Today I found myself in a hard hat and reflective jacket

I was reminded this morning about something that is often pretty obvious to most people but seems to pass me by on occasion. The outcome you seek is not about the process, it is not about the tools, its about the result. Don’t misunderstand me, I’m a process believer and of course having the right tools for the job is vital. However I am prone (as many of my peers also seem to be) of wishing that there was “one bit of kit” that enabled me to do my job fully. The reality of being a good financial planner (let alone a great one) is that this is still a pipe dream.

I have a lot of “kit” yes it doesn’t look terribly big or significant, because it resides mainly in cyberspace and on my computer. It would be nice to have a single application for client work, in theory this is achievable, but only in theory and assuming everyone (or enough people) want the same thing and work the same way – which of course is at best a temporary condition. I have a plethora of software and a fair amount of hardware – enough to make the moon landing look like a walk in the park. I need to accept that my various tools (which are invariably fairly expensive given the industry I operate in) are suitable at different times for different jobs and different aspects of the same piece of work.

So what happened this morning to remind me of this? well the local council has finally decided that our road is worthy of proper repair (delight to the local residents). We were only given at best 24 hours notice that the road would be closed and cars needed moving – not ideal for those working abroad or on holiday. Rather like a small boy I gaped at the various trucks, diggers, scrapers… all German of course! that came together as a team to each perform their task like a… well good orchestra may be stretching it, but it was pretty impressive. “So what will you do about the cars in your way?” I asked. “We’ll lift ’em out, photograph them and put them in another road… that skip too”… if only I could do that with some of the pension companies that I have to deal with. In essence, we have a tool for the job and will get things out of the way so that we can get it done. There were, as you might imagine a lot of blokes in fluorescent jackets each operating machinery and playing a part. No it hadn’t really occurred to me to properly observe this along the motorway in the days before Sat Nav and I set staring at lines of cones. It was a helpful reminder that the single tool to dig up and relay the road properly, does not currently exist… similarly, whilst I may have to combine software applications, reports, websites and so on, the job is the outcome and having the right tools is important, but knowing which one to use, when and how to orchestrate a team is where the effectiveness really shines.

If you are a client (or thinking of becoming one) you have to put up with a lot “bits” of information, requests for it and so on, I know this can feel a little frustrating… isn’t there just an easy way to create a financial plan? I can assure you that  what we ask for is necessary to get the job done to the best of our abilities. I can assure you that the end result is worth the effort, once it is neatly packaged and put into clear terms that make sense and above all, provides information to inform your decisions…we are, after all, laying a new road to your future.

Dominic Thomas – Solomons IFA

 

Today I found myself in a hard hat and reflective jacket2023-12-01T12:23:40+00:00

Auto enrolment – fools rush in?

If you are not drawing your State pension, then by now you should have picked up that pensions are changing – again! This time rather than making employers set up a pension that nobody might use, they have decided to force employers to set up a pension that everyone in that firm will use (unless they have an exemption or opt out). This will include mandatory contributions, which will be 3% from the employer and 5% from the employee (eventually). Whilst the employee can opt, he or she will be opted back in after 3 years (with the option to opt out again) – the ideal being that eventually you will forget and naturally begin building up a pension. Auto-enrolment is the path of least resistance.

Employers have begun (well some months ago) asking about AE. To say that there have been teething problems for the first of the large schemes would be an understatement. So today Steve Webb has intimated that SMEs will have a more simplified approach – now please note that AE is already meant to be a “no brainer” with no question asked other that “do you want in or out?”. I am left perplexed at what other new idea could be so simple… perhaps reforming NI and collecting payments directly would be sensible? I suspect that such “radical thinking” would be rather unwelcome. Anyhow when any Government uses terms like “simplified” or “simplistic” my cynicism really kicks in, as invariably this is code for “we have no idea of the consequences” but someone at a think tank thought this would work.

I am attending another presentation on AE next week, I am hoping that this will provide better insight into the latest “alteration”. I freely confess that it is better to change and adapt based upon experience, but for once, it would be nice to have some firm guidelines so that we all know where we stand..

Auto enrolment – fools rush in?2023-12-01T12:23:27+00:00

Adapting to the weather

What opportunities does the snow offer?

It has been a cold weekend here in London. My team managed to plan around the snowfall successfully. Adapting to things we have little control over is one of my mantras and you will have gathered from a couple of posts last week, that my challenge is often to continually adapt, improve and grow. I have sympathy for those forced to use roads that have become blocked or treacherous. The public transport system has many challenges when it snows and whilst these are great frustrations to many, one has to consider that here in Britain we really don’t have enough “adverse weather conditions” to make the significant investment to cope a little better with the 2% of working time that is threatened. Frankly the resources could be used more effectively elsewhere. However, the snow does provide an opportunity to reflect on working patterns and the way we live our day-to-day lives.

Technology – touch screen is so last year

Perhaps you have been contemplating the alternatives to commuting to an office each day, by use of some clever technology that doesn’t (mainly) rely on good weather. Certainly when life becomes more difficult, we tend to reach for alternatives. Technology can offer some solutions, however the main disadvantage of technology is that it constantly evolves. If you have a smart-phone, an ipad or tablet…well, you will be familiar with a touch screen and recognise that perhaps you don’t always need a mouse and keyboard. Sadly this is now rather old hat. Touch screen is so last year. Make way for motion detection. Those with a games console from the last few years will understand this a little better. Have a look at the video below. This is the next thing that your home or office technology will demand. The knock on effects are yet to be understood, but I imagine web designers will need to be considering the impact as will anyone involved in using a computer to engage or interact, which will be most of us, but particularly those running a business.

Limited by a lack of imagination?

