Animal Kingdom

Solomons-financial-advisor-wimbledon-blogger

Animal Kingdom

I wonder if you saw a video clip of a family at Beekse Bergen Safari Park, who for some strange reason left their car to look around. Another park visitor caught their lucky and close escape from a pack of cheetahs. Whilst the video isn’t that clear, other than the obvious “what possessed them?” I was aware of that the mother clutching one of her children was the last to reach safety, somewhat deserted by her husband. It reminded me of a 2015 film “Force Majeure” in which the male parent absconds from his duty.

At this time of year, we see various creatures nurturing their young, well… at least if you manage to get outside amongst any green spaces… whilst I realise that the nurturing instinct is not exclusively female and not all females experience it, it is perhaps generally true. The instinct to protect is “natural” to many.

Delegating Poorly…

Over the years I have met hundreds, perhaps thousands, of people to discuss their financial planning. There are many common themes, but the one that is common amongst couples is where the wife leaves most of the “money stuff” to the husband to sort out. There’s nothing terribly wrong with this, if he does…

Often, men live and behave as though they are indestructible. Perhaps you live with one that doesn’t tend to make too many trips to the doctor, dentist or whatever… Whatever their reasons, many do not take the prospect of illness or death terribly seriously until they are much older. They often rely on benefits provided by employers – the death-in-service cover and so on. Yet any employer benefits will cease, should the employment end. Frankly I would only ever view them as a bonus rather than the solution.

Whether you have children or not, in the event of a serious or long-term illness or perhaps even death, there is almost certainly a financial consequence. It is too late to address this gaping hole once you find yourself in such a scenario. I would urge you not to rely on employer benefits, I have seen the folly of this. I would also encourage every couple to ensure that they have ample financial protection, don’t leave it to one partner to “sort it out” ultimately you may be living with the consequences of poor delegation, I have chosen my words deliberately.

It’s not just couples

Single people also need to reflect on their financial security if they could not earn a living. I know this is morose, somewhat awkward to think about, but I have seen too many people needlessly struggle because they didn’t set up a suitable amount of cover.

Whilst the couple in the safari park may have somehow found a reason to get out of their car, the bubble of a relationship is of no help when the real-world breaks through, which it will, it always does…

Ready for the video from CNN

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

Email me to get in touch

Animal KingdomDominic2023-12-01T12:18:10+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 info@solomonsifa.co.uk

Email me to get in touch

CocoDominic2023-12-01T12:18:17+00:00

Loss and Manchester by the Sea

Loss

Coming to terms with loss is perhaps one of the more significant aspects of the human condition. As a financial planner, loss is normally thought of in terms of the value of investments falling and how much money is ‘lost’. However, financial planning isn’t really just about money, its about planning your life (as far as one can) and then building financial architecture to deliver the plan.

A financial planner will also reflect on your loss and the impact that this would have on your financial plan and those that you leave behind. A really good financial planner will also help you think beyond your own family. How would your children be cared for if both parents are no longer alive? What are the practical implications for those appointed as Guardians or Trustees?

A Deep, Dark Sea of Despair

Manchester by the Sea is a film that has been short-listed (amidst some controversy) for a lot of awards . Its well acted, but its grim. Little good happens and worse still, the main character (Lee Chandler played by Casey Affleck) doesn’t seem to find any real sense of resolution. The traumas experienced are raw and undeniably bleak, yet there is no sense, or perhaps, I had no sense that the lead character was ever going to be able to process what happened with any degree of resolution. Admittedly he faces horrendous set-backs (understatement) which would always be very difficult to overcome, they are life-changing.

I couldn’t do without…

It is still a surprise to me that so few people have a Will – something that every adult really needs. Most do not have adequate levels of financial protection in place. You are your biggest asset, yet many people are more likely to have insurance on their drains, pets, smartphone or washing machine than on their own life, or a lifetime of income… the very thing that pays for the drains, pets, smartphone and washing machine.

The Predictability of Loss

We all know that we will experience loss again in our lives, it is a regular feature and one for which we can prepare to some extent. So why not ensure that if you have agreed to be a Guardian or Trustee, that you know what to expect. Similarly have you discussed with your appointed Guardians or Trustees some of the key concerns you might have? The how, why, what and when of your Will and the implications for how your family are cared for.

It is my hope that you never need to claim on your financial protection. Doing so implies that personal tragedy has occurred. There is the rather strange dynamic where I hope you never need what we arrange. If it is needed, then at least the comfort is that you had prepared as well as you could for those that are truly important to you.

So if you are now suitably prompted to rethink your value, please get in touch. If you’d like to know what to avoid with some better communication, here’s the trailer for Manchester by the Sea.

