Welcome James!

Hi,

 

As the newest member of the Jones Hill family I thought I should introduce myself - here goes...

A bit about me…

Following my graduation from University of Birmingham with a joint honours degree in Materials Engineering and Sport Science, I needed to find out what I should do with the rest of my life -  how hard could it be?

 

I found myself being offered a place on a top graduate scheme with a large financial planning company, and quickly realised what a rewarding profession this could be. Following a multitude of exams, my journey began in the world of mortgages and insurance, but soon moved into financial planning.

My Vision…

My decision to join Jones Hill was based on my vision about the future of financial planning. I can see where clients could have been short changed in the past and wanted be a part of a team that works collaboratively to help clients reach their goals and add real value. 

 

I believe a Financial Planner’s job is to simplify the complex, manage trade-offs and help people make great decisions about their money. 

Away from the Office…

Being born and bred in Somerset, I enjoy spending time with good friends, family and a cold cider. I love sport and have previously played semi-professional rugby. 

 

A trip to Yosemite National Park in the U.S.A is next on my long list of travel destinations.

Looking Forward…

Going forward, my role at Jones Hill will be working with clients to help them plan for the future and make smart choices with their money. 

Please do not hesitate to contact me if you have any detailed technical queries or complicated general queries. 

I look forward to speaking with you all soon,

James

Preparing for the Send-off You Want

Let’s face it – no one wants to talk about growing old. We’d much rather spend our time enjoying these present moments with family and friends than look ahead to the inevitable. But it pays to prepare for the future by discussing a plan for your passing and the financial and emotional impact that this can have on your family.

Funeral plans can be of great benefit in the planning process, but it’s helpful to know what they are and how they work. If you’re not sure about your need for a funeral plan or how to choose one, we have you covered.

What, Exactly, is a Funeral Plan?

Most funeral plans work the same way. Money is paid in advance to a funeral director to cover the cost of a ceremony, cremation, burial, or celebration of your choice, locking in today’s prices. Given funeral prices have increased tenfold over the last decade, having a funeral plan in place means there is less of a need to set aside savings for a send-off.

This planning tool gives some peace of mind to you and your family, who will be safe in the knowledge that your wishes will be honoured without breaking the bank.

There was a time when planning for a funeral was as simple as paying a set amount to your funeral director of choice. The hope was that by the time you or a loved one passed, the provider would be available to follow through with your wishes for a send-off. Unfortunately, that wasn’t always a safe bet.

Today, the idea of a pre-paid funeral plan has evolved, with protections in place like having the money kept in trust or a life assurance plan. This means that regardless of what happens with the funeral director, you can rest assured that those funds are protected and ultimately are used to fulfill your wishes.

Taking Away Financial and Emotional Stress

Locking in today’s prices for funeral costs is helpful in keeping financial stress at bay, but there is another inherent benefit to putting a funeral plan in place. Families often struggle with what their loved ones wish to take place at their funeral. Burial or cremation, a mourning or a celebration? It can be emotionally draining to discuss these details once someone has passed away.

A funeral plan allows you to detail your wishes well in advance, making life easier for your family. A call to the funeral provider sets things in motion, and the funeral plan put in place takes care of the financial aspect of it all. Family members have little to worry about when the time comes.

Differences in Plans

While funeral plans play an important role in your overall financial planning, not all plans are created equal. There are countless plan options, features, and providers willing to take on the task of creating and delivering the send-off you want, and it can be difficult to know which is most appropriate for you and your family.

First, be sure to understand what’s covered in the plan. Some options lock in the cost of a funeral director’s services but may include expenses for burial, third-party vendors, or special requests that increase over time. Funeral plans could also have exclusions that limit the distance the funeral director will travel or where the burial site may be.

Additionally, it is important to select a plan from a qualified provider. Funeral plan companies should be part of the self-regulatory Funeral Planning Authority which encourages compliance with a code of practice.

If you’re unsure where to start with this search, get in touch with Peter Brown from Best Funeral Plans - let him know you’ve come via Jones Hill .

