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5 RETIREMENT PLANNING MISTAKES TO AVOID

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Retirement planning is one of the most important financial goals, and the stakes couldn’t be higher. For a successful and secure retirement, Granville Turner, Director at Company Formation Specialists, Turner Little, shares his five retirement planning mistakes to avoid:

 

Don’t underestimate the value of a clear plan:

Whilst retirement doesn’t necessarily mean stopping work completely, for most people it does mean spending less time working. It’s important to understand what you want from your retirement, consider priorities and how you would like to spend your time, as this will most certainly affect your finances.

 

Don’t underestimate the cost of retirement:

Research suggests that 48% of individuals haven’t calculated how much money they need to save for retirement. You may think you will spend less when you retire, but whilst your commuting costs might go down, other expenses could increase. Planning is crucial. Think about your day-to-day spending and factor in other expenses such as holidays – budgeting is a key part of retirement.

 

Don’t rely solely on your pension:

Pensions have traditionally been the primary way of funding this stage of our lives, and still remain the cornerstone of good planning. But pension funds and the contributions you can make have limits, so make sure you consider income from a range of sources from the State Pension, personal or workplace pension schemes, savings, investments or even property.

 

TAX HAVENS

Granville Turner

Don’t underestimate the importance and need for diversification:

Creating a diversified portfolio of assets blended across asset classes is a winning strategy as it reduces the risk of any single asset dragging down your portfolio.

 

Don’t cash out your pension:

30% of individuals accessing their retirement pot under pension freedoms are depositing their cash straight into low-interest bank accounts. The loss of returns aside, withdrawals can have significant tax implications, so it’s important to assess your options before taking the money out of your pension.

If you would like to discuss your specific requirements, get in touch with us today. Our specialist team of experts will deal with matters pragmatically and sensitively, taking the time to meet with you and discuss your individual objectives in detail, in order to provide solutions that are uniquely tailored to your needs.

 

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Finance

The formula for success: delivering total experience in financial services

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Monica Hovsepian, Global Industry Strategist, OpenText

 

The tumult of the last few years has thrown many challenges at financial services. Geopolitical and social evolutions have met head on with technological upheaval to threaten the previously settled order of the sector.

 

Luckily, that very same technological upheaval has allowed financial services institutions (FSIs) to innovate. Faced with new competition from fintechs, challenger banks, and big tech, FSIs have transformed the way they deliver products and services to customers over the last decade or so. It would be unthinkable now, for example, for a customer to have to visit a branch with their banking book to pay in or take out money from their accounts.

 

So much has changed. But change, it seems, is never finished. As younger generations become consumers and employees in their own right, they are bringing their own ideas about how they would like to live, work and engage, and FSIs need to keep evolving to cater for them.

 

Of course, this has always been the way of things: to some extent, adapting to the changing demands of customers is old hat for FSIs. It’s just that now, the tactics used to do so have evolved. Rather than focusing solely on Customer Experience (CX), FSIs must move to a focus on delivering Total Experience (TX) if they are to rise above the heated competition that continues to drive innovation across the sector. And, by delivering the Total Experience, FSIs also appreciate the benefits of Operational Experience (OX) and efficiencies.

 

CX + EX + OX= TX: the full formula for FSI success in the digital age

 

In its simplest terms, TX is the optimisation of both CX and employee experience (EX). To add a bit more colour, it is a recognition of and approach to the idea that only through elevated employee experiences and improved operational efficiency can the best possible customer experience be delivered. Investing more holistically across what matters to the customer delivers stronger returns than focusing on isolated areas.

 

Or, since this is a formula-driven industry for numbers and formulas, let’s express this idea another way: CX + EX = TX (ROI).

 

It’s well reported that delivering excellent digital customer experiences is increasingly defining for today’s FSIs. The Financial Brand, for example, reports that banks with customer-centric cultures are 60% more profitable than others. Yet other reports suggest that many customers are dissatisfied with the experience that banks are offering.

 

So, why is that?

