Financial Planning with Gareth Clough

Surgery Content

 In a typical 1 hour and 15 minute initial individual financial health-check, Officers of all ranks and Support Staff are invited to discuss their current situations and aspirations for their future.  It is important to note that the consultation is held with no obligation, and if our advice is taken up, a discounted suite of products are available and will be fully discussed before committing.  In addition, our bespoke mortgage services deal with the North Yorkshire Police Federation without incurring a brokerage fee, due to the fact we are paid a procurement fee by the Lender.

Our role is to ensure that said individuals are advised with all the latest information at our disposal, to make sure they are taking advantage of all current benefits and tax efficiency. We provide budgeting advice, to maximise what they have now and to enhance their financial future wellbeing, to ensure best practice.

Things that are frequently discussed

• Mortgage Planning
• Savings Planning
• Further additional protection planning (Critical Illness cover)
• Retirement Planning
• Succession Planning
• Family and Friends referral

One of the questions I usually get asked is with the advent of Pension Freedom, Officers are concerned that they may have to work many more years to achieve their Pension benefits.  To help alleviate this we have started working with many Officers in North Yorkshire to put in a secondary savings regime that will ultimately reset that clock and attempt to reduce the impact of these changes by providing them funds to retire earlier should this be something that they wish to do.

Many Officers who are retiring seek the reassurance that they will have enough money to retire in a timely manner.  We can help break this down via effective budgeting advice as well as showing different types of investments to supplement income, which in most cases are more tax efficient and flexible. This approach is currently working well with scores of retired Officers and provide extremely positive outcomes. 

We have heard unfortunately of several incidents of serious illness within the Force which have left some Officers and their families financially burdened with debt and serious ongoing financial issues.  It should be noted that no particular people were at fault, in most cases it was a lack of understanding of their situation or having the information available to them.  We can help to identify these areas and ensure proper planning is addressed to hopefully ensure these situations become fewer and far between in the future with hope to eradicate this fully through education.

We have worked closely with Police Officers in excess of 30 years and have carefully recruited the next generation of Advisers that will ensure this level of support will be able to continue under our new structures for many years to come.

Going forward, the need for good quality guaranteed financial advice and planning will become more important than ever.  We are capable of adapting to all regulatory and life changes that are put in front of us, backed by a FTSE 100 Company, but able to respond and accommodate change quickly and efficiently through our Practices based locally in 2 North Yorkshire locations.

Your home may be repossessed if you do not keep up repayments on your mortgage.

The value of an investment with St. James’s Place will be directly linked to the performance of the funds you select, and the value can therefore go down as well as up.  You may get back less than you invested.

St. James’s Place guarantees the suitability of advice given by members of the St. James’s Place Partnership when recommending any of the wealth management products and services available from Companies in the Group, more details of which are set out on the Group’s website at www.sjp.co.uk/products

Lawrence Neil Wealth Management Ltd is an Appointed Representative of and represents only St. James's Place Wealth Management plc (which is authorised and regulated by the Financial Conduct Authority) for the purpose of advising solely on the group's wealth management products and services, more details of which are set out on the group's website www.sjp.co.uk/products. The 'St. James's Place Partnership' and the titles 'Partner' and 'Partner Practice' are marketing terms used to describe St. James's Place representatives.