26 Lowther Street, Carlisle, CA3 8DA

“In this world nothing can be said to be certain, except death and taxes.”

stansherlocstg on June 3, 2020

Calculator and laptop
  • Financial Planning, Uncategorized

“In this world nothing can be said to be certain, except death and taxes.”

So… What is cashflow modelling?

Financial planning is all about preparing for those things that may not be so certain (and taxes). Plans should be reviewed regularly so they adapt to changes in your circumstances and reflect developments in the wider economy and financial markets.

Cashflow modelling, sometimes known as cashflow forecasting takes a view of investments, debts, income and expenditure. It takes into account things like inflation, changes in income and interest rates. It can then be used to model a range of different scenarios to help you make informed choices about your finances.

The heart of any sensible long-term financial thinking

In essence cashflow modelling provides a rolling balance sheet that has your income, savings, investments and other assets on one side and your spending requirements and commitments on the other.

With this information to hand, it is possible to assess your current situation. By adding in assumptions about the possible direction of variables such as inflation and investment returns, predictions can be made about how your situation might change over time.

In turn, this can help inform decisions such as when might be the optimum time to retire and how best your retirement income might be funded. It can also embrace estate planning, allowing you to put plans in place that can mitigate any potential Inheritance Tax liability.

Flexible forecasting and planning

Cashflow modelling is endlessly flexible and takes account of your personal preferences. You might want to determine the impact of moving to a smaller property at some point – perhaps when your children are financially independent, or when you retire.

Similarly, you might want to explore the merits or otherwise of accessing part of your pension savings sooner rather than later – in other words, before you retire. How would that affect your income after retirement? Cashflow modelling could help provide the answers.

What if?

Cashflow modelling also allows for examination of “What if?” scenarios. What if there’s a financial crash? What if there’s a change in your family situation, such as the arrival of grandchildren or a divorce? What action should you take in anticipation, either now or in the future?

Your financial forecasts will be shaped to a significant degree by your attitude to risk. Some people are bullish about potential gains from their portfolio, while others want to achieve as much security and certainty as possible. Thinking about the future will help confirm how you feel on these matters. If you expect to generate investment growth, you might choose to maintain an active interest in equities even beyond retirement. If you’re more risk-averse, you might prefer more safe haven assets or options. Or, of course, you might opt for something in between.

An active eye

We’re here to help you decide on a strategy that suits your preferences, but we won’t then sit back and simply watch how events unfold.

We’ll work with you to maintain your cashflow model, refining and repurposing it so that it continues to match your preferences, however they develop.

The value of investments and any income from them can fall as well as rise and you may not get back the original amount invested.

It is important to take professional advice before making any decision relating to your personal finances.

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Our Expert Advice Can Help Reduce Your Mortgage Stress

stansherlocstg on June 1, 2020

Hackney & Leigh now let board outside of a house
  • Mortgages

Our Expert Advice Can Help Reduce Your Mortgage Stress

Moving home is known to be one of life’s most stressful events. In fact, a survey earlier this year, found the process can cause us more stress than other major life events such as having a baby, getting married, starting a new job or getting divorced.

Sorting out your finances

The biggest cause of worry for many is arranging finance for the move. First-time buyers need to save up funds for a deposit, as well as finding the right mortgage and an affordable property. Low- deposit mortgages and saving schemes, like the Help to Buy ISA (which closed to new accounts on 30 November 2019), appear to have helped with the challenge of saving a deposit to some extent. It pays to save a large deposit as in most cases, the bigger the deposit you can put down, the lower your interest rate is likely to be.

As well as saving for a deposit and budgeting for costs like legal fees and surveys, you should review your income and outgoings; any lender considering your mortgage application will expect you to be on top of your bills and to be able to afford your monthly mortgage payments.

A challenging process?

Research from Aldermore’s First Time Buyer Index reveals prospective first-time buyers view buying a home as challenging, with over a quarter (29%) saying getting on the property ladder is ‘very difficult’. This research also showed nearly two thirds (61%) of recent first-time buyers found the house buying process ‘confusing’ and two in five (39%) say the stress of it actually made them feel ill.

