issue 10
SKQ A publication from
WELCOME
to issue 10
With the return of warmer weather and lighter days, comes the return of some top tier sporting events. England will be hosting the UEFA Women’s 2022, which starts on 5th July. England will be hosting cricket matches against New Zealand, India and South Africa from June to September. ‘The Hundred’ cricket tournament returns on 2nd August for its second year and of course the ever popular Wimbledon Tennis tournament will resume on 27th June. In this issue: •
Kunle interviews professional cricketers Bryony Smith and Danielle Gregory
•
Meriel Schindler and Libby Payne share their thoughts on employment law
•
Kelly Biggar discusses the changes she has seen in the job market over the last two years
With the possibilities of a summer holiday seeming a lot more likely now, the team also share their recommendations for must visit destinations. As always, the SK Team is here for you.
Chloe Editor chloe@skfinancial.net We encourage you to share our magazine with those you think may find it useful. If you have any feedback or would like to contribute to our next issue of SKQ, send Chloe an email at chloe@skfinancial.net
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CONTENTS 04 Outlook from Kunle 06 Q&A - Bryony Smith & Danielle Gregory 09 The job market – Kelly Bigger 10
Look before you leap - Thoughts from the employment law front line
12
Get to know Jade
13
SK Invest Podcast
14
SK Recommends – Destinations
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OUTLOOK
From Kunle There was a time when you would visit your bank manager for help with your finances and receive what is now known as ‘unregulated advice’. It was an informal chat between a couple of blokes (women were rarely involved in these kinds of conversations. Did you know that women could not open a bank account until 1975?) with some friendly advice, based on little more than what the bank manager personally believed. There was also a time when interest rates on savings accounts were over 10%, final salary pension schemes were prevalent and the need to take any investment risk was minimal (ISAs formerly known as PEPs were introduced on 1st January 1987). Those savings rates and the prevalence of final schemes have been resigned to the history books. We now live in a world where we need to take
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more control of, and interest in, our financial future. And we need more robust financial advice. As a financial adviser, I often get asked what my role really is. I typically say that I help my clients not to run out of money, which means making sure they are financially organised and more importantly, they stay financially organised. This is something that I focus on in my life too - like you, I want to be sure that I can do the things that are important to my family and me, now and in the future. With the help of some wonderful software we can provide helpful guidance for clients to understand if they will have enough money. No one wants any hidden surprises! For those of you who are not familiar with this software, here are two really powerful examples of what it can do:
LIFELONG INCOME CHART This chart very clearly shows meaningful information about how your future income could be sourced. It is easy on the eye and easy to explain. At a glance you can see what income is tax free, and when a certain source (e.g. investment income) will run dry. It will very clearly tell you how much money you will have each year.
VALUE OF LIQUID ASSETS The question many of us want to know is – can we afford the lifestyle we want for ourselves and our loved ones? This chart tells you just that. If the chart hits the red, a rethink of priorities could be needed.
Based on our financial knowledge and understanding of your individual circumstances, we can help give clarity about your financial picture and make sure that you are on track with your finances. And as I mentioned earlier, we will help you become financially organised and stay financially organised – leaving you to get on with really enjoying your life. Let’s base plans on figures and fact’s rather than just fiction. I wish you a lovely Summer. Good wishes. SKQ issue 10 | 5
Danielle Gregory
Bryony Smith
Q&A
WITH
BRYONY SMITH & DANIELLE GREGORY
For this edition of SKQ, we have had the pleasure of spending some time with Bryony Smith and Danielle Gregory; two rising stars in the world of women’s cricket. Both play professionally for the South East Stars and have taken the time to give us a bit of an insight into life as a pro cricketer, how they motivate themselves and provide some useful tips for those interested in a career in cricket.
SKQ: Can you tell us a bit more about what you do?
SKQ: What do you most enjoy about your role?
Bryony: I’m a professional cricketer for the South East Stars. This is my fourth year as a pro cricketer, having spent two years with England and now on my second with the Stars.
