Welcome
Find clarity in financial planning
Fryer Glass is an independent financial planning consultancy with over 30 years’ experience. We provide two distinct services: Financial Review gives you a clearer picture of your financial situation and the positive steps you can take to achieving your current and future lifestyle and financial goals. Financial Implementation offers expert financial advice relating to pensions, insurance, investments, inheritance tax and financial paperwork.
Why Fryer Glass
Independent Financial Planners
About Us
Experts focused on your financial future
Fryer Glass is an independent financial consultancy based in Surrey. We help you identify and understand the strengths and weaknesses of your financial position – and what they mean in practical terms. It’s all about helping you focus on your financial goals, and explaining the steps you can take to achieve them.
Our Approach
A clear path to your financial goals
Fryer Glass applies a proven five-stage process for getting your financial plans clarified and into effect. At every step, we keep you fully in the picture, and as involved in your personalised plan as you choose to be.
Our Services
Expert Impartial Financial Advice
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Financial Review
Our Financial Review services give you a unique insight into every aspect of your finances – and give us solid foundations on which to give you the best advice.
It goes without saying: your needs and aspirations are unique to you. So our Financial Review service is, too. The journey to better finances begins with an informal discussion about your financial situation, and the aspects of it you’d like our help with. Based on this, we give you a bespoke questionnaire and other documents to complete and return.
We then use sophisticated and powerful software to analyse every aspect of your finances before sharing our recommendations and rationale with you.
Our Financial Review is designed to give you a clear and complete understanding of your finances, plus general guidance on how, together, we can improve your financial situation. For example, we’ll help you develop a clearer picture of:
- Net worth – understanding your assets and liabilities, and whether your investments match your risk profile.
- Income and expenditure – assessing what you do with your income. Are you saving too much, or not enough?
- Tax position – guiding you through potential tax breaks and confirming you’re not paying too much.
- Pension position – clarifying your projected pension, so you have enough, but don’t exceed the lifetime allowance.
- Protection planning – making sure your family is financially secure if there are significant and unforeseeable life events.
- Inheritance Tax planning – explaining how inheriting a large sum of money can affect your finances, and how planning can help your family avoid paying too much tax on what you leave for them.
Our Financial Review service costs just £750. That’s a sound investment when you see how much our professional advice and expert guidance saves our clients – and could save you.
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Financial Implementation
This aspect of our service is ideal if you’re seeking advice and guidance with pensions, insurance, investments, inheritance tax and financial paperwork.
Ultimately, our advice and guidance is designed to benefit you, so we recommend you use our Financial Review service before discussing any firm plans for achieving your goals. Our Financial Implementation service is far more focused and effective if we have a clear understanding of your current financial situation and the changes you’d like expert help with.
Pensions Investments
Fryer Glass can help you to fully understand your current and future pension position and highlight ways you can improve it. Pension rules change regularly so many clients look to Fryer Glass as their first port of contact for all Pension Investment advice and requirements.Insurance Needs
We can help you to protect your family in case the worst should happen. Fryer Glass provides advice and guidance on a range of insurance policies including: Life Insurance, Family Income Benefit, Critical Illness Cover, Income Protection and Business Protection.Investment Advice
Helping you to understand your current investments. Fryer Glass uses specialist investment portfolios, designed for people with differing attitudes to risk, over a variety of investment periods. This way we can be sure the investment is right for your unique circumstances.Inheritance Tax Planning
We offer advice and guidance on how to minimise inheritance tax and the different ways for you to pass wealth on to your family, loved one and charities without lessening the quality of your standard of living in your retirement.Financial Paper WorkFrom bank statements to utility bills, Fryer Glass can help you to sort out your financial paper work, advising you on what can be got rid of and what you need to keep – ensuring you can easily access your financial information when you actual need it. -
Pension Investments
Pensions can be very detailed and complicated. So to help you understand them, we provide expert advice and guidance, and help you answer key questions such as:
- What is my current pension situation?
- Will there be enough money for me when I retire?
- How much does my employer currently contribute?
- How well are my pension fund’s investments performing?
- Can I use my pension to pass wealth on to my children?
We can also highlight how you can improve your pension position dramatically, by changing relatively little. Our knowledge and experience will reassure you that decisions you make now will benefit you later in life. And of course, pension rules change regularly, so we’ll provide in-depth, up-to-date explanations on how these changes might affect you.
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Insurance Needs
Nobody wants to think about dying prematurely, or suffering serious illness or injury. But thinking about these things now is important if you’re to protect yourself and your loved ones from the potential financial impact. To help with this, we use software to assess how vulnerable you might be to critical illness.
You may already have cover from your employer, but it may still leave you and your family financially exposed. We can explain what your existing cover means in real terms, according to different scenarios. And we can help you find the products that best match your needs, including:
- Life insurance
- Family income benefit
- Critical illness cover
- Income protection
- Mortgage protection
- Business protection
We monitor the insurance market closely, and as independent financial planners, we’re not tied to any one provider.
This means we can choose the products and providers that best suit your needs, and we’ll always share our rationale for our recommendations – sidestepping the jargon in the process and helping you fully understand your investment.
Hopefully you’ll never need the cover, but the peace of mind it provides can make the relatively small premiums a worthwhile investment.
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Investment Advice
We can help you make full sense of your current investments, and will analyse them alongside your attitude to risk. Then we can show you if your investments are really going to meet your expectations – and if not, help you do something about it. In effect, we’ll help you answer these questions:
- What is the best way to invest large cash revenues?
- Am I taking unnecessary investment risks?
- Am using any and all tax reliefs available to me?
- Am I using my full annual ISA allowances?
Once we’ve explored your situation fully, we can advise on any changes. We use specialist investment portfolios, designed for people with differing attitudes to risk, over a variety of investment periods. This way we can be sure the investment is right for your unique circumstances.
Using our powerful software and expertise, we can show you how your investments will grow over time. And we will provide full explanations for why we recommend specific investments.
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Inheritance Tax Planning
Have you thought about what happens to your wealth when you’re gone? Making the most of your IHT options can get very complicated, but in very basic terms, anyone can pass on up to £325,000 – tax-free – on their death. So for a married couple, that is £650k, and the beneficiary pays 40% tax on any more than this. If this is a concern for you, we can help.
