularly blitzed by people trying to grab our attention. This week I’ve had the customary junk emails, a few text messages and a call or two about an accident that wasn’t my fault and never happened. Selling, sadly, is a regular bedfellow of scamming.

Always Closing

Anyone in business will recognise the constant problem of attracting and obtaining new customers. Those that provide a particular product may only ever sell it once, as opposed to those that sell a service. It is telling that in the play, none of the characters really possess much by way of a sense of ethics. Sadly this is nothing new and of course the notion of hypocrisy (at best) lying (at worst) is familiar in almost any sector of society and unique to none. To the salesman (person) the enquiry or “lead” is their opportunity to close a sale. However bad or unethical selling can only lead to a failed business and one that closes.

A Brood of Vipers

I have never really understood those that knowingly and deliberately lie in order to make a sale. Financial services (my sector) is of course one where many sharks and charlatans have resided. Life may be harder for them now, but invariably they exist and find a way to part people from their money with apparent ease. Some “advisers” often refer to the “good old days” of financial services, by which they mean earning a commission for selling products. It may interest you to know that back in those good old days there were about 250,000 people selling financial products, primarily in person, often at your doorstep. Today there are around 25,000 authorised individuals who are able to provide advice and arrange “stuff”. Of those probably no more than 5,000 are financial planners, who, like me, don’t need to arrange “stuff” to get paid and provide a valuable service to clients, but of course most of us will arrange investments and the like as required.

Money Interest

Money is invariably the barrier to an honest conversation. In 2013 after much mucking around the regulator of the day banned most forms of commission (note I started the firm in 1999 completely removing commission). In January 2018 the rules will be taken to a higher level due to a European agreement (MIFID2). This will mean advisers and product providers need to be crystal clear about their charges and agree terms for their service. This is coming from a sensible, laudable intention of protecting investors, unfortunately I can see very few benefits at this stage, at least for those that are already provided with a costed and agreed service, as our clients are. If anything, people are more likely to make more bad decisions, focussed on cost rather than value. One of the new rules is quarterly valuations and prompt/immediate notification if a portfolio falls by 10%. These sort of actions tend to panic investors and shift their focus to the short-term rather than the long-term benefits of disciplined investing and having a proper financial plan.

Unintended Consequences… again

Your in-boxes will become fuller of correspondence, which will in turn lead to either inertia or anxiety, perhaps both. This is likely to be followed by the current serpent de jour, dressed as a helpful paramedic, but actually seeking to suck a pint of blood or two for themselves – the ambulance chasers will find some way to bombard you and convince some, many perhaps that their portfolio will only ever rise and if it doesn’t or didn’t, please take a ticket and join the queue for those seeking remedy or the fantasy of one. To my mind the equivalent of worrying that an egg was broken when the intention is to make an omelette. If I’m sounding fed up or perhaps “aggressive” this is because, well I am certainly tired of pointless changes, but equally aware that we will need to do more work, for no benefit, which will result in higher costs and fees, which will inevitably be passed on to clients. It won’t really deter the liars or crooks, perhaps it will make like marginally harder, but those are people that never play by the rules and would never offer you anything of value.

As for the play, well it’s on in London near Embankment tube. It has not been updated (if it has I cannot see where). It has contains some very uncomfortable language – racism and sexism which jar and are not helpful to the underlying message of the play. Of course it deals with bigger topics such as the dog-eat-dog world that forms of capitalism create, where collaboration isn’t in evidence, but rather ruining your peers helps your own cause. Starring Christian Slater, Kris Marshall, Oliver Ryan and Don Warrington to name a few. Get your tickets here – (warning – very sweary!)

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 [email protected]

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Glengarry Glen RossDominic2023-12-01T12:18:21+00:00