1st January 2021

First and foremost, Happy New Year to all our clients and Nova readers. Here we are at that start of another year. How time flies! Despite the various challenges and uncertainties at present with the COVID-19 vaccine, Brexit, and the transition of the US presidency, here at Robert Nicholas we are feeling optimistic. In the words of D:Ream in their famous 90s classic: ‘Things Can Only Get Better!’

The start of the year is often seen as the natural time to plan for the year ahead. What better way to do this than by writing a New Year’s Resolution? There is a four-benefit cycle of doing this which all tie into one another:

1. Increased motivation – we will feel motivated so that we…

2. Take Control – affirming to ourselves that we are in charge of our lives and how the power to make a change. Resulting in a feeling of…

3. Sense of Achievement – allowing us to feel a sense of achievement (this then motivates us further!)

4. Self-Esteem/Confidence – this sense of achievement will see our self-esteem and confidence skyrocket!

There are lots of options for New Year’s Resolutions out there, whether this be joining a gym, learning a new language, or getting your finances under control. Here at Robert Nicholas we specialise in Financial Advice, so we firmly believe our skills lie with assisting you with the latter!

A recent study has found that those who take out financial advice are on average £47,000 better off over 10 years than those that do not, (Royal London customer research: Feeling the benefit of financial advice, 2020). It was also noted that having a Financial Adviser not only has financial benefits. According to the study, which can be found on our website, the average person that receives regular financial advice feels more confident and in control, along with experiencing a heightened sense of ‘peace of mind’.

We are big believers in the PIPSI – The Five Key Financial Planning Principles. These principles go in order of importance. It is generally accepted that protection is the most important, as if you do not have adequate cover in place, then should something happen, the rest of your plans will not happen.

P – Protection

I – Income Protection

P – Pension

S – Savings

I – Investment

Protection – is your life cover and critical illness cover adequate? Are you paying a fair price?

Income Protection – if something happens meaning that you cannot work due to accident or illness, are you covered?

Pensions – will your pension plans provide you with a comfortable retirement? Do you have pensions from previous employments that are due a review? If you do have more than one pension, is it best to consolidate them together to reduce the overall ongoing charges?

Savings – are you saving regularly? Are you getting the best interest rate on your savings?

Investments – are your investments matching your attitude to risk? Are your current investment charges too high? Does your choice of investments match your principles? For example, are you investing in an ethical manner?

If you would like to have your financial plans reviewed, why not contact us? As ever, the initial consultation is free and without any obligation.

Steve Graves
Robert Nicholas Financial Advisers Ltd