Understanding the mortgage process

With such a vast number of mortgage deals available, it can be difficult to know which one is right for you.

Whether you are a first-time buyer, moving home, remortgaging or looking to release equity from your property we can help. Our qualified mortgage advisers have access to a wide range of mortgage deals and can help you understand all aspects of the home buying process.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE 

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Anne Preston Joins Stan Sherlock Associates

stansherlocstg on May 22, 2020

  • Team

Anne Preston Joins Stan Sherlock Associates

An adviser with 30 years experience has joined us this week at Stan Sherlock Associates.

Anne Preston, who will specialise in Mortgages and Protection, brings her expertise from varied previous roles and we’re delighted to welcome her to the team. Her impressive career covers a diverse portfolio of skills and qualifications, and her experience will support our clients and the wider team.

Anne’s advisory qualifications and experience include mortgages, specialist insurance, business protection, final salary pension schemes, Trusts and offshore investment bonds and private medical insurance. Anne has also previously managed personal accounts including underwriting the cases of several high-profile clients.

Anne has continually studied throughout her career to provide high-quality advice and ensure compliance with changing regulations. She is looking forward to supporting our clients. She told us, “I love researching and recommending the right products to my clients, particularly those who may have found it difficult to access the services they need. Good financial advice is like a puzzle that needs to be researched and solved, and no two clients are the same, they all need an individual solution, which suits their individual budget.”

It’s an unusual time to introduce a new colleague to our team but it’s very much business as usual for us. We are running our induction programme virtually and Anne has already joined our full team meeting, online. Thanks to our technology and systems, she will soon be managing our clients’ affairs on the phone and via video calls in line with social distancing restrictions.

Anne was born and brought up in Carlisle, before working in the financial sector in the West Midlands. She was delighted to return to the city two years ago to be closer to family. She has two grown-up daughters and in her spare time loves a spot of DIY, reading and researching her family tree. She is looking forward to being able to spend time by the seaside with her family after lockdown is lifted. 

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Be Vigilant and Scam Smart

stansherlocstg on May 14, 2020

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  • Uncategorized

Be Vigilant and Scam Smart

Warnings from a number of UK bodies, including the Bank of England, Financial Conduct Authority, National Crime Agency and Action Fraud have urged people to be vigilant about scams by fraudsters who are taking advantage of people’s fears and capitalising on the COVID-19 crisis.

Huge increase in cases

Action Fraud has released figures showing that reports of scams increased by 400% in March. The majority of reports concerned online shopping scams, with victims purchasing protective products (such as hand sanitiser or face masks) that failed to arrive.

Other frauds being reported include ticket fraud, charity fraud and lender loan fraud.

Financial scams

Financial scams could take many forms such as pensions transfers, high-return investment opportunities or health insurance supplements. Criminals have been using phishing (emails) or smishing (texts) to impersonate other organisations to trick people into giving away their personal and financial information or money. These scam emails and texts often claim to be from government departments, banks or other trusted organisations.

Keep safe

All consumers are reminded to follow the advice of UK Finance’s Take Five to Stop Fraud campaign and remember that criminals are experts at impersonating people, organisations and the police. This campaign reminds you to:

  • Stop: Taking a moment to stop and think before parting with your money or information could keep you safe.
  • Challenge: Could it be fake? It’s ok to reject, refuse, or ignore any requests. Only criminals will try to rush or panic you.
  • Protect: Contact your bank immediately if you think you’ve fallen for a scam and report it to Action Fraud.

Be a Scam Smart Investor

To avoid investment or pension scams, the Financial Conduct Authority (FCA) has an online scam checker where you can check an investment or pension opportunity. This can be found here www.fca.org.uk/scamsmart

Government Advice

The government has released advice to help you keep yourself and your money safe from fraud. This includes checking the company’s credentials via a reliable source such as the FCA’s Financial Services Register, not clicking on links from unknown senders, being wary of deals that sound too good to be true, not giving out personal details and seeking professional financial advice before making any decisions.

The government advice can be found here www.gov.uk/government/news/be-vigilant-against-coronavirus-scams

Guidance in uncertain times
Anxiety and stress can make us more vulnerable to fraud, so if you are unsure about any financial opportunities, please contact us on 01228 598821. We’re here to keep you and your finances stay safe during this period of uncertainty.

