I, Daniel Blake

Solomons-financial-advisor-wimbledon-blogger

I, Daniel Blake

The new Ken Loach movie “ I, Daniel Blake” has created something of a ruckus. It would seem that if you hold entrenched political views, then probably you would learn nothing new. If you are a little more willing to be informed or at the very least, challenged, then this film has something to offer.

You might wonder why a financial planner is writing about a story, essentially about poverty and the UK benefits system. After all, our clients don’t draw benefits and are clearly not poor, by most normal definitions. My reasoning is that human dignity is simply a human issue for us all, and of course should disaster strike, any one of us could be left at the mercy of the State system – one that we all contribute towards and reflects our wider collective values.

Daniel Blake is one of those typical, gritty, grim and grey British films, that in truth you probably have to be in the mood for. It isn’t “entertainment” and it isn’t a documentary. However in the days of food banks and some fairly vile tabloid newspapers, it’s a film that needs to be seen, rather like the truthfulness of your own finances.

Passive? moi?

Perhaps like you, I am occasionally found shouting at the TV or radio as something rattles my cage, yet it is not often that I do so in a cinema. Yet, that’s what I was doing within about 15 minutes, exasperated by the ludicrous treatment of someone by box-ticking automatons. I won’t ruin your experience of it by giving away the story, but it resonated with similar experiences that most of us will have had at some point when dealing with some organizations, particularly Governmental ones.

A curriculum vitae…

The story of Daniel, a carpenter in his late 50s or perhaps early 60s suffers a heart attack, signed off work by those professionally qualified to do so (his doctors) and then assessed by a “professional health worker” (as if) that he is not sick enough to be off work… and so the story ensues with an exploration into the penalty system introduced by a man who was actually found to mislead within his CV (according to BBC News night) one Mr. Iain Duncan-Smith.

You cannot be serious..

I know many of you are medical professionals – proper ones, not deemed so by a job title that reflects the ability to read a questionnaire containing medical terminology. So I am sure that some of you will have had experience of being confronted by those less qualified, purporting to know better…. which these days seems to be most people in political office.

Clearly none of us want a society where it is easier and more rewarding to “do nothing” than to provide something of value to others. We don’t want to encourage a culture of benefit vultures or tourists. However this is loaded with political sentiment and bias. One might make the case that a rich businessman that pays no taxes is also a benefit scrounger, not “paying their way” for all the things that the rest of us mere mortals believe important for the wider society.

It seems to me that “the system” simply isn’t very good and attempts to make it work rather better because of bile generated from supposed “journalists” have failed spectacularly.

There’s something very wrong with this isn’t there?

My own former MP was at a hustings and said he was “proud that we have a food bank here” which is hardly something to be proud of, merely reflecting the failure of our “first world” social system and is actually a reflection that the local people believe that this is very wrong, and respond to a very real, very human problem.

Planning upon uncertainty

As for your financial plan… well at the heart of this is the ability to do your sums. To live within your means… which is a lot easier when you are healthy and let’s be honest, wealthy (by comparison). However when health becomes an issue, you have probably ensured that you have savings and insurance to cover certain eventualities (well if you took my advice you did). So it will always appear easier to cope than it is in practice, because you and I are fortunate enough to have enough to plan and think ahead, even thinking about the bleak, improbable and perhaps unlikely. Part of my job is to reduce reliance on the State system by creating independence of it, self-sufficiency. This is not the same as being disconnected or unconcerned, which is the general line taken by those who have chosen to “critique” the film for being an extreme example….

Ok, there will always be some people that want to do nothing and expect something, but I struggle to believe that is how most of us behave. Most want a better life, not a benefits life. When I talk of lifestyle financial planning I am not advocating one of selfish disconnection, but of self-direction.

Anyway, wherever you are on the political spectrum (and I find myself finding some merit in most arguments from all sides) here is the trailer for a truly valuable film.

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

I, Daniel BlakeDominic2023-12-01T12:19:01+00:00

Your call is being recorded…

Your call is being recorded..

One of the many things that regulation is meant to provide is a high degree of security for investors and clients. In the main, the regulator exists to keep markets fair and ensure that people are not ripped off. You may have a view about their success over the years… then again perhaps things would have been worse without them – one of those conundrums.

From time to time (for which read – with great frequency) the regulator issues Consultation Papers, in theory to outline an issue, propose some remedial solutions for comment. Today’s 500+ page (CP16/29) latest idea is for all advisers to record telephone calls with clients. This, they believe, will help reduce problems as many people cite that they were told something over the phone, upon which they acted.