As with most things tax-related, the rules change regularly. It’s part of our expertise to stay up to date with these changes, and make sure the specialist advice we provide is accurate and valid, and relevant to your circumstances. It is perfectly normal, and legal, to want to pay as little tax as possible, and we can help you find ways to reduce the tax due on your estate when you die, without affecting your standard of living during retirement.
There are many ways you can pass wealth on to your family, loved ones and charities. In close consultation with you, we can help you do this in a way you’re comfortable with.
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Financial Paper Work
Almost everyone receives a steady stream of financial paperwork, by post or email. It’s relentless – from bank statements to utility bills, to insurance paperwork, to phone bills. We can help you organise this paperwork in one or two easy-to-manage files.
We’ll help you get rid of all the bits you don’t need, and better organise and protect the bits you should keep. It makes life so much easier when it comes to filing and accessing information when you actually need it
Meet the Team
Fryer Glass
Who do we work with
Effective financial planning can help you achieve peace of mind about your future, without compromising your enjoyment of the here and now.
It can be a tricky balance to achieve, but with expert advice from Fryer Glass, you can look to secure strong investment returns on your cash savings, and make the most of the pensions, investments, tax, and insurance options available to you. In other words, we can guide you towards continuous financial security for you and your family.
- A clearer picture – We’ll help you understand your finances, and your options for securing a comfortable lifestyle.
- Live for today, save for tomorrow – With informed decisions on how to balance your spending and saving, you can enjoy the moment more, knowing your financial future is stable.
- Simple protection – Fryer Glass can also provide expert guidance on insurance, helping you choose the policies that match your circumstances.
Find out more
For a free, no-obligation discussion about your financial objectives, get in touch today. Call us on 01276 301103 or email info@fryerglass.co.uk
Sensible financial planning can provide the understanding you need as you approach retirement to help you take the right decisions to enjoy your money for the rest of your lives.
With expert advice from Fryer Glass, you can be confident that you can live your lives to the fullest, whilst not compromising the long-term happiness of either yourself, or your family.
- Freedom to spend – We’ll help you understand your long-term finances, freeing you to make decisions about when and how you spend your money in retirement.
- Freedom to help your family – With understanding you will then be able to decide how and when you wish to help your family. With expert advice on estate planning we will help you pass your hard-earned money down to your children in a way that suits you.
- Peace of mind – You have a highly qualified professional adviser you can trust to deal with your finances now and in the future.
Find out more
For a free, no-obligation discussion about your financial objectives, get in touch today. Call us on 01276 301103 or email info@fryerglass.co.uk
At Fryer Glass we can give you effective financial planning that focuses on your business and help you maximise the benefits of running your own company.
- Profit extraction – Help you draw tax efficient money from the company and contribute sensible sums into your pension.
- Ensuring your business has a future – Protect your shareholder control and the company profits if key directors/shareholders die or are unable to work.
- Will your business be there to be your pension? – We will help you understand how much you need your business to be worth in the future if you need to sell it to pay for your retirement.
Find out more
Contact Fryer Glass for a free, no-obligation discussion and we will explain how you could use pension funds and/or tax reliefs to help pay for this advice. Call us on 01276 301103 or email info@fryerglass.co.uk
Latest News
Latest news and financial insights from Fryer Glass
The plans of millions approaching retirement have been blown off course by Coronavirus
The Coronavirus Pandemic has blown off course the retirement plans of millions of workers who had five or less year left of their working lives. Fidelity, the well-known investment house reports that two-thirds of those expecting to retire in the next five years have seen their savings fall this year.
The overall mood is not helped by expectations of dividend cuts as company performance suffers and economies shrink and great uncertainties about market stability plus the threat of a second wave of the virus.
Whether the gap now between one's expected pension pot and any new projection is a bridgeable one or a chasm, those with five or less years to retirement are recommended to take financial advice before making any decisions. There may be other options available, other than deferring retirement or accepting the need to take on an element of part-time work.
Since 2015 the rules on pensions have been relaxed allowing for greater flexibility and a more creative mix of investment choices to help provide retirement income. These choices are dependent on each individual's circumstances which is why speaking to a financial adviser, like Fryer Glass is advisable in the first instance.
To contact one of the expert team at Fryer Glass to discuss pensions, call 01276 301103 or email info@fryerglass.co.uk
Mortgage holidays – they might not be right for everyone
Borrowers who have taken advantage of the facility offered by banks and building societies to take a mortgage holiday (typically for three months) could find themselves being penalised in the future.
Compared to other financial assistance schemes available during the Coronavirus crisis, mortgage holidays have been quick and simple to arrange. Thousands of mortgage holders have taken advantage. However short term advantage might lead to long term disadvantage as home owners might be faced with higher interest rates down the line, or even the possibility of being denied future loans.
It seems some lenders may be back tracking on an earlier promise that mortgage holidays would not have any affect on credit statuses. Almost 2 million mortgage holidays are thought to have been arranged since the outbreak of the pandemic.
The full story can be found in The Daily Telegraph.
Mark Fryer comments: "Just because a mortgage holiday provides quick and convenient solution to the problem of poor short-term cash flow, doesn't mean it is the right answer in every case. There are many different ways people can access additional funds if Covid has affected a family's finances. We suggest talking to a financial adviser in the first instance to find what the right solution is for a particular set of circumstances".
