Why it Pays to ‘Stay at Home’ for Overseas Holiday Home Insurance

When you’re looking to insure your overseas holiday home, it can be advantageous to look for insurance at home first. Richard Howell covers the disadvantages and advantages of insurance from overseas and at home. For example, having your insurance provider at home can ease communication in the event of a claim.

Holiday Home Insurance

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Whether you’re already enjoying your escape to the sun, snow, beach or lakes or are in the process of acquiring a stylish second home, it’s important to get the right overseas holiday home insurance in place.

It’s not uncommon for second home owners to use a local provider when insuring an overseas property. In most cases, they do this because they think it’s the best option. Unfortunately, that’s not usually the case.

In my experience, many overseas homeowners are often unaware that a UK insurer can be used to arrange adequate levels of cover.

After all, insurance jargon can only be compounded when it’s written in Spanish, French or German. There’s no need to add this level of complexity or confusing detail.

If the worst should happen, and you need to make a claim, negotiating fluently with a claims examiner or loss adjuster in their local language could be extremely challenging.  

At Nowell & Richards, we would advocate that there’s a more simplistic approach to arranging holiday home insurance under a UK policy under-pinned by our guidance and expertise.  

As a specialist broker of buildings and contents insurance for prestigious homes, we can protect second homes which are located throughout Europe and often on a global basis.

Buy holiday home insurance tailored by Nowell & Richards and you’ll benefit from:

  • All documents being worded in English
  • No inoccupancy conditions
  • Comprehensive protection
  • Public liability insurance for guests, staff and visitors
  • Cover for short-term lets

If a problem does arise, and a claim needs to be made, our Private Client Executives will personally oversee the process. No forms to fill in, no paperwork, no hassle. Just talk to us on the phone and we’ll take care of everything.  You’ll also receive added protection from the financial ombudsman service which is not a regulatory requirement for an overseas policy.

How many local insurance providers could offer that level of service?

Having insured high-profile and high-value individuals for more than 20 years, we do this because it provides maximum assurance in the event of an emergency. No stress. No worries.

Invest in a second home insurance policy from Nowell & Richards and we’ll ensure it has the same tailored protection as your main residence.

By Richard Nowell

The Value of Multigenerational Family Meetings

If you’ve amassed sizable wealth, or are on the right path and getting there, it may be time to consider how to pass on some of that money to children and grandchildren – without creating big problems that could harm their futures and destroy family harmony.

  • Family meetings can help avoid the thorny problems that can arise when inheritors who receive substantial assets lack the ability to manage the money prudently.
  • Entrepreneurs who wish to keep their businesses under family control can especially benefit from family meetings.
  • The most effective meetings tend to have an outside professional – a neutral third party – involved as a facilitator.

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Family Meetings

Other notes and risk warnings

This article contains the opinions of the authors but not necessarily Donald Wealth Management (the Firm) and does not represent a recommendation of any particular security, strategy or investment product. Information contained herein has been obtained from sources believed to be reliable, but is not guaranteed. It is not a promotion of Donald Wealth Management’s services. Donald Wealth Management strongly suggests that no investor should act on any of these ideas without first seeking financial advice.

Past performance is not indicative of future results and no representation is made that the stated results will be replicated. The value of an investment is not guaranteed and on encashment you may not get back the full amount invested. Errors and omissions excepted.

Donald Wealth Management is a trading style of Donald Asset Management Limited which is authorised and regulated by the Financial Conduct Authority in the United Kingdom (FRN: 223784). Donald Asset Management Limited is registered in England and Wales under Company No. 4675082. The registered office address of the Firm is: Stable End, 12 Heather Court Gardens, Four Oaks, West Midlands, B74 2ST.

Why a ‘Portfolio Approach’ to Insurance Should be a Key Part of Your Financial Planning

According to Nowell & Richards, independent advisors who provide tailored insurance solutions for high net worth individuals, a ‘portfolio approach’ to insurance should be a key part of your financial planning.

Read the full article by Nowell & Richards below:

Anyone who has achieved significant personal wealth will usually have a wide variety of tangible assets to consider as part of diligent financial planning.

If you own multiple homes, a collection of cars, works of art or designer jewellery and watches; you’ll no doubt appreciate their value. Surprisingly, arranging insurance that’s appropriate and fit for purpose is often overlooked.  

