Financial Planning Is A Matter For The Head And Not The Heart

Your emotions can seriously hamper your wealth, warns Tim Walker Head of Office and Divisonal Director at Brewin Dolphin in Exeter, who says he sees many clients allowing their heart to rule their head, to their financial detriment.

 

Tim Walker Head of Office and Divisonal Director at Brewin Dolphin in Exeter

“It can be difficult to look at your personal financial circumstances from a purely objective standpoint,” he said. “Emotional attachment to certain assets, fear of upsetting friends and family and even superstition mean that people do not fulfill their financial goals even if the desire is there. It may help to engage a professional adviser who can not only advise you from a legal or tax perspective, but can also ask you testing questions you might not confront otherwise.”

Here are the most common emotional mistakes he sees people make with their money, and how to mitigate them.

Misplaced loyalty
Investors hold onto too many shares or assets in the company they work for, putting many of their eggs in the same basket. Similarly, entrepreneurs who sell their company often retain a large stake because of their emotional attachment to the business. Remember to diversify your assets to spread risk.

Hiding from reality

Many people are guilty of procrastination, especially if they are worried about their financial situation. While it is best to start saving for a pension as early as you can, it’s never too late. Claiming “it’s not worth starting a pension at my age” is not a good enough excuse not to save for your future, particularly given the tax reliefs which come with pension contributions.

Avoiding uncomfortable issues

While many people find it uncomfortable talking about succession planning, to avoid making a will on the grounds of superstition or because it is a bad omen is irrational. It may help to undertake this process with a professional adviser.

Not letting go

It is very easy to hold onto an investment – whether ‘cherished’ inherited assets or a large family home after your children have long fled the nest – for emotional reasons. If you want to pass these assets onto your family, it may make sense to sell up and release cash to facilitate IHT gifting.

Panicking about the future

Many people would like to pass their wealth onto their children, but fear giving away assets in case they can’t afford their living expenses – when clearly they will still have more than enough to live on. Mapping out your inflows and outflows with an adviser, and planning for future expenditures or liabilities, will help you work out exactly how much you need to keep and how much you can give away.

Not fully trusting your spouse with your assets

Some clients fail to make full use of their spouse or partners tax allowances, which is one of the most common mistakes. Often the main earner pays 40% or even 45% tax on their investments when their spouse is a basic or even non-taxpayer. If the assets were transferred to the lower earner, the couple would benefit by using both tax allowances to the full. Trust, it seems, is a valuable commodity!

HLM 5th Anniversary Party

Award-winning architects, HLM celebrated the group’s 50^th and the Plymouth Office’s 5^th anniversary in style.  Members of the HLM Board joined Ajay Sharma, Director of the Plymouth office based in Mills Bakery and his team to jointly celebrate this milestone Birthday.  The dynamic architect practice hosted a fun party in a magnificent marquee decorated with bunting and a laser lighting show in the stunning grounds of Residence One at the Royal William Yard.

HLM Board:

Ajay Sharma (Associate Director Plymouth)/ Chris Liddle (Chairman) / Nick Beecroft (Director) / Caroline Buckingham (Director) / Jeremiah The Bear (Jermiah’s Journey)/ Karen Mosley (Director)/ John Clarke (Director) / Mark Staniland (Director) / Richard O’Neil (Director)

Over 130 guests enjoyed wine and delicious barbequed food with live music entertainment provided by Chairman of HLM, Chris Liddle on guitar and his daughter singer, Faye Liddle. A charity raffle on the night saw much needed funds pledged to Jeremiah’s Journey.  This added to donations received from the HLM fun day event held in August, raising a total of £850 for this local worthy cause.

Click here: Glen King PR's Facebook for social diary pictures from the event! 

www.hlmarchitects.com

Hansom - Plaudits And Brickbats

There’s a lot to celebrate this week – both at the Holcim Awards in Moscow and at HLM’s 50th.
Elsewhere, though, the industry is in the dock and a hideous building gets planning approval in Brum.