1973 movie poster The Conversation starring Gene Hackman

Are you being served?

To provide some context, to buy any regulated financial product, you have to have a “Reason Why Letter” – which can take a variety of forms, but in essence is an explanation of why you have been advised to implement a product. If you have been a client of ours for anything more than five minutes you will have had this from us.

So I wonder what your thoughts are if we are to record your phone calls with us. We have nothing to hide and are in the process of installing VOIP telecoms anyway, which would enable us to do this (though our motivation was for a better and more cost effective telecom system and the fact that BT are gradually moving everyone in this direction). However, does it actually provide you with any more protection?

As you may also know, we have been using software that enables us to hold meetings over the internet – such as gotomeeting or Skype (and others). Of course we may have called you from a mobile phone at some point too, so presumably these ought to be recorded too (if the logic applies). Then perhaps meetings (in person) should be recorded or indeed any interaction between us.

Anything you say may be used in evidence against you…

You may have a view on such an approach – all the data would be stored for at least 5 years (which is of course cyberspace that needs to be rented) – so there is a cost financially, but I also wonder how it might impact our relationship. For example, when I am on hold to a big company and they are recording the call, I’m minded to make statements like – why don’t you hire more people to answer the phones if you are so busy? Why have you outsourced the call handling around the world, where my personal data is now viewed?… or how on earth do you guys sleep at night with such a rubbish service? (but I have, to date, not said this aloud).

Its my belief that a crook, or someone that wants to take your money away from you by selling you something that simply isn’t real or realistic will find a way to do so… and not recording the call or then editing the data file would be obvious to anyone. Anyway I thought that as I’m being asked for my views, the best ones are probably yours, so email me your thoughts. I need to feedback thoughts by the end of the year… not long now!

How is your paranoia? here’s the trailer to a film on the subject… Paranoia

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

Your call is being recorded…Dominic2023-12-01T12:19:07+00:00

Take Five…. for fraud

Take Five

Not to be confused with Jazz musician Dave Brubeck, “Take Five” is a new initiative to counter-act financial fraud, which is increasing at an alarming rate. According to the latest UK financial crime statistics over a million financial fraud crimes were committed in the first 6 months of 2016. As we live in an online, 24/7 culture, that equates to about one every 15 seconds.

You will have certainly had various emails, which look rather obviously like a scam, but increasingly there are emails from businesses and organizations that you probably recognize, often attaching a document, invoice or receipt. In many instances these are viruses, some more harmful than others. Of course if you aren’t expecting an invoice, you might be concerned that you are being sent one erroneously and wishing to correct the matter, but alas, this is part of the scam.

Many email and internet scams, try to imbed a “Trojan Horse” within your computer, which gathers data about what you look at and your keystrokes. This is an attempt to gather access to your contacts (more punters to try) and of course your own personal information so that money can be spent, stolen or extorted.

Pause for thought

The new campaign “Take Five” is essentially an call to pause, to think carefully before you act – take five seconds to pause. This is because much of the fraud that occurs could be prevented with this very simple strategy. Research has shown that 26% of people continue to provide personal bank details even though they suspect that they should not. 43% said that they shared their details because they felt the person seemed genuine, and 39% said it was because they felt pressured.

Catching you off guard

A staggering 38% of people report that they were busy and wanted to get them off the phone quickly. Of course, the fraudster is also very convincing. Surprisingly, about 37% of people thought they were being scammed during the conversation but still continued with the transaction and almost a quarter (23%) realised after the conversation had finished.

Fear and greed

Most things financial work around two basic dynamics, fear and greed. Fraud is no different; invariably the fraud appears to be helping you, perhaps providing protection for your computer or your bank account. The standard “confidence trick” in all its guises also reveals itself. Some frauds even dupe people into believing that they are assisting with catching a fraudster – playing on your goodwill and sense of social responsibility.

For more information on the Take Five campaign and various frauds please check this website. For music by Dave Brubeck, well…

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

Take Five…. for fraudDominic2023-12-01T12:19:08+00:00

This is Your Life

You may remember the TV show “This is Your Life” – the big red book of a lifetime of memories.As a child, it often seemed to me at the time, many of the celebrities were not very old, so had not actually had much “life” yet. Yet today I find myself rethinking my position.

Over the last few weeks I have been house-hunting and after what feels like a trial of will over energy, tomorrow I finally move house. This is not something that I have done often, indeed the entire process of buying and selling houses does make me wonder why anyone would wish to move regularly or indeed be a landlord.

