How are you spending your time?

Jemima Thomas
April 2023  •  3 min read

How are you spending your time?

We always want our clients to be able to prioritise what enriches them in life. We hone your financial plan to suit your needs, with an eye on making sure that your spare time is spent doing what you love with ‘financial comfort’ making that possible.  With a fair few bank holidays on the horizon, we hope that you have been able to set some time aside to spend it doing the things that bring you joy.

We’d love to hear how you are spending your long weekends in May. Will you be surrounded by loved ones? Engaging in a favourite hobby? Travelling somewhere? Or simply taking time to relax and breathe? Whatever you have planned we hope it’s thoroughly enjoyable and gives you the opportunity to rest and recharge.

Spotlight (our client magazine) is due to be in your hands very soon, and as usual we’ve had a number of clients who have contributed. It’s always lovely to be able to present real examples in Spotlight of lives well lived – which is why we do what we do here at Solomon’s; Time well spent deserves to be celebrated and your story shared.

How are you spending your time?2025-01-23T10:50:57+00:00

Planning – Christmas is coming

Debbie Harris 
Dec 2022  •  6 min read

The goose is getting fat, Christmas is coming

As I write, it is the middle of November, but we are galloping towards the festive season at a pace – bombarded by supermarket adverts, neighbours putting their fairy lights up (already!), and the internet promising fantastic bargains if you are willing to part with your money on one particular day of the year.

It all seems so frenetic (and it is), but this year I have decided to slow things down a little; get my priorities in order; and be mindful during the planning process (there it is … the P word!).

As a financial planning firm – these are three things that are crucial to a job well done and a job done well.

1. SLOW DOWN

Hit the ‘pause’ button; take a break; stop – you cannot see the wood for the trees if you are running around the forest like a headless chicken

2. PRIORITISE

Figure out what is important; what you really care about; what matters – only in reflection and introspection do these things become clear

3. BE MINDFUL IN THE PLANNING

It’s all very well to have grand plans and ‘big goals’; but we HAVE to be realistic around what can be achieved with what we have.  That visit to Lapland to race red-nosed reindeer will have to be put on hold! We must also remember that time is a finite source – things can be done with all the time in the World; but we don’t have the luxury of that – our tomorrow is never guaranteed

PLANNING – ENJOY THE FRUITS…

All that in mind, I have booked tickets to see a pantomime with my daughter this year (Cinderella ON ICE!); I will be attending a choral performance at a theatre (on my own – I couldn’t convince any of my lot to join me!); I have a ‘Christmas Jumper Evening’ at a pub scheduled next month and I have arranged a shopping-followed-by-dinner date with my siblings.  All things that bring me joy; all things that I have carefully selected to do with my time; all things that I will be able to look back on with a smile.

I’m not so worried about ‘the big day’ itself (although I have ordered my turkey … who knows whether I’ll actually get it … bird flu has wiped out huge swathes of the turkey population across the UK this year) – there’s always a slightly anti-climatical feel to the day for me – I enjoy the build up; the anticipation; the socialising – but once the turkey and trimmings have been devoured; it’s all over and there is a sadness to that – the tinsel doesn’t look so shiny; the leftover orange creams in the Quality Street Tin look resigned to their fate; and the tree is a dry, droopy version of its former glory.

I always enjoy the post-Christmas clean-up to be honest … it always feels good to clear away the (admittedly pretty) clutter and start the New Year with a clean, fresh slate (one of the reasons why I love Mondays too I think!)

So whatever your Christmas will look and feel like; whatever your preferred ways are to spend your time; whatever your beliefs about gifting and celebrating; I hope that you are able to plan your festive season mindfully and to execute your plan beautifully.

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

Planning – Christmas is coming2023-12-01T12:12:41+00:00

If Carlsberg made politicians

If Carlsberg made politicians

… they wouldn’t look much like the current bunch. As I write, it’s Monday morning, a new day, new week, new Chancellor and the continued conversation around whether the current Prime Minister is (or ever was) fit for purpose. The new Chancellor was handed the ultimate hospital pass and elected to pretty much shred his predecessor’s “mini budget”. Most people have an opinion on this and I’m going to make the wild assumption that you will have yours already.

So what has changed? The underlying problems that all countries have is income versus spending, this sounds familiar to anyone who has a financial plan. The only real difference is that a country doesn’t have an expiry date … at least in the normal course of life, and barring the ultimate catastrophe, we expect our nation to continue into the future, well beyond ourselves. As a result, money needs to last and debts ultimately need to be repaid or at least sustained.

