Independent Financial Advice for Charitable Trusts

The responsibilities of Trustees for Charitable Trusts have grown over the years and this can be evidenced by legislation, such as the Trustees Act 2000. Most Trustees are now well versed in these requirements and the way that they should be administered to ensure that the Trust that they act for receives quality advice and guidance for its investments.
Many existing Trusts are historic and accumulate significant assets over time. It is the Trustees responsibility to invest and manage these assets in the best interests of the Trust and the beneficiaries. The Charities Commission provides investment information to Trustees as indicated in the Charities Commission document CC14 ‘Investment of Charitable Funds: Basic Principles’.
On a regular basis, Trustees review the investments under their control and consider some of the following points:
• An overview of the current economic climate.
• The allocation of scheme assets, including its diversification across asset classes.
• The suitability for their charity of an investment.
• The need to rebalance any investments in light of the needs of the scheme, such as capital growth or income.
• The future liabilities to the scheme for specific projects taking account of any endowment requirements the Trust may have.
• The fees that are being paid to advisers.
This list is not exclusive, however it does provide a guide to some of the requests that Churchouse Financial Planning has received in providing advice to the Trustees of Charitable Trusts to help them with their statutory duty of care.
As Independent Financial Advisers (IFA) and Chartered Financial Planners we are well placed to help you and your fellow Trustees with your review process of your Charitable Trust to provide financial advice and expertise to meet the future needs and requirements of the arrangement. We can be contacted on 01483 578800

Churchouse Financial Planning Limited is Authorised and regulated by the Financial Services Authority

Churchouse appoints New Relationship Manager for 2010

New Relationship Manager, Jacqui O’Neill

I am sure you will join me in welcoming Jacqui O’Neill to the Team at Churchouse. Jacqui’s new role is Relationship Manager. As the team gets ever busier, Jacqui’s role will be to maintain and enhance communications to our existing clients and new enquirers. She will also be focussing on our newsletters, as you can see!

Jacqui noted “The challenge in 2010 will be significant as we anticipate more financial volatility in the next 12 months and with other events, such as the General Election and new requirements for employers’ pension schemes on the horizon, managing client service is going to be vital. I am looking forward to 2010 and the challenges that we will face together”.

Keith Churchouse, Director at Churchouse Financial planning Limited is delighted with the appoint in what looks to be a very different year to 2009, adding ‘ 2010 has significant promise for individuals and businesses alike. With significant events such as the General Election on the horizon, I am very pleased that we have strengthened the team at Churchouse Financial Planning with the addition of Jacqui’.

The team at Churchouse Financial planning Limited can be contacted on 01483 578800 or at info@churchouse.com.

Churchouse Financial Planning Limited is Authorised and Regulated by the Financial Services Authority.

Proposed Changes for Employees and Employers from 2012?… but maybe later!

This is a subject that has gone largely unnoticed by many employers so far, but as time ticks by, the issue of the proposed National Pension Savings Scheme (NPSS) (or Personal Accounts, as they are sometimes known) will become highly topical. It was proposed to start in October 2012, and this is still the case for larger employers. However, the Government has announced that the scheme would now be phased in, with smaller employers joining up over the following three years. The scheme will force both employers and employees to save for their retirement and people will automatically be enrolled, but with the right to opt out. Contributions will be set and required from both parties involved and could have an effect on future budget planning.

Churchouse Fianncial Planning Limited is Authorised and Regulated by the Financial Services Authority.

Balance and Re-balance, Has yours changed in 2009?

2009 has proved to be a volatile investment year and for some areas, such as UK Equities, this volatility has been positive, replenishing some of the falls of the previous months. This is obviously not a garantee of future performance and values can fall as well as rise. Many of the recommended investment/pension holdings recommended by Churchouse Financial Planning Limited over the years have been diversified into various areas to create a balance based around your overall attitude to investment risk.

As time moves, invariably so does the balance of your investment holdings as a whole or as individual plans. Because of this we would recommend that you review this balance on a regular basis to ensure that it continues to meet with your attitude to investment risk and your circumstances, which may have also changed over time.

You should seek independent financial advice for your individual arrangements before making any changes.

