Dear Friend
News
I am pleased to announce the appointment of our team of Client Support Managers! We are looking always for how we can improve what we do to help service our clients’ needs and those of the Business. It is with this in mind that we have created a team of CSMs which is empowered directly to assist the advisers and directors of the Firm, as well as manage and handle many of the standard client enquiries, helping to smooth processes and enhance overall efficiency in attending to clients’ needs. Personally I am very excited as to how I envisage these roles developing and with a core remit of providing necessary service to clients, so please expect in the future to hear from them when you raise certain queries and I want to assure you that you can trust in their competence too!
It is with this in mind and with a disturbing general employment backdrop ‘out there’ that we are keen to appoint one or two new additions to this team, practical considerations allowing of course. Do have a look at our Careers’ page on:- https://www.miltonpj.net/career-opportunities/ – we should be enthusiastic to review some suitable CVs!
As the Firm grows and the numbers of clients with it, clearly to help the advisers more competently manage their responsibilities (and to help keep them on their toes better!), the more work which can be done by the team means the more time, attention and energy which can be directed to clients’ real underlying needs. It is great to know that the training which the new CSMs have enjoyed after many years’ experience with us can be utilised in this way and indeed developed further over time. I welcome the Team and wish them the very best in their new roles!
Market Reaction
So it seems we have entered yet another bout of short-term market volatility as a consequence of the increase in Covid19 cases. There has been a sound recovery since the March lows but it has become another period to not encash market holdings pending some clarity past the present uncertainty of reaction and possible over-reaction to the news. At some point the colossal wall of cash will have to be reallocated to real assets and that will underpin the future but for now, too many have chosen to sit on their hands and do nothing. We shall continue to nibble-away at especially depressed opportunities and special situations and see the present conditions as a buying opportunity – but carefully of course.
Investment Lodges
I am afraid these companies are still hard at it. It worries us greatly and there is no regulation of what is going-on and no one seems bothered to do anything about the sector too. It’s great ‘business’ if that’s what it is called as the makers and sellers of these things are raking-in millions of easy money selling ‘dreams’ and often as ‘investments’. We were asked to review a proportionate ownership set-up last week – the clients were going to use their pension to buy a 25th share in a cabin – which would have cost something like £750,000 for all of the participants… and ‘guaranteed rental’ assured etc and they’d have one high season week and one low season… aaargh!
Upmarket ‘Dream Lodge’ (Walsham Chalet Park) collapsed in January 2019 and where are those investors now? https://www.telegraph.co.uk/business/2020/09/13/luxury-holiday-park-boss-could-made-bankrupt-debts/ I hope the owner is brought to account as it was a sham and a scam and it needn’t have happened. Local parks near us are still advertising ‘guaranteed’ rental returns and no one seems to care. Innocent (and vulnerable) people are being sucked-in to buy unsaleable ‘assets’ which can rarely provide the promises offered and with a deteriorating temporary construction unit with no real underlying security if things go wrong as well. Please be careful – very, very careful.
Scams
Also last week was a TV programme:- https://www.itv.com/news/2020-09-16/scams-ripping-off-the-elderly-tonight. It really makes me angry again how these things happen but they do and we know and see many vulnerable people or those who may not even realise they could be vulnerable but they can fall victim to these scammers.
Yes, more is being done but there are patterns of behaviour with individuals and the scammers are devious fraudsters. The psychological anguish for the individuals themselves and the families and friends cannot be understated and that has sent too many to early graves from the worry.
I have said before that one thing we realised some years ago is that where we hold and manage a client’s main capital investments, it is infinitely better protected because the client does not have significant other accessible money for the scammers to access easily. We are an extra barrier between the fraudster and your or your nearest and dearest’s hard-earned wealth. The peace of mind in having that security for the person and the Family cannot be understated. Even to know that they don’t have to worry about finances and whatever happens to the vagaries of the world (because we do that for them) is immense. Yes, of course, investment funds can and will go up and down but is that not better than some scammer cleaning-out your accounts of every last penny? It is also why it is invaluable making sure that whilst you are very much aware and ‘with it’ that you establish a relationship with a trusted investment adviser who holds and handles your main investments for you. Yes, it might cost you something but a small cost is better than losing the lot isn’t it – and what is that peace of mind worth? Then, these fraudsters can only access what emergency funds you may have for yourself and you can rest safe in the knowledge that your nest-egg is safe and with a barrier between them and it. Remember too – fraudsters can be close family, friends, trusted helpers and workers, neighbours, etc and not just strangers on the telephone.
https://www.devonlive.com/news/devon-news/thieving-daughter-blew-frail-mothers-4523595
Wellesley
Unfortunately this heavy TV advertising direct bond investment firm is in financial trouble and a rescue package is needed. We are not sure what will happen to those who invested with it and it bodes badly for many of the other direct ‘peer-to-peer’ lenders which have supported speculative property development schemes. As we have warned on many occasions – be wary, very wary because the ‘property security’ of your money is not worth very much if things go all badly wrong – you are better off buying the shares or funds of such beasts (as we have done and still do, at discounts to their loans’ nominal value too) which spread your capital across many different types of projects and which remain liquid if you need access – that is the other issue if something goes awry – how long might you have to wait for anything to come back at all. At least Wellesley was not a scam as too many of these types of things have been but it will still feel that way for those who lose lots of money through it.
Risk Warning
Stock market investments offer income through the payment of dividends and interest and good opportunities for capital appreciation over the longer term. By this, generally we mean periods in excess of five years, preferably much longer. However, we can never promise you particular returns, especially in the short-term. At any point in time but especially in the short term, your capital could be worth less than the original amount invested as some of the selected holdings may fall in value, regardless of expectations at the time of acquisition. We may also invest in funds that hold overseas securities. The value of these investments may increase or decrease as a result of changes in currency exchange rates. Returns achieved in the past cannot be relied upon to be repeated.
To remind you, why do I send out occasional emails? Because everyone can save money. We have no connection with any companies mentioned and you have to make your own contacts and satisfy your own enquiries. What is in it for us? If we can prove that we are knowledgeable and that our service and advice have good value, then you might contact us for professional financial planning and investment help. You don’t have to do that though and there’s no charge for emails. If simply they save you money, then accept them with our compliments! However, you’ll know where we are!
If you have any queries of any form or indeed any subjects you think I could include, please contact me. I also refer you to our website www.miltonpj.net. We celebrate our 35th anniversary in 2020 and have been publishing a well-respected independent column in the local Paper for most of that time and free client newsletters as well.
Do not forget however the usual caveats – this is not ‘advice’ and you are encouraged to seek that before embarking upon any financial route involving investments, etc.
My best wishes
Philip J Milton DipFS CFPCM Chartered MCSI FPFS FCIB
Chartered Wealth Manager
Fellow Of The Personal Finance Society, Fellow Of The Chartered Institute Of Bankers
