| You can't take it with you…
With the Festive Season almost upon us, and this being the final Wealth Adviser weekly newsletter of 2020, we're seeing out what has been a challenging year in a rather 'generous' mood.
First up is a new white paper from wealth manager Charles Stanley which suggests that while 25 per cent of UK adults intend to spend as much of their assets as they can while they're alive, the majority do intend to pass on at least some of their wealth to family and loved ones, either when they die, or increasingly, through lifetime giving. But with people living longer, and personal circumstances often changing in later life, seeking professional advice is key.
“Some clients’ attitudes change as they grow older and their families become bigger, so, it is important for advisers to raise the issue from time to time," says John Porteous, Group Head of Distribution at Charles Stanley. "This will help create opportunities for those advisers who can help client families open up conversations and talk about money to define and reconcile their priorities and aims.”
Those thinking of lifetime gifts should perhaps forget about the latest toys and gadgets and consider something more 'meaningful' this Christmas, according to Willis Owen, with the firm's Head of Personal Investing Adrian Lowcock suggesting a range of alternatives including gold and silver coins, Junior ISAs, or Premium Bonds.
In keeping with the Season of Goodwill meanwhile, The Big Exchange, founded by The Big Issue, has launched a new 'positive difference' Junior Individual Savings Account (JISA), which only invests in funds that are proven to make a positive difference to the environment and society, and according to Nigel Kershaw OBE, chair of The Big Exchange and The Big Issue Group, would make a perfect Christmas gift.
“We believe giving a JISA can be truly transformational in helping change the ‘hearts and minds’ of millions of young people who, when they reach 18, will get their financial, environmental and social return," he says.
The Covid-19 crisis may have had a big impact on many people's financial situation, with new research from money.co.uk estimating that a quarter of all debt incurred during 2020 is as a direct result of the pandemic, but the New Year should bring some much needed relief, according to RBC Wealth Management.
The company is predicting the economic damage from the crisis to diminish significantly during 2021 and that equities could provide attractive all-in returns in 2021 and probably for 2022 as well.
And finally, we'd like to take this opportunity to wish all our readers the very best for the festive season. The Wealth Adviser team is due to resume business as usual on Monday 4 January, but we will continue to update our website with the most important industry news during the holiday period.
Wealth Adviser
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