Spectrum supporting Mimosa Matters

By Peter Brooke
This article is published on: 25th October 2023

25.10.23

The Nice to Cannes Relay Marathon

As we gear up for the upcoming Nice to Cannes Relay Marathon on November 5th, I wanted to take a moment to share with you the reason behind my choice to support Mimosa Matters, a charity that holds a special place in my heart.

In a world that often seems to move too quickly, community stands out as a pillar of strength and support. It’s a reminder that we are not alone and that, together, we can make a meaningful impact. The Nice to Cannes Relay Marathon embodies the spirit of community, with individuals coming together to achieve a common goal through teamwork and perseverance, and having a bit of fun together through the aches and pains.

Don’t worry, I am not running the entire Marathon – that would be crazy – I will leave that for those whose fitness levels are way better than mine!

I am running the final 6.4km leg…. some might say the ‘taking-all-the-glory-leg’… for Team Early Birds, a gang of super women who are doing all the hard work over the proceeding 35.6km; if you have a spare euro or two, please do consider empowering our legs to carry us all to the end by helping us raise some funds for the important work that Mimosa undertake.

The fundraising link for our team is here

I was hoping to run a longer leg but a recent bout of bronchitis and a lower back injury have curtailed my training a little but I am back hitting the tarmac again and as I lace up my running shoes for my leg of the Relay Marathon, I am not just running for personal achievement; I am running to try and make a difference.

Mimosa Matters shares this commitment, and by supporting their cause, we can collectively contribute to creating a stronger, more compassionate community.

Your contribution, no matter the size, will help make a positive impact on the lives of those in need. Together, we can run towards a brighter and more connected future. Of course, please don’t feel any pressure to contribute at all… instead perhaps share this email or come and encourage us all on the road a week on Sunday, you won’t miss us, we’ll all be in bright yellow.

Why Mimosa Matters

Spectrum and I have chosen to support Mimosa Matters again because of the incredible work they do in fostering a sense of community and making a positive difference in the lives of others. Mimosa Matters goes beyond traditional charity by actively engaging with local communities and addressing their specific needs in the fight against cancer.

They work closely with local cancer professionals & associations to create and fund projects to increase awareness of the causes of cancer and to channel funds into cancer research and into associations that directly support patients and their families living with cancer in our region.

Sadly, too many of us have been directly affected by this relentless disease and we must stand, walk or run together to try and stop it.

Please follow these links if you would like more information about Mimosa Matters
https://www.mimosamatters.org/
and the Marathon https://www.mimosamatters.org/project/nice-cannes-marathon-2023/

And, in case you missed it, the all important fundraising link again for our team is here
https://www.helloasso.com/associations/mimosa/collectes/team-early-birds-running-for-mimosa

Facebook

https://www.facebook.com/mimosamatters and https://www.facebook.com/financial.advisors

Thanks for taking your valuable time to read through this, I really appreciate it.

Financial seminars on the Algarve

By Portugal team
This article is published on: 17th October 2023

17.10.23

Even with diligent preparation and thorough planning comes a mild sense of apprehension as the big moment approaches.

How many guests will show up?

If you are based in Portugal or thinking of moving to Portugal, please click here to contact our team

If you are based in another country and would like to talk to an adviser, please click here

It was then with quiet satisfaction, and some relief, that Spectrum’s Debrah Broadfield and Mark Quinn welcomed a steady stream arrivals to their financial planning seminars in the Algarve this week.

At two venues over two consecutive days, 80 guests attended these events for a timely update on recent changes to the investment and tax planning opportunities (currently still) available to expatriates living in Portugal.

With explanations, practical examples, and responses to audience questions, our hosts highlighted how to invest securely, successfully and tax-efficiently, adding that professional guidance is (of course) essential for achieving the most favourable outcomes, and avoiding potentially expensive pitfalls.

Richard Flood and Lorraine Reddaway from RBC Brewin Dolphin complemented these presentations with an insight into investor psychology and the behavioural impact of emotional decisions on investment returns – perhaps unsurprisingly, inexperienced investors are often poor decision-makers when it comes to wealth management.

RBC Brewin Dolphin’s approach to stock selection and portfolio construction provided reassurance on the value of professional asset management.

