WHY YOU REALLY DON’T WANT A FAKE GUCCI

TODAY’S BLOG

WHY YOU REALLY DON’T WANT A FAKE GUCCI

I imagine you have been around long enough to know the name of fashion house Gucci; you are likely to have come across the occasional Gucci store in one of our big cities or at an airport, the familiar logo and green/burgundy stripes. I very much doubt that your first experience of Gucci is a poster for the new film by Ridley Scott, who once again proves an inability for editing a film under 2 hours, which is a little amusing when there isn’t a single stitch or fabric cut in the film either.

Anyway, I did not know the story of Gucci (sorry) and to be plain, I am not sure I do now. The Romans were responsible for many myths and yet it appears that successful families in Italia (and elsewhere) continue to ignore all the warnings about families, legacy and wealth.

Despite its length, I enjoyed the telling of a family determined to self-destruct, failing to communicate about anything important, all the while offering the appearance of family unity. The hills of Rome, Tuscany or Milan are insufficient to bury the deeply seated gripes that one branch has against the other. Like lonely Jupiter, judging from on high, nursing grievances about the trivial yet punishing with wrath.

THE OBSESSION WITH CONTROL

It often all boils down to control. We are all probably tempted to believe that we have rather more control over things than we really do. Money corrupts most people, not everyone. I would suggest that it is more likely to corrupt those that seek to control (or power).

I believe that there is very little in life that we can control. I say this as a planner, presumably yours. Hopefully you have heard me say something like this before. I cannot control the markets (nobody really thinks that I can) I cannot control the future and I certainly cannot control who is elected and the policies that are introduced. We can all agree on this. Yet the truth is we cannot control very much of anything. We can try, we can plan, we can prepare, we can repeat, learn, gain experience but I cannot even really control how my body reacts or functions. I know its not popular to say so, but that doesn’t make it untrue.

Acknowledging how little I can actually control has been a lifelong journey for me, one that I suspect and hope is far from over. Obviously within a financial planning context we have “controls” and monitor these, responding appropriately based upon accumulated experience. Truthfully, we control costs as far as possible (I cannot control what others charge). We control asset allocation within a comfortable range. We control our own output, but not entirely devoid of externalities that dictate a degree of what makes up “advice”.

CATWALK VALUES

To my mind, we focus on what is important and attempt to encourage our clients to do the same – whatever “important” means to you. In the main, the common themes are relationships and a self-identity, not yachts, grand gestures or bank balances. Yet we cannot control relationships either, at least, not in any healthy way. The uncomfortable truth is that it has something to do with letting go. Something our clients have to sit with on occasion, letting go of control, trusting our advice and processes to ultimately come good. This is always easier to do when things are going well and tested when they do not.

Sadly, the Gucci family, at least in the film-story, forgot all that was important. The fake Gucci bags being a metaphor for their own lives. Quality comes from crafted time, not short-cuts. I’d suggest that the things that are truly important to you are products of time, probably many, many years.

The House of Gucci is streaming at a platform to your living room. The makeup is certainly impressive. Here is the trailer, the film stars Lady Gaga, Adam Driver, Al Pacino, Jeremy Irons, Salma Hayek and Jared Leto.

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

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WHY YOU REALLY DON’T WANT A FAKE GUCCIDominic2023-12-01T12:12:53+00:00

THE JOURNEY TO TRUST

TODAY’S BLOG

THE JOURNEY TO TRUST

I don’t remember where I heard it, learned it or read it, but a phrase that has stuck with me for a very long time is “trust is earned”. Throughout the course of a normal week, month or year I meet with various new potential clients. Sadly, many people have had a pretty bad experience of financial services, either directly themselves or through pieced together information from someone significant in their lives.

I was reminded this morning of this and how trust is something that evolves over time by keeping promises, often not the big things, but the little things – replying to a call, being clear about expectations, costs and so on.

I have a large black and white picture in the waiting area of the office. It is a still from the 1953 movie Roman Holiday. You will probably know it, starring Audrey Hepburn, Gregory Peck and Eddie Albert. As a reminder, it’s the tale of a Princess called Ann, (Hepburn) who escapes her royal duties and meets up, unwittingly with two reporters, Joe Bradley (Peck) and Irving Radovich (Albert) who know precisely who she is and have the prospect of a career-making scoop on their hands. After a night on the town (and who wouldn’t in Rome!) being a romantic comedy, the princess naturally falls for Bradley, but is he simply using his charms to get what he wants?

CAPTURE A MOMENT

The still is of the moment that the princess is now back in her familiar Royal duties greeting guests and is faced with Bradley, instantly realising that her world might be overturned depending on whether Bradley is worthy of her trust. It is a moment of realisation of what it at stake, whose interests will be served?

To my mind when financial planning is done properly, you reveal a lot about who you are. You will know that we talk about your past experiences, your hopes for the future and your present reality. Understanding your values, verbalising them along with revealing past “mistakes” is very exposing. You have to trust that I and my team will handle this with care.

So, when we get back to the office, notice the large black and white picture and remember that anything that relates to “who you are” is strictly confidential.

As an aside, the film has an interesting back story. The screenplay was written by Dalton Trumbo who was a blacklisted writer in Hollywood at the time because of the ridiculous politics of McCarthyism. The screenplay, won the Oscar in 1954 and like many other blacklisted writers, a pseudonym was used or another writer “fronted”. It wasn’t until 1992 that the Academy finally acknowledged Trumbo and with the Oscar presented posthumously to his widow. Trumbo’s story itself was made into an excellent film in 2015.