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

Loss and Manchester by the SeaDominic2023-12-01T12:18:53+00:00

A Monster Calls

Perhaps it is just me, but I seem to be a little (more than usually) morbid at the start of the year. On Saturday I went to see the movie “A Monster Calls”. This seemed to coincide with my reaction to the lengthy list of people that died in 2016 and the natural sense of turning a new leaf with the start of a new year… a time to get a little more organised, better prepared for what may lie ahead.

The movie relates the tale of a young boy who lives with his mother and it becomes apparent that she has cancer. The movie itself is visually beautiful, fusing art, film and masterful story-telling. It captures the painful struggle of a young boy called Conor who, like many children is living with the hope of recovery and the reality of uncertainty. He escapes into the invisible world of monsters which merely highlights the tension of his real world where he is largely invisible, with nobody noticing his struggle other than those most alert to vulnerability – the bully.

Complexity lurking in the shadows

There are some delightful lines and insights and it is a film that has continued to gnaw at the corners of my mind. Whilst in many respects this might be promoted as a children’s story, it has far more to offer adults and those caring for or working with children with insights and reminders about just how vital our communication with children really is. Indeed, the tales within the story remind us that we are all rather more complex that “good” or “bad” perhaps this awakening normally comes in childhood, but certainly is a timely reminder as we survey a complex world with some notable players, who invariably appear monstrous.

The monsters we don’t call for

We all have monsters that we fear may come calling, one of the more obvious ones is the monster called Cancer. You may have seen some poignant TV adverts entitled “Cancer is happening right now” and of course for those of you that have experienced such visits or are currently doing so, there is a very real sense of an alternative universe, drawing family and friends into an epic, often weary struggle for survival and many will relate to the fourth tale offered up to the monster.

The limitations of financial comfort

Of course, in the financial planning world there are policies designed to provide financial assistance. Nobody is under any illusion that these will cure, heal or even soothe the pain of a serious or critical illness. They “merely” enable focus to be kept on relationships, care and hopefully successful treatment, rather than anxiety about cost, albeit purely the financial one. This is not a pleasant subject. It is the nightmare that I hope you never must endure, but the sad reality is that we cannot control our nightmares, we can respond to them and make allowances, whilst attempting to understand and have greater empathy for those that have, are and will.

I can thoroughly recommend the movie, but it comes with a warning, not a child-like story, but there are many children like this (and many grown-ups that feel the same way). 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 info@solomonsifa.co.uk

A Monster CallsDominic2023-12-01T12:18:55+00:00

Office Envy? 24 of the best offices

Office envy? 24 of the best offices

I came across this and thought that those of you that work in an office might be interested. It was put together by an insurance company (Unum) who specialise in protection and staff benefits. I loathe dull offices and have always wondered why, given that so many people have to spend so many hours in them, so few are designed with any sense of creativity.

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

Office Envy? 24 of the best officesDominic2023-12-01T12:20:02+00:00

A Matter of Life and Death

A matter of life and death

It is one of the strangest aspects of conversations that I have with clients. It gets stranger and perhaps more difficult the older they become. We have to talk about a matter of life and death.

In essence, when all is said and done, financial planning is about trying to ensure that your money does not run out before you die. So we need to have a conversation about when that might be. We don’t know the answer. Death is a daily part of life, yet something that most of us manage to avoid talking about.

The motivation behind the question is obviously to attempt to make money last long enough, however it is also designed to prompt thoughts about what is life about, what do you want from it during this brief sojourn on this wonderful planet?

Thoughts may turn too quickly to estate planning and reducing inheritance tax, rather than considering the true inheritance that is being left…. the memory and impact of .. well…you!

I might (will) point to the financial impact of your loss to those dependant upon you, be they family or your business, but we all know that its much bigger and deeper than that don’t we. So good financial planning can take care of financial loss, but great financial planning will hopefully remind and inspire you to ensure that you make the most of the life you have now.

Another way to view death – acceptance

A dear friend of mine, who has had more than her fair share of grief drew my attention to this short video about death (and life). It combines images from various films and words of Alan Watts. It is worth taking the 3 minutes to watch it.

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

A Matter of Life and DeathDominic2023-12-01T12:20:07+00:00

PPI is taxing

Taxing interest in PPI refunds

As you will have gathered, I’m not a fan of Payment Protection Insurance and never have been. However if you come across someone with this and they have had a successful refund with interest, be warned. Leading accountants are suggesting that the interest is liable to taxation and will need to be declared as income as part of your self-assessment returns. Now, given that 31st January is the deadline for tax payment without a penalty this doesn’t leave much time. However, acting honestly with HMRC is frankly the only approach worth taking. Honesty is clearly not a word associated with the Banks and insurers that sold millions of these policies and as we all know, the PPI claims companies are largely just as dishonest, it is hard to work out who really wins in these situations – even good advisers that didn’t sell this (myself included) have all had numerous calls and queries from people double checking and reassuring them that Income Protection is very different from PPI. Here’s a short video from Which? explaining the nuts and bolts.

PPI is taxingDominic2023-12-01T12:23:26+00:00