Sense Financial Solutions - Our services

 

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Sense Financial Solutions
43 Walcote Drive
West Bridgford
Nottingham
NG2 7JQ

Tel. 07753 774673
Email. info@itmakessense.net

Got a question?

Just call us at any time on 07753 774673 and we will do all we can to help. We look forward to hearing from you soon.

Sense Financial Solutions - Our services

At Sense Financial Solutions we are committed to giving our clients exceptional service and the very best advice when planning their financial futures. So, whether you are protecting your family, creating or preserving wealth, seeking advice about retirement, investments and mortgages or have financial planning matters that need attention within your business, we can provide solutions to meet your needs.

Family Protection

Looking after your family and ensuring that there are adequate funds to cope with the unexpected should form the cornerstone of your financial planning.

The impact of illness, injury, job loss or death happening to you, or those that are closest to you, could plunge your family into real financial hardship. Sense can help you to assess your risks and work out how much money you would need to cover debts and provide your family with an income for the future.  We can then devise cost effective ways to help cushion the blow.

Savings and Investments

We all have goals, whether they involve buying a house, saving for a child’s education or planning for retirement.  Formulating a financial plan will help you achieve those goals.

Saving, whether for a rainy day or big life changes, is becoming increasingly important in today’s society. A reduction in state support for retirement, an increase in the cost of raising children, a sharp rise in university costs and an increase in consumer borrowing, means the need to invest for the future is essential.

The rise in property prices over the last decade, longer life expectancy, uncertainty in employment, and many employers cutting back on pension provision for staff are all factors that have taken many by surprise and call for an increase in the amount that we save.

Whether you save on a regular basis or it’s because you’ve inherited money, sold your business or won the lottery, it’s important that your money should be wisely invested so that its spending power is protected for the future.  Leaving large amounts of money on deposit in banks or building societies may not be the best long-term answer.  Although traditionally these accounts have been viewed as safe, interest rates have reduced sharply over the last ten years or so and deposit accounts may not now be keeping the value of your money in line with retail price inflation, especially after taking account tax deducted at source.

People recognise that to achieve better long-term protection for their money against the effects of inflation, it is often worth considering equity related investments. These are ones that are linked to changes in the value of company shares and the stock markets, both in the United Kingdom and abroad. You can gain access to equity markets either directly through buying shares or indirectly by investing in products such as unit trusts, investment trusts, insurance bonds or perhaps even a life assurance policy.  Shares, unit trusts, investment trusts and enterprise investment schemes can be held in tax effective individual savings accounts. Investmenting in the markets is not without risk and Sense has a robust investment philosophy and policy which caters for all preferences and client risk profiles.  

Remember that the value of investments can go down as well as up and you may not get back as much as you put in. 

Trustee Investment Planning

The needs and requirements of trustees can differ significantly from those of individuals.  Whether you are a professional trustee or a lay trustee acting on behalf of a friend or family member, getting the right type of investment advice is important, although trustee investment advice is not regulated by the FCA.

The Trustee Act 2000 imposes a statutory duty of care on trustees who now have the responsibility to take “appropriate advice” on investment matters.  Trustees have had to become more proactive and regularly review the investment of trust assets. Sense can help trustees to comply with their responsibilities by assisting in the process of formulating investment policy and objectives, managing the investment arrangements and regularly reviewing these at trustee meetings.

Mortgages

At Sense, we aim to ensure that not only do you have an affordable mortgage which is right for you but that everything progresses as smoothly as possible from application to completion. Whether you are a first time buyer starting out on the property ladder, looking to move to a larger property to provide more space for the family or are looking for an investment property to rent, it is likely you will need a mortgage* to help you make your move.  You may even be considering re-mortgaging to get a better deal or to release capital growth in the value of your property to help with home improvements or to provide money for a business venture.

Gone are the days when a borrower was grateful to the lender for providing them with a mortgage facility.  In today's marketplace, lenders are in competition with each other for your valuable business. The mortgage market is a complex area.  There are so many types of mortgage available that it is easy to become confused and it’s possible that the products offering the lowest headline rate of interest look attractive. Taking booking and arrangement fees, conditional insurances, higher lending charges, lock-ins and early repayment charges into account, may make these products less appealing than you first thought.

Deals are constantly changing and trying to keep abreast of what is on offer is not easy. We have access to all available deals and our mortgage advisers can research the market to find the product that best meets your needs.  We will also oversee the process of completing on the mortgage and ensure that all the parties have all the right documentation at the right time. This is an essential part of the service as communication breakdown can lead to unnecessary delays and complications. 

* Your home may be repossessed if you do not keep up repayments on your mortgage.

We typically charge a fee of up to £400 and we also receive commission from the lender. If you wish you could receive the commission from the lender and pay us a fee of up to 2% of the loan. 