Original Article

Taking shots

It’s not every day my hacks get to knock back vodka shots in a grand neo-classical Moscow building built in the time of Catherine the Great while overlooking the Kremlin, but that’s exactly the situation one of them found themselves enjoying last week. The journalist in question was a guest of Aggregate Industries, UK arm of Swiss building products giant Holcim, on the European leg of its global Holcim Awards to celebrate innovation in sustainability (see page 15) at Moscow’s famous Pashkov House. Russian hospitality was in abundance in the form of acrobatic circus acts, ballet performances and copious amounts of alcohol. The awards cycle is held every three years, probably because it takes that long for Holcim to save up for the party. Not that my man is complaining.

Back in the U.S.S.R.

An informal understanding of “don’t mention the Ukraine” was generally observed among guests at
the Holcim Awards. It should be said that our man in Moscow was made to feel very welcome by all the Russians he met during his stay. A couple of guests did nonetheless suggest that perhaps the long-in-the-making awards might have been held elsewhere had the hosts known what would unfold in the former Soviet bloc nation. A reminder of Russia’s former control of the country was never far away. The Soviet-era Radisson Royal Hotel that Holcim’s guests were staying in was called Hotel Ukraina.

Who’s the ugliest of them all?

What’s worse than designing the UK’s ugliest building? Perhaps it’s the local councillor saying
your plans are destined to become the UK’s ugliest building before they have even got
planning permission. Birmingham Councillor Barry Henley told the local press that Coventry
architect D5’s planned conversion of a thirties brick warehouse into fats was a “shoo-in” for next year’s Carbuncle Cup – run by Building’s sister publication Building Design. He told the Birmingham Post: “This is the ugliest building I have seen come forward for planning permission. The images are just utterly dreadful, it is hideous. “Having seen the Tesco in Woolwich win the award for Britain’s ugliest building, I would say this is a shoo-in for next year.” Planning officers were not deterred, however, and have since recommended the scheme – called, with apparently no irony, Concord House – and it has now been approved.


Trials and tribulations 

I am tempted to dust of my powdered wig to attend the Health and Safety Executive’s (HSE) mock trial next week. The HSE is inviting construction bosses to sit as judges for a pretend trial as a means of highlighting dangers in the work place and the possible consequences for directors of construction businesses. The trial will focus on a fctional prosecution arising from an incident wher an employee of a painting and decorating from working on a refurbishment project has suffered serious injuries after falling from height. The case will be heard by a real magistrate, and a qualifed legal team will prosecute and defend, just as would happen in a real case. It’s certainly a novel way of pressing home the point that we should never take these issues lightly– falls account for more than half of construction workplace deaths.

Call Dee Welsh on 0121 607 6129 for more information on the event.

Happy 50th

One of my staff recently helped judge architect HLM’s research and art competition held in
honor of the firm’s 50th anniversary. Entrants were asked to put together a piece of art that told
the story of one of the practice’s many buildings. The standard of entries was incredibly high but
architectural assistant Damien Doonan’s winning interpretation of the brief (left), which
featured the frm’s Broxbourne Civic Ofces, edged above the rest. There was some suggestion of bias as Damien had organised the competition, but my lackey and his fellow judges – none of whom knew who the entries belonged to – were unanimous. It was a worthy winner.

send any juicy industry gossip to hansom@ubm.com

Local Contractor Hands-Over New Medical Centre Refurbishment

Mark Dowse, Managing Director of MD Business Interiors hands over the newly refurbished Admiral House at Exeter Business Park to Exeter Medical Directors, Christopher Stone and David Olivier.  Exeter-based MD Business Interiors was successfully selected as project manager and refurbishment contractor for the substantial £350,000 contract to relocate Exeter Medical from their former premises at Exeter Airport Business Park to the new site in Grenadier Road.

