Green Bank, Green Pension?

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Green Bank, Green Pension?

Kudos to Make My Money Matter (again!) for their ranking of how green UK pension providers are. It’s a welcome insight into the ethics, policies, and intentions of these companies.

Similar comparisons of banks have been around for a while, with https://bank.green/ being an excellent example of this.

However, it’s important to be aware of the differences that exist between choosing a green bank and choosing a green pension.

When you have money in your bank accounts, it will be the policies of the bank itself that determines how that money will be used by them. So, you can have peace of mind that having an account with a “green” bank will mean that your money isn’t been used for loans to fossil fuel companies or similar.

A pension is different.

Yes, it’s important to consider the credentials of the provider itself.

However, it’s the funds that you invest in where the true impact occurs. Holding an unsustainable fund with a high-ranking provider won’t be as positive as holding a sustainable fund with a low-ranking one.

Think of it like a supermarket.

You probably shop with a company that has ethics, policies, and intentions that you’re comfortable with. But if you choose to buy products from them that contradict this, then you’ve not had the impact you’d intended.

So do make sure that your pension provider is one with whom you’re comfortable.

More importantly, make sure that the funds that you have within your pension are aligned with your expectations.

Don’t know where to start? Here are a few tips:

Investigate Your Current Investments: Start by finding out what funds your pension is currently invested in. Your pension provider’s regular valuations or online access should provide this information. Look for the fund factsheet, which outlines objectives and may include a breakdown of the top 10 holdings.

(Tip: Use codes like SEDOL or ISIN for easier online searches. If a direct link to the fund factsheet isn’t provided, use search engines like Ecosia for assistance.)

Use MSCI for Greater Insight: Gain a second opinion on your fund’s sustainability by utilising MSCI, a global provider of portfolio analysis. Enter your fund details on their ESG Fund Ratings and Climate Search Tool to access information on temperature alignment, carbon intensity, fossil fuel revenues, and more (https://www.msci.com/our-solutions/esg-investing/esg-fund-ratings-climate-search-tool)

Assess Your Satisfaction with Current Investments: If you find your current fund(s) align well with your sustainability criteria, that’s excellent news. However, if changes are needed, explore alternative funds offered by your pension provider. You’ll find information on what these are either on your documentation, online, or by giving them a call.

Seek Financial Advice with a Sustainability Lens: If you feel overwhelmed, seeking financial advice is a valid option. However, it’s crucial to choose a firm with strong sustainability credentials. Check their website for details on impact, independent accreditations, and other relevant information before engaging with them.

*All investments carry risk and past performance is no guarantee of future returns. Our fossil-fuelled past is very unrepresentative of the future we need to build and adapt to. The timing and speed of our transition to a new economy makes short to medium term returns more uncertain.

Steve Day

Independent Financial Adviser

“

I started Switchfoot Wealth to offer financial planning that matches the way we live and work today. Using the best technology and offering expertise gained through both formal qualifications and years of working closely with clients, we are bringing financial planning into the 21^st century, helping people, businesses and professional advisers make the most of their time and their money.

– Sebastian Ewell

Switchfoot Wealth Founder

The Rising Cost of Flood Damage in the UK: What it Means for Your Personal Financial Planning

Mar 13, 2023

In this blog post, we’ll explore what the potential implications are for personal financial planning as flood damage costs continue to rise in the UK.

Webinar for home care providers

Mar 3, 2023

We welcome SOLLA Affiliate member Claire Edwards of Claire Edwards Eldercare for a presentation designed for home care providers. We discuss the benefits of SOLLA and being a SOLLA Affiliate and also discuss how to support people with continuing health care funding...

Mind the Gap

Dec 14, 2022

Mind the Gap “My investments have reduced in value”. In 2022, this has been one of the main reasons that new clients have shared as to why they are now seeking financial advice. No-one relishes seeing red when logging in to see their investments. However, it’s...

SwitchFoot Wealth Limited is an appointed representative of Sense Network Limited which is authorised and regulated by the Financial Conduct Authority. SwitchFoot Wealth Limited is entered on the Financial Services register (www.fca.org.uk/register) under reference number 808196.
Registered Address: 28 Upper Hale Road, Farnham, Surrey, GU9 0NS. Principal Office: 147 Frimley Road, Camberley, Surrey, GU15 2PS. Registered in England & Wales No.: 11220173.
The information contained within this website is subject to the UK regulatory regime and therefore restricted to consumers based in the UK.