Email: peter@bestfuneralplans.co.uk
Direct Dial: 02381 920168
Mobile: 07719 819240
www.bestfuneralplans.co.uk

We know talking about death is not an enjoyable task, but getting the right plan in place helps takes away the worry for you and your family.

Doing It for the Kids

Financial education, that is! Discussing money is a big taboo in many families and, frankly, it’s uncomfortable. But having “the talk” with children about money management is crucial to their success in life – and yours as a parent.

If there was ever a time to be open and honest about how to manage finances, it’s before your youngsters get off to university. Not sure how to have that discussion? Here’s how to get started with the ‘money management’ conversation and tips for making sure it sticks.

Remember Your Golden Youth?

No, really. Think back to being your child’s age. It’s likely money wasn’t a thought in your mind when you were taking your first steps into adulthood. Like you back then, kids on their way to university these days are experiencing a lot for the first time, including leaving the comfort of having their life managed for them.

They’ve never had a reason to budget… Until now!

To spark the conversation about money with your soon-to-be university student, consider what you needed in terms of financial guidance way back when. Was it a framework for managing money on a day to day basis? Or maybe ideas for how to develop and stick with a budget?

Remember your child is new to this adulting thing and will need (and maybe even appreciate, eventually) what you can teach them before they fly the coop.

Providing the Right Tools

Before your child runs off to university, take the time to draw up a budget with them. You can easily start by using this spreadsheet to break down spending categories in simple terms. Then fill in the appropriate amounts to fit their needs. Don’t forget to talk them through why it's important to keep track of where the money is going each month.

But kids these days may turn up their nose at an “old-school” spreadsheet. In fact, unless it’s accessible on their smartphone, will they even bother?. To make sure they’re actually following your guidance, you could suggest an app like Monzo. It serves the same budgeting purpose, just with a fancier, tech-driven twist.

Budgeting education and tools are a great place to start, but don’t let those do all the heavy lifting. Your student will need coaching along the way, and possibly some direction when things don’t go as planned. And that will certainly happen. Set a date to look over the budget every few months.

Pro Tip - your new university student is likely to be much more receptive to this type of discussion one month before they receive their termly student loan.

Think Past the Budget

Creating and sticking to a budget is a must for university student money management, but there are other things you can do to help your child save here and there.

Student Council Tax discounts may mean there’s no need to pay council tax, so long as students live with other students. It’s automatic for students living in halls of residence but could apply to students in private housing arrangements, too.

And while it shouldn’t be a go-to tool, student overdraft protection is helpful. Many banks offer student accounts that include a 0% overdraft service all the time that they are a student. Having this in place could save quite a few hefty unauthorised overdraft fees.

Getting through the talk about money with your child doesn’t have to be a drag. Focus on putting yourself in their trendy shoes, and give them the guidance, tech and encouragement that you needed when you were their age.

Having a hard time getting the conversation started? We’ve helped a number of clients help plan for their children’s university recently - we’re happy to extend this offer to OnTrack clients free of charge.

The 3 Biggest Mistakes Ex-Military Service Personnel Make with their Money

In a perfect world, financial planning would be a breeze no matter what stage of life we are in. The hard truth is that for most, avoiding money pitfalls is easier said than done. Here are the 3 biggest mistakes ex-military personnel make - and how to avoid them!

Mistake 1: Failing to Take an Active Role

Whilst you’re in the military, there are fewer active money decisions that need to be made. Pension contributions and life insurance, for example, are taken care of for you, without much if any input needed by you.

But once you’re in the civvie street, you have to take a more active role in arranging your finances.

Quite a bit more decision-making is necessary after military service, especially when it comes to your workplace benefits package. For example, many employer pension plans will match your contributions up to a limit, but often the employer’s default option is not the maximum available.

Tip - make sure to contact your employer’s HR or Payroll department and find out what the maximum matched contribution is. 