Bryony: Getting to play the sport I love with some of my best mates! You can’t beat the feeling of winning when you have witnessed how hard people have worked to get to that point of lifting a trophy.
Danielle: I am also a professional cricketer for the South East Stars. I have been part of the Stars since its establishment in the summer of 2020, with my first two seasons playing on a Paid-to-Play basis. This September I was offered a professional contract, progressing my cricket career in a direction I could have only dreamed of. Alongside this, I am a full-time Masters student, studying Sports Performance Analysis at the University of Chichester. This Postgraduate degree has opened up the opportunity to undergo a year long placement at Surrey County Cricket Club working closely with the Men’s 1st and 2nd XI squads. Furthermore, I am also a coach in the Surrey CCC County Age group girl’s pathway and for the Rikki Clarke Cricket Academy. SKQ issue 10 | 6
Danielle: I am fortunate enough to be involved in women’s cricket during a pivotal time when media exposure of the sport is constantly evolving. As a result, I have a large responsibility to actively inspire the next generation of cricketers, both boys and girls. I enjoy the challenge of developing and learning new skills, testing my abilities and my way of thinking to adapt and overcome the test. Finally, I enjoy showcasing my skills on the pitch, contributing to a South East Stars win and making the team, my family and my friends proud.
Bryony driving through the covers
Line and length from Danielle SKQ issue 10 | 7
BRYONY SMITH & DANIELLE GREGORY
SKQ: How do you keep yourself motivated? Danielle: I am extremely passionate about pursuing a career in cricket. Ever since I picked up a cricket bat at the age of 10 and was lucky enough to join the Surrey CCC CAG pathway at 13, I have longed to become professional in the sport. Now that I have achieved that, it feels like only the beginning of my journey. I am an extremely driven individual and want to continue challenging myself, my ideas, and my philosophies to reach the top of my game and play cricket at the highest level. I luckily have a family who are also extremely passionate about cricket and they regularly push me in my endeavours, helping to keep me motivated and positive even when I face minor setbacks. Bryony: It is hard at times! I look back at previous seasons and successes and remind myself how good it feels to do well and make those around me proud. Cricket is a sport where you will probably fail more than you succeed, so it is hard to stay motivated at times but the support I have from family, friends, teammates etc keeps me going through the tough times. SKQ: What suggestions would you have for younger people wanting to become a professional cricketer? Bryony: Enjoy what you do! If you stop enjoying it then it will affect how you perform. I know that I play my best cricket with a smile on my face. Also to take every opportunity handed to you and give everything a go as you never know what is going to happen! Danielle: To keep chasing their dreams. You never know what awaits around the next corner, so keep pursuing your goals. Continue to work hard and challenge yourself; the only way to progress and get better is to make mistakes – you’ll learn more from failure and experimenting than you will from succeeding from the start. And finally, keep asking questions. SKQ: Would it have been important for you to have learnt about personal finance at school? Bryony: Yes! We didn’t learn about money in school at all really. It would definitely have helped me in a few things if I had known more about money (e.g. taxes etc) and how I should approach certain things to do with my money.
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Danielle: Yes. The big wide world and money management can be quite daunting with no education to guide you. I have been lucky enough to go to University, where I have been thrown in at the deep end and experienced money management first hand. Financial education at school would give younger generations the appropriate skillset to effectively manage their money, enabling them to plan for their future, ensuring financial security. SKQ: How do you deal with disappointment? Bryony: It took me a long time to find this out growing up. But over the years I have learnt not to be too hard on myself and to accept that I am going to fail sometimes. I remind myself that cricket is just a game and it is not the end of the world if I don’t score runs or if I drop a catch! Danielle: Setbacks are a natural part of progression. I adopt a growth mindset using my hard work and determination to recognise the setbacks and develop strategies to overcome the challenges. I also use others’ input, e.g., from coaches, fellow teammates and family members to support me through disappointing periods. SKQ: What would you now like to have known that you didn’t know before? Bryony: That it’s ok not to be ok! Professional sport is really tough and if you are struggling with things it’s ok to talk to people and it’s not a sign of weakness. People think that being a pro athlete is amazing and it is, but we have to go through and put ourselves through things that others don’t and it does take a toll on our bodies and our minds. Danielle: This quote from Dr Seuss comes to mind “Sometimes you will never know the value of a moment until it becomes a memory”. Take the time to enjoy all of the little moments before they become a distant memory. It is very easy to get caught up in a moment and before you know it is over, so take the time to step back and take it all in, cherish it and gain as much insight from it as possible before it’s too late. SKQ: What is the best money tip that you have been given? Danielle: Look after the pennies and the pounds will look after themselves. Bryony: Save it! I grew up and still am very stingy with my own money. If I don’t feel like I need to spend it I wont!
