Beaufort Securities
There have been a number of extremely negative trade press stories recently regarding an investment company called Beaufort Securities. Formerly a stockbroking business called Hoodless Brennan, Beaufort Securities has been censured by the Financial Conduct Authority on a number of occasions and is no longer trading as a Discretionary Fund Manager.
We would like to reassure our clients and professional partners that Beaufort Financial has no association whatsoever with this company. Given the similarity of the name, we would recommend that you check the full company name of any emails you receive from any firm purporting to be Beaufort.
If you have any concerns or queries, please do contact us.
Beaufort Financial sponsors the Reading Legal Walk
Reading-based independent financial adviser, Beaufort Financial, a member of the national partnership of IFA firms, is sponsoring the Reading Legal Walk. In its fourth year, the Walk takes place on the 25th September, setting off from the Walkabout pub, on Friar Street at 17.30.
The fundraiser is a 10km walk that aims to raise funds for legal advice agencies and the Citizens' Advice Bureaux in Reading and the Thames Valley.
As well as sponsoring the event, Beaufort Financial will be handing out bottles of water at the start of the walk. For every walker returning an empty bottle for recycling, the firm will give each walker a sports drinking bottle to take away as a souvenir of the event.
The event is part of a series of sponsored and fund raising walks involving legal professionals, which take place in London and the South East annually. This year the walk will be led by Simon Davis, Deputy Vice President of the Law Society, and some 180 of Reading's legal professionals will be participating.
Chris Shaw, Managing Director of Beaufort Financial, said: "We uphold the belief that access to justice should be equally available to everyone, regardless of their financial situation. This principle is at the cornerstone of the legal justice system in England and Wales; in practice it is not always the case.
Advice Agencies and Citizens Advice Bureaux work very hard to help vulnerable people to access justice through a mixture of 'Legal Aid' (publicly-funded work), funding from local authorities, charitable donations, and by using pro bono volunteers.
We are very happy to be supporting this worthwhile event, and helping all of the participants to keep hydrated!
Beaufort Boys' Ark to Arc charity bike ride. Financial advisers raise thousands for cancer charity.
THREE members of Beaufort Financial piled on the pedal power as part of the fabulous and formidable Arkriders team that completed the Ark to Arc challenge and raised more than £70,000 for two good causes.
Mark Dolby, Andy Coles and Ashley Hull were part of a 34-strong group who rode from Basingstoke to the Arc de Triomphe in the heart of Paris - and the three cyclists celebrated in style by raising their bikes above their heads when they reached the finish line in front of the Eiffel Tower.
Ark to Arc took place between July 12 and July 15, and saw the 34 riders support Ark Cancer Centre Charity, which is raising £5million towards a unique local cancer treatment centre in the Basingstoke area, and Kingsclere-based Bike 4 Cancer (bike4cancer.org).
Completing the Ark to Arc journey was an individual and team triumph for the riders, and for Mark and Andy it also marked a second cycling fundraising success.
Last year, the dynamic duo and Beaufort colleague Graeme Bone were part of the JOGLE16 team who raised more than £50,000 for Ark in a John O'Groats to Land's End challenge that involved 13 riders.
Speaking about Ark to Arc, Mark, who is a director of Reading-based IFA Beaufort Financial, said: Completing the 2017 ride was a big challenge for all of us, and there were some pretty serious injuries, including a broken collarbone, a fractured arm, some nasty cuts and bruises - as well as some very sore bottoms!
It's a great honour to be involved in fundraising for the Ark charity and the cancer treatment centre project, and Andy, Ashley and myself really appreciate the support and donations from our fantastic clients as well as our professional introducers - the accountants and solicitors of Basingstoke and Reading, who have backed us and spurred us on.
As well as receiving great support from sponsors, pupils at the school of one of Mark's daughters did their bit to help by raising more than £200 after Mark and a fellow Arkrider gave a talk about Ark to Arc and the cancer treatment centre project.