Call Mark Fryer at Fryer Glass on 01276 301103 or email info@fryerglass.co.uk
ONS Report cites money worries as the Number 1 issue affecting the country’s overall wellbeing
Money worries causing anxiety amongst millions of the population
While there is a degree of inevitability that the crisis we are living through will have an anxiety impact on the population, figures released by the Office for National Statistics really lay out the size of the problem. As a financial advisory company, it’s concerning to read that anxiety levels were highest amongst people whose income's fell. An estimated 8.6 million people. The survey, released weekly, measures the impact of Coronavirus on wellbeing also identified those living in rented accommodation and the self-employed as being particularly affected. Measures of wellbeing were at their lowest levels since records began in 2011, the ONS said. The headline statistic from the survey was the suggestion that more than 25 million people - 49.6% of over-16s in Britain - rated their anxiety as "high", more than double the amount who did so at the end of 2019. As we have said in previous posts, a financial adviser does not have a magic want to make money problems go away. But we can provide advice on an approach to finances when money it very tight. The people we talk to get a lot of reassurance from taking small steps that begin to put themselves back in control regarding their financial circumstances. During the current health and economic crisis we are offering online consultations to people who need help with getting some order to their finances. Our help is practical and assists people to both budget and prioritise. Contact Mark at mark@fryerglass.co.uk for an initial discussion. There is no charge - we are simply wanting to do the right thing as this time. This is how we as a business can do our bit.How will your business be remembered post-Coronavirus
While it seems the peak of Coronavirus may be behind us, the road ahead is still long and its path uncertain. We've been in lockdown since 23 March. In that time we've seen the best of people and business and (to be frank) the worst.
It seems certain to us that the way a business has behaved during Coronavirus will stay in the memory long after this pandemic is over.
In our industry of financial services, people with investments have been looking for guidance as what they should do with their money. Hold tight or cut loose and move into cash for example? For people where retirement is a way off, and who do not need access their money, the guidance is simple - hold tight. There's enough evidence from previous market crashes that recoveries end up being sustained and can be strong.
For people that have retirement in sight, and who are making plans for their life after work, the situation has become more complicated. Each person or couple's circumstances have to be looked at on a case-by-case basis, and that is what we have been doing.
That's not the end of the financial story. In fact, it's probably only the first chapter. The people who need help just as much, are not those whose investments have taken a short-term hit (in no way diminishing that and we are helping clients through the difficulties,) but the people who had little, if any, rainy day money before Coronavirus.
At the moment, many families are trying to make ends meet, while staying at home in often cramped conditions, home-schooling and living with the uncertainty of what the future holds for jobs and livelihoods. There is a whole story to come out yet about what the impact of Coronavirus has been on the country's mental health.
We know as a business there's no magic wand to sort of people's indebtedness and potential loss of income. But our experience is people aren't looking for magic solutions, they want someone they can talk to. Someone that will listen to them and help put together a simple finance plan. They want explained to them, one-on-one, what the government schemes are and how to access them. They appreciate when it been explained how a household budget can help identify savings in monthly outgoings. They appreciate how various loans may be impacting them and how to prioritise paying them back, or look to restructure debts if needs be.
This is the kind of help we are making freely available, through our pro-bono work at Oakleaf Enterprise, the mental health charity in Guildford. Our view, as an SME business in the finance sector working to get through these unprecedented times, is that if every company shared some of its time and expertise, with no expectation of anything in return, when added altogether, it makes one massive self-help support package.
We will get through Coronavirus, we will beat Covid-19. We won't forget those who fell victim, and we will celebrate those that rose to the challenge. If we, as Fryer Glass, can look back and know we did what we could - that's our contribution to the cause.
Mark Fryer and Fraser Glass
Don’t suffer with financial worries alone during the Coronavirus Crisis
The strains we and our families are facing at this difficult time are numerous. First and foremost COVID-19 is a health crisis and our collective welfare is everybody's primary concern.
Beyond that, the knock-on effects are significant, not least economically and financially.
Fryer Glass are financial advisers, and our contribution during this crisis is to make an open offer to share our financial knowledge with anybody who is concerned about their, or their families financial situation. To this end:
- We are making ourselves available on a no cost / no obligation basis to provide practical guidance on financial planning at the present time. Fryer Glass has provided support like this in the past, and we have seen how our involvement has released some of the pressure people can put themselves under when they try to deal with some of these issues alone. We help formulate a workable plan of action that people can take forward.
- Over the past year, we have been a support resource to Oakleaf Enterprise, a Surrey mental health charity. They have sign-posted people with financial difficulties to us, and we have been present at the charity to help work through their difficult financial situations. The present restrictions have meant that these face-to-face meetings can't take place. However, we are delighted that Oakleaf Enterprise has asked that we continue to meet people virtually.
We don't judge, we're just here to help
Don't wrestle with your financial worries alone, reach out and speak to someone. A problem shared is a problem halved. We can be contacted by telephone: 01276 301103 and by email: mark@fryerglass.co.uk Mark Fryer and Fraser Glass Fryer Glass.Fryer Glass business operations during the COVID-19 emergency
Coronavirus is a tier 1 public health emergency. The health and wellbeing of all people is the number one priority and we must all adhere to ongoing government advice.
Within the constraints we are living under, there needs to be a semblance of continuity including in business and the provision of goods and services. Insofar as this affects Fryer Glass, the following points are worth making:
- Fryer Glass is open for business and the financial services sector is still operating.
- The work we are carrying out for existing clients continues and we are able to progress matters with clients by hosting virtual meetings which are working well.
- We are welcoming enquiries from new clients too.
- We are aware personal finances are going to be an issue for many people. It is important for us to make clear that anyone can approach us if they have a question about their financial circumstances. We will help where we can, either directly or by signposting on to a more suitable resource. It sounds ridiculous having to state it, but we will NEVER charge ANYONE who comes to us asking for initial help about the financial concerns they may have.
Coronavirus: A Message of help and support from Fryer Glass
Coronavirus: Are you on the cusp of retirement? It pays to hold tight
Workers who are on the cusp of retirement should avoid making big withdrawals while the markets head south. Falls not seen since the 2008 financial crisis may tempt people to take radical action in the rush to head off short-term losses.
Rushing to withdrawal funds when they’re at lower levels, compounds losses that could have easily be made up by staying invested and waiting for markets to rise.
As we wrote previously if investors are able to push on and hold their nerve through these turbulent times, it's certainly worth doing so. Historically the British market has a habit of reacting strongly to events and then eventually correcting itself.
If you are considering your investment options and want to obtain independent financial advice, contact Mark Fryer at Fryer Glass on 01276 301103 or email info@fryerglass.co.uk
FULL ARTICLE FROM THE DAILY TELEGRAPH:
How to avoid doing 'irreparable damage' to your pension in falling markets
Leap Day Special: What does an extra day mean for your money?
We've recycled this from the BBC website but thinks it's appropriate for today.