As we all know, everything has its time. The memories created in our current home, seeing the children grow up, being part of the community, having lots of wonderful parties – these are not sold off in the process, but of course they can and do fade over time. To me it has always been important to have some form of record of those memories

Planning an ending

The advantage of moving home is that to some extent it is possible to plan a clear “ending” and say goodbye. On Sunday night, we had a small goodbye party with our neighbours. Life itself rarely gives many people this opportunity. Sudden death is precisely that – sudden and unexpected.

Of course we will all experience loss, some will be expected and some something of a shock. Irrespective of when or how, there are things that we can all do to help prepare others and ourselves. The most obvious aspect of any funeral and mourning period is the recounting of stories. These are naturally far more revealing of who the real person is or was. Yet often these tales rely upon the memories and survival of others.

I encourage clients to design their own “life book” full of pictures, quotes, memories, stories, some basic factual stuff and a load of thoughts about “how I was shaped”. These days it is relatively easy to get a book printed for a very small sum. This makes a great document which you can keep up to date, but importantly an opportunity to tell your own story, in your own way, in your own words. Why not give some thought to what you would like to say – not as important as a Will or adequate financial protection, but far more enjoyable. Of course I might suggest that this can act as a catalyst for the life you still have left, to reflect on making your time count – whatever that means for 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 info@solomonsifa.co.uk

This is Your LifeDominic2023-12-01T12:19:04+00:00

More thoughts on Brexit

I have spoken to a number of clients, all of whom expressed great sadness at the outcome of the EU referendum. I’m sure that some of our clients voted to leave for very good reasons (such as the EU being a huge bureaucracy that seems unwilling to change its ways). If you could cut through the bile of the media and politicians, then there was a debate to be had. Sadly, many are ill-informed about the actual issues, facts, experts, historical context and any sense of idea about what the impact really might be.

Many are still deeply distressed about the result, because it feels wrong. It feels as though something has been stolen from us all. Our nation, which is one of the most tolerant and safest places for anyone to live, has appeared to give the impression that we simply don’t care about others any more. We have had enough… “we want to take our country back”.

I am one of those that is deeply angry. At times, I have lost the internal conflict and said some things which probably doesn’t help. I apologise. I have been fed up that most of the commentary within my sector is written by white men, who are fairly wealthy and have little experience of racism in person and because they don’t see it, assume its not very bad.

Another stereotype – give me a badge

I am deeply concerned about the way that the far right appear to have been given permission to behave in a manner which feels like a threat to the core of this country, or what I think this country is. I have watched and read in dismay at stories and videos of some horrible incidents. There is an air of menace, interrogation and intimidation. As a large, bald, white male, sadly I appear to match the general stereotype of a thug. I feel the need to wear a badge that says the equivalent of “I didn’t vote for this, I don’t want you to leave, you are safe with me”. What I still fail to understand is why so few seem so unwilling to recognise that this was always the likely outcome. People that I respect and admire greatly, of all creeds and ethnicity.

I know full well that Westminster has condemned racist acts in the past, and did so again yesterday (Monday) but to be blunt, lots of white middle class men (largely) invariably move their lips to a soundtrack that seems at odds with their actions. However “good” a Prime Minister David Cameron has been (which is of course subjective) he was the one that agreed to run the referendum and its result has created this deep state of unease.

We have clients from all backgrounds. We have friends, colleagues and neighbours. Many are deeply worried for their future because of the newfound “courage” that fascists have been handed with a vote to “leave” for which they read – tell everyone to go (it seems). We have to stand up against this, not afterwards, but in the moment, during. If that is a frightening prospect, well that’s the practice of standing in another’s shoes and what it means to stand against racism.

Yes there is a reason…

I understand that most of these people are poor, often poorly educated, a product of their circumstances and if they are constantly told that they are worthless they tend to believe that lie until someone else, proclaiming nationalistic values, provides a form of antidote with a sense of identity. However this is no excuse, just an explanation.

So however you voted, the reasons why those of us that voted “remain” were invariably beyond the mere numbers of costs, economics and bureaucracy. We know that immigration needs careful controlling, we know that integration could and should be far better than it is. But we also know that we are all lucky to be born here, which is all it is, a random roll of the dice.