Mark Jones, director of fundraising and communications at Basingstoke-based Ark Cancer Centre Charity, was among a group of family and friends who were at the Eiffel Tower to cheer and meet the riders at the end of their journey.
He said: "This was an amazing achievement by an awesome group of cyclists. They should all be very proud of what they have accomplished, and it was great to have Mark, Andy and Ashley on the team.
All of the cyclists committed money, time and effort to take part in Ark to Arc, and they have really made a difference to the two charities.
Mark added: Ark is proud to be Beaufort Financial's Charity of the Year for the second successive year, and the support from the team at the firm has been fantastic.
The Ark to Arc ride was organised by Ark Riders - a group that has been formed to help raise money for Ark Cancer Centre Charity's £5m appeal in 2017 and beyond - and cycling-focused charity Bike 4 Cancer. Throughout the journey, the cyclists were looked after by a great support team from Skyline Events.
All of the Ark to Arc cyclists have been raising money through sponsorship pages set up by Bike 4 Cancer. The charity has extensive connections in the cycling sector and has played a key role in the organisation of Ark to Arc.
Bike 4 Cancer is a cancer respite charity with a sporting focus. It also helps to fund research and makes grants to palliative care centres. Half of the money raised through its Ark to Arc sponsorship pages will go to the charity and the other half to Ark Cancer Centre Charity.
The success of Ark Cancer Centre Charity's £5m appeal will ensure a range of support services and complementary therapies are available alongside chemotherapy and radiotherapy treatments in a calm and uplifting environment.
The new centre is largely being funded by Hampshire Hospitals NHS Foundation Trust (HHFT). It is earmarked for a location in the Basingstoke and Deane area, and if the preferred site near to Junction 7 of the M3 is approved, it will be easily accessible to everyone in the HHFT region.
There's still time to sponsor the individual Ark to Arc riders by going to www.arkriders.co.uk, where you can see the rider profile pages.
Basingstoke - Alençon - Paris. 34 cyclists pedal against cancer
Thirty-four English cyclists traveled to Alençon from 13 to 14 July 2017. They connect the twin city of Basingstoke to Paris to raise money. Objective: to finance the construction of a cancer care center.
After cycling 115 km, thirty-four cyclists from Basingstoke (Great Britain) arrived last night in Alençon. Time to enjoy the parade of nations, Folklores festival of the world, and fireworks. The time also to spend a good night, it was short, before leaving again before 9 pm, Friday July 14, 2017. Direction Evreux, then Paris.
These sportsmen from the twin town of Alençon were welcomed by members of the twinning committee, including David Gorring, its president, Dominique Artois, deputy mayor, and representatives of the League against Cancer. They are on their way to Paris in order to collect money to help build a cancer care center near Basingstoke. Their association Ark Cancer Charity hopes to raise € 5,670,000 for this project.
To take part in this journey, the cyclists, baptized the Ark Riders, paid a fairly substantial registration fee. In addition, they are committed to finding one or more donors to raise the minimum amount of € 1,140 each. The group has 31 men and 3 women. The youngest is 25 years old, the oldest, 57 years old.
Cash: The undervalued asset class
Clients often ask us about what they should do with the money they hold in cash in the bank. Usually, they are frustrated with the low rates of interest that they earn. However, more often than not, we will advise them to keep their cash in there.
This often takes clients by surprise. But for us, financial planning is far more than just achieving the best possible returns. Building an overall financial plan for our clients is about matching their investments and assets to their financial objectives. Most clients want to minimise the risk in their plan and not to stress about it, at least for now. Living life is far more important than being concerned that the FSTE has dropped 2% because we are all off to the ballot boxes again!
We generally recommend that all of our clients hold 3-6 months income in cash. Why? Because it's essential that every client has an emergency fund, which can be accessed very quickly. If an emergency occurs, they don't want to be worrying about how they'll pay the bills. This also allows clients to take a longer term view on their investments, and potentially take more risk to offer the potential for higher returns.
