
Are wealth management fees tax deductible?
Are wealth management fees tax deductible? Though Wealth Management Fees are not tax-deductible, there are ma…
Read moreThe Financial Conduct Authority (FCA) says many savers may have too much cash and face the risk of wealth erosion.
As the regulator for personal financial products, the FCA is rightly concerned about financial scams and savers who are encouraged to choose inappropriate high-risk investments. Both are serious issues:
That great old phrase springs to mind when avoiding scams: if it looks too good to be true, it probably is.
Younger investors are taking high risks – 44% of cryptocurrencies such as bitcoin are held by the under-34s. However, nearly two thirds of that age group also claim a significant investment loss would have a fundamental impact on their current or future lifestyle.
Against that background, it is perhaps surprising to see the FCA also warning individuals against holding too much cash: “Many consumers who might gain from investing currently hold their savings in cash”.
Other FCA research suggests that over a third of adults with ‘investible assets’ exceeding £10,000 hold that wealth entirely in cash. Lower the barrier to more than 75% in cash and the proportion rises over half.
The FCA says – and the graph underlines – “Over time, these consumers are at risk of having the purchasing power of their money eroded by inflation”. At the time of writing, CPI inflation was 3.2% while the best fixed interest rate was 2.00% on a five-year bond.
We all need some cash as a rainy-day reserve to cope with the unexpected. Beyond that level, a different reason is required to hold cash in a world where interest rates are outpaced by inflation.
That is exactly why at Oaklands Wealth we favour a diversified actively managed portfolio of assets suited to your age and risk profile which do not include a significant amount of cash.
If you find yourself sitting on other cash savings please consider combining them with your diversified portfolio as the longer you delay, the more inflation will erode the value of your cash.
Interested in finding out more?
Seeking a second opinion on your financial future costs you nothing.
Simply call our friendly team on 0121 355 4455 or drop us an email to appointments@oaklandswealth.com to arrange a confidential chat.
Oaklands Wealth Management, founded by Helen Blackburn in 2004 advises clients around the Midlands on retirement planning, pensions & investments.
Her firm holds British Standard BS 8577 for client service & investment process.
Minimum investment is £500,000 (£650,000 for pension transfers).
Are wealth management fees tax deductible? Though Wealth Management Fees are not tax-deductible, there are ma…
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Read moreThe state of retirement in 2022 An annual survey from major investment manager Abrdn (The re-branded Aberdeen Asset Man…
Read moreIt’s easy to move on from another advisor.
We’ll handle everything.
All that’s needed is for you to sign some letters of authorisation and we’ll do the rest.
None of your investments will be switched into new funds until you’ve agreed with our recommendations and you’re fully happy with any changes we propose.
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Monthly Fund Analysis
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“Upon leaving Rolls-Royce after 26 years, I wanted to transfer my pension into an investment fund but find anything investment related a ‘black art’. Helen reviewed my circumstances and risk profile to develop my portfolio. Every Oaklands’ team member I’ve seen is an established professional and I would recommend Helen and her team in a heartbeat.”
“When my circumstances changed through divorce I visited Helen at Oaklands Wealth where she very clearly explained all my options in a way I understood. I’m very pleased with the outcome from the pension and investment advice and Helen couldn’t have been more friendly and helpful.”
No half measures. We don’t set it up then leave you all at sea. We manage your investments ongoing and hold ourselves accountable for steering you through your financial journey.
This phrase came from a client who said that’s exactly what we felt like to him, he said “you are like a friend or good neighbour who’s always got my best interests at heart.”
Whatever the reason you come to us we care. We really care. Like it’s our own money.
Tidying up bit and bobs of pensions and putting them neatly in a pot you have full control over.
Maybe transferring a final salary pension if your objectives are better met with your own pension.
Making sure you get all the tax efficiencies legally available to you to enhance your money.
Pointing the microscope on 3,000+ funds and finding the best ones to secure your retirement.