Financial Advice

Create personalised, tailored financial plans

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Ellis Bates Directors Ben and Alan discuss how Ellis Bates incorporate the principles of Consumer Duty into every aspect of our client responsibility to offer relevant and effective products and services.

Watch our latest video to find out:

How the Ellis Bates in-house Investment Team help you create your personalised, tailored financial plans
How Ellis Bates independently select the products and services individually tailored to your financial plans
How Ellis Bates tailor the right financial products and services throughout your lifetime and its ever-changing circumstances
How Ellis Bates scan the whole of marketplace to carefully select the right products and services for you to achieve your financial plans
How the Ellis Bates in-house investment team create a suite of products and services geared specifically to your financial plans

If you’d like to discuss your financial plans, please get in touch:

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Free Guide: Making the most of your money

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Wealth planning isn’t a one-time event. It involves comprehensively evaluating your current and future financial state regularly to formulate and evolve a plan to help meet your financial goals.

We have produced a free Guide to making the most of your money to help you at every stage of your financial journey:

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Your financial planning future all on one page

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Ellis Bates Directors Ben and Alan discuss how Ellis Bates incorporates the principles of Consumer Duty into every aspect of our responsibility to ensure clients are on track with their financial planning.

Watch our latest video to find out:

How Ellis Bates can show you your financial planning future all on one page
How you can get the interactive power of cash flow modelling behind your financial planning
How to uncover and mitigate shortfalls in planning your financial future
How Ellis Bates will keep you on track with your financial planning

If you’d like to discuss your financial future, please get in touch:

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When am I financially ready to retire?

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The earlier you start retirement planning, the better. However, with the demands of managing a busy working and personal life, this is something that can understandably be neglected. But it’s never too late to think about saving for retirement – even if you are planning to give up work in just a few years’ time, you will have options to add to your nest egg.

In our latest video, Financial Adviser Gary Davies discusses how to know if you are financially ready to retire.

If you are considering early retirement and would like to speak to a Financial Adviser, please get in touch:

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Are you going to achieve your financial goals in your lifetime?

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People who are confident about their retirement are most likely to have specific retirement goals and know what steps they need to take to reach them. But sadly, we see many people do not feel confident that they will have enough savings to live comfortably after they retire.

Many people have a fear of outliving their money, but most don’t have a clear idea of how much money they need during retirement. It’s important to remember that retirement doesn’t happen at a certain age, it happens when you have enough money to live on.

We are here to help create a clear direction and understanding which will give you peace of mind that you are on the right track.

If you’d like to discuss how to reach your retirement goal, please get in touch:

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Millions may have to rethink their retirement plans

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More than one in ten have mortgage debt in the final decade before they retire

Two-thirds (67%) of Britons admit to having debt that is weighing them down, according to a recent study*. Additionally, nearly one in ten (9%) adults in the UK are unsure about the amount they owe in outstanding debts, rising to more than one in six (16%) among those aged 45 and over.

Credit or store card debt is the most common form of debt, accounting for 32% of respondents, followed by personal loans (16%), overdrafts (15%) and unpaid household or utility bills (10%). Surprisingly, more than one in ten (11%) individuals aged 55 and above have mortgage debt in the final decade before retirement.

Impacting retirement plans and financial security

Having debt can significantly impact retirement plans and financial security, leading to increased stress and reduced income in retirement. Taking proactive measures to reduce debt before entering retirement is essential. These actions include consolidating debt, paying off high-interest loans, reducing unnecessary expenses and working with financial advisers to create a comprehensive retirement plan.

Funds to cover unforeseen expenses

Comparing results from 2021 to 2023, the survey found that debt has increased among 52% of 45-54-year-olds. However, respondents have also tried to address their debt situation, with 38% cutting back on non- essential spending, 21% working overtime or getting a second job, and 13% seeking advice from debt services or helplines.