Business is more than money, its also community

Perhaps this is not the place to talk about “my feelings” after all, I run a business designed to serve you to make better financial decisions. However to be candid again, the financial planning I do, that works best is all about personal values – yours (and mine) and invariably the money is the least important bit. If my job is simply to protect your wealth, then frankly this is also a part of that.

and here is an oldie… The Power of One.

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

More thoughts on BrexitDominic2023-12-01T12:19:08+00:00

Protecting you, your family, your business

It is easy to be cynical about insurance companies, as most people only deal with general insurance, for a car, house or appliance and many of us may have experienced difficulties in making a successful claim, which at a time of stress can feel like a very long and tedious process.

However when it comes to financial protection, despite the occasional negative news story, you may be interested to know that in 2015 over £5bn was paid in successful claims. FIVE BILLION. Yes some claims were declined – but only 3.04% of them. The vast majority of claims declined were for total permanent disability of which a third were declined. TPD is often an “add on” feature to some forms of cover and the clue to a successful claim is in the term itself. Still, even with this high rate of failed claims, in 2015 £37.8m was paid to 581 claimants, that’s an average of £65,213 per successful claimant (which may also give rise to the attempt to make a claim!).

As for life assurance, a total of £3.3bn was paid out in 2015 with only 1.91% of claims rejected (I have no idea why, but imagine that non-disclosure of pertinent medical information was probably the likely cause).

Serious Money, Serious Illness

£1.1bn was paid in critical illness claims, an average claim of £61,677 to the 17,854 people who had a policy and claimed on it last year. Critical Illness provides a lump sum upon diagnosis of a serious illness such as cancer, heart attack or a stroke (and other serious illnesses).

Income Protection paid out £478m in claims to 92.71% successful claimants, each receiving an average of £17,087 as income.

This reminds me of the National Lottery, which most players are unlikely to ever win anything significant – or life changing. The chance of doing so is far higher (as in far less likely) than that of death or having a serious illness. So pause for a moment, reflect that these people and employers had cover, which means that the claimants were not as reliant upon the State or charity as they might otherwise have been.

These figures were released by the ABI (Association of British Insurers and Group Risk Development (GRiD) on 9 June 2016. Lee Lovett, Chairman of GRiD commented that:

“Despite this, the major challenge for our industry is that a material proportion of the working population have no (or insufficient) cover and GRiD’s focus is on improving awareness and ultimately increasing the number of lives that have access to cover via their employer.”

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

Protecting you, your family, your businessDominic2023-12-01T12:19:10+00:00

Our Kind of Traitor

The new film “Our Kind of Traitor” is based on the 22nd novel by John Le Carre of the same name. For those of you that enjoy some espionage, intrigue and have nagging suspicions about who is really protecting who, this is definitely one film for you.

The story is set within the context of a relationship that is undergoing some difficulties and attempting to find a way forward from a break in Morocco. Work interrupts leaving a brief vacuum into which Dima, a glittering, persuasive millionaire steps.

It transpires that Dima is of course somewhat of a figurehead in the Russian mafia, however he is under pressure to surrender his power to someone higher up the food chain. The drama is set with a potential trade of family lives for information.

Money, Sex and Power

As ever Le Carre points to the colour of money and the interchangeable values that it solicits. He questions the lack of questioning posed by the powerful when the sums are significantly enticing enough to look the other way, ask no questions, tell no lies. Le Carre has a regular discussion about the dynamic of money, sex and power. Indeed these are probably the basis for almost every thriller within the genre.

Whilst we may not find ourselves in the same position as Perry and Gail (Ewan McGregor and Naomie Harris) we do find ourselves regularly facing buying and investing decisions, from the apparently minor issues of everyday grocery shopping to how we vote. At a time when the City and those within the financial services are still largely untrusted, this film asks questions about provenance.

Of course, those within the financial services industry can point to a catalogue of incidents where “looking the other way” was detected by the regulator, resulting in considerable yet insufficient fines to truly deter such practice and culture (despite assurances that lessons have been learned). It would seem that the big fish generally do get away with it, whilst any financial adviser failing to do the required checks would face rather harsher punishment. There is little escaping the sense that the rules do not apply equally, something I imagine that Mr Le Carre would say.

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

Our Kind of TraitorDominic2023-12-01T12:19:14+00:00

Pension Scams – The Empty Box

Yesterday I outlined that 2015 has been a poor year for investors. I also pointed to not making a bad situation worse by making further mistakes. Invariably and sadly, many are tempted by high returns elsewhere in an effort to recoup losses and/or an unwillingness to accept the reality of life.