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The Bank of… Granny and Grandad?

stansherlocstg on May 6, 2020

Counting money from a piggy bank
  • Financial Planning

The Bank of… Granny and Grandad?

For many younger people struggling to get a foot on the property ladder, the Bank of Mum and Dad is the only option. With rent taking a huge chunk out of their income and the requirement for increasingly onerous deposits, two in five renters do not believe they will ever be in a position to buy a property, despite a desire to own a place of their own. That’s where Bank of Mum and Dad come in, as well as ever more frequently, the Bank of Granny and Grandad.

Among the UK’s largest lenders

If the Bank of Mum and Dad was a high street lender, it would have been the UK’s 10th largest in 2019. Collectively, parents paid out £6.3bn to give their children the final push towards homeownership. What’s more, the average amount lent per transaction shot up by £6,000 to hit a generous £24,1002.

Knock-on effect on retirement prospects

The Bank of Mum and Dad phenomenon is not without its consequences however. With prospective retirees facing spiralling living costs and potential care fees, their generosity is directly impacting their future. According to a report from Legal & General, 15% of over-55s are accepting a lower standard of living after funding their child’s property purchase. While many are hitting their pensions savings to scrape the cash together.

Granny and Grandad lend a hand

In 2019, nearly a third of 18 to 34-year-olds received financial help from their grandparents to get a foot on the ladder. Coming as they do from a generation where homeownership was much easier to achieve and pensions easier to save for, they are more likely to have spare money available than their own children, who are already feeling the strain of saving enough to fund their later life. On average, grandparents lend £7,400 to their grandchildren (roughly a third of the average 10% deposit). And 23% of lucky homeowners on the receiving end of this assistance don’t ever expect to repay it!

Don’t compromise your future

We all want the best for our children, but there are ways of helping them out that don’t involve putting your financial security at risk. While the Bank of Granny and Grandad is certainly alleviating the pressure on parents, it’s not wise to rely solely on their support. There are a range of government schemes available to prospective homebuyers which can help them buy a property without a significant cash boost from family members. The Help to Buy: Equity Loan, the Help to Buy: Shared Ownership scheme and the Lifetime ISA (LISA) can all help boost your child’s ability to buy their first home.

Other investment options

There are more ways to assist your children financially than just helping them buy a property – especially if you get started early. There are a wide variety of savings and investment options that allow you to start providing for your child’s future at an early age, putting them in a better financial situation in adulthood.

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Doing our bit, however small, in uncertain times…

stansherlocstg on May 6, 2020

  • Uncategorized

Doing our bit, however small, in uncertain times…

Our fantastic team here at Stan Sherlock Associates has collectively donated groceries and other essential supplies to two vital local charities.

Recognising that the COVID-19 pandemic has made life even more difficult for many local people, our team has donated bags of groceries, toiletries and cleaning supplies to the Carlisle Foodbank and Carlisle Key.

Many families and local people have suddenly found themselves without an income because of the Coronavirus pandemic. While the Government’s support measures have been welcomed, there are still many people who have been missed and are struggling to manage their day to day costs.

Our team is amazing, and thanks to them and the investment we’ve made in the right technology and systems, we are able to continue working and offering our clients the personal advice and service they need without meeting face to face. They recognised, however, that many others aren’t as fortunate and wanted to help.

Carlisle Foodbank can provide up to three days of emergency food for those in crisis who have been referred to them. They depend on food donations and the support of many volunteers. Carlisle Key works with young people aged 16-25 who are homeless or at risk of homelessness. They empower young people through knowledge, support, and confidence. They’ve recently appealed for toiletries and household cleaning products to help their young people build independent lives.

While so many local people are working long hours in key businesses to help look after us all, we also wanted to give something back. Doing our bit, however small, is the right thing to do as a local family firm.

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Gaining Control in an Uncertain World

stansherlocstg on May 4, 2020

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  • Uncategorized

Gaining Control in an Uncertain World

The current COVID-19 pandemic and its impact on every aspect of our lives is creating huge uncertainty for everyone.