The Job Market The job market has seen big changes over the last two years. We asked Kelly Biggar from Financial Services Recruitment Speacialists, Fram Search, to share her thoughts. Thankfully, we’ve moved away from the awful days of March 2020 and it’s sometimes easy to forget the uncertainty we all felt at the time. Can my business operate remotely? Is my job safe? Will the economy be able to cope? Well, I think it is safe to say financial services has overall coped very well with COVID, and between growth and the 'great resignation', recruitment activity remains very high. These last few years have caused many of us to reassess what is important to us. This has had a massive impact on the traditional office-based role. Whether they like it not, companies need to offer hybrid working to attract talent. As a recruiter, this is now one of the first questions I’m asked when speaking to candidates about a new role, when historically it was never really expected. Flexible, hybrid or even remote working now seems to be more important than salary to some people. I have had candidates happy to move for the same salary, or slightly less on some occasions, if they can work from home two or three days a week. Hiring overall has also changed during the pandemic. Speed has always been important, but this is a candidate led market and with most first and second interviews happening via video call, the pace has picked up. Candidates are also receiving multiple offers and buy backs, and clients who act quickly tend to have the most success in hiring speed has never been more important. Growth, resignations, retirement brought on by pandemic changes and perhaps Brexit (although skills shortages
seem global) means candidates currently have more choice. We feel prospects for candidates will remain strong for some time within financial services. However, dark clouds are gathering in the wider economy and the appalling situation in the Ukraine are only adding to the economic headwinds.
KELLY BIGGAR Head of Wealth Management Practice Head of Asset Finance Practice Fram Search https://framexec.com/ T: +44 (0)1525 864 372
I would say most clients have seen an upturn in productivity, employees are happier, work life balance is better and overall, firms seem to be doing well.
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LOOK BEFORE YOU LEAP
Thoughts from the employment law front line As employment lawyers our role involves supporting senior executives who are joining or leaving their employers. It is quite surprising how many intelligent senior people do not bother to negotiate or even read their contracts on their way in, considering them to be 'standard'. They are then shocked at how sticky an exit can be. So here are some things to look out for on the way into a job and when leaving a role. CHECK THE NOTICE PERIOD Consider asking for an asymmetrical notice, whereby the employer has to give you say six months' notice, but you only have to give three months. That way you can exit early if you don't like it there, but if the employer wants to fire you, then you will have more time to find a new role. If the role feels like a bit of a leap of faith, consider asking for an initial fixed term of say 12- 24 months after which rolling notice would apply. That way you have some real job security. In each case, check that a shorter notice period doesn't apply during any probation period. Remember with absent discrimination and whistleblowing claims (and a few other rare claims), you do not benefit from unfair dismissal or other protection during your first two years of employment. This means that your new SKQ issue 10 | 10
employer canusually simply dismiss you on notice during your first two years. TAKE PENSIONS ADVICE With a new role comes a potentially higher salary and a new pension scheme that may operate in a different way (e.g. it may be salary sacrifice). If you leave this advice too late you could end up paying sums into a pension scheme that attract additional tax. CHECK IF YOUR EMPLOYER CAN 'LAYER' YOU This means checking whether your employer can bring in a manager above your head. Try and ensure that you can only be moved to another role which is consistent with your seniority and that you report to a specific senior position, which cannot be changed without your consent. RESTRICT ANY MOBILITY CLAUSE Unless you are happy to be moved at short notice around the world, try and restrict any mobility clause so it can only operate with your consent. Conversely, if you want to spend part of the year working outside the UK, check whether this is acceptable to your employer and whether it is feasible for you from a tax and immigration perspective.