Cash as an asset class is also far more important for clients heading into retirement. With the lack of value in annuities at the moment, more and more clients are continuing to invest their money and 'draw down' on the capital when they have stopped working. Now, the benefit of an annuity is that it gives you a guaranteed income for life, whereas drawdown comes with more risk and the very real possibility of you running out of money before you die. So using cash as an asset class to mitigate some risk in retirement can be very valuable.
When you are working, you know money is coming in every month from your wages, so you can plan what to save for your retirement. In retirement it is reversed; you need to plan what to spend, which can be very difficult, especially if you are relying on investment returns for part of your income. Therefore, for clients in drawdown, increasing cash holdings to three years' worth of income will provide that extra safety net for their retirement plan.
For some clients who have benefited from an unexpectedly good year for investment, we have recommended they take profit from the investment and hold more cash for them to use when the markets drop, as of course we all know they will. Using this extra cash holdings for income when markets are down, allows lifestyles to continue unaffected by market conditions, and allows the market time to recover before clients needs to access their capital.
Cash will always be an asset that loses money in real terms, but it is the building block of every financial plan. When reverting back to clients' objectives, piece of mind and protection of their intended lifestyles is always high up on their priorities, therefore financial planners should never underestimate the real value of this asset class.
General Election 2017 update
It's been a long and interesting night; with plenty more twists and turns to come.
Our intention, if the election result had shown a clear winner, was to explain what the result meant for your personal finances. However, at the time of writing, that just isn't possible.
As today unfolds, the shape of the future government may become clearer. It could of course, as it did in 2010, take a few days for a clearer picture to emerge.
However, we can expect further falls in the value of sterling, and, perhaps, some volatility on the UK stock markets.
At times like this, when markets might make you nervous, it's vital we all remember the fundamentals of investing:
- Short-term fluctuations are usually just that, and should largely be ignored
- Investors should avoid making knee-jerk reactions to any stock market falls we might see over the next few days
- Any falls we do see are likely to be recouped relatively quickly. Take the days, weeks and months after the EU Referendum. On 24th June, the day after Brexit, the FTSE 100 closed 3.15% lower at 6,138, yesterday, the index closed significantly higher at 7,449. The lesson? Given time, markets will recover
Remember too, that if you are nervous about the effect of the election result on your personal finances or any falls in the value of the stock market today, feel free to get in touch; we are here to help.
General Election 2017: How will it affect your personal finances?
The answer to that question depends on two things; the outcome of the election and how you react to the inevitable instability it will cause.
At this early stage, the most likely outcome seems to be a Conservative victory, with an increased majority. At least that's what a certain Mrs May, of Number 10 Downing Street, has gambled on.
Logically, if this is the case, Mrs May, and the Chancellor Philip Hammond, will be emboldened to drive through changes to domestic policy, whilst negotiating Brexit. Of course, even if it looks unlikely right now, Jeremy Corbyn could pull off the biggest political shock of this, or probably any other generation.
So, what changes might we see once the result is known on 8th June? How will the second election in two years affect your personal finances?
Triple Lock to be abolished?
The triple lock protects the value of the State Pension, ensuring it rises by inflation (measured by the Consumer Prices Index) earnings or 2.5%, whichever is higher
It's a popular policy with older voters and was guaranteed to remain in place until 2020. Although, Philip Hammond has previously suggested its days may be numbered and has ordered a review into its long-term viability.
But that was before the snap election was called. Political expediency, especially if the opinion polls narrow, may mean the Tories decide to keep the triple lock. Especially if the medium to long term predications suggest inflation will rise above 2.5%, which means the cost of the triple lock is minimal.
For their part, Labour has already pledged to keep the triple lock until at least 2025.
Pension tax-relief
As Mr Hammond continues his search for cost savings, the £34 billion spent each year on pension tax-relief must be a tempting target.
Before each Budget, and until last year's Autumn Statement, rumours abound that this is the year pension tax-relief will be cut. Many of the people perpetuating these stories overlook the fact that the amount of tax-relief available has already effectively been cut. The maximum pension contribution, thereby limiting the tax-relief available has already been cut to £40,000 and in some instances, it's as low as £4,000.
