Happy New Year Readers

All too soon, here we are in 2023! How did that happen? But what a year to look back on for 2022, history certainly was a feature.

Most people will reflect on the momentous event of the death of Queen Elizabeth II and the start of the reign of King Charles III. But there were so many other people that passed away in 2022, both famous and those of loved ones.

We will all be hoping for a Healthy, Prosperous New Year. If you are setting up a new business, remember, Marketing is not a cost, it is an investment in your business. Contact me for details of the various advertising packages that are available, with at least one to suit any budget. There may already be an advertiser with a similar business to yours, but to give readers more choice, why not promote your business?

Have you made any New Year Resolutions? Are you still keeping them? I’ve given up making them, as I seem to be so fickle!

Following my pieces earlier on the sad deaths of cats by speeding cars, there is some news.

As I prepare this edition of the magazine, there will be a debate in Parliament on 9th January at 4.30pm, on ‘Legal Requirement to Report Accidents with Cats’. You can catch it on: https://www.youtube.com/@ukparliament and it will also be reported in Hansard where you can read about it: https://hansard.parliament. uk/commons/23-01-09

Submitted too late for the Dec/January edition, please check out the GASPA advert on page45, as the event is on 27th January. Also there is a Young Carers’ Conference on February 4th, details are on page38.

Let me know if you have any other comments. Here’s to a Happy Healthy, Prosperous New Year.

Best wishes, Karen

Front cover: Vicky Hamilton from Pixabay.com

If you’re going to make a big financial decision, it makes sense to get help from the professionals. But you may worry about getting advice that you can trust and that’s right for you. That’s where an independent financial advisor comes in.

Financial guidance (which anyone can give) is where somebody talks you through the pros and cons of your potential decisions. However, they legally cannot make any recommendations about your best option.

Financial advice is a regulated industry and a financial advisor can make specific recommendations of the best products for your needs. It’s only a suggestion, and you make the final decision, but that decision will be much better informed.

Financial advisors come in two forms. A ‘restricted’ financial advisor may only make recommendations for particular products or particular providers. In some cases, they may know or think there’s a better option elsewhere but don’t have to tell you about it. An independent financial advisor can consider all options.

Using an independent financial advisor also has some legal advantages. It’s a regulated status and the advisor is legally required to take into account several factors when giving advice. These include your budget, how long-term you are thinking, your tax status and the risk level you’ll accept.

If they don’t do so, you can complain to the Financial Services Ombudsman and could even get compensation. Remember, this only covers ‘bad advice’ in the sense that it wasn’t suitable for your specific needs. It doesn’t cover cases where the product carried a degree of risk that you knew about and that risk didn’t pay off as well as you might have hoped. The Financial Services Compensation Scheme can step in if the financial advisor has gone into liquidation. Always check that an independent financial advisor is regulated by the Financial Conduct Authority, which is a legal requirement. This means they have a particular level of professional financial qualifications, commit to a code of ethics and take part in ongoing professional training.

Another rule of being regulated is that the adviser must tell you up front what they charge and how their costs are calculated, letting you compare advisors before committing to a service. With new clients, advisers can no longer take commission from financial service providers. Instead, they can charge you through models such as an hourly rate, a set fee, an ongoing ‘subscription-style’ retainer, or a percentage of the money you invest.

You could ask friends and family for a recommendation, but their needs and financial situation may be very different to yours.

There are a range of independent websites including Unbiased and VouchedFor, which can suggest advisors in your area.

Finally, whilst using someone local doesn’t guarantee that you’ll get the best person, it’s much more likely you’ll be able to get feedback. And if an advisor has given time and money to advertise their services, their reputation is important to ensure they get the best return.