Informed Choice Radio - personal finance peace of mind with Martin Bamford

Today on the podcast, I'm tackling the thorny and topical issue of defined benefit pension transfers.

Some big cash sums are on offer to members of final salary pension schemes and now the regulator is taking an interest. I talk about the pros and cons of giving up guarantees in return for cash.

Also on the show today, we've got a roundup of the latest personal finance news, my favourite money article this week, a random fact and an inspirational quote, as well as the aftershow segment, where I share some of the things happening at Informed Choice this week.

Personal finance news

-The government has unveiled its plans to ban fees paid to lettings agents in England. The Tenant's Fees Bill was announced in the Queen's Speech this week and could prevent the practice of tenants paying fees to lettings agents.

-A leading member of the Bank of England has indicated he will vote for an interest rate rise later this year. Bank of England chief economist Andy Haldane has said he might vote for a rate hike in the second half of 2017. 

-The Financial Conduct Authority has told insurers it should do more to help customers who have cancer. The comments follow a case in which a nurse with terminal breast cancer was quoted a premium of £2,800 for travel insurance when taking a holiday in Dubai.

-The British wealth gap has widened during the past decade. The Resolution Foundation, a think tank, has estimated at 1% of adults own 14% of assets in Britain.

-Gross mortgage lending rose by an estimated 12% in May. The latest figures from the Council of Mortgage Lenders estimates that gross mortgage lending reached £20.1 billion in May.

Get answers to your personal finance questions

Do you have a personal finance or investing question for Martin?

Email martin@icfp.co.uk or ask on Twitter @martinbamford.

You can call our dedicated podcast voicemail line on 020 8144 2745 with your question or visit www.icradio.co.uk/voicemail to leave an online voice message.

Direct download: ICR232_So_youre_thinking_of_transferring_your_pension.mp3
Category:investing -- posted at: 1:00am UTC

Today on the show I'm joined by Andy Bell, founder and chief executive of AJ Bell, and author of The DIY Investor.

Andy co-founded AJ Bell in 1995, having spent a number of years working within the financial services sector.

An actuary by training, he has built AJ Bell into one of the largest providers of low-cost, online investment platforms and stockbroker services in the UK.

Andy is the principal driving force behind the business, which has grown to look after more than 152,000 customers with investment assets under administration exceeding £36 billion.

In his book The DIY Investor, Andy shows you how to plan your financial future through do-it-yourself investing.

He shows you how to build a long-term investment portfolio using a range of low-cost, tax-efficient strategies. Andy also provides expert guidance and industry insights suitable for first-time investors and those who are more experienced.

The DIY Investor teaches you the skills and strategies you need to take control of your investments and manage your money in the years ahead.

Here's my conversation with Andy Bell, in episode 231 of Informed Choice Radio.

Get answers to your personal finance questions

Do you have a personal finance or investing question for Martin?

Email martin@icfp.co.uk or ask on Twitter @martinbamford.

You can call our dedicated podcast voicemail line on 020 8144 2745 with your question or visit www.icradio.co.uk/voicemail to leave an online voice message.


My guest on the podcast today is Danielle Marchant, author of the new book Pause: How to press pause before life does it for you.

Danielle has a long work history as a successful executive coach in the corporate industry, working with top-level executives at companies such as HSBC, McKinsey Unilever and SAP.

She has more than 13 years experience working with leaders in 20 different countries; and spent 3 years living and working in Asia, where she set up a pioneering coaching company and an award winning change management consultancy.

After learning that goals and ambitions could be just as happily and successfully achieved when simply allowing the body and mind to pause, she adapted her coaching style with both personal and corporate clients to flow rather than fight against the ups and downs of life.

In her new book, Pause, Danielle gives you the space and the practices so that you can learn how to benefit from the power of the pause.

The book uses nature, creativity and your inner spirit to allow the energy to flow freely once again. There are exercises to ground you, give access to your intuition, to breathe deeply and allow your monkey mind to settle.

Pressing pause is about giving you time to explore what is big in your life right now, to know deep down what matters. It opens you up, allowing you to freely experience all the pain, the joy and the twists and turns of life. It gives you back your courage, your fire and your connection.

Here's my conversation with Danielle Marchant, in episode 230 of Informed Choice Radio.

 

Get answers to your personal finance questions

Do you have a personal finance or investing question for Martin?

Email martin@icfp.co.uk or ask on Twitter @martinbamford.

You can call our dedicated podcast voicemail line on 020 8144 2745 with your question or visit www.icradio.co.uk/voicemail to leave an online voice message.