Here are the two trailers, both films available but not showing at a cinema. Trailers with 62 years between them.

Roman Holiday 1953

and Trumbo 2015

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 Bakery, 2D Edna Road, Raynes Park, London, SW20 8BT

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

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Solomon’s Independent Financial Advisers
The Old Bakery, 2D Edna Road, Raynes Park, London, SW20 8BT

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

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THE JOURNEY TO TRUSTDominic2023-12-01T12:13:06+00:00

THE TAX YEAR

TODAY’S BLOG

THE TAX YEAR

The new Tax Year is now well under way. Those of you that are employed will be receiving your first payslip of the new tax year and will also shortly have a P60. For those that are self-employed, many will now be starting to collate information for the tax year that has now ended, ready for submission of your self assessment accounts to HMRC.

I’m often, ok, sometimes… asked why does that tax year begin on 6th April rather than 1st January. This is a good example of “recency bias” in assuming that things have always been as they are now. In practice it wasn’t until 1751 that England adopted 1st January as the opening day of the new year. The Scottish were considerably ahead adopting 1st January from about 1600. It would not surprise most Scottish that they have been out-partying the English on new years eve.

Why? well as is often the case, our calendar and practices stem from religious beliefs and events. England, being Protestant didn’t adopt the Gregorian calendar when it was introduced in 1582 by the Pope. You may recall that the 16th century had somewhat sanguine relationships with Rome and the Catholic Church, so following the lead from Vatican City about when to set the date wasn’t likely to hold a great sense of importance. The Scottish naturally took a rather different approach.

A New Dawn

The Solstice or Spring Equinox really marks the new year, which in England dates back as far as Stonehenge, which I am told is about 2500BC and recent DNA discoveries suggest that those that built Stonehenge were from Anatolia (modern Turkey). March 25th was the equivalent of January 1st. As Christianity spread and Easter took the place of Spring Equinox, the minor problems of the calendar drift began to materialise over centuries. By 1584 the then Pope Gregory decreed the changes required, making the adjustments. It wasn’t until the Calendar Act in 1750 that the calendar correction was applied to England (and the Empire) in 1751.

In Time with Europe

The English calendar needed to add 11 days to catch up with the Gregorian Calendar. So September 2nd was followed by September 14th. This made for a short year (25 March to 31 December) and tax collectors basically didnt like it, so simply shifed 25 March by adding 11 days and allowing for the Leap Year of 1800, so the new tax year began on 6th April. Not even time can truly bend the two great certainties of life… death and taxes.

Here is a short video we made about this.

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 Bakery, 2D Edna Road, Raynes Park, London, SW20 8BT

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

7 QUESTIONS, NO WAFFLE

Are we a good fit for you?

Take Survey

PRIVACY POLICY | DATA PROTECTION

GET IN TOUCH

Solomon’s Independent Financial Advisers
The Old Bakery, 2D Edna Road, Raynes Park, London, SW20 8BT

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

7 QUESTIONS, NO WAFFLE

Are we a good fit for you?

Take Survey

PRIVACY POLICY | DATA PROTECTION

THE TAX YEARDominic2023-12-01T12:17:28+00:00

When in Rome

Solomons-financial-advisor-wimbledon-blogger

When in Rome..

I recently visited Rome for the first time. It was one of those places that I have been meaning to visit but simply had never found the time. I have always had good holidays in Italy and am happy to report that Rome more than lived up to expectations.

All roads lead to Rome

Being something of a film fan, I was keen to ensure that a few of the locations used in Roman Holiday, La Dolce Vita …were included in my visit. Having studied Latin at school (which dates me) I was also interested to see the ancient sites, many of which were part of the translation exercises that I sweated through somewhat reluctantly…. the Appian Way.

The experience of Rome reminded me of the story of the man that went to Africa and saw a huge opportunity to sell shoes, given the number of people without them. Business school suggested that this could be seen two ways – an opportunity to sell shoes or evidence that most people didn’t see the need or have the desire for them. Anecdotal observation is insufficient for making any solid business plan.

Opportunity discussion forum

Today, I might suggest opportunity of such a nature exists in Rome for driving instructors, graffiti removers and retail space designers. The driving in Rome is something to be seen to be believed. Opportunity or dead horse?

Tempus Fugit MMXVI

The Budget is now just a couple of weeks away. There is plenty of opportunity for speculation as you may have gathered. There is rumour that tax relief might be axed entirely or reduced (more likely). Supposed leaks suggest that perhaps the 25% tax-free cash lump sum will be scrapped (so some are now rushing to take theirs whilst they can). However this is in the context of the option of a pension income that is not taxed. Changes to the Lifetime Allowance, Annual Allowance and the prospect of a pension ISA.…. But by doing so, this would likely require a pre and post 2016 pension regime– just to add further complexity.

Veritas

The truth will not be known until some time after the Budget (not the Budget itself) which needs clarifying, checking and approval, is generally a promise, not a guarantee. Indeed assuming that anything that any Government says about pensions is “guaranteed” is best probably thought of only within the very short-term nature of a Government… the most obvious example being the “triple lock” guarantee for the State Pension.

Which reminds me again of Rome, and wondering how many in our political system or media would have survived the mouth of truth…. When it comes to pensions it would appear that many will simply be flung to the lions.

MouthofTruth

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

When in RomeDominic2023-12-01T12:19:22+00:00