Informed Choice Radio Personal Finance Podcast

My guest for this episode of Informed Choice Radio is Dr Daniel Crosby. Educated at Brigham Young and Emory Universities, Dr Daniel Crosby is a psychologist, behavioural finance expert and asset manager who applies his study of market psychology to everything from financial product design to security selection. He is founder of Nocturne Capital and co-author of the New York Times and USA Today bestseller Personal Benchmark: Integrating Behavioral Finance and Investment Management. Daniel is at the forefront of behavioralising finance. His ideas have appeared in the Huffington Post and Risk Management Magazine, as well as his monthly columns for WealthManagement.com and Investment News. Daniel was named one of the ’12 Thinkers to Watch’ by Monster.com, a ‘Financial Blogger You Should Be Reading’ by AARP and in the ‘Top 40 Under 40’ by Investment News. His new book is The Laws of Wealth: Psychology and the secret to investing success where he offers an accessible and applied take on a discipline that has long tended toward theory at the expense of the practical. In The Laws of Wealth, readers are treated to real, actionable guidance as the promise of behavioural finance is realised and practical applications for everyday investors are delivered. In this episode of Informed Choice Radio, I speak to Daniel about the basics of behavioural finance, how the messiness of lived experience can be integrated as an investor, whether all investors are as bad as each other when it comes to negative behavioural traits, and much more. Welcome to The Laws of Wealth with Dr Daniel Crosby, in episode 127 of Informed Choice Radio. Some questions I ask -Could you explain what is behavioural finance, how does it work, what are the principles behind it? -How does behavioural finance work on a practical basis when investing money? -Are all clients as bad as each other when it comes to behavioural traits? -Why do people tend to fear high-profile, low-probability events, like getting bitten by a snake? -How does consumer behaviour drive investment markets? -What can we expect to see from the field of behavioural finance in the future? Subscribe in iTunes | Click to listen now | Right click to download episode Win a copy of The Laws of Wealth I’ve got a copy of The Laws of Wealth by Dr Daniel Crosby to give away to one lucky listener. Here’s how you can win. Leave an honest review of the Informed Choice Radio podcast on iTunes or Stitcher. You can find us on iTunes by visiting icradio.co.uk/itunes and on Stitcher at icradio.co.uk/stitcher. Once you’ve left your review, let us know about it and we will put your name in the hat to win a copy of The Laws of Wealth by Dr Daniel Crosby. Drop me an email to martin@icfp.co.uk or tweet me at@martinbamford to let me know you’ve left a review. I’ll announce the winner in episode 131 of Informed Choice Radio, next Friday, 4th November 2016, so leave your review and get in touch please by midday on Wednesday 2nd November. Useful links mentioned in this episode –The Laws of Wealth by Dr Daniel Crosby –Daniel Crosby on Twitter –Nocturne Capital Thank you for listening! To get new episodes of Informed Choice Radio sent directly to your device as soon as they are published, you can subscribe on iTunes or Stitcher Your reviews on iTunes are incredibly helpful and really appreciated. We get notified about each one; please leave a note of your name and website URL so we can mention you in a future episode.