Utilising the services of a specialist insurance broker can alleviate the burden of purchasing appropriate insurance.  In addition, a broker can usually save you money and secure better terms of protection by placing all of your assets with one specialist insurance provider.

Known as adopting a ‘portfolio’ approach to insurance, this can be one of the best ways to safeguard your personal wealth.

In the event of a claim, a tailored insurance policy will provide all the protection you’d expect. It can also help to minimise the risks posed by:

  • The ‘small print’ – warranties & clauses
  • Under-insurance – and its financial penalties
  • Assets increasing in value – cars, art, watches & jewellery
  • New acquisitions – instant 90-day cover for new homes, cars, assets
  • Lack of certainty – via an ‘agreed values’ approach

Having provided independent and impartial advice since 1976, Nowell & Richards are one of the UK’s leading brokers specialising in tailored insurance incorporating a ‘portfolio’ approach. They currently advise a wide range of high net worth individuals – including successful corporate business leaders, entrepreneurs and professional sports stars – to ensure their cherished assets are fully protected.

As their clients have complex portfolios spanning different asset classes and countries, they conduct in-depth risk consultations so that they can fully understand exactly what insurance cover your assets and lifestyle require.

Putting your trust in a broker like Nowell & Richards will give you access to a broad market of specialist insurers, rather than one or two providers. They will then tailor a ‘portfolio’ policy to meet your exact requirements, giving you the most appropriate cover and complete peace of mind.

Your dedicated Private Client Executive will manage your account and take care of everything on your behalf, dealing directly with insurers and acting as a first port of call in the event of a claim.

As an independent advisor they will aim to build a personal relationship and understand your lifestyle in order to identify any assets or potential risks which need specialist cover, before recommending an insurance solution that’s best suited to you.

If you’d like more information about this ‘portfolio’ approach to insurance or you’d like to review your current arrangements, visit www.nowellandrichards.co.uk or call 01785 255514 for free expert advice.

 

Other notes and risk warnings

This article contains the opinions of the authors but not necessarily Donald Wealth Management (the Firm) and does not represent a recommendation of any particular security, strategy or investment product. Information contained herein has been obtained from sources believed to be reliable, but is not guaranteed. It is not a promotion of Donald Wealth Management’s services. Donald Wealth Management strongly suggests that no investor should act on any of these ideas without first seeking financial advice.

Past performance is not indicative of future results and no representation is made that the stated results will be replicated. The value of an investment is not guaranteed and on encashment you may not get back the full amount invested. Errors and omissions excepted.

Donald Wealth Management is a trading style of Donald Asset Management Limited which is authorised and regulated by the Financial Conduct Authority in the United Kingdom (FRN: 223784). Donald Asset Management Limited is registered in England and Wales under Company No. 4675082. The registered office address of the Firm is: Stable End, 12 Heather Court Gardens, Four Oaks, West Midlands, B74 2ST.

Should You Use an Investment Banker When Selling Your Company?

Selling your business is one of the most important, complex and emotionally challenging experiences you’re likely to face as an entrepreneur. You’ve got one chance to get it right – there are no do-overs – you’ve got to play it smart. There is a multitude of reasons as to why you should consider the input of an investment banker when selling your company.

  • Investment bankers bring knowledge of potential buyers for a business along with expertise at structuring and negotiating business deals – often leading to more money for the seller.
  • When selecting an I-banker, assess both the individual banker, and the firm he or she works for.
  • To avoid misunderstanding and even litigation, negotiate the agreement you make with an investment banker.

Click the image below to read the full article:

Why You Should Use an Investment Banker When Selling Your Company

Other notes and risk warnings

This article contains the opinions of the authors but not necessarily Donald Wealth Management (the Firm) and does not represent a recommendation of any particular security, strategy or investment product. Information contained herein has been obtained from sources believed to be reliable, but is not guaranteed. It is not a promotion of Donald Wealth Management’s services. Donald Wealth Management strongly suggests that no investor should act on any of these ideas without first seeking financial advice.

Past performance is not indicative of future results and no representation is made that the stated results will be replicated. The value of an investment is not guaranteed and on encashment you may not get back the full amount invested. Errors and omissions excepted.