The Financial Ombudsman Service is available to sort out individual complaints that clients and financial services business aren’t able to resolve themselves. To contact the Financial Ombudsman Service, please visit www.financial-ombudsman.org.uk.

The Rising Cost of Flood Damage in the UK: What it Means for Your Personal Financial Planning

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Global warming is causing an increase in flood damage costs in the UK. According to a report from Bristol University and Fathom, climate change could lead to a 20% increase in the cost of flood damage in the UK. This has serious implications for personal financial planning, as the cost of flood damage can be devastating, not only in terms of property damage but also for personal finances. In this blog post, we’ll explore what the potential implications are for personal financial planning as flood damage costs continue to rise in the UK.

The impact on insurance premiums

One of the most immediate financial impacts of flooding is on insurance premiums. Flood insurance is expensive and can be difficult to obtain. Insurance premiums have already risen in recent years, and they are likely to continue to rise as the risk of flooding increases. Those living in high-risk flood areas may find that they are unable to obtain flood insurance at all.

The impact on property values

Another financial impact of flooding is on property values. Flooding can cause significant damage to homes, which can lead to a decrease in their value. If your home is in a flood-prone area, this could affect the value of your property and your ability to sell it in the future.

The impact on mortgage rates

The rising cost of flood damage in the UK could also have an impact on mortgage rates. Lenders may be more cautious about lending in high-risk flood areas, which could lead to higher mortgage rates for those living in these areas. This could make it more difficult for people to afford homes in these areas, which could have wider implications for the housing market as a whole.

What practical steps can you take?

You may wish to take steps to reduce the risk of flooding. This could include measures such as installing flood-proofing. By taking these steps, you may be able to reduce the risk of flooding and in turn lower your insurance premiums as well as help protect the value of your property.

How is the Government helping?

The UK government has implemented various policies and initiatives to help manage flood risk. This includes the Flood Re scheme, which is a joint initiative between the government and the insurance industry to ensure that flood insurance remains affordable and available to those in high-risk flood areas. The government also provides funding for flood defence schemes and offers support to those affected by flooding.

Implications for your personal financial plan

The rising cost of flood damage in the UK may have serious implications for your financial plan.

When making future projections of expenditure, it would be sensible to consider what investments you would have to make to protect your home from the increased risk of flooding. Potential increases in insurance premiums should also be considered.

In terms of expectations for the value of your property, it may not be the case that house prices (and therefore the equity you hold) will continue to increase throughout your financial plan. As highlighted, increased flood risk may mean that the value indeed falls in the future.

This illustrates the importance of “stress testing” your financial plan to consider the impacts that climate change could have upon your income, expenditure and assets.

Switchfoot Wealth Limited Independent Financial Adviser

“

I started Switchfoot Wealth to offer financial planning that matches the way we live and work today. Using the best technology and offering expertise gained through both formal qualifications and years of working closely with clients, we are bringing financial planning into the 21^st century, helping people, businesses and professional advisers make the most of their time and their money.

– Sebastian Ewell

Switchfoot Wealth Founder

The Rising Cost of Flood Damage in the UK: What it Means for Your Personal Financial Planning

Mar 13, 2023

In this blog post, we’ll explore what the potential implications are for personal financial planning as flood damage costs continue to rise in the UK.

Webinar for home care providers

Mar 3, 2023

We welcome SOLLA Affiliate member Claire Edwards of Claire Edwards Eldercare for a presentation designed for home care providers. We discuss the benefits of SOLLA and being a SOLLA Affiliate and also discuss how to support people with continuing health care funding...

Mind the Gap

Dec 14, 2022

Mind the Gap “My investments have reduced in value”. In 2022, this has been one of the main reasons that new clients have shared as to why they are now seeking financial advice. No-one relishes seeing red when logging in to see their investments. However, it’s...

SwitchFoot Wealth Limited is an appointed representative of Sense Network Limited which is authorised and regulated by the Financial Conduct Authority. SwitchFoot Wealth Limited is entered on the Financial Services register (www.fca.org.uk/register) under reference number 808196.
Registered Address: 28 Upper Hale Road, Farnham, Surrey, GU9 0NS. Principal Office: 147 Frimley Road, Camberley, Surrey, GU15 2PS. Registered in England & Wales No.: 11220173.
The information contained within this website is subject to the UK regulatory regime and therefore restricted to consumers based in the UK.

The Financial Ombudsman Service is available to sort out individual complaints that clients and financial services business aren’t able to resolve themselves. To contact the Financial Ombudsman Service, please visit www.financial-ombudsman.org.uk.