Retirement Planning

We all know that the United Kingdom is suffering from an ageing population and more and more pensioners are relying on inadequately funded  state pensions.  Successive governments have recognised the need for individuals to make extra provision for retirement by offering tax concessions to personal pension savers and company pension schemes.  However, it is recognised that many people will not enjoy financially secure retirements without being encouraged to take more action on an individual basis.

The pensions market is vast and there are numerous products to choose from, each with different charges, fund performance and legislation. It is important to ensure that your contributions are adequate to provide you with the income that you would like to receive in retirement.

Employers are obliged by law to offer a pension scheme to employees. If you are lucky and your company contributes, it is usually sensible to take advantage of such a scheme. If you are self-employed, a tax efficient contribution to an individual pension could be the way forward. For the more adventurous, a self invested personal pension (SIPP) allows you to manage your own investments.

You can contribute to as many pensions as you like, as long as you don’t exceed the maximum levels for contributions set by HMRC.  In theory, the more you contribute the greater your retirement income.

Sense can advise you on a pension strategy that will allow you to save in a tax efficient way towards retirement whilst at the same time maintaining your individual investment strategy along the way.

Remember that the value of investments can go down as well as up and you may not get back as much as you put in.

Long Term Care

Very few of us will have given any consideration to what would happen should we be unable to look after ourselves in later life.  Nursing homes and round-the-clock care can be very expensive and, with the current pressure on local authority spending, it is no longer sensible to rely on social service provision to cover the cost.

With people living longer the issue of funding long term care is only going to get worse.  If your assets are over £23,250 you will be assessed as being able to pay for, or make a contribution to, the cost of your own care.  If you are deemed able to afford care, you may have to sell your home, and plans to leave an inheritance for your loved ones may have to be abandoned.  Believe it or not, it is illegal to deliberately deprive yourself of an asset to avoid paying care fees and so a simple transfer of ownership to a son or daughter will not suffice.

If you or a relative is concerned about meeting the costs of long term care then Sense can offer advice from a specially qualified adviser who can discuss with you the options available.  These may include the generation of additional income from capital, equity release schemes, re-writing your will to protect your assets and property, and buying a form of insurance policy.

Protecting Your Wealth

Unfortunately even after we die we are not free of the clutches of the taxman. Everything that you leave in your estate over £325,000, the nil-rate band, is subject to inheritance tax (IHT) at 40%. Since April 2017, there has been an additional  residence nil-rate band which currently allows an extra £100,000 to transfer tax free providing that you plan on leaving your residence to direct descendants. It is also available should you downsize or go into care providing that it was your intention to leave this to descendants. This band is currently being phased in and your adviser will take this into account accordingly.

Before November 2007, when one party to a marriage or civil partnerships died, any nil rate band left unused was lost. Subsequent changes in inheritance tax legislation allow you to transfer any unused part of your nil rate band of chargeable estate to your spouse or registered civil partner (assuming no chargeable transfers are made at the time of death or during the previous seven years) meaning, on current thresholds, a total of up to £650,000 can be distributed tax free when the second person dies.  However, for many this is ‘the tax cut that never was’ as married couples and registered civil partners could have previously gained this advantage by being well advised and planning in advance. 

Nobody wants their beneficiaries to receive a hefty tax bill, particularly when there are measures that can be taken to reduce or even eradicate it.  With the rise in house prices over the last few years it is not just the wealthy whose assets are worth more than the available nil rate bands.  Sense can help you to avoid paying too much tax by combining the use of wills, trusts and other tax mitigation techniques, and also advise on ways of funding for future inheritance tax liabilities. 

There are many other potential threats to your children’s inheritance. Re-marriage of a spouse, divorce of a child and long term care are just three reasons your estate may not pass to your loved ones. Your assets could end up in the hands of your local authority, HMRC, or could even end up passing outside your family.  We have been working closely with our partners for many years with our partners, to ensure that, with prudent planning, your hard earned assets pass to those you love.

Estate Planning is not regulated by the FCA.

Solutions for Business

The financial health of a business generally has a direct impact on the personal financial situation of its owners and directors. That is why, working closely with your accountant and other professional advisers, Sense Financial Solutions can make sure we understand all aspects of your financial affairs and meet your needs. Whether its reviewing your existing workplace pension to ensure it meets current auto-enrolment legislative requirements, providing group life assurance, protecting your business with shareholder or keyman assurance or advising on financial staff benefits, Sense Financial Solutions can help you.

This website is intended for investors over 18 years of age who are resident in the UK only. The website and the information contained therein should not be regarded as an offer or solicitation to conduct investment business in any jurisdiction other than the UK. These pages provide generic information about various aspects of financial services advice that we provide as well as possible areas of clients’ financial planning needs. We hope they are helpful to you but they do not, on their own, add up to proper investment advice and we cannot take responsibility for anything you do in reliance on them without further discussion with us. Please do not make a decision based upon the information contained within these pages alone. They are not detailed or comprehensive enough to enable you to make an informed decision which is tailored to your circumstances and needs. Please contact us now for tailored advice.