Donald Wealth Management is a trading style of Donald Asset Management Limited which is authorised and regulated by the Financial Conduct Authority in the United Kingdom (FRN: 223784). Donald Asset Management Limited is registered in England and Wales under Company No. 4675082. The registered office address of the Firm is: Stable End, 12 Heather Court Gardens, Four Oaks, West Midlands, B74 2ST.

Educating Your Inheritors

The heads of many of the wealthiest families are concerned about their heirs’ ability to smartly deal with the money and business assets they will one day inherit. This is especially true among the first-generation wealthy. And their fears are warranted: full 70% of wealthy families lose their wealth by the second generation, and a stunning 90% by the third, according to the Williams Group wealth consultancy.

  • The people who inherit your assets need to know how to manage that wealth intelligently.
  • Wealthy heirs’ top priority is to identify and work with top financial talent to guide them.
  • They also want to know what their wealth can accomplish.

Click the image below to find out more about educating your inheritors about wealth planning and managing financial assets.

Educating Inheritors

Other notes and risk warnings

This article contains the opinions of the authors but not necessarily Donald Wealth Management (the Firm) and does not represent a recommendation of any particular security, strategy or investment product. Information contained herein has been obtained from sources believed to be reliable, but is not guaranteed. It is not a promotion of Donald Wealth Management’s services. Donald Wealth Management strongly suggests that no investor should act on any of these ideas without first seeking financial advice.

Past performance is not indicative of future results and no representation is made that the stated results will be replicated. The value of an investment is not guaranteed and on encashment you may not get back the full amount invested. Errors and omissions excepted.

Donald Wealth Management is a trading style of Donald Asset Management Limited which is authorised and regulated by the Financial Conduct Authority in the United Kingdom (FRN: 223784). Donald Asset Management Limited is registered in England and Wales under Company No. 4675082. The registered office address of the Firm is: Stable End, 12 Heather Court Gardens, Four Oaks, West Midlands, B74 2ST.

 

The Super Rich Stress Test Their Financial Plans – And So Should You!

Stress testing financial plans can benefit anyone, regardless of their wealth. It can give you an insight into how those plans will hold up in the future.

  • Testing the assumptions of a financial plan, product or service can help confirm it’s right for you – or identify any ways it could jeopardise your goals and put you at risk.
  • High level stress testing involves a systematic process that examines goals, changing scenarios and costs to determine the right course of action.
  • Individuals and families don’t need to be outrageously wealthy to benefit from a financial stress test.

Click the image below to read the article.

Stress test financial plans

Other notes and risk warnings

This article contains the opinions of the authors but not necessarily Donald Wealth Management (the Firm) and does not represent a recommendation of any particular security, strategy or investment product. Information contained herein has been obtained from sources believed to be reliable, but is not guaranteed. It is not a promotion of Donald Wealth Management’s services. Donald Wealth Management strongly suggests that no investor should act on any of these ideas without first seeking financial advice.

Past performance is not indicative of future results and no representation is made that the stated results will be replicated. The value of an investment is not guaranteed and on encashment you may not get back the full amount invested. Errors and omissions excepted.

Donald Wealth Management is a trading style of Donald Asset Management Limited which is authorised and regulated by the Financial Conduct Authority in the United Kingdom (FRN: 223784). Donald Asset Management Limited is registered in England and Wales under Company No. 4675082. The registered office address of the Firm is: Stable End, 12 Heather Court Gardens, Four Oaks, West Midlands, B74 2ST.

Longevity Planning & the Implications for Wealth Management

In a previous article we introduced the idea of concierge care, a revolutionary new medical care system that gives people access to much more personalised and responsive health care. Included in the service, concierge care provides longevity planning, which in many cases aims to help you live to age 100 and beyond, while remaining in good health. In this article we look at the implications of an extended healthy life for wealth management.

Here are some of the things you need to consider:

  • Strategies to make sure you do not run out of money now that you and your family members are likely to live much longer
  • The timing of the transfer of control and ownership of the family business, given that the principal may be actively working in the business for much longer
  • How you will pay for concierge care, which is likely to be expensive

Wealth managers can take longevity into account to help ensure that your financial world is in order for you and your loved ones, bringing in other experts where appropriate. Below are some examples of specific wealth management solutions for those with longevity planning through concierge care.