Mind the Gap

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Mind the Gap

“My investments have reduced in value”.

In 2022, this has been one of the main reasons that new clients have shared as to why they are now seeking financial advice.

No-one relishes seeing red when logging in to see their investments.

However, it’s important to see this in the context of a long-term financial plan.

Markets go down and up, and not necessarily in that order.

How one behaves in such circumstances is key. We spend a lot of time educating and informing clients to help ensure that decisions aren’t taken that will have long-term negative consequences.

The above chart is a good way to illustrate this.

This details the maximum fall during the year (red dots) and the overall change in the entire year (blue bars) across a mixed investment of mainly equities and fixed interest assets (e.g. bonds).

What it shows is that in every year of the past 25, the year has ended with the portfolio in a better relative position to its lowest point.

In 2020, the portfolio fell by 15.4% during the early stage of COVID but recovered to end the year up by 5.3%.

During the financial crisis of 2008, the portfolio ended the year down 21.5% but this was still higher than the low point of 25.8% reduction.

And now we’re seeing the same in 2022. The lowest point reached so far this year was 12.8% down but we’re on track to end the year around 8.8% down.

What’s the takeaway from this?

Resist the temptation to react and “cash-out” at the bottom of the market.

History shows that portfolios recover, often in the same year and then in the years after.

Minding this gap may well be what enables success in your long-term financial plan.

Please note: Investments carry risk. The value of your investment (and any income from them) can go down as well as up and you may not get back the full amount you invested. Past performance is not a reliable indicator of future performance. Investments should be considered over the longer term and should fit in with your overall attitude to risk and financial circumstances.

Steve Day

Independent Financial Adviser

“

I started Switchfoot Wealth to offer financial planning that matches the way we live and work today. Using the best technology and offering expertise gained through both formal qualifications and years of working closely with clients, we are bringing financial planning into the 21^st century, helping people, businesses and professional advisers make the most of their time and their money.

– Sebastian Ewell

Switchfoot Wealth Founder

The Rising Cost of Flood Damage in the UK: What it Means for Your Personal Financial Planning

Mar 13, 2023

In this blog post, we’ll explore what the potential implications are for personal financial planning as flood damage costs continue to rise in the UK.

Webinar for home care providers

Mar 3, 2023

We welcome SOLLA Affiliate member Claire Edwards of Claire Edwards Eldercare for a presentation designed for home care providers. We discuss the benefits of SOLLA and being a SOLLA Affiliate and also discuss how to support people with continuing health care funding...

Mind the Gap

Dec 14, 2022

Mind the Gap “My investments have reduced in value”. In 2022, this has been one of the main reasons that new clients have shared as to why they are now seeking financial advice. No-one relishes seeing red when logging in to see their investments. However, it’s...

SwitchFoot Wealth Limited is an appointed representative of Sense Network Limited which is authorised and regulated by the Financial Conduct Authority. SwitchFoot Wealth Limited is entered on the Financial Services register (www.fca.org.uk/register) under reference number 808196.
Registered Address: 28 Upper Hale Road, Farnham, Surrey, GU9 0NS. Principal Office: 147 Frimley Road, Camberley, Surrey, GU15 2PS. Registered in England & Wales No.: 11220173.
The information contained within this website is subject to the UK regulatory regime and therefore restricted to consumers based in the UK.

The Financial Ombudsman Service is available to sort out individual complaints that clients and financial services business aren’t able to resolve themselves. To contact the Financial Ombudsman Service, please visit www.financial-ombudsman.org.uk.

Caring for the Carers

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*Image from Centre for ageing better

Caring for the carers

Recent research by Care UK^[1] estimates the number of unpaid carers in the UK at 10.6 million. My sister is one of those. She cares for my mother who lives with her and I know the physical and emotional strain this results in, as it does for everyone in this situation.

This presents a real issue.

If the health and well-being of the carer deteriorates, then what happens to be person (or sometimes people) being cared for?

We encounter this regularly from a financial perspective.

A relative will make contact with us to seek advice as to how to ensure the financial well-being of someone that they are caring for. Often they will talk about the burden associated with managing money on behalf of someone else. They will also share how difficult it is to navigate through the multitude of processes involved in seeking financial support for care.

What we don’t hear them talk about very often is their own financial situation.

The need to manage someone else’s money added to the physical, emotional and practical support that they are providing gives little if any headspace for the carer to think about themselves.

Our view is that this is an issue.

In the same way as deteriorating physical well-being of a carer will have a knock on effect to the person being cared for, so it will should their financial well-being deteriorate.