What does an extra day this leap year mean for things like your salary, mortgage and savings? How did it originate and what’s the best way to make your money work for you for a whole extra 24 hours?
Money Box Leap Day Special - Winners and LosersCoronavirus sends global markets downwards but how should investors respond?
The FTSE 100 has fallen to a 12 month low off the back of the spread of Coronavirus worldwide. It’s an old adage, but the one thing investor’s like least of all is uncertainty. It might be said that market panic has spread more quickly than the virus itself. Today (27 February 2020) the FTSE is currently sitting under 7,000 points, compared to over 7,400 on 21 February 2020. A big market sell-off makes news headlines, it affects pension values in the short term, but how should the ‘average person on the street’ with investments respond to this newest of financial crises?
Sometimes a look back in history can be a reasonable predictor of the future. By that I mean it has been shown people who time their market interventions (buying low or selling high) do no better over the long-term than people who invest their money and leave it alone. That means when the market experiences a sudden fall, as it is now, it’s a time to sit tight and be reminded about the longer-term horizon of investments.
The long-term view is what we advocate at Fryer Glass. Investors are better advised to alter the way they think about financial markets, as opposed to how they act. For example, in the nearly 100 years of data, the U.S. stock market has returned 10% gains per year on average, though it has rarely returned that in any individual year. If you’re considering cutting your losses, you may choose to consult a financial adviser who may be able to put you at ease. Sometimes doing nothing is actually doing something—think of all those people who sold out of the market in 2008 and missed the following 11 great years for equities.
If you are considering your investment options and want to obtain independent financial advice, contact Mark Fryer at Fryer Glass on 01276 301103 or email info@fryerglass.co.uk
Choosing the right financial adviser
The reasons for wanting to seek advice from a financial advisor are numerous. Perhaps you want to reach a secure level of income in retirement, make sure that your insurances are adequate if anything unforeseen should happen to you or your partner or perhaps you want to leave a legacy.
If you have not approached a financial adviser before, how might you go about it? Here are a couple of suggestions:
Ask for recommendations
Ask a friend, family member or a colleague. In the world of professional services, 'word of mouth' is a strong currency and can go a long way when it comes to knowing who the good local financial planners are.
Do you own research
Use the internet to check up on any independent client reviews and look out for consistent feedback that is positive and goes back over a good period of time.
Speak to more than one
Comparisons really help you to cement a decision. Not just in terms of qualifications and cost, but in terms of service and whether you sense a rapport with the person you might be trusting your money to.
Restricted or independent
It's worth knowing that some advisers only recommend a limited number of products, whereas others (like Fryer Glass) are fully independent and can recommend products from across the whole of the market.
We are always happy to meet for an initial conversation with any obligation or cost. Call Mark Fryer on 01276 301103 or email info@fryerglass.co.uk
Financial advice is not just for the wealthy
It is a common misconception that financial advice is only for people that have a lot of money (made or inherited). The truth is financial advice can he hugely beneficial throughout life. Here is a list of some of the more common events where people might want our help:
- Buying a house
- Starting a family
- Saving money (short, medium and long-term)
- Starting a business
- Getting divorced / separated
- Bereavement
- Retirement planning
- Leaving a legacy
Your chance to run where you can only normally fly…
Community Matters Partnership Project (CMPP), a charity that Fryer Glass is pleased to support and be a part of, is planning an exciting challenge for June. CMPP is organising a Twilight Runway Challenge on 20th June at Blackbushe Airport. They want to spread the word so that as many people and families from the local community as possible sign up for the event – there are 1,000 places available. There are various ways that it is possible to get involved:- Walk, run, skip hop or cycle a choice of distances, which are
- Either 3, 5 or 10k
Interesting Pensions Insight from Canada Life
With the state pension age rising to 67 between 2026 and 2028, the average UK working adult plans to start taking benefits from aged 62, using their private pension to help plug the five year. This is according to new research from Canada Life. Furthermore the average UK worker plans to retire fully at aged 64 using private pensions and other investments to fill the 3 year gap to pensionable age.
These aspiration are admirable, but along them there ideally needs to be a funding plan. If the above scenario is one that you can relate to, feel free to contact us to learn more about filling in the pension gap and how much it might cost you to achieve.
Click here to read the article in full.
If you are considering your pension options, contact Mark Fryer at Fryer Glass on: 01276 301103 or email info@fryerglass.co.uk
We'd like to wish all of our clients and everybody connected with Fryer Glass a Merry Christmas and a Happy New Year.
How to view investment activity when there is market volatility
On the eve of the General Election, it's perhaps apt to be talking about stock market fluctuations. The market may lurch one way or the other when they open on Friday morning. Who knows, and really, does it matter that much?
Some economists think the global economy may be on the verge of recession - and that possibility may be another reason to be wary of how markets may behave. An article we read recently, (that we have linked to at the bottom here), suggests that those who try to time their market activity do no better than would be expected by chance alone. In other words, out thinking the market is a losing game.
The good news for investors is you can have a rewarding investment experience without trying to outguess the market. But you may need to alter to a more long-term view about investing. That is what we advocate at Fryer Glass.
Investors are better advised to alter the way they think, as opposed to how they act. For example, in the nearly 100 years of data, the U.S. stock market has returned 10% per year on average, though it has rarely returned that in any individual year.
If you’re concerned about the possibility that the next downturn is just around the corner, and you're tempted to try and head it off - consult with a financial adviser who may be able to put you at ease. Sometimes doing nothing is actually doing something—think of all those people who sold out of the market in 2008 and missed the last 11 great years for equities.
The article has been written for an American readership, but the over-arching points are universally applicable.
Living in Fear of a Market Downturn
If you are considering your investment options and want to obtain independent financial advice, contact Mark Fryer at Fryer Glass on 01276 301103 or email info@fryerglass.co.uk
How to plug a retirement savings shortfall
To retire comfortably it is suggested that every person needs savings of at least £300,000. Assuming entitlement to a full state pension of £168.60 per week, this can ensure a moderate retirement lifestyle.
The problem is that a recent study by SunLife Insurance Group showed that the average pension pot for those aged 50-59 is c£150,000. Only 50% of the suggested recommended amount. This means that for many thousands of people turning their thoughts towards retirement, the outlook may be gloomy. They may have to work longer than they expected or already have to start thinking about the concessions to their expected standard of living.