Furthermore, unexpected bills have posed challenges for many individuals, with 31% of Britons paying an unexpected necessary bill of £850 or more in the past 12 months. While 57% of UK adults claim to have emergency savings, only 24% used these funds to cover unforeseen expenses.

Importance of managing debt effectively

Instead, 19% relied on credit cards, 11% sought help from family or friends, and 8% took out loans or used their overdraft. Additionally, 5% resorted to payday loans, and another 5% cashed in their pensions to manage unexpected costs. These findings highlight the importance of managing debt effectively and planning ahead to ensure a secure financial future.

Looking for a financial advice tailored to your needs and goals?

Navigating the world of finance can be daunting, with numerous options and decisions to make. That’s where we come in. We offer personalised financial planning and advice tailored to your needs and goals. To learn more about how we can help you, please don t hesitate to contact us.

*Source data: The research was conducted by Censuswide between 20–24 April 2023 of 2,009 general consumers, aged 18+, national representative sample. Censuswide abide by and employ members of the Market Research Society which is based on the ESOMAR principles.

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Retirement Cash Flow Modelling

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Assessing your current and projected wealth, income and expenses 

Retirement planning is of utmost importance, regardless of your income or wealth. It ensures a steady income stream after retirement and provides financial security for you and your loved ones. 

Retirement cash flow modelling can provide numerous benefits to individuals seeking financial security and planning for the future. By assessing your current and projected wealth, income and expenses, retirement cash flow modelling can help you understand your current and potential future finances. 

Here are some of the key reasons why retirement cash flow modelling is crucial: 

Avoid running out of money: Planning helps you calculate the savings rate required to support your desired lifestyle during retirement, ensuring you don’t run out of money. 

Setting retirement income goals: This involves determining your retirement income goals and identifying the necessary steps to achieve them. This allows you to plan for various financial sources and secure a comfortable retirement. 

Creating a regular flow of income: A well-structured and regularly reviewed plan enables you to create a regular flow of income after retirement. This fixed income substitutes your pre-retirement salary, ensuring financial stability. 

Strategic investment decisions: Retirement planning involves making strategic investment decisions to achieve specific savings goals. This helps in maximising returns and growing your retirement fund over time. 

Financial security: By having a solid retirement plan, you can provide yourself and your loved ones with financial security. This is particularly important as more than social security benefits is needed to sustain your desired lifestyle. 

Enjoying a comfortable retirement: A comprehensive retirement plan has the potential to allow you to enjoy a comfortable retirement, free from financial worries. It provides the means to pursue your desired activities, travel and maintain a high standard of living. 

Reviewing existing pension arrangements: Regularly reviewing your existing pension arrangements and taking the required steps can significantly affect the amount of money you’ll accumulate for retirement. Seeking professional help can ease the process and ensure you make informed decisions. 

How retirement cash flow modelling can work for you 

Managing accumulated wealth: If you have accumulated wealth, retirement cash flow modelling can assist you in effectively managing your financial position and making informed decisions as you retire. Long-term planning: Cash flow planning is especially beneficial if you have long-term personal or business objectives. It lets you determine how much you need to save and the returns required to meet those goals. 

Care home fees planning: Cash flow modelling can also be used for planning care home fees, helping you understand the financial implications of such expenses and prepare accordingly. 

The retirement cash flow planning process involves: 

■ Assessing your current financial situation, including income, expenses, assets and liabilities. 

■ Understanding your future financial commitments and goals. 

■ Creating a lifetime cash flow modelling plan tailored to your needs. 

 ■ Providing a comprehensive analysis of your income, expenditure and potential future cash flow. 

■ Working towards achieving and maintaining financial independence. 

■ Adequately addressing the financial consequences of death or disability. 

■ Minimising tax liabilities through effective planning. 

■ Developing an investment strategy for your capital and surplus income. 

■ Identifying Inheritance Tax issues that may impact your beneficiaries. 

