Protecting our clients against cyber attacks - Cyber Essentials Accreditation
Retirement Planning | MFP Wealth Management
by Justin King
4M ago
In 2022-23, 32% of UK businesses reported a cyber attack or breach. Protecting our client’s data is an incredibly important priority for us at MFP Wealth Management, so gaining re-accreditation to Cyber Essentials helps to secure our IT against such attacks. Cyber Essentials is a scheme that aims to protect the confidentiality, integrity, and availability of company information from internet threats. This accreditation will protect us against 80% of the most common cyber-attacks. We take the storing, protection and sharing of client data extremely seriously, so achieving this accreditation ..read more
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Rory Sutherland’s ‘doorman fallacy’
Retirement Planning | MFP Wealth Management
by Justin King
4M ago
Rory Sutherland, behavioural economist and Vice Chairman of Ogilvy UK, wrote about ‘doorman fallacy’ on page 126 of  Alchemy: The Dark Art and Curious Science of Creating Magic in Brands, Business, and Life. « The ‘doorman fallacy’, as I call it, is what happens when your strategy becomes synonymous with cost-saving and efficiency; first you define a hotel doorman’s role as ‘opening the door’, then you replace his role with an automatic door-opening mechanism. The problem arises because opening the door is only the notional role of a doorman; his other, less definable sources of value ..read more
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Financial Planning is a Process, Not an Event
Retirement Planning | MFP Wealth Management
by Justin King
4M ago
It’s easy for most investors to remember the more important financial decisions they’ve had to make in life. These decisions often involved larger sums of money or came at a time when they were especially anxious about their financial future.   It’s at times like these that many investors seek out the help of a financial adviser. While most people would acknowledge that doing financial planning is an important practice, it’s only when it becomes urgent that they take time out of their busy schedule to meet with a professional.   In the work that I do, approaching retirement is a sign ..read more
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Pearls of Wisdom from a Modern Genius
Retirement Planning | MFP Wealth Management
by Justin King
11M ago
In the pursuit of personal growth and financial success, it is easy to become laser-focused on traditional strategies and conventional wisdom. And, while I am committed to only recommending and implementing tried and trusted investment strategies, I do see the value in learning from the great minds in other fields.   Indeed, the great Charlie Munger has always emphasised the importance of developing a "latticework of mental models" to improve one's thinking, problem-solving abilities, and decision-making process (as I discussed on this episode of The Retirement Café podcast).   In th ..read more
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Don't Get Stung: How your adviser could help prevent fraud
Retirement Planning | MFP Wealth Management
by Justin King
1y ago
If you are stung and become a victim of fraud you probably won't get your money back.   An Independent Financial Adviser who’s a member of an advisers’ social media group of which I am also a member was contacted by a client of his whose husband had recently died. Out of the blue, this lady told her IFA that she had decided to encash all her investments of roughly £450,000 held mostly within an offshore bond. She said she had no plans for the funds. She had ample cash reserves without encashing them, and the investments she proposed encashing were providing her with a £2,000 monthly inco ..read more
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MFP Wealth Management supports CISI’s Financial Planning Week 2022
Retirement Planning | MFP Wealth Management
by Justin King
1y ago
Free initial consultations The Chartered Institute for Securities and Investment's (CISI) annual Financial Planning Week runs from the 3rd to the 9th October this year. As always, MFP Wealth Management supports this excellent initiative by offering free initial consultations. The aim of Financial Planning Week is to remind people of the importance of understanding their finances. Putting financial planning in the news, explaining the benefits and making it easy to get started is all part of CISI’s aim to widen the availability of financial planning. Getting started Here at MFP Wealth Manageme ..read more
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Justin shares ‘specialising’ experience at CISI Conference
Retirement Planning | MFP Wealth Management
by Justin King
2y ago
The last time I was at the RNLI Lifeboat College in Poole I was faced with 20 people on the quayside and in the water screaming and shouting for help, with blood spurting and limbs flailing. Thankfully, I was on an advanced five-day first aid course, during my ten-year tenure as crew on Mudeford lifeboat and the screams were from actors roleplaying injuries. Last week I was back, facing what for some is a more frightening situation – presenting to a room full of my peers. Who we can deliver the most value to I was invited to speak at the Chartered Institute of Securities and Investment’s (CIS ..read more
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Interest rate rise from NS&I appeals to big savers
Retirement Planning | MFP Wealth Management
by Justin King
2y ago
For the second time in two months, NS&I have announced an increase in interest rates on both their direct saver and income bonds products.  I admit that the jump is not going to revolutionise your retirement plans and fund that around-the-world trip. But in a world of shockingly low savings rates, I welcome the rise to 0.5% (which is in line with the Bank of England’s base interest rate). If you are willing to shop around, you will probably find an easy access savings rate in the region of 0.71% to stash your cash, but for those with large amounts of savings, NS&I products come w ..read more
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A rise in court cases challenging wills
Retirement Planning | MFP Wealth Management
by Justin King
2y ago
We recently shared an article about the growing importance of inheritances and how the importance of them seems to be on the rise. But while people are enjoying their inheritances, there are many cases where they have caused a dispute between family members. The latest data from the Ministry of Justice shows that in 2019 there were188 cases heard in the High Court that were challenging someone’s will. This number is up 47% from 2018. And this is just considering those taken to court. Many more disagreements will have taken place and been settled before reaching court, as both parties dec ..read more
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Protect your digital assets after death
Retirement Planning | MFP Wealth Management
by Justin King
2y ago
How to protect your digital assets once you are gone. Our lives are moving online more and more each day as we back up photos and communications to the cloud. Some people are going as far as using online money with cryptocurrency.  But how many of us have thought about where these assets go after our death? Who has the rights to access them? And how do we prevent them from getting lost once we have gone? What are digital assets? Before we are even able to think about what we need to do to protect our digital assets, we need to consider if our digital assets are actually assets. The term ..read more
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