Both seminars were well attended, with many guests requesting meetings for immediate help and advice.

Our team in Portugal are also running two workshops in November:

8th November 2023
Boavista Golf & Spa,
Quinta da Boavista, 8601-901 Lagos
10am – 1pm (with a coffee break)

9th November 2023
Magnolia Hotel,
Estr. Da Quinta Do Lago, 8135-106, Almancil
10am – 1pm (with a coffee break)

Covering a wide range of topics, our workshops aim to give you the knowledge to make good choices in all areas of financial planning, taxation and organising yourself for life in Portugal.

With an informal round table format, we will be discussing issues such as:

How different types of pensions are taxed in Portugal
Where tax should be paid on different types of pension income
Double taxation and how to avoid it
Drawdown options and the tax implications
UK pension changes: LTA abolition, impact on taxation
Tax planning opportunities: Pre-April 2024 planning window
QROPS & QNUPS: Do you really need one or should you keep your UK pensions?
How to pass on your pensions and the implications for your beneficiaries
Open Q&A throughout

Finance update Q3 2023

By Peter Brooke
This article is published on: 13th October 2023

13.10.23

Let’s talk about CASH

Since my last quarterly update in August the mood in markets has been a little confused.

If you are based in the Cote d'Azur region or thinking of moving to France, please click here to contact Peter

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After the more optimistic start to the year when stock markets, especially in the US, showed resilience and the roots of recovery from a horrendous 2022, the summer was much more mixed. The Bank of England and the US Federal Reserve didn’t raise interest rates in September, though the ECB did but from a lower level.

August was much more volatile than expected with investors trying to work out if inflation had peaked and if central banks were done with their unprecedented interest rate hikes, and when they might start thinking about cutting rates.

The oil price has also settled at a higher-than-expected level, which might be a sign of increased economic activity, but it doesn’t help to get rid of sticky inflation.

Higher for longer

Interest rates are a means of dealing with inflation. Central banks raise rates to increase costs and reduce spending power with the aim of lowering demand and squeezing prices. This is an art rather than a science. Central banks need to find the right balance of weakening demand, while avoiding a recession. This has proved fiendishly difficult and tackling inflation has seldom been achieved without some economic pain.

We are currently in the eye of the storm. Over the past 18 months, global interest rates have moved from near zero to over 5% in some places. Inflation is coming down and interest rates may have peaked, but monetary policy operates with an unpredictable lag. It is difficult to know how much of these interest rate rises have fed into the economy and whether a recession is just round the corner.

Investors will have to start getting used to these elevated levels of interest rates for longer as the consensus opinion is now that interest rate cuts won’t come quickly and won’t be significant until inflation is firmly under control. We are still very much in a holding pattern.

So should I keep my cash in my bank?

Of course, one of the few benefits of these hikes in interest rates is that you can now achieve some positive return on cash, which hasn’t been possible for around 15 years!!

I am having a lot of conversations with people asking why they should consider investing rather than leaving money in the bank.

This is a very good question… equity and bond investors have had very little, if any, positive returns since January 2022 so why invest now when I know I can now get returns on cash?

For someone with a very short-term time horizon, and therefore a very low risk profile, then cash earning around 5% will look attractive. Clearly tax is an issue, which will diminish this return but still it is at least a certainty.

What about those with longer time horizons – should they stay in cash given the high returns relative to recent history?

There are several considerations here:

1. Sticky Inflation

If base level inflation is to remain higher for longer then we still need to consider the NET return you will be getting on your cash.

Here is a chart showing UK Inflation and UK interest rates over the last 30 years – even today inflation, though falling, is still above base rates:

Put another way – if we take one away from the other we can see that the REAL return on cash today is still negative (the green line) – that’s a guaranteed loss of 3.75% over the next 12 months.

The difference between interest rates and inflation

Put another way again… what can you buy in 5 years if things remain as they are today? See below for a real world example of how inflation affects us all:

2. Other investments should do better…

BONDS:

Most investments are valued versus the ‘risk-free’ rate of return (ie cash).

So when cash was paying you 0.1% many investors were happy to accept 1.5% to 2% from high-quality investment grade bonds, even though they come with a little more risk….

