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INVESTMENT FIRM APPOINTS DIRECTOR TO LAUNCH NEW FINANCIAL PLANNING ARM

A Yorkshire-based wealth management firm has appointed an associate director to support the launch of its new financial planning operation.

Charlotte Kelso joins Leodis Wealth as associate director to run Leodis Wealth Financial Planning arm of the 31-year old Leeds-based asset management firm.

With more than 23 years’ experience, Charlotte is a financial services professional, specialising in investment management, pensions and inheritance planning. She started her advising career at First Direct, progressing to a senior premier client manager with HSBC, most recently working as an IFA for a small, independent firm for six years.

Leodis Wealth Financial Planning will offer a holistic financial planning service extending the offering by supporting a wider clientele.

 

L-R Simon Cocking and Charlotte Kelso

 

Charlotte Kelso comments:

“I am delighted to have joined Leodis Wealth to launch Leodis Wealth Financial Planning. The opportunity will allow me to continue to offer expert independent financial advice and take a lead in growing the new arm of this well-established business.”

Commenting on the new appointment, CEO of Leodis Wealth, Simon Cocking, said:

“This is an exciting time for Leodis Wealth as we continue to grow and develop the services we offer our clients and business partners. The new arm will give clients access to first class holistic financial planning as well as access to the experience and expertise of our asset management team. Charlotte is a first-class adviser and I am delighted that she has joined the team, she will undoubtedly be a real asset to our business. A further adviser appointment has also been made and they will join the team in early October”

Leodis Wealth Asset Management has built an enviable reputation in portfolio management with a portfolio of over 350 active clients. The new financial planning venture is expected to double the number of clients supported.

 

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Finance

TIME TO FOCUS ON YOUR ‘WEALTHBEING’

Tony Mudd, Divisional Director, Development & Technical Consultancy. St James’s Place

 

FIVE WAYS TO SAFEGUARD YOUR FINANCIAL FUTURE

The financial and economic impact of the coronavirus crisis has thrown up a host of issues for families to consider.

Above all, the experience has reinforced the importance of always being prepared.

The pandemic’s effect on jobs and incomes has underlined the value of having a robust financial safety net in place.  And it’s never too late to take control and start planning. It’s time to focus on your ‘wealthbeing’.

 

Here are some positive steps you can take to safeguard your financial future.

  1. Income security

With almost nine million UK employees of around one million businesses1 placed on furlough since the coronavirus crisis unfolded, there is potential for large numbers of redundancies as employers examine their reopening plans and contemplate the future of their business.

If you’re in employment and still being paid, look at how long that is likely to continue. As far as you are able, try to budget appropriately. Also look longer term at other sources of finance that you would be able to access if needed (such as savings, existing investments or, perhaps, borrowing), as well as the gaps that insurance policies could help fill.

Tony Mudd

If you are facing redundancy, make sure you understand what you can expect from your employer – your notice period, redundancy entitlement and statutory redundancy cover – as well as the government support that’s available.
Ask yourself – Where do I stand? What do I need? Can I continue to pay my bills? What are my responsibilities?If you do need to dip into your savings or investments, be careful about where you take it from – and when. The right choices here will help you preserve your capital by helping you minimise your tax, reduce charges and get the best from your assets.
If you don’t have savings or investments available, check whether you’re entitled to state support. The Money Advice Service website is a good source of information and guidance. If you’re struggling, or think you might soon be, don’t hesitate to seek free, impartial debt advice from the likes of StepChange and Citizens Advice.

 

  1. Create an insurance buffer

Do a risk audit on yourself. Ask what the financial implications would be – for you and your family – if you get sick or lose your job. Ascertain what potential risks you might face as a family and as an individual. It will be different for everyone, so it’s about considering your personal circumstances and those of the people who rely on you to work out what you need. There’s nothing to stop parents or grandparents from paying income protection premiums for a younger member of the family, particularly if they are renting or starting out on the property ladder and can’t afford them.

 

  1. Prepared for later-life care?

It may seem a long way off, but the Covid-19 outbreak has shown us all that our lives can change in an instant. A will is something that should be reviewed on a regular basis, as it sets out not only who your assets will go to, but also when. Power of attorney (POA) can be especially important, and it’s essential in long-term care. This is an area where financial advice is enormously valuable. Long-term care planning is difficult, and too often people ask for advice when they are already in or approaching a crisis, when it’s likely too late to make a significant difference.

