We started our last Newsletter discussing the weather commenting on how May had treated us so well and still the sun shines! We won’t say any more as we don’t want to curse it, all we hope is that you have had time to enjoy it.
There has been little change in the team at Quayside, as we continue to grow and develop as a business along with the team within. Andrew has completed the first quarter of his apprenticeship and on the way passed his first exam with the highest grade of his cohort. He has set the expectations highso we assured him we expect nothing less going forward. Adam too is continuing his professional development and has passed a second CII exam in Protection Planning. We lose him a few days each month to undertake training and development directly from St. James’s Place but in turn we confidently believe this will enable us to continue to increase the service we offer to you.
Location, location, location
Although the team itself hasn’t expanded, we have expanded our operation in to the Forest of Dean. With a growing client base and some excellent professional relationships, we were offered the opportunity to join Tayntons Solicitors and Griffith’s Marshall Accountants in a collective office on Lydney High Street. We hope additional office space will make it easier for our clients in the Forest of Dean and surrounding areas come to see us and should you want to meet there rather than Gloucester just let us know when we’re next in touch.
It’s Not Coming Home
Since we last wrote to you, we have seen the World Cup come and go. There’s no denying there were times in our office where we were convinced this was our year but sadly we had to settle with 4th. Interestingly, like ourselves, markets reacted to the good and the bad of the World Cup. The German DAX index dropped 1% after their early departure from the World Cup, thankfully a short lived dip mimicking the FTSE 250 suffering its own fall of 1% when we were knocked out by the Germans in the 2010 World Cup. The obvious lesson to be learnt in relation to investing is that short term events should have no impact on longer-term investment decisions.
After much speculation the Bank of England finally raised interest rates from 0.5% to 0.75%. The Bank's main priority is to keep the rising cost of living - known as inflation - under control. It uses its key interest rate, known as the Bank rate or base rate, which is the reference point for how much banks and building societies pay savers and charge borrowers in interest.
Generally, a rise in the Bank rate is good for the UK's 45 million savers and bad for borrowers - but the reality is likely to be quite different. There have been no signs of cash savings rates increasing and with more than 3.5m residential mortgage owners sitting on a variable rate deal, they are the most likely to feel the impact - unfortunately not in a positive way.
As always, should you want to discuss cash savings or your mortgage situation, we are always happy to discuss your options.
A Different Type of Risk
No doubt you’ve heard of GDPR but lesser known regulations implementing the EU’s 4th Money Laundering Directive came into effect in June. Whilst these don’t represent a major overhaul of the UK’s already stringent anti-money laundering regime it does however introduce some new duties for us to undertake before 31 December 2018.
We are now required to have copies of identification documents recorded for you on our secure file system. If we don’t already have the appropriate records, we will be in touch in the coming months to request this and would be grateful if you can assist us in meeting these requirements at your earliest convenience. If you have an Annual Review Meeting prior to this date, please therefore don’t be too surprised if we ask you to bring your identification along.
If you are unsure of what you need to do, then please do not hesitate to contact one of the team as we will be available to guide you through the required actions.
The team at Quayside have also completed our 24hr Paddle Boarding Challenge raising funds for Gloucestershire Young Carers. If you didn’t follow the challenge or haven’t spoken with us since, now is the time we tell you we didn’t make it. Sadly, at about 2:40am on portaging a lock (lifting the board off the water to walk around the lock) north of Worcester, one of the boards lost a fin and that was enough to put an end to our night. Having completed 2/3rds of the challenge, 16hrs in we were heartbroken at having to give in but after a short minibus trip home we realised we weren’t completing the challenge for an ego boost and ultimately, Gloucestershire Young Carers benefited from your kind donations regardless of the final result.
On the day we were joined by some of the guys at Gloucestershire Young Carers which gave us a great boost, including the daughter of one of the fundraising members who spent a few hours paddling with us to raise money for her own concert for the charity later in the year.
With all of the changes in data protection we felt it appropriate to introduce a new, smarter e-briefing service which delivers investment planning, retirement planning, protection, and business insights directly to your inbox. If you’ve not yet registered but you’d like to be kept up to date, simply visit QuaysideWealthManagement.co.uk and at the top of the website you will see a link for the E-Briefing Service where you can register and choose what information you’d like to receive. Of course we’re also always on hand should you have any questions related to the articles.