Will this be the election when politicians finally grasp that nettle though, and look to make further savings on the billions of pounds spent on tax relief?
As both main parties chase the older vote (who are more interested in pensions) we'd be surprised if either made an overt commitment to cutting pension tax-relief. But they may surprise us.
National Insurance rises back on the table?
Philip Hammond was forced to row back on his plans to put up the National Insurance contribution paid by the self-employed after it was deemed to have broken a 2015 manifesto pledge.
Don't expect any similar commitments in the 2017 version; in fact, if the Conservatives are returned with a larger majority, we wouldn't be surprised to see the NI increase back on the table.
Higher State Pension Age?
This is an interesting one.
It's clear that the State Pension Age is only heading in one direction and is already stated to rise to 67 by 2028, whilst two recent reports have recommended different rates of increase.
The Government must make an announcement before 5th May. The big question, of course, is how their decision will be affected by the forthcoming election. With votes on the line it's possible that the Government will take a short-term view, with only a small increase, in the hope of winning votes.
A view from the 'inside'
Who better to give his views on the direction of pension policy after the election than the former Pension Minister, Steve Webb, now Royal London's Director of Policy: A snap General Election throws pensions policy up in the air. If Theresa May secures a bigger majority, radical reform of things like pension tax relief becomes much more likely. A key question is whether the parties will have time to put detailed plans in their manifestos or whether we will get vague promises of reviews with all the detailed work done after the Election. What is clear is that a new Government and a possible new ministerial team are likely to mean yet more unwelcome uncertainty over the future of pension tax relief."
On the state pension, the Government has a legal duty (under the 2014 Pensions Act) to respond to the recently completed review of the state pension age by May 7th 2017. The prospect of an imminent election probably means an aggressive timetable with twenty-somethings working into their seventies is off the table for now.
The triple lock on the state pension must now be up for grabs. But the Conservatives face a tricky choice, now that Labour has pledged to retain the triple lock. With inflation approaching 2.5%, the cost to the Treasury of the triple lock becomes relatively small. If the Conservatives were to decide to scrap the triple lock in the weeks before a General Election it would be a sign of supreme confidence about the likely outcome of that Election.
ISA changes?
ISAs (Individual Savings Accounts) have been a long-term favourite of former Chancellor, George Osborne.
Currently, there's nothing to suggest any significant, long-term, changes to ISA policy from either the Conservatives or Labour.
This may change when the manifestos are released, but we don't believe significant changes are likely.
Market volatility
The FTSE 100 fell 2.5% after Tuesday's announcement and, whilst the pound rose sharply, there's no doubt we will see more stock market volatility over the coming weeks.
The message in such times is always a simple one: avoid knee-jerk reactions and panic. Those investors who do so, and ride out any short-term volatility are those who are rewarded in the longer term.
We'll know more soon
Over the coming days and weeks all the major political parties will reveal their policies and launch their manifestos.
Only at that point will we be able to make truly informed predictions. Then again, even those depend on the outcome of the election on 8th June.
You can rely on us to keep you constantly updated, but if you wish to discuss your financial requirements, please contact us.
What does a snap election mean for your investments?
So June 8th is the proposed date for the next general election, as long as Teresa May can secure a two-thirds vote in the house of commons today. As political surprises go, this is a big one; she has certainly caught everyone on the hop, which could prove a very astute political move.
Ahead of May's announcement in Downing Street yesterday, the pound fell sharply in anticipation of possible news of military action in Syria. Once the election was announced, it quickly bounced back and made gains for the day. The reaction of the stock market was the opposite; the FTSE 100 ended the day 2.46% down. Investment and currency markets won't like the uncertainty that an impending election will bring, so there is a good chance that this increased volatility (both up and down) in markets over the next two months will continue, as every little bit of news is over analysed by the media and the market alike.
What will be the longer term implications?
In the longer-term, elections generally have little impact on investor/market sentiment and should only be viewed with a longer term strategy in mind.