 

  1. Avoiding gaps in inheritance and legacy plans 

Inheritance Tax legislation changes frequently, and because you don’t know when you are going to die, it can be difficult to cover every possible gap, even with a will in place and some form of legacy planning. The closest option is often ‘whole of life’ cover, which can pay out in trust as a legacy or help family cover any Inheritance Tax liabilities. One of the great things about protection policies is that they can be the solution to a range of different problems.

 

  1. Involve your partner and family

Many families remain reluctant to talk about money issues. Consider working with a financial advisor who can bring the family together to ensure that all the necessary issues are discussed among the people who need to be involved. An advisor can facilitate the discussions (without emotional involvement) and offer guidance.

 

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Finance

PAYROLL AGILITY IN THE CORONAVIRUS CRISIS – HOW FINANCE FIRMS CAN ACHIEVE IT

COVID-19

by Hannah Grimshaw, BPO Payroll Lead, Symatrix

 

The government has published guidance with regards to the next steps for the Coronavirus Job Retention Scheme (CJRS) and furlough – and that will have implications for almost every business operating in the UK today, including those working across the financial sector. One big change is that the furlough scheme closed to new entrants on 30th June, meaning that from 1st July employers can only claim in respect of employees who had been furloughed for a minimum period of three weeks before 30th June.

From 1st July as part of the government’s guidance on the next steps for the CJRS and furlough, employers will be able to bring furloughed staff back part time and will be able to claim through the CJRS for non-working time – otherwise known as flexible furlough.

Furthermore, as of 1st July, the three-week minimum claim period for furloughed employees has changed to one week, and from 1st August the level of government grant will start to reduce and employers will be required to contribute to the wage subsidy on a phased basis. These changes in themselves will mean that employers have a number of considerations to factor in relating to payslips and flexible furlough, post-employment notice pay, pay in lieu of notice, redundancy pay and parental leave.

Hannah Grimshaw

In addition to this, on 26th June 2020, the government proposed amendments to the Finance Bill 2020 to protect individuals affected by Furlough, reduced hours or unpaid leave because of COVID-19. The new clause 32 ensures these circumstances, will not negatively impact the tax advantage of the enterprise management incentives (EMI) scheme membership. The new rules apply initially to the period between 19th March 2020 and 5th April 2021 with the potential for extension by the Treasury until 5th April 2022.

All of these changes are food for thought for finance organisations, or any business in general, and they will need to ensure that they have flexible and agile HR and payroll processes in place in order to manage them effectively. So how can finance organisations ensure that this is the case and that they are set up to be as agile and flexible as possible to deal with these processes through the pandemic and beyond?

 

Finding a Solution

To manage the requirements outlined above, organisations need a great operating model for payroll.  Running an all-in-one approach to HR and payroll will make a significant difference in ensuring that businesses have the agility to make adjustments to payroll and manage claims processes to HMRC quickly and efficiently in these difficult times all wrapped with strong governance and controls that the ‘one’ solution brings.

If an organisation’s payroll engine is fed by separate HR, time and labour and recruitment systems (HCM), the data transfer / collation processes will require interface creating & maintenance and almost certainly manual intervention, which introduces risk into any process. If a process is 100% automated, it will be quicker and deliver fewer errors than a process with human intervention.  In contrast, a single cloud-based HCM and payroll system removes the requirement for data transfer and manual interventions.

Managed services can also have a key role. The benefit of outsourcing HCM and payroll to an expert partner is that HR professionals can instead concentrate on  the positive HR activities to both the HR and organisation strategy and that can in turn help drive operational agility. Businesses that have trust-based partnerships with managed service providers can draw on the expertise of those providers that have been though these processes multiple times with other clients.  Managed services providers can provide expertise in a range of different areas, including how furlough is likely to impact a business right through to providing help with reports for making claims to HMRC, for example.

It is also important that every business, including those in the finance sector, adhere to the highest standards of data security and cyber-security, especially with large number of employees working from home. Being certified to ISO27001 enables finance businesses to ensure processes, procedures and IT systems are annually externally audited to make certain data is secure. With a Cyber Essentials certification or accreditation to FSQS, finance businesses can guard against the most common cyber-threats and demonstrate their commitment to cyber security.

The key point, however, is that a single HCM and payroll system, delivered as part of a managed services approach can be an ideal platform for increased security; less risk and enhanced agility – key benefits for any finance firm, especially in these difficult times.

 

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