… so there is a strong case for buying bonds today yielding 6% to 7% because we are happy to be paid the extra 1.5% to 2% for the extra risk we are taking… this is exactly where bond ‘yields are today’.

SHARES:

Though more volatile, shares have always outperformed cash AND inflation over the longer term.

And expectations over the coming years are that shares will continue to outstrip returns on cash:

In Summary

We feel that we are getting closer to understanding a little more about how the future might look. Inflation seems to have peaked but will remain sticky for a while, which will mean interest rates are likely to stay higher too for longer than originally thought.

The chance of global recession is still there but nor lower and the consensus appears to be that it will be soft and short if it emerges at all. This can be good for stock market performance but in the meantime cash and bonds are, for the first time in a very long time, a genuine investment option; though sticky inflation must be taken into account when choosing how much to leave in cash.

Inflation is a financial reality that we all need to navigate. By proactively addressing this challenge and exploring investment opportunities that protect your wealth, we can work together to ensure your financial future remains secure.

If you have capital to invest for longer than the next couple of years then an actively managed multi asset approach should be considered to minimise the effects of inflation on your hard earned funds.

I would very much like to thank the investment teams at Pacific Asset Management, Rathbones Investment Management and Evelyn Partners for their input into this data and summary.

If you would like to dive deeper into these subjects please check out the following links:

3rd Quarter Outlook from Pacific Asset Management

Why do interest rates and inflation matter for investors from Evelyn Partners

Will interest rates plateau after peaking from Rathbones

Feel free to get in touch if you have any questions via the below channels, or the booking system – always drop me a quick message if you need a time slot outside of those available.

If you have missed any previous emails, click here to access the Archive.

For now, have a great day, speak soon…

Click to view Peter’s diary and book a call or zoom

Top tips for expat finances | Spain

By Chris Burke
This article is published on: 10th October 2023

10.10.23

The clocks go back in a few weeks, so enjoy the last of the summer evenings before its time to get the winter wardrobe out and get cosy!

If you are based in Barcelona or thinking of moving to Spain, please click here to contact Chris

If you are based in another country and would like to talk to an adviser, please click here

This month’s Top Tips are as follows:

Wills – Why almost everyone should have one
How to build a pension in Spain, quick example
Why have your investment in a tax ‘Wrapper’ rather than an investment platform?

Wills – why almost everyone should have one
If you die whilst living in Spain or owning property/assets here, the expression is known as dying ‘intestate’. To quote why you should not want this to happen (apart from the obvious!) the Law societies words are as follows:

“Dying intestate not only means your final wishes will probably go unheeded, but the financial and emotional mess is left for your loved ones to sort out. This need not be your final legacy.”

So, if are not bothered about the administration you leave behind, the only circumstances under which I would suggest you might not want a Will (I still think you should, but it’s your choice) are if you are single or married with no children.

If you have children under the age of adulthood, in my professional opinion there are no excuses for not having a Will for the following reason: God forbid something should happen to both parents, how would the law know who you would want them to be raised by and how? Those left behind (grandparents for example) may not agree with your wishes but they should respect them. Imagine if you didn’t stipulate and the state decided against your families wishes………………….

Building a pension in Spain, quick example
“Chris, I want to save for retirement but I note the annual amount you can save into a private pension in Spain is €1,500, what options do I have?”

Well, some people tell me they could overpay into the state pension to obtain more, I say good luck with that. One of the ways they now calculate this is the average of the last 25 years of your salary/income, so the days of a great Spanish state pension for most are over.

I could go into great depth here but for ease’s sake, the following saving / investing example could give you an income of approximately €25,000 per year, so along with a full UK state pension that would give you a total income of approximately €38,000 per year and hardly any tax to pay:

Initial investment of €50,000
€2,000 per month contribution for 20 years
Total investment value at the end: €926,247.78

I did say it was quick! This is of course is in tomorrows money (inflation roughly doubles every 24 years). With my clients we go into much more depth and analysis, but it gives you an idea.

Why have your investment in a tax ‘Wrapper’ rather than a platform?

Because of Tax, Tax, Tax!!!!!

Need I say anymore, THE most important aspect to consider as a Spanish tax resident.