So where are we in terms of your tax … essentially where we were a few months ago. Some rising taxes (full details yet to be released) and rising inflation, though hopefully this will begin to abate due to the recent interest rate rises, but we aren’t through the woods yet.

The supply chain problems caused by Brexit, the pandemic and a war in Ukraine have all pushed prices up and delayed delivery of many goods. The knock-on effects are significant and particularly to Britain, who deliberately decided to end global trade agreements and still do not have one with the United States.

Price rises lead to pressure on personal spending, savings levels tend to fall (hence interest rates are increased to encourage saving and reduce spending). Businesses face a cycle of holding off rises whilst trying to remain competitive but facing serious challenges on most fronts, from the very basic ‘heating the building’ to agreeing international contracts where the pound is ‘precarious’. We have been here before and there are always casualties. What has vexed (and angered) markets recently in particular has been the unwillingness to state assumptions in the plan.

Your financial plan always needs to be adaptable. We review this together every year. Perhaps some changes need to be made, but remember that your portfolio is global and not UK centric. The UK stock market is about 6% of the global market. So, let’s keep things in proportion. The problems are not unique to the UK (except Brexit).  Facing problems is always better than ignoring them.

It would seem likely that 2022 will be one of those negative years for markets. The brave see this as an opportunity to buy cheaply; the nervous panic and sell. Those with a long-term mindset know this truth but how it is felt is always a challenge to our nervous system. Those with the best financial planning are those that adapt in the short term but stick to the long-term plan, for probably the best planning in the world …

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

If Carlsberg made politicians2025-01-28T10:05:26+00:00

WHAT YOU CAN DO NOW

TODAY’S BLOG

WHAT YOU CAN DO NOW

When things around us begin to collapse, there is an undeniable sense that screams within us to “do something!” (I’m sure it’s not just me). The global stock markets taking a battering are not good for our nerves (we were not designed for this). The temptation to do something, anything! is palpable… but you have me and all proper financial planners telling you that selling in a crisis is just about the worst thing you could do. These things happen, they come they go, they happen again. This does not placate any of our feelings, but it may help remind us of truths.

However, we are still left with the feeling about wanting to do something, even if that is not to mess with your portfolio. So here I have compiled a list of things to do. It is not exhaustive, some are more important than others, but I would urge you to consider them, particularly if you are feeling reasonably well, but having to self-isolate, or have chosen to do so.

YOUR TO DO LIST

  1. DON’T PANIC: The first thing is not to panic, whilst this version of calamity has not happened before, something very similar has. Disasters have a lot in common, they are fairly regular and prone to repeat without much warning.
  2. TAKE STOCK: This is a good opportunity to review your cash savings. You will remember that we have talked about having reserve cash funds of anything between 3-12 months of typical spending, more in some instances. See our video. Well this is the moment that those reserves may need to be called upon. Also remember that you should try to limit cash savings at any one bank to £85,000 for full FSCS protection. Let me know if you want more about this.
  3. CHECK YOUR PRIORITIES: We all know that plans are well intended, but life has a habit of getting in the way. That doesn’t mean that the plan is wrong or doomed, merely that some flexibility is probably required. So your plans may need to be adjusted, reconsidered, reviewed, postponed, delayed or cancelled, depending on your circumstances and what is wise for you.
  4. REVIEW YOUR BUDGET: You should also take this opportunity to review your regular outgoings. Have another look at your spending plan. What is important and essential, what is nice to have and what is superfluous. Let me be clear, with some luck and good leadership, the current crisis may be over within a few weeks or months, but it could drag on for a bit longer. Stopping your subscriptions to things you enjoy and use may not be sensible, unless you don’t benefit from having them.
  5. LIVE GENEROUSLY: I am a great believer in small businesses, so think about the impact of your financial choices on those within your local community and our wider one. If you have booked and paid for something and now plan to cancel, yes that might be sensible, but you have a choice about whether you simply treat the money as gone, perhaps to someone that needs it more. I’m not suggesting you should, but to merely raise the fact that you have a choice.
  6. HOPE FOR THE BEST, PLAN FOR THE WORST: The current coronavirus is not going to be a “walk in the park”. If statistics are correct the fatality rate is higher than the normal flu, particularly for those with pre-existing serious health and respiratory problems, but we expect the vast majority of people to survive.  We all hope that we will all survive whatever is coming down the road, but some will not. Yes, this is very morbid. However, I am assuming that one of the reasons that I am in your life is so that I do not ignore the difficult challenges to do with money and your financial wellbeing. My job is not to sweet talk you with nice words, but to provide a responsible truthful voice, at least as far as I see it. You need to ensure that your Will is up to date, that your Executors know what their responsibilities are, that protection policies provide ample cover. You should also consider Power of Attorney so that someone you trust can take financial decisions on your behalf if you cannot. Need help? get in touch.
  7. COMMUNICATE – GET IN TOUCH: You also need to ensure that the relevant people know where your important documents are. Why not put a copy on our portal too – see www.solomonsifa.co.uk/pfp for more.
  8. REFLECT & REMEMBER: If you find yourself having to “self-isolate” why not take the time to finally get around to writing up a brief version of your life-story. I hope that this will have the effect of reminding you of many good experiences in life and happy memories and provide space to reflect on who and what is important. Add photographs, then get to work on creating a book using a bit of software within Apple or Vistaprint or something similar, get it printed, get it done. If you would like a useful template email me.
  9. CHECK IN ABOUT YOUR LONG-TERM PLANS: In terms of your financial planning – I’m working on the assumption that your plans have not altered. If they have get in touch. It is possible that some may need to be adjusted, but I doubt that this is a wise time to do that. Your investments remain globally diversified, across various asset classes and low cost where possible. We have seen the value fall sharply before and we will see it again, but there is no need to panic. In the same way that you didn’t sell your home during the last property crash, you sat it out.
  10. REVIEW YOUR BUCKET LIST: Appreciating the precarious and fragility of life will hopefully bring to mind some things that you would like to experience – have a think and let me know if anything new should be added to your bucket list, they dont have to have a financial price tag, but at least when we next review your plans together we can check to see how you are getting along…