Churchouse Financial Planning Limited is authorised and regulated by the Financial Services Authority.

Over and out for the 50 year olds in April 2010?

Pensions are not the most exciting of topics, and the general rules don’t change that much over time. You set a date for when you want to get out of the rat race and build a pot to meet the specifications you have set. For some, the age they set is 60 plus and for others it is early as 50. It is this last group that this blog focuses on.

A pension rule change is due to occur on 06th April next year (2010) where the minimum retirement age is increasing from 50 to 55. For those born around 1959 or before (to around 1956) this could cause a problem if their dream was to go early into retirement.

Many clients and enquirers have contacted us to discuss this issue to see if any changes need to be made at this point. For some, the change is to extend their expectations to 55 and beyond. For others, the changes required may be significant.

This should not be seen as individual advice and you should seek independent financial advice before making any changes to your plans. Churchouse Financial Planning Limited is authorised and regulated by the Financial Services Authority.

Churchouse Financial Planning Limited is 5 years young!

Churchouse Financial Planning Limited celebrates its 5th Anniversary at the beginning of October 2009. Started by Keith Churchouse and Esther Dadswell in October 2004 in Guildford, the business blossomed into its current office in the High Street in Guildford in May 2007. Having moved to a mainly fee based advice service in 2007, business has been strong through the recession, and this is a testament to the need for quality financial advice and guidance.

Director Keith Churchouse said, ‘The last 5 years has been an interesting rollercoaster of economic attitudes, going from positive to cautious in the last 18 months and a now showing a change in mood back to investor confidence. We are delighted to have served Surrey, London, Kent and online over this time and look forward to our expansion plans over the next 5 years.

This is going to be a busy period for us with the re-launch of www.planmypension.co.uk which has been completely re-engineered over the last 12 months and should launch on the 08 October. This is an online advice service limited to the issues of investment areas of Pensions, ISAs and Annuities. This is a lower cost direct service to help internet surfers with specific areas of their financial provision. Because of this launch, we have decided to defer the celebratory party until next year as we have a further anniversary of 25 years in the profession next year. Thank you to all of our clients for their support’

The office can be contacted on 01483 578800 or at their website www.churchouse.com.

Churchouse Financial Planning Limited is authorised and regulated by the Financial Services Authority.

Keith Churchouse is on to something with planmypension.co.uk

By Dennis Hall | 12:05:19 | 25 September 2009

It’s remarkable how writing something down really focuses the mind. I’ve been in deep thought over the past few weeks, following a blog I wrote about how the current IFA business model is basically broken and difficult to scale up. What stopped me from my navel-gazing was news that Keith Churchouse is ready to launch a new online service called planmypension.co.uk.

It’s not even up and running yet, but has already attracted negative comments from detractors who believe that an online service for pensions will not work. I disagree. I think Keith is on to something. In fact, he’s been working on a web-based proposition for at least four years. I'm not privy to the level of success he had with the previous online service, but it clearly hasn't dented his enthusiasm.

There are a number of directional changes I can see, the first being a focus on pensions rather than an all-embracing advice service. The second is a shift from an explicit fee to something that looks like commission, which is probably the way that his target consumer would prefer to pay. Clearly, there's consumer appetite for this style of charging when dealing online, and it hasn't held back Hargreaves Lansdowne.

It’s a brave but determined move by Keith. We know that consumers will use web-based services to purchase investments, but whether this will translate into a market for pension advice has yet to be seen. I hope it does work, not just for Keith but for the rest of us too.

Wouldn't it be great if we could deal with the transactional side of our business in a more efficient manner? They said it couldn’t be done with car insurance, household insurance or travel insurance, but these are now routinely bought online, leaving the specialists in each of these fields to develop bespoke services for the higher net worth cases.

Any doubts I have about Keith's model are that it's probably undercapitalised. When reading about the money spent by other online services, it begs the question as to whether a lone IFA will be heard above all the competing chatter. Keith's no mug when it comes to social media and he probably knows how to market his message at very low cost, but will that be enough. I'm not sure.

Hats off to Keith for being a pioneer and a trailblazer: I just hope he doesn't crash and burn.

Dennis Hall is a chartered financial planner at Yellowtail Financial Planning in London