When you withdraw money from an investment platform you are taxed on the ‘profit’ you take out. So, for example you start/invest €100,000, it grows to €120,000, you withdraw €10,000, tax is payable on the €10,000 as that is profit.

However, with a ‘tax wrapper’ you pay a different tax, Spanish Proportional tax, which is calculated by the following formula:

Initial investment amount, divided by current investment value, multiplied by the amount you are withdrawing.

So, to copy the above example, you start/invest €100,000, it grows to €120,000, you withdraw €10,000, tax is payable on the gain proportionally which is calculated the following way:

€100,000 divided by 120,000 multiplied by €10,000 = €8,333.

This €8,333 is the amount tax exempt, so you are ONLY taxable for €1,666 as opposed to €10,000 for an investment platform gain.

You can also add Children over the age of 14 to Tax Wrappers who benefit from this in the future, as well as partners/spouses. So, the additional cost of the Tax Wrapper can more than outweigh the tax savings over time.

Some of today’s Tips can be quite complex, if you are not sure don’t hesitate to get in touch.

Click here to arrange a call or zoom with Chris

1980’s advert
For those of you who don’t know me that well, I am a bit of an 1980’s fan. I was brought up on prawn cocktail, roast beef with all the trimmings and trifle for pudding. I still even now listen to 1980’s music channels………anyway, I am going to share each month some of my favourite TV commercials from back then until you tell me to stop OR I get inspired with something else!

Looks like we’ve overdone it on the…………

Click here to read independent reviews on Chris and his advice.

If you would like any more information regarding any of the above, or to talk through your situation initially and receive expert, factual based advice, don’t hesitate to get in touch with Chris.

Let’s deal with the facts

By Paul Roberts
This article is published on: 9th October 2023

09.10.23

Over the summer I read a fascinating book called ‘Checklist Manifesto’ by Atul Gawande. It’s a book about how the systematic use of checklists can help improve outcomes in a wide range of activities.

If you are based in Barcelona or thinking of moving to Spain, please click here to contact Paul

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Gawande, a surgeon, explored the use of checklists in medical procedures and found that developing and complying with detailed checklists has an extraordinarily positive effect on medical outcomes. His book is well worth a read – some of the sections that describe how problems arise and are dealt with when things go wrong in an operating theatre or a cockpit on a passenger flight are truly incredible.

It is an unlikely page-turner, with a lot of practical examples of how adopting good working practices can have a hugely positive effect on outcomes. Here is one example;

In 2001, Peter Pronovost, an intensive care specialist at John Hopkins Hospital, was frustrated with the incidence of central line infection in intensive care. He created a simple checklist of the steps that needed to be taken to prevent infection.

As simple as the steps look, the ICU nurses noted that doctors were often in such a hurry that they ignored a step or two. With this information, Pronovost persuaded the hospital administration to allow nurses to prevent doctors from putting in central lines if they ignored a checklist step.

The nurses were also encouraged to ask doctors every day if they could remove the patients’ lines so they would not stay longer than necessary.

This step reduced the likelihood of untreated pain from 41% to 3%. Pronovost was described as a “genius” by his colleagues because he had the idea of integrating a task list or a checklist into the daily routine of everyone working in the ICU.

It has been interesting to reflect on the power of checklists and very reassuring to note that at Spectrum we have our own set of checklists that ensure we are disciplined and methodical about how we work. This approach, which we apply as part of our standard business practice, helps to secure positive financial outcomes for our clients.

Let me explain how this works with a couple of simple examples;

All potential clients do a fact-find with us as a first step in our financial planning process. The fact find is our checklist of questions that allow us to see where the person is, financially of course, but also in terms of life-stage, planning priorities, tax situation, etc. We build up a comprehensive picture of individual circumstances, what assets they have and what they are looking to do, well BEFORE we offer any advice.

With Client A, we had spoken at length about what he wanted to do and had agreed on a plan of action. When we got together some time later, I followed our Spectrum checklist and asked him if anything had changed with his situation since we had last spoken and the conversation that ensued filled me with concern. He had been contacted by a boiler room operation that had targeted him and who were in the process of getting him to transfer a high five figure sum into an offshore bank account. It was a scam. I was able to stop this before it went any further. He never made the transfer and he still has the money. I was so pleased that I’d followed the checklist and had done my job properly.