PHOTOGRAPHY BY ED MASH

Image 7065 – Christopher Stone (Director of Exeter Medical Consultant Plastic, Reconstructive & Aesthetic Surgeon) / David Oliver (Director of Exeter Medical Consultant Plastic, Reconstructive & Aesthetic Surgeon) / Mark Dowse ( Director of MD Business Interiors)

The ambitious expansion programme now offers additional office space, a larger reception, consulting rooms, a conference centre, three new operating theatres and a cosmetic suite. The extensive programme also included specialist air conditioning and an air exchange ventilation system. In addition, Exeter Medical also made further significant investment on medical equipment and furniture to furnish the new premises.  This includes a suite of medical lasers for the treatment of acne, sun damage and birthmark, thread veins and tattoo removal.

MD Business Interiors, which provides office furniture and complete commercial refurbishment services to create professional successful environments for business.  They are currently busy with a number of projects located at Pynes Hill, Marsh Barton Trading Estate and throughout the County as a whole.

The local company first worked for Exeter Medical in 2006 when fitting out the Exeter Airport premises before the company outgrew the space. The firm was fully responsible for the project from conception to completion including design, space planning, refurbishment, building works, office furniture and soft seating.  MD Business Interiors obtained the planning permission for change of use and also secured building regulations approval.  The project took a total of 14 weeks and was completed successfully on budget and within a very tight deadline.

Mark Dowse, Managing Director of MD Business Interiors says: “The Directors were very happy with the initial fit-out we undertook at Exeter Airport and as a result contacted us again to carry out all works for the new premises. The brief was to keep the same corporate style but on a much larger scale with a modern twist to include three new operating theatres. This meant working within the stringent Care Quality Commission (CQC) guidelines for surgeries and medical buildings with regular site inspections at various stages to check on standards of work and compliance. The design of this project and the pedestrian flow was crucial as visitors have to be guided to various areas, some with limited access. Our scope of works included the AutoCAD design and space planning, partitions, electrical and plumbing work, M&E (Mechanical & Engineering) installation, new office furniture, flooring and full decoration throughout.  It was a pleasure working on a diverse project with a high specification and with such interesting clients.” 

Exeter Medical is the South West’s premier independent healthcare and cosmetic centre.  Directors, Christopher Stone and David Olivier Consultant Plastic, Reconstructive and Aesthetic Surgeons are seen as pioneers in the medical world running their own business alongside their primary roles as well-respected surgeons.  With the larger and spacious new premises the company has been able to increase staff by around 50%, taking the number of personnel from 9‑13 plus two additional part-time employees.  Exeter Medical also welcomes a new collaboration with the Exeter Eye Ophthalmic Surgeons who share the Admiral House facility.

Christopher Stone, Director Exeter Medical said: “When we decided to upgrade new premises it was an easy decision to instruct Mark Dowse to project manage the re-fit as he designed and constructed our first clinic building.  Mark and his dedicated team fully understand the nature of our business, our objectives and company philosophy and we are absolutely delighted with the new building which came in on time and on budget.  Over a three month period, MD Business Interiors transformed a generic office building into a modern healthcare facility, which not only meets the clinical requirements for a range of medical and surgical specialties, but also offers beautiful and inspiring surroundings for both patients and staff alike.”

David Olivier, Director Exeter Medical further comments: “MD Business Interiors has worked very closely with us at all stages to produce a contemporary spacious healthcare environment. We are particularly pleased with the modern design of our dedicated cosmetic suite within the building and the state-of-the-art operating theatres.  It has enabled us to expand our comprehensive range of facilities even further, including the new eye surgery available from the well-respected Exeter Eye Ophthalmic Surgeons who now share our new premises.  It resolutely puts us at the forefront of the market place, firmly placing us as the premier independent healthcare and cosmetic centre in the South West.”

www.mdinteriorsdevon.com

www.exetermedical.co.uk

Celebrations For New Affordable Housing Scheme In Minehead

There were celebrations in Alcombe, a hamlet in Dunster Parish this week as Magna West Somerset officially opened its latest housing scheme built by independent developer, C G Fry & Son.  The development named Brackensfield comprises 33 homes for rent, with a mix of two, three and four bedroom houses as well as two bedroom bungalows. 