 

Direct download: ICR230_Danielle_Marchant_Pressing_Pause.mp3
Category:investing -- posted at: 1:00am UTC

With Father's Day coming up on Sunday, in this episode I'm talking about new research which highlights the importance of dads taking out financial protection.

Research from Scottish Widows has found that 53% of men in the UK with dependent children have no life cover.

This means that 3.9 million dads are potentially putting their family’s financial security at risk if the unexpected were to happen.

Personal finance news

-Average earnings have fallen in real terms by 0.6% in the three months to April. The latest official figures show earnings excluding bonuses rising by 1.7% in the period, or by 2.1% including bonuses.

-The typical UK home cost £220,000 in April, according to the latest official figures. This was a rise of £3,500 on the previous month and £12,000 on the same month a year earlier.

-One in 10 clients of debt charity Christians Against Poverty have no bed to sleep in at night. The charity also reported that eight in 10 say their financial situation leads to sleepless nights.

-The Bank of England has voted to keep interest rates on hold at 0.25%, but policy makers are shifting towards favouring a rate rise. At the Monetary Policy Committee meeting on Thursday, three of the eight members voted to increase rates in the face of rising price inflation.

-New figures from a fraud prevention organisation show that company directors are the victims of one in five cases of identity theft. Business directors make up 19% of victims of identity fraud cases, despite representing less than 9% of the UK population.

Do you have a personal finance or investing question for Martin?

Email martin@icfp.co.uk or ask on Twitter @martinbamford.

You can call our dedicated podcast voicemail line on 020 8144 2745 with your question or visit www.icradio.co.uk/voicemail to leave an online voice message.

Direct download: ICR229_Protect_Your_Dad-MP3_for_Audio_Podcasting.mp3
Category:investing -- posted at: 1:00am UTC

My guest on the podcast today wants to inspire you to live your best life, build legacy wealth for you and your family through real estate investing, and have fun while you do it.

Clayton Morris is the weekend anchor for FOX & Friends on The FOX News Channel.

He's also a successful real estate investor and founder of Morris Invest; they've helped hundreds of people buy their first rental property and renovated thousands of homes, filling them with happy tenants. 

A few years ago, Clayton discovered a simple tool for building passive unearned income through real estate investing; something he calls his 'freedom number'.

In this episode of the podcast, I chat to Clayton about finding off market properties, managing renovations, choosing the right property managers, and balancing property investing with family life.

Get answers to your personal finance questions

Do you have a personal finance or investing question for Martin?

Email martin@icfp.co.uk or ask on Twitter @martinbamford.

You can call our dedicated podcast voicemail line on 020 8144 2745 with your question or visit www.icradio.co.uk/voicemail to leave an online voice message.


My guest today is Benjamin Brandt, all the way from Bismark in North Dakota. He's the host of the popular podcast Retirement Starts Today Radio podcast and blog.

Benjamin is a Certified Financial Planner and Founder/President of Capital City Wealth Management. He's also an Iraqi combat veteran having served in the North Dakota Army National Guard for 8 years, including a 15 month deployment to Iraq in 2003.

As a retirement planning expert, he's featured in The Huffington Post, CNBC.com, Forbes, Business Insider, ClarkHoward.com, and many others.

In this episode, we talk about Benjamin's Retirement-Ready Blueprint, how to choose a suitable retirement age, how to prioritise different goals in later life, and extreme levels of checking with choosing your own financial planner.

Get answers to your personal finance questions

Do you have a personal finance or investing question for Martin?

Email martin@icfp.co.uk or ask on Twitter @martinbamford.

You can call our dedicated podcast voicemail line on 020 8144 2745 with your question or visit www.icradio.co.uk/voicemail to leave an online voice message.

 


This week on the show, I'm going on a bit of a rant and talking about why you should pay for your own care in later life.

This was triggered by some new research from Saga, something a journalist asked me to look at earlier in the week. As an Accredited Later Life Adviser, it's something I think about a lot. Whether you're in retirement or a lot younger, this has so much relevance for you, so do keep listening.

Also on the show this week, there's a personal finance news update; everything you need to know about the world of personal finance this week in five carefully selected news items. I share my favourite money article this week, a random fact about money, and leave you feeling inspired with an inspirational personal finance quote.

There's also the aftershow, where I talk about what's going on in the world of Informed Choice right now - and why, after recording this episode, I'm jumping in the car to drive down to sunny Folkestone.

Personal finance news

-It takes earnings of £134,170 a year to be considered 'wealthy', according to new research.