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 Mill Cobham Park Road, COBHAM Surrey, KT11 3NE

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

7 QUESTIONS, NO WAFFLE

Are we a good fit for you?

GET IN TOUCH

Solomon’s Independent Financial Advisers
The Old Mill Cobham Park Road, COBHAM Surrey, KT11 3NE

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

7 QUESTIONS, NO WAFFLE

Are we a good fit for you?

WHAT YOU CAN DO NOW2025-02-03T10:37:19+00:00

Guardians of the Galaxy Volume 2

Guardians of the Galaxy Volume 2

The myth, fantasy or religion of the superhero or saviour is pretty much embedded in every culture in the world. For those of us that grew up watching Spock, Kirk and Bones boldly go where no man had gone before, the idea of a mixed crew facing new existential threats in new frontiers is nothing new. The global melting pot that is post-modern America, is represented in contemporary superhero saviours.

Guardians of the Galaxy is one of the many branches of Marvel comic superheroes. Unlike many of the more two-dimensional superheroes that are “good” and fight “bad”, the Guardians are a more eclectic mix of pirates with a conscience, out to save life-kind. Any reading of most myths would likely suggest that subtlety is an unlikely prerequisite for the role of hero, saviour or guardian and this motley crew are as subtle as the obligatory movie soundtrack sale (ker-ching!).

Sadly, Guardians of the Galaxy Volume 2 is a rather more obvious copy of previous attempts of the same story, almost a direct copy of “Return to the Forbidden Planet” which is derived from “The Tempest” by Shakespeare. The CGI is obviously better, but essentially, it’s the same.

Superhero your financial plan?

So what on earth can a financial planner gain from a Superhero film? Well, perhaps a reminder that relationship is at the heart of everything and those that are obsessed with their own ego, the narcissists, are just about the worst people to hang out with. However, perhaps allowing for the more nuanced subtlety that real people (and real clients) require, there is one particularly vital lesson for investors. It is this. The perfect world does not exist…. life is brief.

The real world is as complex and as messy as the people that inhabit it. Investors seeking illusory risk-free bumper returns, yet despite regulation, your inbox or “newspaper” is probably crammed with offers of them. Investing in property because you believe equities are “risky” is a misunderstanding of both. We might want jargon free, easy to understand financial products (most could be substantially improved) yet we live in an imperfect world where often all is not as it appears and our own desires may not necessarily be the best path for us to take. Simple is not always better.

The Perfect Life?… good luck with that

We live in a world of fairly immediate gratification, yet there are consequences to every decision. What we require, all of us, is wise and good counsel, that is designed for our best interest, not necessarily the convenience of “perfection”, which is invariably disguised as more earthy, pithy virtues such as redemption or restoration of broken relationships… or perhaps simply finally attaining the approval of a parental figure, through the acquisition of “stuff” that is the equivalent of those unnoticed (or noticed) gold stars.