There will always be political and Geo-political issues that will effect the market. The world is always in flux; when markets look forward they will consider the next UK, German, French or US election ahead to potentially cause havoc in the markets. Add to this the latest Geo-political issues in the middle east, North Korea andRussia and it can seem that we face a constant wall of worry. However, markets will eventually come back to the fundamental value of the underlying companies in the stock market.
For those of you who spoke to your Beaufort adviser this time last year, you will remember that the same warnings were given about the EU referendum, followed by a reminder of why you were invested and what your longer term goals for your investment are. Short term shocks should not de-rail longer term plans. So keep calm and carry on investing should be the mantra at this time. Remain focused on what you want/need to achieve in the longer term, as nothing that happened yesterday has affected this.
Andy Coles specialises in wealth management, helping clients manage their individual financial requirements using the latest financial lifestyle modelling software. Using personal information, he builds bespoke portfolios based on clients' futures needs and aspirations. Andy holds a Diploma in Financial Planning and obtained Chartered Status in December 2015.
Contact Andy on: 0118 987 9400 or email: andrew.coles@beaufortfinancial.co.uk
Ark to Arc Charity Bike Ride
Ark riders are a team of dedicated people who are riding from Basingstoke to Paris to raise money and awareness for The Ark Cancer Charity.
In July 2016 they completed their first ride of 985 miles and raised £51,000 for the charity. This year they are getting back on their bikes and doing the ride again.
All of the money raised this year will be split between two charities - The Arc Cancer Centre and Bike 4 Cancer.
The Arc Cancer Charity
The Arc Cancer Charity are raising money for a new much-needed cancer centre in North Hampshire. They will offer a range of support services and complementary therapies along with chemotherapy and radiotherapy treatments all in one local cancer centre.
Bike 4 Cancer
Bike 4 Cancer are a charity that provide relief from the difficulties of living with cancer. They provide days out and short breaks for British families affected by cancer. They also make grants to UK care institution and support research in to the positive effects of exercise and how it can prevent and assist in the recovery of cancer.
Beaufort's very own Mark Dolby, Andy Coles and Ashley Hull will be joining the Ark riders in July 2017.
Mark Dolby
On 13th November 2015 my life changed forever. My Dad lost his battle against cancer in St Michael's Hospice in the very room my Mum had died 10 years before.
I had joined the millions of people out there who'd lost loved ones to this evil disease, taking away a Mum… Dad… Granddad… Brother… Sister… Auntie… Uncle… Friend.
Since my Mum passed away, I've been determined to do all I can to help raise money and awareness of Cancer and the damage it causes. I've jumped out of planes and run half marathons but by far the best thing I have done so far was being part of the JOGLE 16 team last year. We had such an amazing bunch of people and a real camaraderie, with all of us pulling each other along.
So, as soon as we were finished I immediately thought what next and the Ark to Arc was on!
I can't wait to get started and hope to make more memories that will last a lifetime, as well as getting to put my lycra back on! Let's make a difference and get this thing built!
Andy Coles
Joggle 16 was such a great experience, for someone who had no idea of what was involved and had never owned a 'proper' bike and even less of an idea how to change a puncture it was going to be a challengeand it certainly turned out that way.
However, it was so much more than I expected. The spirit, the camaraderie and sense of achievement at the end was wonderful, but that was me done - money raised, now to get back to normal life.
It was only on the way home from Land's End that I really appreciated what a massive task of raising the money was going to be with Mark Jones explaining just how much more was needed and, more importantly, how much the Ark Cancer Centre was needed. It was at that point I know I would get involved again with The Ark Charity again.
So when I was asked by Arkriders about join Ark to Arc the conversation went:
Wine - tick
Cheese - tick
One night in Paris - tick
Less hills then Cornwall - double tick
Where do I sign!
So please give generously to a very worthy of cause
Ashley Hull
I am one of those people that like to challenge themselves, so what better way to do so - promoting and helping a worthy cause which can benefit so many peoples' lives!
Find out more here: www.arkriders.co.uk/charity/