-New figures show a record number of taxpayers are paying income tax at the highest rate.

-The annual rate of house price growth in the UK is continuing to slow.

-The average employee only has enough cash savings to last them for a month if their income suddenly stopped.

-Eurozone economies have reported better than expected economic growth in the first quarter.

Get answers to your personal finance questions

Do you have a personal finance or investing question for Martin?

Email martin@icfp.co.uk or ask on Twitter @martinbamford.

You can call our dedicated podcast voicemail line on 020 8144 2745 with your question or visit www.icradio.co.uk/voicemail to leave an online voice message.

Direct download: ICR226_Why_you_should_pay_for_your_own_care.mp3
Category:investing -- posted at: 1:30am UTC

My guest on the podcast today is Phil Oakley, author of the new book How to Pick Quality Shares.

Phil is an investment analyst and private investor. He works for Ionic Information, the makers of the market-leading ShareScope and SharePad software for private investors.

Phil spent 13 years as a professional investment analyst, with ten years working for fund managers and stockbrokers in the City.

He left the City in 2009 and began writing educational articles for private investors. He was senior investment writer for MoneyWeek for three years before starting his current role.

In his new book, How to Pick Quality Shares, Phil provides a three-step process for analysing company financial information to find good investments. This process covers finding quality companies; avoiding dangerous or risky companies; and not paying too much for companies’ shares.

By applying the in-depth techniques described in the book, investors will have a fuller understanding of how companies really work, and will develop an edge over other investors, including professional investors and analysts.

In this episode of Informed Choice Radio, I talk to Phil about what investors should be looking for, what are the warning signs that might be particularly risky or even dangerous for an investor and much more.

Get answers to your personal finance questions

Do you have a personal finance or investing question for Martin?

Email martin@icfp.co.uk or ask on Twitter @martinbamford.

You can call our dedicated podcast voicemail line on 020 8144 2745 with your question or visit www.icradio.co.uk/voicemail to leave an online voice message.


My guest on Informed Choice Radio today is Chris Rowland Thomas.

Chris has been an accountant in public practice for over thirty years. He founded his own firm the day after he qualified and is now the senior partner of Thomas Harris Chartered Accountants.

Based in South London, his firm numbers amongst its clients many celebrities, musicians and actors as well as ordinary businesses and self-employed individuals. Last year his firm was voted ‘Best Celebrity Tax Advisors’ in the AI Tax Awards.

His new book is Your Accountant: The Good, The Bad and the Greedy.

This is a must read for anyone who wants to understand how to make your accountant work for his or her money

In the book, Chris shares insider knowledge about the way accountants work – and what it means for you. This book is on the one hand a guide to squeezing every last drop of wisdom and expert advice out of your accountant and on the other a daring exposé of the closed professional world which has served none better than the practitioners themselves.

In this episode of Informed Choice Radio, I talk to Chris about saving on fees and minimising your tax bill without paying eye-watering sums for accountancy advice. Chris shares practical tips on choosing the right accountant and also on becoming a preferred client, so you get the best possible service from your professional adviser.

Get answers to your personal finance questions

Do you have a personal finance or investing question for Martin?

Email martin@icfp.co.uk or ask on Twitter @martinbamford.

You can call our dedicated podcast voicemail line on 020 8144 2745 with your question or visit www.icradio.co.uk/voicemail to leave an online voice message.

Direct download: ICR224_Chris_Rowland_Thomas_Your_Accountant.mp3
Category:investing -- posted at: 1:30am UTC

Martin is on holiday this week so hands podcast hosting duties across to Nick for this episode.

Nick shares the latest personal finance news before inviting Shelley into the studio to talk all about inheritance tax planning.

To book a free seat at one of our two inheritance tax planning seminars in Cranleigh on Thursday 22nd June, visit icfp.co.uk/seminar.

Personal finance news

-Tens of thousands of expat pensioners may return to the UK to use the NHS after Brexit.

-Small firms have been hit by rates relief delay.

-The value of the pound dropped after a projection suggested the Conservatives could fail to win an outright majority in the election on 8 June.

-Higher inflation is driving down real wages for British workers.

-BT are considering closing their defined-benefit pensions scheme for existing staff.

Get answers to your personal finance questions

Do you have a personal finance or investing question for Martin?

Email martin@icfp.co.uk or ask on Twitter @martinbamford.

You can call our dedicated podcast voicemail line on 020 8144 2745 with your question or visit www.icradio.co.uk/voicemail to leave an online voice message.