Unfortunately, there is always a willing con-man to part you from your money with promises that tempt some to make some dreadful decisions. The BBC radio 4 programme “You and Yours” which can be found on the iplayer which aired 2 weeks ago (3rd December) is worth listening to. It’s a 45 minute show, so put it on whilst you are wrapping gifts for Christmas. You can find it here. (click)

This story has been around for a while, the regulator warned about it some time ago. In a nutshell, this is the story of pension liberation, though I don’t think the term is used anywhere (it ought to be). The brief version is that investors were encouraged to move their pensions into a SIPP (Self Invested Personal Pension) and once there, the money was invested into a “fund” which is unregulated. The fund was actually a “dead cert” of an investment, which was actually storage units or “storage pods” with Store First. One might hope that most people would think at least twice before making such an “off the page” investment, but it doesn’t help when a well-known person from the media appears in the commercial suggesting the implausible is possible… in fact guaranteed.

The Empty Box

Recap: the investment actually went buying a storage unit, then hoping that it will be rented and that the pod will appreciate in value. The price of the pod does not appear to be a market rate and attempting to sell the pod at anything like the purchase price is… well something about snowballs and hell freezing over. Note there are many similar “opportunities” arriving to your spam mailbox.

Let me be clear, there is nothing wrong with anyone renting or offering to rent or run a business that rents storage space. However as a direct investment, you are essentially becoming a business that rents storage space, so do you have all the facts to hand? and even if that is the case, of all the business opportunities “out there” do you really want to rent a box to others for profit? How much of such a business strategy is actually within your control?

There are lots of problems with what happened, for starters the advisers were not authorised (qualified, vetted, approved and regulated) advisers and they breached all sorts of regulatory standards. The processes involved were corrupted and frankly anyone doing even a modicum of research would probably conclude that this is not typical investing.

Unfortunately as the “fund” is unregulated, there is no compensation, despite appearing within a pension.

Tomorrow I will conclude by outlining some of the facts and part-truths from the Radio 4 programme, so that you don’t fall victim to something similar.

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

Pension Scams – The Empty BoxDominic2023-12-01T12:19:40+00:00

Divorce

Understandably, divorce is a sensitive topic. Yet it is a reality for many people. The subject of divorce rates is open to interpretation. Some will see this as failed relationships, others will see it as ending misery, of course each has its own context and trauma (or not).

Statistics are interesting, but as I have said on countless occasions, they are merely data that can be manipulated to assist argument. So with that in mind, the ONS (Office for National Statistics…. yes it does sound rather like something from 1984) released data this week revealing that divorce rates fell 2.9% in 2013, when compared with 2012. Factually, 2013 saw 114,720 couples in England and Wales granted a legal divorce. The bulk of which were people aged 40-49, however notably it would appear that more younger women divorce than men.

Anecdotal experience would tend to suggest that generally wives are a bit younger than their husbands… emphasis on generally. In addition divorce rates at older ages are likely to be lower due to the fact that marriages also end when people die and there are very few divorces amongst those under 25. So there’s a degree to which one might ask… isn’t this simply stating the obvious? One might also suggest that fewer marriages take place, so it follows that fewer divorces do.

when-a-man-loves-a-woman-movie-poster-19941

Chance of divorce

I’m being a little inaccurate with interpretation here, rather than the chance of divorce, a better and more accurate statement would be the percentage of marriages that end in divorce. According to the ONS, the percentage of marriages ending in divorce has generally increased for those marrying between the late 1960s and the late 1990s. For those married in 1968 20% had divorced within 15 years. Thirty years later, of those married in 1998 32% were divorced before a 15th anniversary. The current median duration of a marriage that ends in divorce was 11.7 years in 2013.

The ONS note that compared to data from 2005 the percentage of marriages that end in divorce reduced from 45% to 42%…. so a minor reduction. They suggest a couple of possible factors for this.

1. The age at first marriage has been increasing, data suggests those that marry at older ages tend to have a lower risk of divorce.

2. Cohabitation has increased, which acts as a filter for those contemplating marriage, so arguably fewer marriages then end divorce.

OK, so this is all well and good, but so what? Well…. the uncomfortable truth is that something like 4/10 marriages end in divorce. So it would seem logical to reflect on this when it comes to your financial planning, by ensuring that both parties in a couple are engaged in financial decisions, both are building and protecting wealth. I have only ever seen one painless divorce (which in reality I do not know much about) most are very painful. Your financial planning can be arranged to reduce such pain, should it occur.