Client B is a young family member who is saving up to buy a house. He and his girlfriend have around 85000€ saved up. I asked him what return he was getting on that money. Answer – zilch. I was able to encourage him to explore the options at their bank on the basis that 2-3% was probably there for the taking, explaining that spending a few hours looking into it and taking some action will be the easiest couple of thousand euros they will earn this year.

These are two simple examples of the value that can be created in my business by following a reliable and clearly defined advice process. At Spectrum we are of course appropriately experienced and authorised for the financial planning services on offer. Beyond that, we care about doing a good job. We always offer a no fee, no obligation, face-to-face fact find meeting to anyone who is prepared to invest a couple of hours in finding out more about the planning opportunities available to them. If prospects go on to become clients, we also arrange at least annual review meetings (again at no cost), to revisit the fact finding exercise and to ensure that our original advice recommendations remain suitable, or where necessary to revise arrangements in response to changes in your circumstances.

As an aside, we know that banks generally don’t call their customer to suggest that surplus cash be placed in interest bearing deposit accounts. They just don’t do this sort of thing, because bank employees work for the bank. At Spectrum we work for our clients.

Please feel free to book an introductory appointment with a financial planner at Spectrum and see where it takes you.

Introducing your Client Portal

By Peter Brooke
This article is published on: 5th October 2023

05.10.23

CashCalc

What is the Cash Calc Secure Client Portal?

Cash Calc was launched back in 2014 by a UK IFA who was unimpressed with the digital tools available to our industry. It was initially launched as a Cash Flow Planning Calculator – more on this later, but has developed into a broad suite of great tools for advisers like me and their clients.

If you are based in the Cote d'Azur or thinking of moving to France, please click here to contact Peter

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“seek first to understand, then to be understood”

In order to best advise my existing and future clients I need a full picture of their current situation and an understanding of their objectives, aspirations and goals – we rather boringly call this ‘fact finding’… though it is not all just facts!

A recent addition to the Cash Calc tools is the ability for my clients to complete or update their own fact find in their own time from the comfort of their own homes via the Client Portal, if they want to. It is totally secure and can be updated as little or as often as necessary.

We can also use the portal for the secure sharing of documents, like investment statements, passports, utility bills etc AND for secure two way messaging.

For those who prefer not to use this service, please don’t worry, I will still use it as a data storage tool but will manage the access and information myself.

Please check out this video for more:

Hop Onboard

If you are already ‘onboarded’ and have your Portal login details please do have another look and send me a quick message (top right corner of the screen) to say hi and confirm it is all working OK.

Some of my existing clients have stated a preference to have their quarterly investment statements shared via the portal as a more secure option than email – please don’t hesitate to let me know if you prefer this too?

If you are not yet ‘onboarded’ please don’t worry, as part of our review process I will be sending you a personalised ‘secure invitation’ to the portal to set it all up; it is very easy.

Of course, if you just can’t wait please drop me a line and I will send your personalised login details immediately.

Cash Flow Financial Modelling Tool

As mentioned above Cash Calc started as a ‘Cash Flow Planning Calculator’ and though it is now so much more, this remains one of the most powerful and useful tools for creating truly personalised financial plans.

Using the ‘fact find’ data you provide in the portal I can create multiple bespoke cash flow plans to look at various scenarios and forecast how your financial situation will evolve over time.

“can I afford to retire now?”
“can we pay for our daughter’s wedding?”
“can we fund our Grandchildren’s education?”

We can see graphically where you are today and what changes, tweaks or decisions need to be made to ensure you will be ok long into the future.

Why I love it…

Its not time critical – you can upload and enter your details in your own time, at your own pace
Totally Secure – bank level encryption, customised for the Spectrum IFA Group
Simple interface between us for sharing of documents, messages and, most importantly, for uploading up-to-date financial information
I am notified as you make changes to your profile
‘Virtual’ Modelling tool with scenario based examples
Very Visual – it’s easy to see how changes will directly impact your situation as we tweak your plans
Digitally and securely accept and sign-off on a range of documents
Quarterly Financial statements can also be shared here instead of emailed

….. oh, and it has a load of other great tools we can use too…..