At Stan Sherlock Associates, as lockdown came into effect, our amazing team quickly organised themselves, decamped to home working, organised ‘socially distant’ office cover and continued to put our clients first, responding, reassuring and pro-actively managing their affairs.

At times like these, making decisions can often feel overwhelming and plans seem a bit pointless. But while we can’t plan our next holiday just yet, we can all put our financial affairs in better order.

It’s never been more important to make sure your family is properly protected for the future, and ensure your financial plans and investments are on track to provide the lifestyle, and holidays, you want to enjoy.

Whether you’re reviewing your existing plans and policies or just starting your financial journey, we can help you make some sensible decisions to gain a little control in an uncertain world.

Thanks to our experienced team and our investment in the right technology, we can still offer personal, tailored advice without meeting face to face.

Give us a call on 01228 598821 and we’ll arrange some socially distant, yet friendly and practical financial advice.

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It’s Good to Talk

stansherlocstg on May 4, 2020

Calculator and laptop
  • Financial Planning

It’s Good to Talk

While, for many, discussions about money can be extremely uncomfortable, experts have long stressed the best approach to financial issues is invariably to talk about them. Indeed, perceived wisdom suggests the more open and honest people are about money, the better their life and relationships tend to be.

Finance: the last taboo

There’s a wide variety of reasons why people don’t like to discuss their finances. In some cases, money is simply viewed as a vulgar subject to talk about, while many individuals lack financial confidence and therefore feel foolish discussing their finances; for others it’s easy to just ignore the issue altogether or simply leave it to someone else to sort out. As a result, many of us don’t like to talk about money, which means finance stands out as one of the last taboo topics in our society.

Importance of financial conversations

A failure to communicate about money though can lead to serious problems especially for other family members. This particularly relates to the younger generation and the importance of nurturing a sense of financial responsibility that will ensure they are ready to take control of their finances. It’s also critical in relation to older people as, if discussions have not taken place, there is no way of knowing their wishes when important issues relating to their financial future inevitably emerge.

Elephants in the room

While it is therefore vital to talk, discussing some financial topics can prove extremely challenging for many people. For example, parents often find it difficult to discuss issues surrounding inheritance and the transfer of wealth which means conversations with their children on this topic can be awkward or stilted. It is imperative, however, that parents do include their offspring when making financial planning decisions in order to ensure they are ready to assume responsibility for family assets when the time arises.

Finance paralysis

An inability to talk about money can also lead to personal finance paralysis, which is basically the fear of making a bad decision. This can result in people either delaying important financial decisions or not making any decisions at all. Talking issues through with a trusted confidante though is a particularly good way to help alleviate such anxieties as it equips people with both the knowledge and conviction to make appropriate decisions.

Talk to us

As with most things in life, it’s usually easier to figure out financial problems if you talk them through with someone you trust. Discussing issues with those people that matter to you can help get things into perspective and thereby aid the decision-making process. And remember, we’re always here to help too, so feel free to get in touch and start a financial conversation with us.

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Getting To Know Our Advisers…

stansherlocstg on May 2, 2020

Stansherlock Family
  • Team

Getting To Know Our Advisers…

Want to know more about the people giving you advice? We’ve interviewed our advisers to enable you to get to know them better and will be releasing one a week over the coming months.  

Name: 

Bobby Sherlock 

What do you do at Stan Sherlock Associates? 

I am the Practice Principal and a Financial Adviser. I have worked in the family business for 19 years and have been an adviser for 15. 

Why did you become a financial adviser?

It was a very natural decision for me. I’d lived and breathed the family business from a young age and so always wanted to be a part of it. I was 6 when Stan founded Stan Sherlock Associates and I watched and shared the pride he had in helping clients and looking after their needs. I wanted to have that job satisfaction as well. I get a great sense of achievement helping people realise their dreams, be that buying their own home, or retiring with enough money to live comfortably.

What has surprised you the most about working in Financial Services?

Just how much of a positive impact I can have on people’s lives. I didn’t expect or know, when I started, that the advice I provide would make such a difference. It is my favourite part of what I do, being able to simplify and sort complex issues for clients.