Our revels now are ended. These our actors,
As I foretold you, were all spirits and
Are melted into air, into thin air;
And, like the baseless fabric of this vision,
The cloud-capp’d towers, the gorgeous palaces,
The solemn temples, the great globe itself,
Yea, all which it inherit, shall dissolve,
And, like this insubstantial pageant faded,
Leave not a rack behind. We are such stuff 
As dreams are made on: and our little life 
Is rounded with a sleep.

The Tempest, Prospero Act 4, Scene 1.

As for Guardians, well it’s a bit of fun and in a world where distraction from the trials of life is the invisible drug that keeps most of us going, it will doubtless make a fortune. I hear that the third film is already commissioned. Here is the trailer for the latest movie, Guardians of the Galaxy Volume 2… and no it isn’t everyone’s cup of tea, however Guardians is all about the ordinary doing the extraordinary when sharing a common cause together as a family, tribe or group of misfits.

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

Guardians of the Galaxy Volume 22023-12-01T12:18:34+00:00

Talking Money – July 2016

Talking Money – July 2016

The latest online version of Talking Money is now available. In the issue there is a piece on alternative assets – all well and good, but please remember that for most people this is unnecessary, focus on getting the basics right before trying to take additional risk with a more sophisticated range of options.

For example, we have just watched Andy Murray and Serena Williams become champions of Wimbledon again. Frankly they make tennis look pretty easy, and often make their opponents look like a poor match. The truth is rather different, as it is with investing. Focus first on getting the basics right (something that our Government fails to do).

So what are the basics…

  • Have a plan
  • Spend less than you earn
  • Build reserves
  • Avoid debt wherever possible
  • Remember the impact of inflation
  • Take a long-term perspective
  • Diversify risk
  • Automate your saving – reduce your proscrastination
  • Ensure you have a Will
  • Have adequate financial protection
  • Take advantage of tax allowances
  • Live your life and dreams, not someone else’s
  • Someone will always have more than you, success is not a bank balance
  • Review, review, review….

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

Talking Money – July 20162025-01-28T14:35:47+00:00

Saying what needs to be said?

Saying what needs to be said?

I’m told that to appeal to potential new clients, I need to differentiate myself from every other financial adviser out there. So I was wondering if I’m saying what needs to be said? I’m aware that our culture often appears to be one of noise rather than content. I imagine that most of you will know the names of several media hungry pop stars, but probably have never bought any of their music (or could identify it). This we are told is all well and good as we aren’t the target audience.

OK. Like everyone else, I’m acutely aware that reading the entire contents of my inbox would be more than enough to see out my lifetime, probably more than once! So attempting to get your attention (or mine) is an increasingly difficult task. It seems that saying anything is better than saying nothing, but saying something inflammatory will get attention – depending on the reception, sometimes excused as “being ironic”.

In a nutshell…

However, what we at Solomons offer is simple to explain. We help people to think about the future that they want and try to help make it happen, by helping you to understand what it takes and then to build financial architecture around your specific, individual, unique plan. We coach, encourage, educate, implement, review, check and learn. It’s a partnership into the unknown with a great deal of uncertainty. We cannot work miracles, have no magic powers and make a stack of assumptions based upon experience and data from the past. Being human, we will probably make mistakes, but none deliberately. We will try to correct those that we make.

So, just to check we’re on the same page… is that what you are looking for? If not, what do you need to hear? (so that I can figure out if it’s something that I am not saying loudly enough).

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

Saying what needs to be said?2025-01-28T14:35:48+00:00

A New Widow

Solomons-financial-advisor-wimbledon-top-banner

A New Widow

It is good to see that Scottish Widows have figured out that having a financial plan rather than a collection of policies and investments is the better approach to better results. On Monday they began a new consumer campaign – Life Feels Better When You Have A Plan… its as though they looked at my website! They are also updating their image with yet another “widow” the fourth, Amber Martinez at just 24 (how many 24 year old widows are there really?) is the new face of Scottish Widows taking over from Hayley Hunt, who was the widow since 2005. Here is a link to the new advert that has gone live.

SWLifewithaplan

Here are the four widows talking about the role. Am I alone in thinking that the age of the widow is possibly important? by definition to be a widow you have to have been married.