For people with c10 years left until retirement, we would encourage people to think about how they might be able to bridge the gap between what they have and what they need.
- Analyse all current expenditure, cut down on unnecessary expense to enable a greater proportion of monthly income to be allocated to saving.
- Take advantage of Government tax relief schemes by saving into a pension account. Basic rate tax payers will get 20% tax relief on pension contributions.
- Take professional advice on the right investment strategy for your age and particular circumstances.
New Google 5 Star Review for Fryer Glass
We are delighted to have received a recent Google 5 Star Review from a recent client.
"I have used Fryer Glass on two occasions; once for advice and help setting up a pension fund; on the other, for some help with the financial arrangements necessary to plan a property investment. On both occasions, their service was excellent. Using a financial adviser can feel awkward and intimidating, especially if you're not financially minded. However, Fryer Glass put you at ease and take you step by step, answering all the questions. You won't finish the meeting with an MBA but you'll be fully aware of your investment (and they'll make sure of that). Because the financial sphere touches all aspects of life, it's worth mentioning they are incredibly discreet and sensitive to personal matters one has to discuss with them. Finally, they are trustworthy and they will tell you things as they are. And yes; you can be absolutely sure they aren't going to try to sell you something you don't need!
Pedro Portela
Report says that parents spend half of their salary on their children
Parents are spending half of their annual salary on children according to Creditfix.co.uk.
Private education / university fees, childcare, holidays and music lessons as well as essentials like food and clothing all contribute to the 50%.
The personal insolvency practice’s UK Spending Report found that parents are spending an average of £14,916 on their child each year. This is more than half of the average British salary, which comes in at £29,009 a year.
One in three parents say they underestimated the costs associated with raising a child and shockingly.
The decision to start a family is an exciting time. In the same way as it is important to prepare your home for any new arrival, it might also be sensible to review finances as well. A financial review can see that your money is working hard for you and you can understand if your existing insurance arrangements meet the needs of your larger family and increased responsibilities.
If you are at this stage of life considering a family, or you have a young family, we'd be delighted to help. It could be one less thing to have to worry about.
Call Mark Fryer at Fryer Glass on 01276 301103 or email info@fryerglass.co.uk
Click to read the complete Creditfix.co.uk article on the YourMoney.com website.
Beware the Equity Release interest rate trap than can eat away at the value of your home
As the number of people between 55 and 59 years old taking equity release loans is set to be three times higher than 10 years ago, there is concern that people are borrowing too much to soon.
Few people it seems are aware that the way interest is calculated on Equity Release loans can seriously eat into the value of a home. It can be attractive at the outset to improve the quality of life as retirement approaches and the TV adverts etc. push that hard. However a worse case scenario may see someone in their 50s take 50% of their homes value, and interest charges may have eaten up the entire remaining value before the person has passed, leaving nothing to hand down to the next generation. It's a chilling though that before you die it's possible the lender may end up owning your home.
There are calls to raise the age limit at which equity release schemes become available, or at least a greater education into how the interest payments are worked out and their accumulative impact over say a 20 year period.
Equity release may be a suitable scheme depending on individual circumstances. There are numerous different ways to raise money if that is what people in their 50s wish to do. We will always sit down with clients understand what they are trying to achieve and make recommendations on the most suitable way to achieve their monetary objectives.
Call Mark Fryer at Fryer Glass on 01276 301103 or email info@fryerglass.co.uk
This is a very brief summary of a longer article that appears on the website www.thisismoney.co.uk
Fryer Glass joins Community Matters Partnership Project (CMPP)
Fryer Glass is delighted to announce that it has become a partner of the Community Matters Partnership Project (CMPP). CMPP is a charity that provides businesses with opportunities to enable their staff to take part in worthwhile projects that benefit their community, local schools and other charities that are close to their hearts. The work of CMPP is focussed around the areas of Farnborough and Woking with plans to grow into neighbouring areas in the near future.
Commenting on joining CMPP, Mark Fryer said: "Fryer Glass & Company are very excited to partner with CMPP. We are dedicated to making financial planning more accessible as the need is vast amongst those that cannot afford to pay for help. We believe that by working with CMPP and their many partners we can help take on some of the challenges faced by local communities."
CMPP CEO Tracy Jarvis added: “CMPP offers a wealth of opportunities for organisations to tap into the needs of the community and benefit from working and networking with other socially-responsible businesses. The subject of Corporate Social Responsibility (CSR) is one that Mark Fryer is passionate about and has as part of the core values of the business, CMPP are delighted to have Fryer Glass as one of our new partners.’’
For more information on CMPP, visit the website.
If you’re over 50 years’ old, please don’t ignore your financial future.
Data released earlier this month from the Department of Work and Pensions (DWP) has revealed real concern and fear that the money saved by this segment of the market is simply going to 'run out'. That's partly why a record number of workers are now over the age of 50 - almost 11 million adults. That's a rise of 32 per cent over the past decade.
Separate data from Aviva has found that 61 per cent of UK adults are worried about the prospect of a longer working life – that's some 20 million people.
As financial planners, we know and appreciate these statistics present a challenge. People approaching 50, or in their early 50s, are right to be concerned. Many have also seen at close quarters the quality of retirement their parents have had (or still are enjoying) and wonder why that lifestyle seems out of reach.
We would implore people not to bury their heads in the sand. Sometimes it is those with fewer assets whom are most pleasantly surprised by how we can help them. As you can have a no cost and no obligation first meeting with us, you have nothing to lose.
The idea for this piece came from an article about financial planning that appeared in The Independent newspaper on 13 September. A full copy of the article can be read here.
Call Mark Fryer at Fryer Glass on 01276 301103 or email info@fryerglass.co.uk
Getting better with your money
Q: What do you call someone who doesn't want to be better with their money?
A: I don't know, I've never met anyone who doesn't want to be in a better position with their money.
Before we start....I know; building good financial health is easy to talk about, but very hard to follow through with. It's a little like eating more healthily and exercising more! But hey, it's September and the most popular time, after New Year, to hit the re-set button! Let's stay positive; it is possible to change bad financial habits for good.