Its good to talk.... Book a call or meeting with me here

Financial update in France October 2023

By Katriona Murray-Platon
This article is published on: 4th October 2023

04.10.23

September is a gorgeous month in France and this year has been no exception. For me September often goes by in a whirl – with the children back at school there are still after school activities to organise and parent-teacher meetings to attend.

If you are based in Poitou Charentes, Limousin & Aquitaine or thinking of moving to France, please click here to contact Katriona

If you are based in another country and would like to talk to an adviser, please click here

However, for those who are not affected by the back to school mayhem September is a great time to enjoy the warmer weather and the beauty spots of France once the summer tourists have left.

Further to what I wrote in my last Ezine, the interest rate on the Livret A and Livret de Développement Durable et Solidaire (LDDS), which was expected to rise to 4%, shall instead remain at 3% and the French government has committed to keeping it at this rate until 2025. However, an appeal against this decision has been brought before the Conseil d’Etat. The interest rate of the Livret d’Epargne Populaire (LEP) has already dropped slightly from 6.1% to 6%.

If you realise you have forgotten to declare something on your 2022 tax return or you wish to correct an amount, you can, since the 1st August, amend your return on your online space on the impots.gouv.fr website. This service will be available until 11.59pm on 6th December. You should have already received your tax statement for the declaration you did in May and you should pay the amounts requested on this statement but if you do decide to amend your tax return, a new statement will be issued and any overdue amounts will be adjusted or repaid.

The tax authorities should already have your bank details that you provided to take any overdue tax from your account or pay any reimbursements. If this is not the case and if you have less that €300 to pay, you have to pay this by 30th September using the online service. If you have more than €300 to pay on your 2022 tax bill, these amounts will be taken on 26th September and around the 25th of October and November with the last quarter of the payment being taken out of your account on 27th December.

October is the month for the taxe foncière which is due by 16th October or 23rd October if you pay online or with your telephone or tablet. If you have already received your statement, you may have noticed an increase in the amount. The taxe foncière increased by 3.4% in 2022 but it has increased by 7.1% in 2023. This is an average and does not include any increases that the local councils may have voted. The sharp increase is due in part to the annual review of the rental value of the property which takes into account the Consumer Price Index which itself is determined by inflation.

Not everyone has to pay the taxe foncière. There are exemptions for those on pension benefits (ASPA) or disability allowance (ASI and AAH) as well as for those who were 75 and over on 1st January 2023 if your taxable income (RFR) for 2022 was less than €11,855 for one person or €18,233 for a couple. If one partner is over 75 and the other isn’t they can still be exempt. If a person is in a retirement home, their former home, provided it is not rented, is also exempt. New constructions, extensions or changes to buildings (a barn conversion for example) may be partially or totally exempt from taxe foncière for the first 2 years unless the local council has decided otherwise.

Although 2022 was a difficult year financially, this has not stopped the French from investing in Assurance Vie policies. According to the data published in the Le Particulier magazine in September (no 1208), 144.4 billion euros was invested in assurance vies in 2022, only slightly down from 2021 when 148.6 billion euros was invested. Most of this was in Euro Funds which, in spite of their steady decline over the past ten years, saw a slight increase in 2022 to 2% which is however less than the rates on the Livret A and LDDS.

In other news in September, I had the very great privilege of being invited to the GREAT event, organised by the British Embassy, in honour of the King and Queen’s visit to Bordeaux in September. Around 1500 people, French and British, were invited to this special event at the historic Place de la Bourse where we mingled with other members of the Bordeaux British community, bilingual professionals and business owners; sampled British foods, wines and sparkling wine and enjoyed music by local British artists. In addition to seeing the King and Queen, who arrived by tram to this event, Paddington Bear also made an appearance and the Fiji Rugby Team were also there and sang a beautiful song to the King as he was leaving. It was a very special and enjoyable day!

Is cash king?

By Gareth Horsfall
This article is published on: 3rd October 2023

03.10.23

It’s been a horrible 2 years (almost) in investment markets. Let’s just be honest. If markets don’t pick up in Quarter 4 of 2023 then we will have been in for 2 pretty rubbish years. It’s tough to say it from someone (me) who is invested in ‘investing’ and using the markets to protect money from inflation.