To generalise again, women under the age of 35 are far more likely to divorce than men. Men over the age of 50 are more likely to divorce than women.

Christmas Stress

If you are experiencing a divorce or think you may be about to. Christmas and summer holidays are the time when most people decide to divorce. Understanding your finances, what you have and what you need is vital and I am constantly surprised at how few divorce lawyers every suggest some proper cashflow modelling to reveal what is possible.

Divorce or relationship struggles often make good drama. Here is the trailer for the film “The Story of Us” starring Michelle Pfeiffer and Bruce Willis.

and for some dvd’s on the theme…

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

DivorceDominic2023-12-01T12:19:44+00:00

Remembering Childhood

Remembering childhood

Last night I went with friends to the National Trust site of Box Hill, in Surrey, to see an open air showing of “Finding Neverland”. Its a story of how “Peter Pan” came to be written by JM Barrie. The accuracy of the story is subject to the usual artistic licenses and too much attention to detail may rather miss the point of the story.

In essence, this is a tale of recapturing childhood. Barrie, (played by Johnny Depp) was struggling to write a commercially successful play and happens upon the Llewelyn-Davies family, who become the inspiration for the story. The story itself (in the film rather than reality) is born out of struggle – Barrie’s own marriage is far from happy, the Llewelyn-Davies family have suffered the loss of a father and Barrie himself needed a successful play for his theatrical producer Charles Frohman.

Barrie is inspired by the imagination of the Llewelyn-Davies boys and becomes a significant figure in their lives. In meeting with them, he is both a willing participant and ring-leader in their play, recalling something of his own childhood and confronting the reality of what has been lost in the transition to adulthood, in so doing, his behaviour is frowned upon by the socialites of the day, including his wife who eventually divorces him for a man more present.

Childhood is precious and brief, but so too is life – coming to terms with loss and grief is experienced differently by all, yet all undergo this very adult experience. This is poignantly reflected in the movie with the mother, Sylvia, played by Kate Winslet, who also dies fairly suddenly from cancer and whose friendship with Barrie has been something of a talking point much to the chagrin of Mary Barrie and Emma du Maurier.

Worse than fiction?

Despite being a moving tale of loss, where the only relief seems to be found in friendship and escape into imagination, the real story is even more painful. It transpires that lives of the four brothers all met with significant sadness.

In reality the boys’ father barrister Arthur Llewelyn-Davies died in 1907, age 44, some three years after the play was first performed. JM Barrie divorced his wife in 1909. Sylvia died in 1910 aged 43. Barrie didn’t publish Peter Pan as a book until 1911 having made numerous revisions of the play.

The second eldest Jack, actually left home shortly before his mother died in 1910 to join the Navy. George, the eldest, was killed in Flanders in 1915 at the age of 21, the second youngest Michael aged 20 drowned in suspicious circumstances (thought to be suicide) in 1921.

Peter grew up apparently very unhappy about the constant references of him with Peter Pan, eventually falling out with Barrie over a relationship that Peter had with illustrator Vera Willoughby whilst Peter was 20 and still serving in the military, the argument is presumed to have been that Vera was 20 years older and married. Peter went on to form his own publishing company, which the film suggests as a nod to the influence of Barrie and his late mother, his company published work by his cousin Daphne du Maurier. When Barrie died age 77 in 1937, his estate passed largely to his secretary, the royalties of Peter Pan were gifted to Great Ormond Street.

Jack died when he was 65 in 1959, Peter committed suicide just 7 months later, age 63. It was discovered that he had been working on a piece about his family entitled “Morgue” and had reached the point where he was confronted by the prospect that his youngest brother may have committed suicide. Peter was married with three children. The youngest brother, Nicholas died in 1980 and doesn’t feature in the film as this would have revealed the problematic chronology within the movie, havng been born in 1903.

And the financial planning lesson?

For some of us childhood was an experience lacking responsibility. At times, when life can feel overwhelming it is tempting to recall such childhood freedoms. The path to adulthood is rarely an instant marvel, and in reality childhood contains all sorts of trauma and experience. Growing up can be hard, taking responsibility can be difficult.

Enjoy life whilst you have it, treasure your friendships and loved ones, don’t count on inheritances and ensure that your family (and/or friends) are adequately financially protected…. and remember that stories aren’t always factually accurate….even our own. Finally, your financial planning really shouldn’t be based on fiction, but it should contain a considerable amount of imagination.

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

Remembering ChildhoodDominic2023-12-01T12:19:56+00:00