There are, for example, five essential elements to improving financial management and they are:
- Pay down debt
- Build a savings buffer
- Draw up a budget
- Know where your money goes
- Save into a pension
A financial review from the experts at Fryer Glass.
If you want to find out more about a personal financial review from Fryer Glass, please get in touch. These reviews are not just for people with surplus money who want to make even better returns, but also for people with limited resources, who just want them to go as far as they possible can. Call Mark Fryer at Fryer Glass on 01276 301103 or email info@fryerglass.co.uk10 top finance tips for students off (or returning) to University
If you are off to start University in the next few weeks (or returning to start a new year,) here are ten fantastic facts that all students need to know. They are courtesy of The Independent newspaper.
- You need to have budgeting skills
- You shouldn't have to pay taxes
- You can get a rail card
- You need, really need, contents insurance
- Financial know-how is financial power
- You shouldn't just bank with the branch that is located on campus
- You have rights when renting
- Register to vote
- Help is available should you start to struggle financially
- University is more fun when you are in control of your finances
The truth about family money. It’s not what you think.
- 25% of adults under 34 years old live with their parents
- Adult children living at home cost an extra £1,780 per year in household expenses
- Should parents start to factor adult children living at home into their later life financial planning?
- The Bank of Mum & Dad suggests that the flow of money in families is only one way. This article from The Independent shines a light on a more dynamic relationship between family members and cash. It's a really interesting read.
New client testimonial for Fryer Glass
As consumer confidence falls, the importance of financial planning rises.
A recent report by Growth from Knowledge (GfK) caught our eye. Its latest consumer confidence survey reports a drop in confidence with more people worried about their personal finances.
Perhaps unsurprisingly, the uncertain economic outlook is creating a drag, meaning people are less optimistic and more likely to defer big spending decisions.
In many ways, we are all in the same boat. No one has a crystal ball, but it's one thing to worry about finances and another not to do anything about it. To borrow an over-used phrase from the past 3.5 years, you can take back control!
A financial review can be a sensible exercise to go through with a financial planner, and is relevant at every stage of life, or when the future is uncertain, as is presently the case.
You can read the article about the GfK Confidence report here.
For a free, no obligation discussion about your financial objectives, call us on 01276 301103 or email info@fryerglass.co.uk
My CSR talk at ‘Real Networking’ event
I was delighted to accept an invitation to talk and lead a discussion on the subject of Corporate and Social Responsibility (CSR). I was asked to do this by the members of Real Networking, a networking group of small businesses that meet in Egham and Camberley.
The subject of CSR is one that I am passionate about, but conscious not to appear as a preacher on the subject. The starting point for me is that I have never gone without anything in my life, and I'm grateful for that. I'm fortunate to live where I do and to have a good job. I am acutely aware how others, through no fault of their own, are far less fortunate. Helping them in some small way is a big motivation for me.
An early show of hands among the audience suggested others take CSR seriously in their business too.
CSR in Fryer Glass is relatively new and it is still evolving, but some of the outcomes I have observed include:
- A greater likelihood for clients to recommend you to others;
- A quicker move to a position of trust between client and adviser; and
- A comfortable topic of discussion between client and adviser other than financial planning.
Not reviewing your pension charges could be costing you thousands every year.
When was the last time you reviewed your pension with your financial adviser? Not doing so could be costing you thousands of pounds, and unnecessarily so.
Most responsible financial advisers and planners will reach out annually and invite a client review. Clients may think that if their affairs are in order, it’s not entirely necessary. A recent example shows why it is important.
We met a new client who had not seen their adviser, let alone reviewed their pension with them for four years. In that time the adviser has been paid £4,000 (0.5% p.a. on a fund worth c£200,000).
Our review found that the pension product charges were very much on the high side (1% for the pension provider and 0.5% for the funds), so in excess of £3,000 p.a.
Following a thorough pension review by Fryer Glass, we made the following recommendations:
- Reduce the financial adviser charges from £1,000 p.a. to £750 p.a. by switching to us and receive annual financial reviews to check that targets are being met and that retirement plans remain up to date.
- Reduce the pension product charges from c£3,000 p.a. to nearer £1,000 p.a. without affecting financial performance.
- Amended pension contributions that will see them earn thousands in extended tax allowances.
A married couple in their 50s – a cautionary tale.
A married couple in their 50s recently came to us, requesting that we review their pensions and insurances. This a client profile that we see quite regularly.
The pension funds were worth altogether c£150k. Our analysis found that the funds were invested way too conservatively for their attitude to risk and the time horizon. In a normal market, over the next 15 years, consolidating and re-investing the money will likely make them in the region of £60,000. The couple also had average charges of £1,800 p/a on their pensions. By moving into cheaper and better funds the opportunity exists to reduce these charges to £750 p/a.
Regarding insurance provision, they were massively over-insured. It is common that people tend to be either over or under insured. By reviewing the couple's insurances and their wider financial situation, we are able to reduce their insurance costs from £5,000 p/a to close to £1,500 p/a. The new insurances will make sure they have more than enough cover if either husband of wife died, or were unable to work indefinitely.
After the initial free consultation, the couple agreed to a Fryer Glass full financial review at a cost of £750. The result of the review is a conservative reduction on pension and insurance charges of over £4,500. If they choose to move their pensions they will almost certainly be considerably better off when they come to retire in 15 years.
In summary:
The financial problem: Poor pensions/insurance uncertainty.
The solution: Review and then move/change pensions and insurance.
The outcome: A better financial situation, reduced cost and peace of mind.
If this is a scenario that you can relate to, call Mark Fryer at Fryer Glass on 01276 301103 or email info@fryerglass.co.uk
Now’s the perfect time to talk finances with your new partner.
It's summer and it's the wedding season. Bells will be peeling out across the land (and metaphorically in Register Offices and other licences places), in celebration of the coming together of two people who want to spend the rest of their lives together.
Many couples will live happily too without getting married, but I make the point above for a reason. Once the confetti is swept away and the guests long-departed, there is the practical task of how to make a successful life together. At the centre of this discussion will be finance and money. As a couple what are your ambitions and aspirations? Do you have the income or the income potential to make your dreams a reality? Does either of you have any financial skeletons in the closet?