Describe yourself in 3 words?

Competitive, determined and happy!

Would your family use the same three words?

No… they would use stubborn, caring and untidy

If you had to be shipwrecked on a deserted island, but all your human needs—such as food and water—were taken care of, what two items would you want to have with you?

A ball (cricket, tennis, rugby or golf, not too fussed which one) to play with and because I would want to keep my hand eye coordination up to scratch – Need to stay sharp! And a good non-stick pan for cooking dinner. I love to cook so I would make like Simon Rogan and go foraging for all the interesting vegetables and herbs on the island and cook up a feast!

If you could choose any super power what would you choose and why?

Regenerative power! No more getting injured, no concerns about crashing cycling and I’d finally try and do the backflip the kids want me to do on the trampoline!

How can you help me?

I am passionate about getting the best outcomes for clients. I have spent the last 15 years solving problems and helping people create opportunities with their finances. No question is too big or small, too complex or too simple. It’s my job to ensure you understand your position and how you can move closer to your goal. If you need your hand holding as a first-time buyer, I can help, or if you are a seasoned investor and just need a sense check, I can help.

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It’s Time to Think about Life Insurance

stansherlocstg on April 28, 2020

Family walking along the beach
  • Home & Life Insurances

It’s Time to Think about Life Insurance

If you have dependants – people who rely on you financially – then you should have life insurance. In fact, if you have dependants and don’t have life insurance, you are exposing them to grave financial risk. And who would want to do that?

Life insurance tends not to feature on ‘to do’ lists because it makes us confront uncomfortable questions, such as what would happen to our loved ones if we were to die unexpectedly in the next few years.

However, we all carry a deep responsibility to ensure those we leave behind at least have sufficient funds to carry on with life if we’re no longer around. That means putting plans in place to address unpleasant possibilities.

Types of life insurance

There are two main types of life insurance. The one most people need is ‘term’ insurance. This pays out if the policyholder dies within a stated period – the ‘term’.

The other type – ‘whole of life’ insurance – pays out on your death, whenever that occurs. This is more of an investment vehicle than a financial protection plan and is typically used for estate planning.

Dealing with debt

Term insurance pays out money that can be used to clear debts such as a mortgage, lifting a huge financial burden and enabling your loved ones to stay in the family home.

It can also provide for day-to-day living expenses – everything from groceries to utility bills, and from school and university fees to family holidays.

Key points

GET ENOUGH COVER
Buy sufficient insurance to take care of your family until the youngest is financially self-sufficient.

YOU BOTH NEED IT
If you’re in a couple, you both need cover, even if one of you stays at home. The proceeds can pay for services such as childcare and keeping up the house.

BUY SEPARATE POLICIES
Joint life insurance covers you both under one policy, but separate policies are more flexible and provide greater protection, although they cost a bit more.

WORK COVER ISN’T ENOUGH
Many firms offer ‘death in service’ life insurance. However, once you’ve worked out how much cover you need, you’ll probably realise this isn’t enough and you’ll need a policy of your own.

THE SOONER THE BETTER
The older you are, the more expensive life insurance is, so bite the bullet and buy young.

PUT YOUR POLICY ‘IN TRUST’
Doing so places the proceeds outside your estate so it can be paid to your beneficiaries without any delay associated with probate. It also keeps the money from the clutches of the tax man.

REVIEW REGULARLY
Monitor your life insurance coverage to make sure it keeps pace with your circumstances. Events such as marriage, the birth of children and moving home might prompt you to increase the amount of insurance you have.

It is important to take professional advice before making any decision relating to your personal finances.

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26 Lowther Street, Carlisle, Cumbria, CA3 8DA

T: 01228 598821

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Registered Address: 26 Lowther Street, Carlisle, Cumbria, CA3 8DA

Company Number: 05719965

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Stan Sherlock Associates Limited is an appointed representative of the Openwork Partnership, a trading style of Openwork Limited which is authorised and regulated by the financial conduct authority.

The value of investments and any income from them can fall as well as rise and you may not get back the original amount invested.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE. Some buy to let mortgages are not regulated by the financial conduct authority. 

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