If you are based in Italy or thinking of moving to Italy, please click here to contact Gareth

If you are based in another country and would like to talk to an adviser, please click here

I know it’s the only way to protect our hard earned capital from the ravages of prices increases, but after 2 years of markets not going anywhere it is a tough job to convince anyone that this is still the best way to protect capital.

Until 2022 you could have almost been forgiven for wondering what inflation was. We hadn’t really seen the effects of inflation for the last 20 years, and now it’s back with a bang. Right at the moment of global political instability and war. The perfect storm!

Since Feb 2022 the markets reacted to the events between Russia and Ukraine and since then, with the onset of price increases for, just about, everything we buy, global stock markets are still trading under their highs of 2021.

Why not cash instead?
If you are someone sitting on cash, you might be cautious about investing and who can blame you? Everything around the world looks unstable and putting money in cash might earn you 5% in US CD’s, 4% in € and potentially 6% in GBP. Even though these interest rates are trailing the real rise in the cost of goods and services, you can’t be blamed for looking for some certainty in an uncertain world.

A woman’s view on the world
It is for this reason that I invited Joy Callendar of Brewin Dolphin (https://www.brewin.ie/our-people/joy-callender) to come and speak at our events in Abruzzo and Marche on the 17th and 18th October, respectively.

I wanted to invite a female Investment Manager this time as women have a different perspective on investing than men. Women are shown in numerous studies to be less aggressive and less impetuous than men in their investment decision making. This is good for me, because I will get time to hear what Joy has to say to you, but also I will get time to speak with her during the time travelling to each place and in the evenings. I myself want to hear how someone, like Joy, is going to help us navigate these rocky waters.

It is without a doubt that Joy will advocate investment as a mean to inflation protect your money and tell us that cash is, long term, a bad way to protect our real long term spending power of our money (because it is). But what about the short to medium term: is it a good idea to invest in cash now and wait until markets start to recover? Or can we invest in areas which are less volatile? Can Brewin Dolphin keep money in high interest bearing funds/investments with minimal risk and time the right moment to get into the markets for us? Can they just move in and out of areas at the right time to maximise returns?

There are so many questions that I want the answers to.

Brewin Dolphin and many other asset management firms want to get out and talk directly to people, rather than being solely based online, as they see the value in talking to people directly. They have a budget for working with companies like us who can provide an audience for them. They have services for residents in Italy and also are SEC licensed for services to US persons living in Italy. (Of course they love a few days out of the office in rural Italy as well) .

I am planning more events around Italy in the spring of 2024 (some with a different theme) and would welcome any recommendations if you think you might know a group of people who might want to listen to investment/tax planning experts for your life in Italy. Don’t hesitate to let me know.

In the meantime, if you want some answers to any investment, currency exchange or tax planning questions then please register to come along to the events below. Oct 17th in Abruzzo and Oct 18th Marche.

These events will NOT be a lecture or usual seminar,but, instead, a PANEL style approach.

The panel of experts will be open to questions and answers from any member/s of the audience and be available to listen to your concerns, worries and comments and hopefully provide some concrete and helpful information.

I am keen to put these experts on the spot and get the answers we want and to really make them work for their money, and I need your help to do that!!

Book your place at the events here

Book your place at the events here

Do I need a financial adviser?

By Susan Worthington
This article is published on: 1st October 2023

01.10.23

Just recently I returned “home” to continue my work under the wing of The Spectrum IFA Group. Two years ago I moved away thinking I could expand the range of services to offer my clients, but sometimes the grass isn’t greener. However, leaving one base for another also creates time for reflection and, sometimes, realisation that where you were was rather good.

If you are based in Balearics or thinking of moving to the region, please click here to contact Susan

If you are based in another country and would like to talk to an adviser, please click here

Change is always happening around us, but for some it can be unsettling. I am fortunate in that all my clients and contacts have been happy to stay with me on my journey.

It made me appreciate that a client’s commitment to one adviser for the duration of their financial arrangements is fundamental to developing a strong relationship and achieving successful outcomes. It’s what an adviser can help them with that matters, and supporting those requirements over the long-term creates a unique bond. Matching the actual advice and arrangements to a client’s needs should be the highest priority for any adviser.

