A Bradford & Bingley Savings Report showed that only a third of people (36%) save regularly. A fifth admit they never save and 11% confess they prefer to buy the latest clothes and gadgets or go on nice holidays rather than save.
The starting point for any successful saving or investment is a thorough understanding of your financial goals and current financial commitments. Having gone through this initial fact finding exercise we would be in a position to make recommendations. Daly Harvey Morfitt currently looks after assets in excess of £150 million and has a comprehensive and research led approach to client money. The investment funds we recommend have undergone rigorous quantitative and qualitative analysis to ensure they have the best chance of delivering results in line with your objectives. As every individual is different it is impossible to provide advice and recommendations on a website. Listed below however are some of the saving and investment options we would discuss with you if they were felt to be relevant. Tax efficient savings - Each year every adult in the UK has a £7,000 allowance which can be invested into an Individual Savings Account (ISA). All interest gained on these accounts is tax free. You can invest up to £3,000 in a cash ISA with the remaining £4,000 going into stocks and shares or put all £7,000 into stocks and shares. We advise all investors to use their tax free saving allowance each year and advise on a wide range of ISA options suited to the cautious and more adventurous investor.
In his budget on 21 March 2007 Chancellor, Gordon Brown announced that the annual amount people will be able to put into a cash ISA will go up from £3,000 to £3,600 in April 2008. The total sum that can be saved through ISAs (including stock and share ISAs) will be increased to £7,200 each year, from the same date. Read more about ISAs on the FSA website. Unit trusts and OEICS– As a pooled investment there are many advantages to investing in unit trusts as opposed to individual shares – including reduced risk and costs. Open Ended Investment Companies (OEICs) also provide opportunities for a diverse combination of investment options. As with all investments however you should take specialist advice to make sure that this type of investment is right for you – and to select an appropriate unit trust to invest in. Read more about unit trusts on the FSA website. Read more about open ended investment companies on the FSA website. Investment Trusts - These are similar to unit trusts in that they invest in the shares of companies and provide the opportunity for investors to spread risk.When you invest in an investment trust you buy shares in a company that invests in other companies - not units in a fund. Like unit trusts, investment trusts provide a variety of different types of investment from medium to relatively high risk. Some investment trusts focus on capital growth whilst others invest for a steady income from dividends. Again it is essential to take advice before selecting an investment trust as part of your investment portfolio. Read more about investment trusts on the FSA website. Contact Daly Harvey Morfitt now to discuss your saving and investment options. Call on 01789 299655. For details on specific services read more: Retirement planning Mortgages Inheritance tax planning Protection for yourself and your family Choose an adviser
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