Example 1

Having money tied up in the family business can be a problem when a family member requires treatments that are only available abroad and that subsequently may incur large costs for rehabilitation. Once they have an idea of how much treatment will cost, clients can then look at how they can generate sufficient resources to meet those costs. They may consider suitable exit strategies from the business to generate tax-efficient funds. It is critical that the wealth manager takes everything into account when assessing their client’s future needs and considers how they can best use existing assets to pay for treatments.

Example 2

Running out of money is a real threat to individuals who are living longer and more active lives. The wealth manager can provide regular updates on the overall asset position and use future cash-flow forecasts to identify potential shortfalls. If a shortfall is identified then a plan can be built to overcome it, with strategies such as spending less, saving more or taking on more investment risk to try to get greater growth.

Example 3

Living longer can create huge complications for high-net-worth individuals with regard to estate planning. They need to a) understand the best time to transfer control of the assets to the next generation and b) construct an estate plan. Failure to do this could lead to disastrous family confrontations.

Transferring assets before death is wise because it avoids a lot of potential problems, such as family disputes, lawsuits and the unexplained sudden disappearance of assets. In addition, because of the possibility of dementia, transferring wealth in advance can be beneficial for wealth holders and their families.

Interest in concierge care and longevity planning is growing and wealth management is playing an increasing role in this area for many clients, providing many solutions to address the implications. If you are looking into concierge care for your family, or have already started a concierge care plan and require wealth management advice, please contact us here.

This article contains the opinions of the authors but not necessarily Donald Wealth Management (the Firm) and does not represent a recommendation of any particular security, strategy or investment product.  Information contained herein has been obtained from sources believed to be reliable, but is not guaranteed. It is not a promotion of Donald Wealth Management’s services. Donald Wealth Management strongly suggests that no investor should act on any of these ideas without first seeking financial advice.

Past performance is not indicative of future results and no representation is made that the stated results will be replicated. The value of an investment is not guaranteed and on encashment you may not get back the full amount invested. Errors and omissions excepted.

Donald Wealth Management is a trading style of Donald Asset Management Limited which is authorised and regulated by the Financial Conduct Authority in the United Kingdom (FRN: 223784). Donald Asset Management Limited is registered in England and Wales under Company No. 4675082. The registered office address of the Firm is: Stable End, 12 Heather Court Gardens, Four Oaks, West Midlands, B74 2ST.

 

 

 

 

What is Wealth Management?: Video

This video describes our wealth management process and how we can help clients. We look at our Wealth Management Formula and our Consultative Process. If you would like further details about our service please call the office on 0121 308 8034 or contact us here.

Autumn Statement 2015

Red Budget CaseCompared to previous Budgets and Autumn Statements there was little to report of significance for our clients from this year’s Autumn Statement.

We have out-lined the most relevant areas as we see them below.

If you should have specific queries please just contact us.

 

Capital Gains Tax – Entrepreneurs’ Relief

The only comment relating to entrepreneurs’ relief concerned changes which the Government will consider making to the legislation introduced in the March Budget.  Those changes concerned partnerships and joint ventures and they were going to be very difficult for planners, so the acknowledgement that change may be needed is to be welcomed.

Buy to let property changes

  • Stamp duty land tax (SDLT)

From 1 April 2016 SDLT rates will be increased by 3% for the purchasers of buy-to-let and second homes.

  • Capital gains tax

From April 2019, any capital gains tax due on the disposal of residential property will have to be made as a payment on account within 30 days of the disposal.

Apprenticeship levy

The rate of the new apprenticeship levy, due to begin in April 2017, will be 0.5% of the employer’s payroll. Every employer will receive an offsetting allowance of £15,000, so that only employers with a payroll of over £3m will pay anything.

Tax credits

The proposed changes to tax credits, rejected by the House of Lords in October, have been scrapped at a cost of £3.4bn in 2016/17.

Inheritance Tax

The welcome news that the government will not introduce any new restrictions on how deeds of variation can be used for tax planning although they have said they will continue to monitor their use.

Pensions

The dates for the contribution rate increases under auto-enrolment will be pushed back six months to align them with tax years. The rate for the new single tier state pension, due to start next April, was set at £155.65 a week.

The review of Pension Tax Relief is likely to be published in the Budget (March 2016).

ISAs

In the absence of inflation, the ISA limits will remain at their 2015/16 levels (a maximum of £15,240 per person). A consultation on including equity crowdfunding as an eligible investment was launched.