A second area is life insurance. Many larger employers either provide life insurance as a core part of their benefits package or it is available as an add-on. But the problem is that most employees don’t sign up for the benefit, or don’t pay the very small premium to get comprehensive life insurance.

Tip - contact your employer and find out if they provide employees with a ‘Death in Service’ benefit and what the cost is to increase it, if you need to.

Mistake 2: Avoiding Basic Financial Skills

Countless life skills are developed during military service, but financial management isn’t always one. Part of that is because some of the big ticket items are provided for you, like your housing, food, and travel costs. There simply isn’t the time or need to create a personal finance budget or dive into money management strategies.

In the civvie street, that just isn’t the case!

Instead of avoiding these basic financial skills altogether, ex-military can do themselves a favour by getting to know how these tools work to their benefit. For instance, a budgeting app or an excel spreadsheet can be your best friend in getting a handle on your money each month.

Keep it simple by dividing expenses into basics, leisure, luxury, and milestone categories.  Be clear about the income you have at your disposal each month. From there, you can determine what’s left to spend and save.

Tip - download a budgeting app to hold you accountable and keep you on track, top recommendation: YouNeedABudget.

Mistake 3: Not Having a Plan

Planning, strategy, implementation. This is the bread and butter of the military, but it’s amazing how often we forget all the best laid plans when we are taken out of the environment. It’s not uncommon for ex-military personnel I meet to tell me about the change of structure and organisation in their personal lives that they had in their military lives.

Creating a plan with a trusted partner not only gives you an understanding of what where you are, and where you’re heading, but it provides you with detailed next steps and contingency plan. Without a plan, there is no real way to know if the steps you are taking are helpful or harmful to your bigger financial picture.

Tip - take a piece of paper, and write down what you want to achieve, personally and professionally, within the next 3 years. Then work out the steps to achieve them.

The old saying, "those who fail to plan, plan to fail", is painfully true when it comes to your financial life.

Transitioning out of military service does not mean you are doomed to face one of these common financial mistakes, but without taking active steps, you are likely to face these challenges. Commit to doing one thing today to sidestep these common pitfalls, no matter how big or small.

As an exclusive offer for friends, family, and colleagues of our valued clients, we provide a Second Opinion Service to help the ones you care about understand their financial situations better. If you know someone who would benefit from this second opinion service, feel free to pass this information on to them directly.

Are you being overcharged? Fancy saving £332 per month?

When initially taking a mortgage, many homeowners choose to take a fixed rate or tracker rate that lasts for between 2-5 years.  When these rates end, in most cases the borrowing will transfer onto the lenders ‘Standard Variable Rate’ (SVR) and for most lenders, this means the rate charged will be between 3.74% to 5.74%.  

Dave Rees, our mortgage expert, reveals how you could save up to £332 per month on your mortgage.

Typically, the rate for Standard Variable Rates are higher than those that are available if taking a new mortgage, so for most people a significant saving can be made by shopping around for an alternative.  For example, a mortgage of £200,000 with 20 years remaining would cost £1,291pcm on a typical SVR of 4.74%.  However, assuming there was equity of at least 25%, a 2 year fixed rate could be obtained at 1.44% - this would cut monthly repayments to £959pcm(*).

Alternatively, a 5 year fixed rate could be obtained for 1.69% with a £749 fee that would cut payments to £982pcm (*)  A new lender will require the property value to be confirmed and a solicitor to be involved but the lenders offering these products (and many others) would pay these costs on behalf of the applicants.

Consideration should also be given to taking a new product with the current lender as in most cases, lenders will offer borrowers competitive options as an alternative to switching to the SVR and if no additional borrowing is required, this is usually a quick/simple process with little/no additional underwriting involved.

Ideally, these options should be considered 2-3 months before the current product ends, to help ensure if changing, that the new product can start as soon as the current product ends.  For advice and guidance on product options, please contact Dave Rees on 01225 775923 (Option 2) or 07932 469797 or email at dave@davereesmortgages.co.uk

(* Products quoted correct as of August 2017)