Therefore we believe in the importance of carers focussing upon their own financial circumstances, goals and resulting plans.

In order to do this, we appoint two members of the team – one to provide advice to the carer relating to the person being cared for, and one to provide advice to the carer themselves.

Our experience is that this provides space and time for all aspects to receive focus and be properly considered. It also helps to ensure that no conflicts of interest arise, or could be perceived as arising, when a carer has been appointed as an attorney for the person being cared for.

Ultimately our objective is to improve and maintain the financial well-being of the carer and the cared for.

This grants headspace and time for the care that people want to provide through emotional and practical support.

Steve Day

Independent Financial Adviser

[1] State of Caring 2022 – November 2022 – Carers UK

www.carersuk.org

“

I started Switchfoot Wealth to offer financial planning that matches the way we live and work today. Using the best technology and offering expertise gained through both formal qualifications and years of working closely with clients, we are bringing financial planning into the 21^st century, helping people, businesses and professional advisers make the most of their time and their money.

– Sebastian Ewell

Switchfoot Wealth Founder

The Rising Cost of Flood Damage in the UK: What it Means for Your Personal Financial Planning

Mar 13, 2023

In this blog post, we’ll explore what the potential implications are for personal financial planning as flood damage costs continue to rise in the UK.

Webinar for home care providers

Mar 3, 2023

We welcome SOLLA Affiliate member Claire Edwards of Claire Edwards Eldercare for a presentation designed for home care providers. We discuss the benefits of SOLLA and being a SOLLA Affiliate and also discuss how to support people with continuing health care funding...

Mind the Gap

Dec 14, 2022

Mind the Gap “My investments have reduced in value”. In 2022, this has been one of the main reasons that new clients have shared as to why they are now seeking financial advice. No-one relishes seeing red when logging in to see their investments. However, it’s...

SwitchFoot Wealth Limited is an appointed representative of Sense Network Limited which is authorised and regulated by the Financial Conduct Authority. SwitchFoot Wealth Limited is entered on the Financial Services register (www.fca.org.uk/register) under reference number 808196.
Registered Address: 28 Upper Hale Road, Farnham, Surrey, GU9 0NS. Principal Office: 147 Frimley Road, Camberley, Surrey, GU15 2PS. Registered in England & Wales No.: 11220173.
The information contained within this website is subject to the UK regulatory regime and therefore restricted to consumers based in the UK.

The Financial Ombudsman Service is available to sort out individual complaints that clients and financial services business aren’t able to resolve themselves. To contact the Financial Ombudsman Service, please visit www.financial-ombudsman.org.uk.

Why did Switchfoot Wealth choose to work with Sense Network?

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“

I started Switchfoot Wealth to offer financial planning that matches the way we live and work today. Using the best technology and offering expertise gained through both formal qualifications and years of working closely with clients, we are bringing financial planning into the 21^st century, helping people, businesses and professional advisers make the most of their time and their money.

– Sebastian Ewell

Switchfoot Wealth Founder

The Rising Cost of Flood Damage in the UK: What it Means for Your Personal Financial Planning

Mar 13, 2023

In this blog post, we’ll explore what the potential implications are for personal financial planning as flood damage costs continue to rise in the UK.

Webinar for home care providers

Mar 3, 2023

We welcome SOLLA Affiliate member Claire Edwards of Claire Edwards Eldercare for a presentation designed for home care providers. We discuss the benefits of SOLLA and being a SOLLA Affiliate and also discuss how to support people with continuing health care funding...

Mind the Gap

Dec 14, 2022

Mind the Gap “My investments have reduced in value”. In 2022, this has been one of the main reasons that new clients have shared as to why they are now seeking financial advice. No-one relishes seeing red when logging in to see their investments. However, it’s...

SwitchFoot Wealth Limited is an appointed representative of Sense Network Limited which is authorised and regulated by the Financial Conduct Authority. SwitchFoot Wealth Limited is entered on the Financial Services register (www.fca.org.uk/register) under reference number 808196.
Registered Address: 28 Upper Hale Road, Farnham, Surrey, GU9 0NS. Principal Office: 147 Frimley Road, Camberley, Surrey, GU15 2PS. Registered in England & Wales No.: 11220173.
The information contained within this website is subject to the UK regulatory regime and therefore restricted to consumers based in the UK.

The Financial Ombudsman Service is available to sort out individual complaints that clients and financial services business aren’t able to resolve themselves. To contact the Financial Ombudsman Service, please visit www.financial-ombudsman.org.uk.