There is no time like the time of coming together to have an open conversation about attitude to finance, financial history and access to finance. Unfortunately, research shows that people under the age of 45 are very poor at sharing their financial circumstances with those closest to them.
An article in The Independent advocates talking to your partner about finance - before it's too late.
Marrying, moving in or getting a mortgage this summer. A frank and honest discussion at the start can prevent issues arising in the future.
If you are in a relationship and want to discuss financial planning as a couple, call Mark Fryer at Fryer Glass on 01276 301103 or email info@fryerglass.co.uk
Fryer Glass – Corporate and Social Responsibility
"One of the many enjoyable things about owning your own business, is shaping how your decisions can benefit the wider world.
I’m somebody who is self-aware and regularly grateful to live and work in a place where health, peace and relative prosperity abounds. I’ve visited parts of the world where that is not the case. My experiences have influenced our approach to CSR and charitable support here at Fryer Glass".
Mark Fryer, Fryer Glass
Work for Good
Fryer Glass is a member of Work for Good. Work for Good is a way that our business can give to causes that our clients care about. We have chosen 10 charities and a client chooses which one s/he would like 5% of their fees donated towards. If there is a strong preference to a charity not among the 10, but which is also in the Work for Good scheme, we can happily accommodate these requests. In circumstances where a client expresses no preference, we choose the charity, Children of the Dump.
Visit the Work for Good website.
Children of the Dump
Children of the Dump provides education, family support and loving care to deprived children living in extreme poverty on and around the Payatas and San Isidrop rubbish dumps in Manila in the Philippines. It is a charity close to the heart of Fryer Glass as my wife is from the Philippines.
Visit the Children of the Dump website.
Oakleaf Mental Crisis Centre in Guildford
We have recently chosen to become involved with this local charity. As financial advisers we help people that have money decide how to invest it. We are also aware of poor mental health amongst some people for whom a lack of money is a real concern. We provide monthly prop bono drop-in clinics at the centre for people seeking help and advice about their financial situation.
Visit the Oakleaf Mental Health charity website.
How climate change is affecting the financial landscape of the UK.
There is little awareness it seems of the effect climate change has had, and continues to have on the finances of people in Britain - despite it often seeming as if we are shielded from the worst effects of a warming planet. An article from The Independent Newspaper explains how a warming planet could affect your pocket.
Rising travel insurance costs
Insurance premiums are likely to rise as the risks caused by extreme weather events also grow, not just because of costs to insurers but because travellers will want more extensive protection.
More homes could be lost
There are already coastal properties being lost to the sea as a result of coastal erosion but this is likely to accelerate in the coming decades, with effects on the housing market and on home insurance.
Prices could rise
In a world where droughts, unseasonal freezes and extreme storms are more common, we’re likely to see a knock-on effect on food prices.
Investments could suffer
People who do not actively invest may assume that if the returns on investments fall, it won’t affect them. However, from pensions to property prices, investments play a significant role in the economy.
We may change how we shop
One significant impact on our finances as individuals could be caused by societal pressures changing the way we shop and consume in the face of growing awareness of global warming and plastics pollution.
Comment
The future has always held concerns and uncertainties. Climate change is the one big issue affecting our generation. We would maintain a view that it is always best to plan for the future and that financial planning is an integral element. If you need any help shaping your financial future, do not hesitate to get in touch.
Call Mark Fryer at Fryer Glass on 01276 301103 or email info@fryerglass.co.uk
This is just a short summary of the article, the full version can be read here.
How much do you need to save each month to give a grandchild £18k on their 18th birthday?
Your Top 10 Pension Questions Answered
From a recent article in Moneywise, readers submitted their pension questions and here are the most popular ones. Click on the article link at the end of the list to read the responses.
- Should I take my tax-free cash?
- Could the Government abolish tax-free cash?
- Will the lifetime and annual allowances see further cuts?
- Should I transfer my defined benefit pension?
- Should I still buy an annuity?
- How much can I take from my pension?
- Can I take my whole pension as a lump sum?
- Must I take an income from pension?
- Will I be taxed if I take an income from my pension?
- Can I cash in my annuity?
How much is a realistic rainy day fund in 2019?
When we talk with clients about financial planning, one of the things we might discuss is the need for an emergency fund to cover unexpected expenses. It's commonly known as a rainy day fund. However, in response to the reality of how hard it is to save money, The Independent has coined the phrase Drizzly Day Fund. A rainy day fund was traditionally the equivalent of three to six months salary. How much I hear many of you cry! New analysis from a bank has suggested that having just £500 tucked away could make a real difference.
Some younger people are being put off saving altogether because the three to six month target is so far out of reach. A more affordable target, like £500, is reachable and research suggests that £500 can be enough for most people to avoid a downward debt spiral. You can read a fully copy of The Independent article here.
You can speak to us about anything related to savings and investments. Call Mark Fryer at Fryer Glass on 01276 301103 or email info@fryerglass.co.uk
Half of UK workers 50+ prefer to transition gradually into retirement
Half (49%) of UK workers over 50 years of age and earning upwards of £20k would ideally like to transition into retirement by blending work and retirement. Workers favour a phase of ‘pre-tirement’ by adjusting the amount of time they work before they give up work altogether. The appeal of this flexible or transitional approach means UK workers would change their working pattern, but continue working later in life, in a reduced capacity in paid employment.
This sounds like a plausible plan given the financial backdrop of the last 10 years and likely continued uncertainty on political and economic fronts. Making such a decision (jointly or alone) is likely to have financial planning implications. You may choose a have a financial review to understand the possible implications of the decisions you are making. Read the article first and we are here if you would like to meet and discuss.
London Loves Business: Half of UK workers 50+ prefer to transition gradually into retirement.
Call Mark Fryer at Fryer Glass on 01276 301103 or email info@fryerglass.co.uk
Just because you’re a Millennial is not an excuse not to be investing.
With mounting student debt, rising living costs and the struggle to save a house deposit, many millennials are shunning the investment market.
The generation that reached adulthood in the thick of the financial crisis is also wary of stock markets.
Those aged 18 to 24 have been deterred from investing thanks to the 2008 banking crisis, according to Gallup, a polling firm. It found that less than 40pc of the age group invest today, compared with 52pc in 2007.
