The questions we asked and responses received can be found in our Library

Today the podcast was recorded, my first involvement using this type of media, and you can listen to Natasha and I chatting here

I am very grateful to Natasha for asking me to take part and creating a relaxed and comfortable atmosphere

“Tuna mayo on brown for me” was the reply..

Then…”What about you Pete” ..Pete’s reply “Bacon, crispy, white bread no butter, please Andrew”

Nothing unusual you might think about the conversation, yet it’s one that is repeated each Saturday morning I play golf…same questions and same answers…..why ?

For sure, we like those particular sandwiches, but theres a little more to it than that:

What the kitchen prepare and send out is consistently of the highest quality, each week Pete’s Bacon is just as he likes it, they have never mistakenly put butter on his bread, the tuna filling is always plentiful, oozing out of the sides as you bite into it…we trust the kitchen to deliver the same each week, we’ve become conditioned, we enjoy it…..we are creatures of habit !!

It’s become habitual not simply because those particular sandwiches are amongst our favourite, but also as a result of us receiving the same week in week out ~ the same good quality service and standard time and time again.

I never been in the kitchen, neither do I want to or need to, I trust them to do their job and they do…they are creatures of good habits.

When it comes to financial planning, with modern day life being very busy, it can be all too easy to pay very little attention to managing money, yet never before has it been so important to get into good financial planning habits.

An environment that encourages good financial planning habits is one that can deliver a service with outcomes that are reliable consistent and repeatable

Our planning service is a clearly laid out four step process, Our review service is regular and dependable…Our clients know what to expect and how often they will receive it…they tell us they like what we do, they like the routine, they trust us to deliver it

Together, we pay lots of attention to our clients financial future and together we are creatures of good habits !

The document entitled “Changes to the way you get financial advice” highlights what is changing, what the benefits to you are and discusses the differences between independent and restricted financial advice.

From 31 December 2012, if your adviser says they are independent, this will mean they are able to advise on all of the types of products that you could invest in. If not, this means that they will be offering ‘restricted’ advice. Restricted advisers will either
specialise in specific areas, such as pensions or offer limited advice on a smaller range of products.

IFS are committed to remaining independent and will not be restricting your choice.

It is pleasing to see the FSA start to release information like this and begin to inform consumers about the significant changes that are occurring. They highlight the main changes as: clearer charges, clearer services and more professional advice.

From the 31 December 2012 there will be a professional adviser check list and every financial adviser must hold a Statement of Professional Standing (SPS) as evidence they are meeting the standards ~ both advisers, Paul & Gavin, at IFS already have these.

At IFS, we already work in a way that is aligned to these changes and have been doing so for some time now ~ our range of services are defined, we are open and transparent about charges and fees and both Paul and Gavin have attained qualifications that exceed the minimum set by the FSA.

We look forward to similar guides from the FSA to further help cement consumer understanding of these changes. If you have any queries about RDR and how it may effect you then please do get in touch

We first commented on this in  No Sex Please We’re European !!  where within we also provided a link to a summary of the judgement .

The ruling comes into effect on the 21st December 2012 and in the run up to implementation we will be looking at how it will impact on different aspects of financial planning ~ firstly we will look at protection and in particular the impact upon females.

Women’s longer lifespans mean they currently pay less for life assurance than men, but this will change from the 21st December as the EU’s gender directive means that insurance companies won’t be able to charge men and women different amounts based on gender.

The reality at present is that women do tend to devalue what they are worth by placing a much lower monetary value on their lives compared to men ~ yet ~

More women nowadays run their own businesses or are in highly paid employment and as a result are the main breadwinner, moreover many women manage a home and look after a family whilst relying on just their own income.

Lest not forget also, the real value of all those women who work full time maintaining the family home whilst their partner generates the household income.

We have witnessed considerable social change over recent years, but the general reluctance of women to protect themselves and their families seems not to have kept pace and is rather worrying.

Back in December 2011, HM Treasury suggested that the consequences for women could be that they will be paying up to 15% more for their life assurance protection as a result of the EU directive…

Ironically, maybe this might be the call to action needed to encourage a review, to plan and protect what’s most important in their lives ?