Now clearly you cannot motion every task – certainly the act of shovelling snow is unlikely to be directed from your computer with the wave of a hand…but then again, perhaps I’m not being imaginative enough – we are about to get an influx of remote control devices, primarily used for CCTV purposes – perhaps we could have a fleet of remote control helicopters to grit our roads and streets too. The NASA Rover explored Mars, yet we have a road network of potholes. I’m sure someone can put these devices together. The successful businesses of the future (and therefore investments) are those that identify problems and provide solutions using technology to its full advantage.

Adapting to the weather2023-12-01T12:23:23+00:00

Another Blockbuster?

It was not that widely reported, but on Wednesday, Blockbuster went into administration. This will come of little surprise to anyone. Whilst Blockbuster launched in the UK in 1989 and successfully dominated the video rental market, wiping out most of its competition, the tables have turned against them in an overcrowded market. The purchase price of DVDs has not helped those renting them – the difference between the cost of ownership and the cost of rental being very marginal.

Blockbuster has around 500 stores across Britain employing around 4,000 staff, which is a statistic that tells another story as well – an average of 8 staff per shelf-stacking store cannot be a sustainable business. The internet offers huge opportunity to those that know how to build businesses and more importantly, not forget what the purpose really is. I have to admit that I am not going to miss Blockbuster and have not set foot in one for many years, there is a sense of reaping as you sow about this one. As you may have gathered, I am rather more enthused by unique, bespoke, individual and independent businesses providing a great service. Deloitte has taken over the running of the business until a buyer can be found, though I cannot imagine why anyone would want the business as it is.

Another Blockbuster?2023-12-01T12:23:23+00:00

How to use LinkedIn

2001: The Business of Strangers – Stettner
As a holistic financial planner my main role is to help my clients. Normally that means creating a workable financial plan, getting investments right and making sure that clients achieve their goals. However there are other aspects too – such as putting clients in touch with others that can also help them through my own network of connections – such as Accountants, Solicitors, Marketing Specialists and Business Consultants to name a few.
Yesterday I invested time in gaining better knowledge about social media as the more I read about the way people connect now and in the future, it seems that this is something that  a forward-thinking successful business, organisation or service will need to master. So I spent a highly valuable day with social media expert Phil Calvert who specialises in helping IFAs around the world with this topic. He provided really helpful insight into a variety of social media applications such as LinkedIn and has given me much to think about and put into action. He demonstrated how whilst originally considered to be little more than a business job site, LinkedIn is an invaluable business tool to enable networking, sharing, understanding, communicating and a great search engine. In essence it helps to communicate who you are and business wisdom is that “people buy people”. So whilst networking and LinkedIn can appear to be a collection of business strangers, it can, when used correctly (suggests Phil)  be everything that Facebook is not and rather more.
I shall be taking his challenge seriously and will be improving my use of LinkedIn and many other aspects of communicating with clients and contacts, so do keep an eye on my LinkedIn profile and link to me. If you have a LinkedIn account, I now have some tips to share on how to make this a better business tool.
We are a boutique firm of financial planners. We create financial plans designed to achieve a desired lifestyle. We will craft and implement your plan that will provide you with the greatest chance of accomplishing your unique goals based upon the values that you hold. Financial products are little more than the tools to achieve your required results
Call us today or visit our website for more information and to arrange a meeting
How to use LinkedIn2023-12-01T12:48:05+00:00

Lingerie Retail that went Bust

1951: Company She Keeps – Cromwell
The world of retail is a complicated one. La Senza, the UK lingerie retailer was placed into administration this week. A sign of poor trading conditions on the high street and perhaps a reminder that sometimes “niche marketing” is not always the right solution for every economic condition and where larger retailers such as Debenhams and Marks and Spencer have the advantage of a wider product line. That said, this is an “odd one” given today’s news that Tesco has had the worst Christmas for 20 years. This calls into question the management of retailers as it certainly does not seem as simple as product range (either narrow or broad) as John Lewis and Waitrose continue to demonstrate good business models and management.  As for La Senza, KPMG the administrators have already sold La Senza to Alshaya UK originally from Kuwait and who manages many well known brands. Perhaps this is coincidental to the news last week that Saudi Arabia has finally permitted women to sell lingerie (previously only male retailers were able to perform this role). One might be left to wonder if retailers are changing the world or the consumer?
The apparent failure of La Senza is surprising. The UK lingerie market was worth nearly £3bn in 2010. Key Note published data in February last year suggesting that the market was overcrowded with too many retailers providing essentially the same thing. However they report continuous growth and the planned arrival of Victoria’s Secret to high streets in 2012, which they suggest will create further competition. Yet Victoria’s Secret are a part of the same American company Limited Brands whose share price has been on a steady rise since 2009. Limited Brands largely operate businesses on a franchise or license basis, La Senza is actually a Canadian company, it is just the British franchise that has gone into administration. The UK company was originally set up by Dragon’s Den Theo Paphitis who sold the company in 2006 for an estimated £100m to private equity company Lion Capital. Lion Capital have stakes in many other well known brands such as Wagamama, Jimmy Choo, Weetabix, Findus Group and Amerian Apparel to name a few. Mr Paphitis, who clearly as an eye for timing, now runs Boux Avenue (another lingerie company) amongst many other ventures.
Whatever your thoughts about retail, it is certainly a world where brands are clearly powerful. However, I suspect that many will not appreciate quite how complex and interwoven global retail really is. The British high street is no more British than anything else it would seem.
 
We are a boutique firm of financial planners. We create financial plans designed to achieve a desired lifestyle. We will craft and implement your plan that will provide you with the greatest chance of accomplishing your unique goals based upon the values that you hold. Financial products are little more than the tools to achieve your required results
Call us today or visit our website for more information and to arrange a meeting
Lingerie Retail that went Bust2023-12-01T12:48:13+00:00
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