Understanding of pensions and other financial areas was lower among 18 to 24 year-olds than those aged 35 and over, according to figures from insurance company Aviva.
But not all are so cautious. For those that do invest their money, what made them get into the markets and how did they learn their skills? Read this interesting from the Daily Telegraph.
Having done so, if you would like to discuss your investment and pension options without obligation, call Mark Fryer at Fryer Glass on 01276 301103 or email info@fryerglass.co.uk
Fryer Glass Client Testimonial
"I am very impressed with Fryer Glass. They are extremely efficient without being stuffy. I had a very relaxed meeting with them and they explained everything very clearly . I have every confidence in them to manage my affairs, and would thoroughly recommend them without any hesitation".
J Swallow
Times in life when it’s right to seek help from a financial adviser
There are certain stages or events in life when it is sensible to get help and support from a financial adviser. This might be because your circumstances have changed significantly, or because you have money and you're not sure what to do with it.
A recent article we read on the subject interested us. We might prefer to say that anytime might be the right time for you to seek financial advice, but we don't disagree with the four identified scenarios which are:
- Getting married / having children (arguably two separate events!).
- Receiving an inheritance.
- Approaching retirement.
- Leaving a legacy.
Millennials are paying the price of a crisis not of their making
Research has revealed that pay for workers in their 30s is still 7% below the level at which it peaked before the 2008 banking crisis.
The report uses some sharp language saying that the crisis has had a “scarring” effect on their earnings.
While it’s hard to argue against the facts, it’s no reason for people in their 30s to be too glum. A sensible and holistic approach to financial planning, reflecting a person’s financial goals and ‘life’ priorities leading to a resilient plan, reviewed regularly, to deliver the desired outcomes.
Fryer Glass is a specialist adviser to people in their 30s. Call Mark Fryer at Fryer Glass on 01276 301103 or email info@fryerglass.co.uk
https://www.bbc.co.uk/news/business-47106711
The 30 signs that you are in a good place financially
An interesting piece of research is reported in The Independent. The 30 signs that you are in a 'good place financially.'
Strong indicators include savings, being debt free and going on two holidays a year. Research was based on speaking with 2,000 adults.
Interesting, one of the indicators listed was having a good knowledge of financial services products on the market e.g. Pensions, ISAs and investments. 35% of those polled think that they have a relatively good understanding of financial services products. This of course means that roughly two-thirds do not. If you have any questions about pensions, ISAs or investments or want a discussion in broad terms about financial planning feel free to contact us.
Call Mark Fryer at Fryer Glass on 01276 301103 or email info@fryerglass.co.uk
Click to view the full list of 30 signs that you are good financial health.
Testimonial from a married couple in their mid-30s.
"We have been very pleased with the service we received from Fryer Glass. Their review of our financial circumstances and their explanations of our options was thorough and has given us piece of mind when making important life decisions.
They listened to us and considered what was important to us and how we wanted to manage our finances when making recommendations. We really felt that we received a personal service.
I'd recommend Fryer Glass' services to anyone who wants a review of their financial position or is considering the financial impact of making an important decision."
Mr & Mrs Sayce, aged 35 married couple
Contact us today to see how Fryer Glass can help you achieve your financial goals.
Financial planning for the Under 35s – The Millennial Generation
An article in the Independent Newspaper towards the end of last year caught our eye. It was written about the financial outlook for young people (so called Millennials). The under 35s segment of the financial services sector is one that we have particular experience in here at Fryer Glass.
The eye-catching newspaper headline suggested that young adults in 2018 were financially weaker than in 2008. Figures paint a 'scary picture' of millennial financial affairs the article suggests. The evidence put forward to support the headline was:
- A fall in home ownership among 22-29 year old's
- The percentage of 20-somethings with any savings has fallen from 37% to 27%
The Value of your Pension
This is our second of four weekly posts about your personal finances, this week we will look at pensions.
Pensions can be a very complicated subject. We all know they are going to be a source of income to us in retirement, but what else do we need to consider?
1.) How much do I need to contribute to be able to retire when I want to?
2.) How much can I afford to contribute without negatively impacting my current standard of living?
3.) What is my current pension situation?
4.) What are the tax benefits of pensions?
5.) When can I gain access to my pensions?
Pensions are often viewed in a negative way by consumers as they lessen the amount of money you can spend now. However, the long-term potential for growth within a pension makes them an extremely beneficial investment tool.
The attached article from iNews, published in March of 2018 discusses some of the main considerations people should be aware of with their pensions. The graph half way down the article is particularly useful when demonstrating the effect of compound growth over time on your pension investments.
Everyone has their own set of circumstances, at Fryer Glass we can help you understand yours, and help you maximise what your pension can do for you.
https://inews.co.uk/inews-lifestyle/money/saving-for-your-future-pay-250-a-month-from-age-25-for-a-524000-pension-pot/
Why should you use a Financial Planner?
Over the next 4 weeks Fryer Glass will attempt to highlight some of the main issues that face professionals with their personal finances.
There are many reasons why people do not seek financial advice:
1.) The view that it is expensive
2.) The view that you do not have enough money to have choices
3.) Lack of trust in the financial services sector
4.) Apathy, or a belief that it can wait until a later date
5.) People being protective over their private information
6.) Life gets in the way
All of these things are understandable, but unfortunately lead to millions of people missing out on opportunities for their hard-earned money to work for them in the best way for their individual circumstances.
The attached article, published in the financial section of the Telegragh in February 2018 highlights just some of the benefits to seeking professional financial advice.
https://www.telegraph.co.uk/financial-services/investments/investment-pensions-service/value-of-financial-advice/
Money Management Awards 2016
To demonstrate our ongoing dedication to excellence Fraser Glass, Director of Fryer Glass has recently won 2 awards at the prestigious Money Management awards dinner. As runner-up in the inheritance tax planning, and protection planning categories Fraser was invited to the annual awards in London where he was presented with the awards.
Money Management is a subsidiary of the Financial Times, and as such is highly respected in the Financial Planning community. Needless to say, being recognised by Money Management is something we at Fryer Glass are extremely proud of, and should demonstrate our knowledge and professionalism.