So what can an adviser provide:
• Helps maintain perspective (and calm) during stock market turbulence. This is particularly relevant at the time of writing!
• Able to explain and problem solve when something goes wrong.
• They provide more accurate news and updates from the real experts, steering clear of the media hype and scaremongering that is everywhere.
• Recommend tax efficient arrangements geared to your lifetime and also very importantly, after it, for your family.
• Have access to investment fund experts who often fare better than self-selected choices.
• Keep you on track as your circumstances change. Nothing ever stays the same, part of life’s rich pattern, so having a hand to hold you through that change can be comforting and supportive.
• Liaise with your tax or legal advisers to ensure your overall interests are protected.
Not everyone chooses to work with a financial adviser. Some people can’t find one they can work with or trust or just simply prefer to manage their own affairs. Many don’t do anything at all.

It made me check some UK statistics. Did you know that:
• 39% of adults (20.3 million) don’t feel confident managing their own money.
• 11.5 million have less than £100 in savings.
• nearly nine million people are in serious debt, and only around a third receive help.
• Brits who took professional financial advice between 2001 and 2006 enjoyed an average increase in their assets of nearly £48,000 after 10 years, compared to those who took no advice.
• Most millionaires likely use some type of financial adviser to grow and protect their wealth.

According to a recent report from Prudential, more than half – 53% – of UK adults say that financial problems and changed circumstances over the last 12 months have caused them to seek financial advice. Of this figure, 33% have already sought financial advice, whilst the remaining 20% are planning to do so.

Most people will benefit from the knowledge and experience of a professional financial adviser, especially if they have a variety of assets. When deciding between working with a financial adviser or doing it yourself, you just need to weigh the benefits against what you could be missing out on. Just a thought…….!

Tax & financial seminars in Portugal

By Portugal team
This article is published on: 21st September 2023

21.09.23

Are you an expatriate living in Portugal and looking to understand
more about your tax and financial situation?

Join us, and our panel of guest speakers, for informed guidance on Portuguese resident tax and financial planning opportunities, commentary on investment markets and to meet like-minded people in your local area.

10th October 2023
Magnolia Hotel
Estr. da Quinta do Lago, 8135-106 Almancil
10am – 1pm

11th October 2023
Boavista Golf & Spa
Quinta da Boavista, 8601-901 Lagos
10am – 1pm

Engage with our chartered financial planners and tax advisers

Demystifying jargon: Understand key terms like residence, domicile, NHR, visas, day counting, and where and to whom taxes should be paid
Avoiding costly pitfalls: learn from common mistakes and discover strategies to prevent them
Real-life case studies: Business and property sales, personal investments, UK ans offshore pensions, inheritance tax, domicile and personal taxation.
Investment fundamentals: Understand risk and volatility, investor psychology, tips and traps of investing and portfolio building
Interactive Q&A: Have your questions answered during our open session

Experience a unique opportunity to ‘look over the shoulder’ of a fund manager with RBC Brewin Dolphin

Find out how they create and build portfolios: the principles, processes, data and tools
Discussion: current markets, trends and forecasts
Interactive Q&A: ask anything during the open Q&A

Spectrum supporting Mimosa Matters

The Nice to Cannes Relay Marathon

The fundraising link for our team is here

Why Mimosa Matters

Financial seminars on the Algarve

Our team in Portugal are also running two workshops in November:

Finance update Q3 2023

Higher for longer

So should I keep my cash in my bank?

In Summary

Top tips for expat finances | Spain

Let’s deal with the facts

Introducing your Client Portal

CashCalc

“seek first to understand, then to be understood”

Hop Onboard

Cash Flow Financial Modelling Tool

Why I love it…

Financial update in France October 2023

Is cash king?

Do I need a financial adviser?

Tax & financial seminars in Portugal

Are you an expatriate living in Portugal and looking to understand more about your tax and financial situation?

Engage with our chartered financial planners and tax advisers

Experience a unique opportunity to ‘look over the shoulder’ of a fund manager with RBC Brewin Dolphin

Sign up for the seminars below

Are you an expatriate living in Portugal and looking to understand
more about your tax and financial situation?