Answering critical questions 

Ultimately, retirement cash flow modelling helps answer critical questions such as whether your savings and assets are sufficient to support your aspirations, if you can retire early, if your investment risk is appropriate and if you will have enough money to sustain yourself throughout retirement.  

Are you looking to create your retirement cash flow plan? 

Contact us now for more information. We assist you in analysing your current financial situation and creating a customised plan to ensure your retirement meets your goals. If it turns out that your cash flow plan falls short, don’t worry we have various retirement planning strategies to help get you back on track. 

Get in touch to find out more:

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Free guide: Successful Wealth Management

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Key traits for successful wealth-building

Developing an investment strategy tailored to your goals

 

Committing to a financial plan is crucial for building wealth and achieving long-term financial goals. When you have a plan, you are more likely to stay focused on your objectives and take the necessary steps to reach them.

If you’d like to find out more about how to build your wealth, download our free guide.

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Planning For a Secure Future

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The journey to financial freedom begins with a roadmap.

To start you can outline your current financial situation and this will pave the way towards your desired destination – your financial goals. It’s time to ask yourself, what are these goals? Saving for retirement, building an investment portfolio or establishing an emergency fund? The more precise your goals, the more tailored your roadmap can be.

Charting your course: the power of goal-based planning

Once you’ve defined your objectives, the magic begins. Goal-based financial planning allows you to invest systematically and in a disciplined way. It keeps you focused on your destination, unswayed by the market’s short-term turbulence.

While everyone’s goals vary depending on their life stage, they can generally be bucketed into three categories: essential needs, lifestyle wants and legacy aspirations.

ACHIEVING FINANCIAL SUCCESS: A COMPREHENSIVE APPROACH

Navigating the terrain of financial success in these areas can be challenging. It demands a holistic understanding of everything from complex retirement plans and investment products to risk management strategies and tax laws.

Your financial roadmap should be your beacon of clarity. It should encapsulate every facet of your vision – your hopes, fears and goals, vividly depicting your financial future.

What are some of the questions to ask yourself?

  • Can I sleep soundly knowing my future is financially secure?
  • Do I have a clear direction for my journey
  • Will my current lifestyle be sustainable in retirement?
  • Am I financially equipped to live the life I want now and in the future
  • Have I planned adequately to ensure I don’t run out of money?
  • Do I fully understand my financial position?
  • What is my financial ‘magic number’ to secure my current and future lifestyle?

The cost of your future lifestyle: Understanding your number

Start by identifying your financial goals and the time frame to achieve them. Determine their current cost, factor in a reasonable inflation rate, and voila – you’ll know what they’ll likely cost when you aim to achieve them. This exercise helps you uncover ‘your number’ – the money you need to secure your future lifestyle without fear of running out of funds.

Your financial roadmap is your guide to making informed financial decisions, striking a balance between current responsibilities and future aspirations. It’s designed to help you sustainably achieve your lifestyle goals and objectives over time.

We have produced a comprehensive guide to help you build a more secure financial future. To download your free guide, fill in the form below:

Download your Guide to Effective Wealth Creation Strategies

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Effective Wealth Creation Strategies

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There’s no one-size fits-all answer to how to build a plan for financial freedom.

Building wealth is a cherished ambition for many, yet it can often feel daunting.

Success in this endeavour requires time, commitment and self-discipline, so be wary of promises of instant wealth and opportunities that seem too good to be true, as they can lead you astray.

The silver lining here is that tried and true principles and strategies can aid anyone in accumulating and maintaining wealth over the long haul. Furthermore, the sooner you begin applying these principles, the higher your chances of success.

We have produced a comprehensive downloadable guide delving into the fundamental principles for wealth creation. These include goal setting and plan development, investing in education and skills, debt management, savings and investments, asset protection and shielding your investments from tax implications.

Fill out the form below to receive your free guide.

Download your Guide to Effective Wealth Creation Strategies

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