Company car tax

A planned change to the tax treatment of diesel company cars, which would have removed the 3% surcharge from April 2016, will be deferred until April 2021.

Tax avoidance and evasion

Several measures to counter tax avoidance and evasion were announced, including a number targeted at offshore activities.

 

Other notes and risk warnings

This article is distributed for educational purposes and should not be considered investment advice or an offer of any security for sale. This article contains the opinions of the author but not necessarily Donald Wealth Management (the Firm) and does not represent a recommendation of any particular security, strategy or investment product.  Information contained herein has been obtained from sources believed to be reliable, but is not guaranteed. It is not a promotion of Donald Wealth Management’s services.

Past performance is not indicative of future results and no representation is made that the stated results will be replicated. The value of a unit linked investment is not guaranteed and on encashment you may not get back the full amount invested. Errors and omissions excepted.

Donald Wealth Management is a trading style of Donald Asset Management Limited which is authorised and regulated by the Financial Conduct Authority in the United Kingdom (FRN: 223784). Donald Asset Management Limited is registered in England and Wales under Company No. 4675082. The registered office address of the Firm is: Stable End, 12 Heather Court Gardens, Four Oaks, West Midlands, B74 2ST.

 

Why wealth management?

DWM20150626-001My passion for wealth management was formed at an early age.

As a child, I had a pretty privileged upbringing, living in Four Oaks just on the outskirts of Birmingham, which is a lovely part of the world.

But when I was 15, there was quite a dramatic change in my family circumstances. Suddenly, my father was out working all hours. The usual annual family holiday abroad had been cancelled. Things had changed pretty fast, almost overnight, as I would describe it. Then, when we all sat around the kitchen table mum said to me, “We’ve got to be more careful now and we have to pull in the purse strings.” It really brought home how fragile financial security can be.

My feeling all along until that point was that we were very financially secure, then suddenly something had changed and our financial security was no longer assured. Eventually, I found out what had happened.

Unfortunately, my father’s largest corporate client at that time had gone into administration very unexpectedly. I had actually met and knew the client. He was a real high flyer. He enjoyed fantastic cars and had an amazing lifestyle. That was another part of the major shock that I felt at the time — not only that it happened to my family, but also what had happened to the client and the speed at which it had occurred.

When I was 18, I was faced with a very important decision. Should I join the family financial planning business or do I go off to university for three years. With the experience I had at 15 still fresh in my mind, I had great determination to roll up my sleeves and get started straight away in the family business – I wanted to make sure such events couldn’t happen again to my family nor to the families of my clients.

So, at 18, I joined the business straight from school. I’m pleased that I did. Looking back over the past 18 years we have achieved a lot of great things. My firm has delivered financial security for our clients and peace of mind for their families, and also provided financial security for my own family as well.

The business has evolved over time from a pure financial planning business primarily dealing with investments, to an all-encompassing wealth management business currently. I have just recently completed the final buyout of my father’s shareholding in the business, so it’s very pleasing to see that I have been able to deliver on my promise of providing my parents with financial security so they can enjoy their retirements to the fullest.

If you would like further information about our wealth management service please contact the office on 0121 308 8034 or via email info@donaldwm.co.uk.

This article is an extract from my book ‘Sell Your Business & Retire Happy’ which is available to buy on Amazon.

 

Other information and risk warnings

This article is distributed for educational purposes and should not be considered investment advice or an offer of any security for sale. This article contains the opinions of the author but not necessarily Donald Wealth Management (the Firm) and does not represent a recommendation of any particular security, strategy or investment product.  Information contained herein has been obtained from sources believed to be reliable, but is not guaranteed. It is not a promotion of Donald Wealth Management’s services. You are strongly cautioned not to rely on the information you find here to inform your decisions – rather, use it as a starting point for doing your own independent research and consult your professional advisers. Proceed with caution – you remain responsible for your own actions.

Past performance is not indicative of future results and no representation is made that the stated results will be replicated. The value of a unit linked investment is not guaranteed and on encashment you may not get back the full amount invested. Errors and omissions excepted.

Donald Wealth Management is a trading style of Donald Asset Management Limited which is authorised and regulated by the Financial Conduct Authority in the United Kingdom (FRN: 223784). Donald Asset Management Limited is registered in England and Wales under Company No. 4675082.