Dominic Thomas: Solomons IFA

A New Widow2025-02-03T10:39:30+00:00

The Clients I Work Well With

As I run my own business, I get to chose how to do things. Certainly there are many things that I have to do, many that I ought to do, but there is an awful lot that is left entirely to my own discretion. Like all good businesses (well, those that plan to be around and able to serve their clients in a sustainable fashion) I have to run a profitable company, with good systems and controls, where business risk is well managed. Those that don’t run a business take this as a given and rarely think about the importance of it. As a result I do not compete on price. Yes that means some people cannot afford our services. Competing on price only leads to one eventual outcome – a monopoly. It will not surprise you that I do not have the deep pockets to dominate financial planning in the UK.

The price of things is odd, most of us like to feel that we have spent our money wisely, but on occasion we know that we haven’t – for example, buying a new car. Mathematical madness – due to the immediate turn key depreciation, yet many of us do it – perhaps for a wide variety of “other reasons”. The actual price is only part of the value. In any industry where it is very easy to compare identical products or services, price becomes largely “all important”. However when things are bespoke, price is much more about a reflection of value.

When I take on a new client I am looking for someone that I like. That I can help, that wants and needs my help and who wants a long-term relationship. He or she needs to be comfortable with me making a profit. Obviously my job is to improve their financial well-being too – but sometimes, (with greater frequency) I advise clients to spend more and save rather less. This is because we have worked on their big picture and noted some key goals, being able to take action is more important than merely having goals. So sometimes, I actually help clients reduce their wealth.

As I have long-term relationships with clients, it is important that we like one another. If we don’t then things will not go well and frankly life is too short for me to work with people that I don’t like. This isn’t always easy to assess at the outset of course. Some think that a typical Waitrose shopper is likely to be “target client” for me…. perhaps. However, I am surprised at the rudeness that people display to serving staff. As my daughter has begun her mandatory shop floor life experience it is disappointing to hear of the abuse and rudeness that Waitrose staff regularly receive from “customers”. Yes, we all make mistakes and probably all slip up from time to time, but lacking any patience or simply being rude to those serving you as a default position, is not an attribute I like and I really don’t mind how many “ideal client” boxes are ticked, we won’t work well together, so let’s not start. This does not mean that everyone I like works with me – after all I have to be able to provide a valued service profitably, it is not for everyone. Perspective is everything.

Dominic Thomas – Solomons IFA

The Clients I Work Well With2025-02-04T10:56:51+00:00

Offshore Investing – The Weakest Link

1967: The Graduate – Nichols

Offshore Investing

Offshore investing can be a very wise strategy for investors, however much caution is needed. The over-arching principle should be simple – placing money offshore means it grows free of tax until it is brought back to the UK or anywhere else – at which point it will be taxed appropriately. In its proper place, offshore investment is little more than delaying tax. In an ideal world (for the investor) you bring funds back to the UK when your rate of tax is more favourable. To my mind there is nothing morally or ethically wrong with this. It is not tax evasion, it is tax delaying – and not in the sense of paying HMRC late, but as appropriate (when the money is in the UK).

Traps To Avoid

So it is disappointing to note that The Times has today reported that various well-known people have been named once again in an offshore scheme (Liberty Tax Strategy) that is so aggressive in its approach to create artificial losses that it potentially could be regarded as tax evasion. This is of course up to HMRC to decide, not The Times. However I do wonder what on earth some advisers tell their clients. I would like to think that everyone has been advised appropriate or suitable investments that they can understand. However it must be particularly important for those in the public eye to avoid any suggestion of improperness when it comes to tax. Certainly irrespective of fame, our clients are not put in a position where they may have to do some serious explaining to the HMRC and possibly the media. Yet this is precisely what journalist, BBC Watchdog and The Weakest Link host Anne Robinson has read today in The Times. She’s not alone either – several members of the “boy band” Take That are also caught in the crossfire. There is believed to be around £1.2bn invested in the scheme by around 2,000 investors.

Tax is not the focus of your Financial Plan

The heart of good investing is making sure that your investments are suitable to your financial plan. It is very hard to believe that the sort of “investing” that I’ve outlined above is in any way helpful to a good financial plan – and certainly not a great one. Your financial plan should reflect your values and be structured around your requirements. Tax is a part of the investment discussion, but it should never dictate the terms. It would appear that as in the film “The Graduate” a certain Mrs Robinson, journalist and Watchdog consumer champion, might have known better. Our clients won’t get exposed to this sort of thing.
Offshore Investing – The Weakest Link2025-01-27T16:16:13+00:00
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