Guest Blog – The role of an Eldercare Consltant

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Beyond purely financial planning matters, the practicalities of arranging care for a loved one can be overwhelming. Are there services out there that can help with navigating the complex maze of care needs? I caught up with SOLLA affiliate Claire Edwards, founder of Claire Edwards Eldercare Consultant to discuss her service. Claire kindly agreed to provide the following guest blog.

The Value of Independent Care Advice

Before making any decisions about eldercare options you will want to make sure that you are obtaining accurate and relevant information from a reliable and well informed source.

I am a registered nurse who qualified from Guys Hospital in London in 1983 and who has gained varied experience in both private and public healthcare sectors. I have enjoyed all of aspects of my nursing career but, in particular, it has been my privilege and pleasure to provide independent care advice to older people and their families for over 20 years now.

My registration with the Nursing and Midwifery Council together with my membership of the Care Adviser Network and affiliate membership of the Society of Later Life Advisers place me in the unique position of being qualified to provide advice on both health and care needs and the legal and financial issues which inevitably come to the fore when looking for the right care. Furthermore I understand when my remit as a care adviser stops and the remit of a regulated financial or legal adviser starts and it is my experience that older people in need of care will generally benefit from care advice, financial advice and legal advice.

It is also my experience that resources within the NHS and Local Authorities continue to be under enormous pressure and for this reason an extra layer of support from an independent care adviser such as myself is highly recommended. I am able to either bridge the gap in services or work alongside other health and social professionals for the benefit of my clients.

And so I would like to summarise the services available to you and the benefits they provide if you decide to give me a call:

A consultation visit to properly understand all aspects of the situation so that independent, accurate and personalised advice can be given and to ensure that important and previously unconsidered points are not missed.
Bespoke and evidence based research and reporting of the most suitable care options to support informed decision making.
Accompanied care home visits to take some of the stress and worry out of identifying the right care home.
Detailed independent health and care needs assessment of health and care needs to facilitate optimum care provision and effective later life planning.
Assistance with the completion of Attendance Allowance forms to improve the likelihood of a successful application.
Mediation and advocacy services to support individuals or families during difficult conversations or meetings.
Care monitoring to ensure that care needs continue to be met and to provide an opportunity to discuss any changes or concerns.

Essentially I am able to provide as little or as much support as you require and I can be contacted on 07415387129 or alternatively by email on ce@eldercareconsultant.co.uk

Further information can be found at www.eldercareconsultant.co.uk

By Claire Edwards – Eldercare Consultant

“

I started Switchfoot Wealth to offer financial planning that matches the way we live and work today. Using the best technology and offering expertise gained through both formal qualifications and years of working closely with clients, we are bringing financial planning into the 21^st century, helping people, businesses and professional advisers make the most of their time and their money.

– Sebastian Ewell

Switchfoot Wealth Founder

The Rising Cost of Flood Damage in the UK: What it Means for Your Personal Financial Planning

Mar 13, 2023

In this blog post, we’ll explore what the potential implications are for personal financial planning as flood damage costs continue to rise in the UK.

Webinar for home care providers

Mar 3, 2023

We welcome SOLLA Affiliate member Claire Edwards of Claire Edwards Eldercare for a presentation designed for home care providers. We discuss the benefits of SOLLA and being a SOLLA Affiliate and also discuss how to support people with continuing health care funding...

Mind the Gap

Dec 14, 2022

Mind the Gap “My investments have reduced in value”. In 2022, this has been one of the main reasons that new clients have shared as to why they are now seeking financial advice. No-one relishes seeing red when logging in to see their investments. However, it’s...

SwitchFoot Wealth Limited is an appointed representative of Sense Network Limited which is authorised and regulated by the Financial Conduct Authority. SwitchFoot Wealth Limited is entered on the Financial Services register (www.fca.org.uk/register) under reference number 808196.
Registered Address: 28 Upper Hale Road, Farnham, Surrey, GU9 0NS. Principal Office: 147 Frimley Road, Camberley, Surrey, GU15 2PS. Registered in England & Wales No.: 11220173.
The information contained within this website is subject to the UK regulatory regime and therefore restricted to consumers based in the UK.

The Financial Ombudsman Service is available to sort out individual complaints that clients and financial services business aren’t able to resolve themselves. To contact the Financial Ombudsman Service, please visit www.financial-ombudsman.org.uk.

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Green Bank, Green Pension?

Steve Day

Independent Financial Adviser

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The Value of Independent Care Advice

By Claire Edwards – Eldercare Consultant

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