The official ribbon cutting with (L to R) Adam Peat (chairman of Magna Housing Group), Cllr Tim Taylor (leader of West Somerset Council), Graham Colls (group chief executive of Magna) and Tony Murray (Magna West Somerset director)

Children waiting to cut the ribbon

C G Fry & Son built the properties to Level 3 of the Code for ‘Sustainable Homes’ standard.  They are equipped with gas central heating. Michael Dear, commercial director for C G Fry & Son, said: “We are delighted to have been part of this project with Magna West Somerset which will provide much-needed affordable homes to the local community.  The project has gone well and we have enjoyed working with the Magna team.”

The scheme’s completion was marked with a community barbecue for residents and guests with many of the children living in the scheme who were treated to a Punch and Judy show.

West Somerset Council leader, Cllr Tim Taylor, who cut the ribbon to mark the opening.

He said: “West Somerset Council has a long-standing and close relationship with Magna and I am very pleased to see families living happily in these homes.  It’s been fantastic seeing what a great sense of community the residents have here and I think this is partly down to the clever design of the site.  Well done to Magna and the residents.”

Magna Housing Group chairman, Adam Peat, paid tribute to all those involved in the scheme, he said: “We are very proud of the standard of housing achieved and hope everyone will be very happy for many years to come.” Around 770 people ‘bid’ for the rented properties, indicating just how needed the homes are. All were allocated to local residents in housing need through the Homefinder Somerset choice based lettings system.The name ‘Brackensfield’ was suggested by a local resident and approved by West Somerset Council.  

The national Homes and Communities Agency invested £749,000 in the scheme.  The rest of the money came from Magna, partly from borrowing (£2,283,000) and partly from the sale of ten properties which were hard to let or costly to maintain (£723,000).

Award Winning Charted Accountants Sponsor Exeter's Contemporary Open 2014

Guests were welcomed with wine and canapés at the exclusive awards ceremony of The Exeter Phoenix Exeter Contemporary Open 2014 now in its tenth year. Sponsored by Haines Watts Chartered Accountants. 

Photograph by James Millar Photography - Matt Burrows (Art Curator at Exeter Phoenix) / Ben De Cruz (Partner at Haines Watts) / Hannah Murgatroyd ( Winning Artist of competition)

The exhibition is the South West’s foremost contemporary art exhibition providing an important national platform for contemporary visual artists. and is open to the public as a free-entry exhibition at Exeter Phoenix from 12th September to 1^st November 2014. The winner of the prestigious £1000 award presented by Ben De Cruz of Haines Watts was Belgium-based artist Hannah Murgatroyd who grew up in Devon under the title of ‘I Know Not Who I am.’ The winners’ work is presented alongside pieces from six of the shortlisted artists in a free-entry exhibition at Exeter Phoenix from 12 September to 1 November 2014. 

Listings information

Exhibition dates: 12 September – 1 November 2014
Mon – Sat 10am –5.30pm, free entrance
Exeter Phoenix, Bradninch Place, Gandy Street, Exeter EX4 3LS
Box Office: 01392 667 080
www.exeterphoenix.org.uk

Ali Pym (digital film coordinator, Exeter Phoenix) / Patrick Tigwell (Partner at Haines Watts) / Sally Hughes / Jonas Hawkins (digital film manager, Exeter Phoenix)

David Turner (Kitsons) / Derek Phillips (Chair of Exeter Phoenix) / Chris Thorpe (Partner at Haines Watts)

Ben De Cruz (partner at Haines Watts) / James Gregory (Barclays) / David Park (partner at Haines Watts (Crediton)

Cameron Caverhill (Kitsons) / Glen King (Glen King PR) / Fleur Cook (Glen King PR) / Derek Phillips (Chair of Exeter Phoenix)

Sarah Wells (Stephens Scown) / Sarah Bowden (Haines Watts) / Tina Bennum ( Stephens Scown) / Kim Coomasaru (Haines Watts)