IFA Life

Despite the latest annual CPI inflation rate falling to 3.6%, MGM Advantage, the retirement income specialist, estimates that collectively UK households still need to find an extra £33 billion to maintain the same standard of living enjoyed 12 months ago. For households where the main occupant is aged 65 -74, the corresponding figure is £2.8 billion and where they are aged 75 and over, it is £1.85 billion. To maintain the same living standards as a year ago, the UK would need to spend an estimated additional £524 per person. MGM Advantage estimates that a typical UK household would need to spend an extra £1,259 a year to maintain their standard of living from a year ago. The corresponding figure for households where the main occupant is aged 65-74 is £819, and for older households it is £523. Aston Goodey, Sales and Marketing Director, MGM Advantage comments: "With the average length of time in retirement growing, inflation will have one of the biggest impacts on the retirement... - IFA Life

The Institute of Financial Planning (IFP) extends an invitation to all UK University students to enter this year's University Financial Planning Team Challenge competition, which has been developed in connection with Seven Investment Management (7IM). This unique competition aims to support the learning and development of the Financial Planners of the future. It represents an outstanding opportunity for undergraduate students to put their Financial Planning skills and knowledge to the ultimate test. Justin Urquhart Stewart, Marketing Director at 7IM, has been a strong supporter of the campaign to engage and inspire talented, young professionals. "It's been so good to see such a high standard of students taking part in this competition over the past few years - all of whom seem to have gone on to start very exciting and rewarding careers. With RDR almost upon us, there has never been a more important time to be encouraging them to into such a vibrant profession with excellent career... - IFA Life

St James Developments is proud to announce the launch of The St James Developments London Property fund. The already highly experienced board of St James Developments has been recently joined by Andrew Higginson (currently 15 years as an Executive Director of Tesco PLC, Tesco Main Board Director, CEO of Tesco retail operations, and Chairman of Tesco Bank ), to provide a central London property fund, designed to offer an exciting new opportunity for sophisticated investors wishing to benefit from attractive prime London property market conditions. He considers “that the current economic situation has created an excellent opportunity for development and investment in the London property market” Fund Details - St James Developments : London Property Fund A closed ended and tax transparent structure using an English Limited partnership. On shore tax efficient limited liability structure. Experienced and specialist asset management team with first class contacts in the geographical area of... - IFA Life

The January Bank of Scotland PMI report pointed to further increases in output, new business and employment in Scotland's private sector economy. Moreover, the rates of growth were slightly faster than in the previous survey period. A further drop in input price inflation was also encouraging news for businesses, although average costs still rose markedly on the month overall. At 51.4 in January, up from 51.2 in December, the Bank of Scotland PMI - a seasonally adjusted index monitoring activity across Scotland's manufacturing and service industries - showed a moderate and slightly quicker increase in output at Scottish firms. Growth was underpinned by a rise in service sector activity, as goods production fell marginally on the month. Incoming new business increased solidly for the second month in succession, and at a slightly faster rate as manufacturers received more new work for the first time in five months. Scottish service providers nevertheless registered the stronger increase... - IFA Life

Financial planning technology specialist Voyant today announced its integration with Seven Investment Management (7IM)’s award winning adviser platform. The newly integrated service will allow 7IM users to create and update financial plans in Voyant Adviser without the need to re-enter client information. Integration is seamless and in real time. Voyant Snapshot users will have the ability to review, track, and update the progress of their 7IM clients’ portfolios with real-time valuations of all assets held on the platform – including bonds, ISAs and unwrapped funds or securities. Off-platform assets can also be included in the clients’ online and real time balance sheet view. All assets are combined to produce a total projected balance in Voyant Adviser, allowing the client a single view of how they are progressing on their planned financial journey. Bob Freeman, vice president of Voyant, explains: “This is an important integration for all involved, particularly as the end solution... - IFA Life

In his new book, Ross Levin focuses on how advisors can build their businesses. This excerpt examines different kinds of clients. By Ross Levin. Once you have established the type of firm you want, you can then establish the types of people with whom you wish to work. Relationship Clients These clients are those interested in working closely with their advisor and forming a bond with them. They tend to be conversational. The initial meeting flows smoothly and they relate well. These clients want to be comfortable with you and want to feel that they are in good hands. These clients are often great long-term clients and very good to work with. They need to stay engaged in the process, even though they may defer many of the decisions to you. It is very important to establish boundaries and expectations with these clients. You need to be clear as to how much and what type of communication you will be providing. Because you will probably really like these clients, you may unwittingly... - IFA Life

The 2012 HSBC Savings Map of Britain reveals that, while the continued tough financial climate has driven Brits to try and grow their savings pots last year, almost half the country's adults - the "squeezed middle" - faced spending pressures that saw them struggle to boost their reserves. Over seven in ten (71%) Brits saved in 2011 despite interest rates remaining low, indicating recognition of the importance of having some money set aside. Only 4% said that the low rates are a disincentive to save and only 3% say they would rather spend than save their extra money. People still value the security of an account with a bank or building society, with 65% of people holding savings in a deposit based account. By value, the average savings portfolio is 46% deposit based, 17% alternative asset classes, 17% bonds, 16% equities and 4% in offset savings. The largest group of those who do save were able to invest more than they withdrew in 2011 and this was higher than in 2010 (35% vs 32%).... - IFA Life