UNDERSTAND YOUR NEW EMPLOYER'S APPROACH TO HOME WORKING Whilst many employers are yet to crystalise their policies, there are differences in approaches appearing. If you prefer home working but your potential new employer prefers employees to be in the office more frequently (or vice versa), consider how this could work out long term. SCRUTINISE BONUSES AND OTHER AWARDS AND BENEFITS Aside from checking the salary level make sure bonuses etc. match what you have been told at interview, also check when the next salary review will take place. If bonuses are target related make sure you understand and negotiate any Key Performance Indicators on the way in. Awards of options or equity can be very valuable and if this is a significant reason for taking the role, make sure you understand how these awards work and in what circumstances they will pay out, or when you may lose them. PAY CAREFUL ATTENTION TO POST TERMINATION RESTRICTIONS It is a common misconception that non-compete and other such restrictions are unenforceable. This is incorrect. The courts regularly enforce restrictions - even ones that are longer than the contractual notice. The employer has to show that they have an interest to protect and that the restriction is reasonable between the parties and not contrary to public policy. Employers are entitled to protect their confidential information and the stability of their work force and their client base.
Provided the employer has not been too greedy in drafting the restriction, it may well be enforceable. If you are, for example, going to bring many new clients to your new employer it may well be worth negotiating that any post termination restrictions would not apply to such new clients during your first two years of employment. Think about your existing restrictions as well – it is worth notifying your new employer of these restrictions so that a strategy can be worked out. If you fail to do so a job offer can be withdrawn. REMEMBER EVERYTHING AN EXECUTIVE CREATES DURING THEIR EMPLOYMENT BELONGS TO THEIR EMPLOYER It is often tempting to take copies of word product or client lists or other confidential information with you. Many employers have software that can detect the export of information. This makes such misdemeanors easy to trace and gives the employer an opportunity to dismiss for gross misconduct during any notice period. Arriving at a new employer under threat of an injunction from an ex-employer is not a good look on your first day. LEAVE YOUR OLD EMPLOYER ON GOOD TERMS Try to agree language for announcements and to clients. Complete any required handover and any bits of stray admin. By leaving well you improve your chances of landing well with your new employer. Meriel Schindler and Libby Payne Withers LLP www.withersworldwide.com/en-gb
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GET TO KNOW: JADE
A member of the SK team tells us a bit more about their life, loves and future plans… I don’t find writing about myself easy, so when I was asked to do a short piece about my life and interests I was somewhat daunted to say the least! I shall start at the beginning…I was born in 1995, just two miles from where I have lived my whole life. Crouch End is a great place to be and I feel really lucky to have grown up here. I went to local schools but never found myself dedicated to the idea of extending my studies into university, instead I preferred the university of life.
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Reaching young adulthood I became very aware of the many ways in which humans were unkind to animals and I decided I wanted to work with animal charities that cared for mistreated and misplaced animals. I decided to fly off to Thailand and volunteer on an island called Koh Lanta. To this end, after a short stint working in human care (at an NHS GP Practice), I then began working in a vets surgery. This was a great experience. I was able to nurture and care for many needy cats, dogs, spiders and lizards.
I’m enjoying my experience at SK Financial and I am currently learning everything I can about the world of mortgages and investments with the intention in following in my dad’s footsteps. On my bucket list is to see a great white shark in its natural habitat. My ultimate dinner guest would be the legendary Sir David Attenborough. On a Saturday night you will find me catching up with friends, or cooking up a storm to serve the family.