 

Well, in order to provide the seamless, personalised digital experiences demanded by today’s customer, banks need a 360-degree view of customers, across the entire enterprise, at each stage of their journey. Technology is already in place to enable this, but the discipline of customer lifecycle management is still under-developed in FSIs, resulting in fragmentation of backend systems and disconnects between different employees and business units.

 

This disconnect then translates into the experiences that FSIs deliver to their consumers, as it leads to frustration for employees as they struggle to locate and manage customer data between siloed systems quickly and easily. It stands to reason that putting CX and EX together is the way forward for banks looking to find the formula for success in the digital age and deliver operational efficiency.

 

Lifting all boats – how to achieve total experience in FS

 

As John F. Kennedy once said, ‘the rising tide lifts all boats’. FSIs can adhere to this idea by investing in technology that elevates the experiences of both customers and employees, creating a virtuous cycle of optimisation that will form the foundations for long-term success.

 

Data can be a friend to FSIs here, rather than a foe. With the sheer amount of it available to businesses in the sector, it can seem daunting to even approach the task of wrangling data into insights and then actioning those insights.

 

It needn’t be: leveraging the latest innovations in technology can help to integrate key CRM systems to ingest, analyse, manage and distribute the content needed to support all customer-related business processes. Doing so will offer employees a single source of truth to support any customer process or enquiry, thereby improving EX at the same time as optimising the data available to improve CX.

 

In a world of unpredictable demand and shifting priorities, FSIs that invest in these integrated solutions stand to benefit from real-time, 360-degree view customer information, used to empower employees to provide superior service, deliver optimized customer experiences, enforce governance and risk management and reduce operational costs.

 

Gartner estimates that, by 2024, organisations providing a total experience will outperform competitors by 25% in satisfaction metrics for both CX and EX. In a game of fine margins like financial services, that’s a level of competitive advantage that you don’t see on offer every day.

 

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Business

Billner Group Review: Your Reliable Online Trading Platform

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Enter the world of currency pairs to drive profit by trading two currencies simultaneously. You need to find different cheapest currencies like USD/JPY Pair, EUR/USD Pair, etc., to get maximum by investing minimum. If you’re a novice currency pair trader, consider Billner Group, the leading online trading platform, to bring down your trading risk and make a profit. The world of Forex is very exciting, and the platform has multiple features to help you thrive in this trading market. So, let’s see how you can master the art of currency pair trading on this platform.

Expert Guidance at Billner Group to Help You Succeed

Currency pair trading involves many unknown risks. Therefore, it’s best to get guidance from the experts. And, Billner Group provides you with exactly that. The platform has many experienced and renowned trading experts to offer you free education and guidance. Their experienced mentors will give you straight-to-the-point videos and webinars to help you start your trading with in-depth knowledge regarding the selection process of the assets available, how much to invest, and when to start and stop trading.

Billner Group offers comprehensive educational resources and expert guidance to fill you with trading knowledge in all the possible ways. You can get help from their experts at every step of your currency pair trading. All these will enable you to start intelligent trading, even if you have had no prior experience. As a result, you can achieve new heights of success on this platform.

Cutting-Edge Technology at Billner Group to Minimize Risks

To make your currency pair trading profitable, Billner Group offers a range of advanced technical analysis tools. The use of these tools, like price charts, indicators, calendars, and more, helps currency pair traders to make informed decisions. You can observe the fluctuations in the currency pair movements with more precision. Their historical price charts and real-time market data will also enable you to identify the potential entry and exit trading points. Using these tools also facilitates the traders to identify the trends and patterns. As a result, they can build their trading strategies and make profits.

Billner Group also ensures instant hedging. Trading on this platform will let you insure and hedge against the adverse fluctuations of the selected asset’s price. They maintain absolute transparency and provide you with all the required tools to be successful in the trading world.

The Bottom Line

If you’re new to the market, proceed by investing in one or two currency pairs. Do your research and learn more about the currency pair trading to find out the best pairs. Billner Group can go a long way to provide you with the needed insight and knowledge. Moreover, their platform is very user-friendly. You need to signup on the platform and open your trading account to start making money. Make full use of their technical analysis tools and experts’ guidance to reduce your chances of loss. So, instead of waiting, invest in currency pair and see how the trading can become a money spinner for you.

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