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Morfitt & Turnbull
 

Issue 9   

Mulligan's milestone!

So we've made it through the Mayan end of world trauma, excessive Christmas food and drinks and the implementation of RDR (more about that later)! I have personally just reached the magical age of 40 a couple of weeks ago and people tell me that life begins so I'm trying to hold off from a mid-life crisis for now...

M&T are also moving forward with a re-jig of the website (where all of the previous mailshots can be found, you'll be pleased to learn) and so when we were thinking about explaining what we did as a firm, we thought it would be easier to explain each of the areas in the form of handy factsheets.

Keep Calm - Life Begins at 40
We came up with the following, depending on personal and/or business circumstances:
  • Investment and Tax Planning
  • Estate Planning
  • Retirement Planning
  • Protection
  • Pensions & Divorce
  • Auto Enrolment (the new rules where companies have to enrol staff into pension schemes)
Even better news - they have all been neatly arranged on this page of our website.

They are in an easy to read format that can be printed and passed on if you happen to be talking to friends, family, clients, etc. (I can imagine this is obviously a regular occurrence!). They are concise and get to the point, I hope you agree!

ISA Season - As we reach the end of another tax year, it is important to consider whether you undertake your ISA if you haven't already - both cash and investment - please speak to your usual Adviser.
Also remember in six weeks the new allowance of £11,520 is available.

All the best for 2013...!

Martyn

Adam’s Technical...
...so the dust settles on RDR - and the gloves are off!
 
As we enter the new world of financial services we have discovered that it is not so straightforward to decipher the new product offerings, particularly with regard to investments as Adam has been spending a considerable time examining...

One of the key objectives of the Retail Distribution Review was to introduce a new charging structure for Financial Advisers whereby the initial and ongoing fees are paid on an explicit basis. These fees are no longer included within the cost of investing in a fund so this objective has been achieved.
  

However, as tends to be the case when new rules are introduced, the law of unintended consequences takes hold. This knock on effect has been wide and far reaching. The Financial Services Authority (FSA) is still deciding on how best to deal with this - final rules are expected later this year.

The new rules have also been interpreted by different parties in a variety of ways. I sincerely wish this was not the case! I've spent many hours wading through terms & conditions and speaking to administrators so that we understand how investments are impacted when a change is made.

       
As mentioned, we are now waiting for further guidance from the FSA, which will hopefully provide definitive rules for all to follow and, fingers crossed, make life easier. If we do make changes to client investments in this interim period we will consider how this impacts upon them, in terms of new charges, and recommend a course of action that we believe is the right one, which will be specific and bespoke for each client.

Please contact your usual Adviser if you have queries on any of these matters.

Gareth Says... 
Business as usual the M&T way
       
 
It seems that we are banging on about this "RDR" all of the time but the changes are pretty monumental, although ther is no need to panic...     
 
 
"There has been much rhetoric about RDR and the effects that will be felt throughout the financial industry and whilst there is much to do, it has always been the ethos at M&T to change with the times, adapt accordingly and see that ultimately we carry on doing the right thing for our clients. It is for this reason we have worked hard behind the scenes, and continue to do so, to ensure we do not make rash decisions, position ourselves correctly to ensure minimum discomfort or burden felt by our clients.

The bills for just talking to us post RDR have not materialised, as many feared they would, and so it's a message of ‘business as usual' from M&T. A number of changes will be made but as always we will communicate in a transparent and open way so you know what you are getting from us – charging continues to be clear and not misleading!"

Staff Matters - update on fantasy footy...
Back in June of last year I gave you the opportunity to join the M&T Fantasy Football League with the added interest being a £100 prize for the winner - so as we head to the critical end of the season and potential prize-giving I thought it was worth a mention as to how it is all progressing.

Well the news is...
            
 
...that, typically, Gareth leads the way yet again with a 50+ point cushion so it's essential we all do our best to catch him and if not, there's always next season... So if you didn't join then look out for the June mailshot for details of how to join up - even if football isn't your thing, it's a bit of fun and a nice little prize to boot (we really do have to make sure Gareth doesn't win next year!!!).
   

 

No. 1 Booths Park, Chelford Road, Knutsford, WA16 8GS
Tel: 01565 624 370   Email: enquiries@morfittandturnbull.com 

Morfitt and Turnbull (Management Services) Limited 
Authorised and Regulated by the Financial Services Authority.
Registered Number 740613 England

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