THE SK INVEST PODCAST INTRODUCING CHRIS FLEMING
INVESTMENT DIRECTOR, SQUARE MILE
Every quarter we interview our investment partner, Square Mile, asking them questions raised either by our clients, our colleagues or within our community. For our Spring podcast we had the pleasure once again of speaking with Chris Fleming, Investment Director at Square Mile. Chris has a wealth of knowledge and in this latest podcast we look at what has happened to the UK economy since the beginning of the pandemic and whether the effects of Covid and Brexit can be untangled. Chris also examines the issue of stagflation and how this could impact investment performance. Chris talks us through how Asset Managers are addressing concerns on climate change and placing more importance on responsible investments. We also look at the potential opportunities arising from the FAANGS 2.0 (Fuel, Agriculture, Aerospace, Nuclear and Gold). Listen here for the full conversation between Chris and our Head of Client Services Emma Saltern.
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SK RECOMMENDS: DESTINATIONS
Summer holidays are upon us, the team shares their recommendations
DUBROVNIK, CROATIA
KOH RONG ISLAND, CAMBODIA
BY CHLOE
BY JADE
Sea, sights, Game of Thrones and the best ice cream at ‘Sladoledarna Dubrovnik’ in the Old Town.
White beaches, crystal clear waters, the fresh seafood off the BBQs and the friendly nature of the community and people.
ICELAND BY EMMA Experience the beauty of mountains, glaciers, volcanoes and hot springs. Take a ride on an Icelandic horse and experience the uniqueness of its two other gaits, the tölt and the flying pace.
MARBELLA, SPAIN
NAPLES, FLORIDA BY NEIL The Mercato for live music, food, drinks and all round good atmosphere.
YORKSHIRE DALES, ENGLAND
BY DAVID
BY RICHARD
Sunshine, long walks along the Paseo, stopping at a little chiringuito for a drink and some tapas whilst looking at the ocean.
Extraordinary landscape, fabulous walks and amazing pubs. A special mention goes out to the Wensleydale Creamery Visitor Centre at Hawes.
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“Travel is the only thing you buy that makes you richer.” SKQ issue 9 | 15
ANONYMOUS
PRAGUE, CZECH REPUBLIC
LISBON, PORTUGAL
BY MICHAEL
BY BETH
Cool city with lots to do. You can get Segway tours of the city or tours of different Beer distilleries.
The ‘city of the seven hills’ has something for everyone. Historical sights, mosaic cobbled streets, lively nightlife, amazing cuisine, sun and easy access to some stunning beaches. Take the coastal train from Lisbon’s Cais do Sodre Station to Belem and grab a traditional Portuguese custard tart from Pasteis De Belem, considered the most famous pastry shop in Portugal.
SHERINGHAM, ENGLAND BY LESLEY Great beaches, coastal walks and the best fish and chips at No 1 in Cromer.
PARIS, FRANCE BY TRACEY Walk along the Seine and to see Notre Dame, lunch at Café Marly under the arcades of the Louvre – you can watch the tourists taking their photos of the Louvre pyramid at their finger tip with the Eiffel tower in the distance. After an early Eurostar, you can rest your head at Hotel De Latour Maubourg – a small very French hotel!
ST MAXIME, FRANCE BY KUNLE Relaxing on the beach, taking the ferry to St Tropez on a Friday for market day with fantastic people and yacht watching. Then coming back for a delicious crepe in the amusement park, ending with dinner in Port Grimaud… I do love being in the South of France.
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"Summer means happy times and good sunshine. It means going to the beach, having fun." BRIAN WILSON The value of your investments (and any income from them) can go down as well as up and you may not get back the full amount you invested. Past performance is not a reliable indicator of future performance. Investments should be considered over the longer term and should fit in with your overall attitude to risk and financial circumstances. Your home is at risk if you do not keep up repayments on a mortgage or other loan secured on it. This document is distributed for information purposes and should not be considered investment or other advice or an offer of any product / security for sale. This document contains the opinions of the authors but not necessarily the firm and does not represent a recommendation of any particular security, strategy or product. Information contained herein has been obtained from sources believed to be reliable, but is not guaranteed. Please contact us before you transact. Errors and omissions excepted.
SKF Trading Ltd trading as SK Financial. SK Financial is directly authorised and regulated by The Financial Conduct Authority.
SKQ issue 10