In this episode of Informed Choice Radio, I talk to Gemma Godfrey, FinTech influencer, quantum physicist and founder of Moo.la. I’ve got the pleasure of introducing you today to an incredible individual. She’s been described as a trusted business expert and FinTech influencer, as well as one the best people in the world at clarifying complex conditions as they unfold. My guest for this episode of Informed Choice Radio is Gemma Godfrey, one of the brightest minds in the world of FinTech and investing. Gemma is the Founder and CEO of Moo.la, an online wealth manager described as the future of investing. Moo.la has been ranked among the top ten FinTech companies to watch. A trusted business expert on daytime television, Gemma makes investing simpler, more engaging and accessible. Gemma drives companies to achieve strong financial performance and public engagement, having managed investments for the world’s largest organisations, including Brooks Macdonald, where she was Head of Investment Strategy. As you will hear in the interview, Gemma has a background in quantum physics, which gives her a unique perspective on the world of FinTech, business and investment management. Ranked amongst the ‘savviest’ on Wall Street by the Wall Street Journal and on CityAM’s FinTech Powerlist, Gemma was selected by the BBC as one of the world’s top 100 women “striving to make the world a better place”. In this episode of Informed Choice Radio, I speak to Gemma about how a quantum physicist got into the world of investments, why London is such an attractive location for FinTech, how customer experience in financial services is going to change over the next decade, and why we all need to learn how to KISS. Here’s my conversation with Gemma Godfrey in episode 126 of Informed Choice Radio, Everyone Needs To KISS More. Some questions I ask -How on earth does a quantum physicist get into the world of investments? -What’s driving the growth in FinTech and what can we expect to see from that sector over the next decade of so? -In practical terms, how do you think FinTech’s going to change the customer experience with financial services broadly, especially banking? -What are your thoughts on how Brexit will result in changes to FinTech and will it hamper the growth in the UK FinTech sector? -Can you talk us through why it is so important to KISS, especially within financial services? Useful links mentioned in this episode –Moo.la –Gemma on Twitter Thank you for listening! To get new episodes of Informed Choice Radio sent directly to your device as soon as they are published, you can subscribe on iTunes or Stitcher Your reviews on iTunes are incredibly helpful and really appreciated. We get notified about each one; please leave a note of your name and website URL so we can mention you in a future episode.

In this episode of Informed Choice Radio, Martin talks about five important tax breaks you might be missing. There is also a roundup of the latest personal finance news and an update from the world of Informed Choice. 5 important tax breaks you might be missing The UK has the longest tax code handbook in the world, containing more than 17,000 pages. This results in a wasteful tax system. This year, our collective national tax waste was calculated by unbiased.co.uk to be £4.6bn. In this episode, Martin talks about five important tax breaks you might be missing. 1 – Marriage tax allowance This was introduced last April and is worth £220 this tax year. Despite 4.2m married couples and civil partnerships in the UK being eligible for this tax break, HMRC say only 1m couples have done so. Marriage tax allowance allows one partner to transfer part of their tax-free income tax personal allowance to the other partner. One of the partners must earn less than £11,000, the level of the personal allowance, and the other has to be paying income tax at the basic rate. It takes less than five minutes to apply online for marriage tax allowance and you can backdate the claim to the previous tax year. Claim online at https://www.gov.uk/marriage-allowance/how-it-works 2 – Tax relief on pension contributions Every single year, thousands of people who pay their income tax through the self-assessment system fail to claim the full income tax relief to which they are entitled on the contributions made to personal pensions. When you make a personal pension contribution, basic rate income tax relief is automatically added to your pension pot. But if you’re a higher or additional rate taxpayer, you need to claim the difference through the self-assessment process or by contacting HMRC. HMRC will allow you to claim the extra tax relief for the last four tax years, so if you’ve forgotten to claim or didn’t realise you could, get on the phone to the taxman and ask for your money back! 3 – Not using tax efficient savings and investments Last year, £1.2bn of income tax was wasted by people not using their cash ISA allowances. £104m in capital gains tax was wasted by investors not using their stocks and shares ISA allowances. Adults have an ISA allowance of £15,240 in the current tax year, rising to £20,000 next April. With the introduction of the Personal Savings Allowance, Martin explains in this episode why the cash ISA might not be as important as before, but over time it can still be worth using your ISA allowance each and every tax year. 4 – Failing to reduce capital gains tax We each get a capital gains tax allowance, which is £11,100 in the 2016/17 tax year. So profits on the sale of investment assets realised up to that amount are free of capital gains tax. One of the biggest mistakes we see people make with capital gains tax is failing to use their annual allowance and their partner’s annual allowance. Husbands and wives, or civil partners, can effectively combine the £11,100 annual allowance to realise up to £22,200 of capital gains in this tax year. Martin explains how this works. 5 – Paying too much inheritance tax Inheritance tax is paid at 40% on the value of your taxable estate above the level of your nil rate band, which is £325,000 at the moment. The nil-rate band is due to be higher in the future with the introduction of  an additional nil-rate band when a residence is passed on death to a direct descendant. This will be £100,000 in 2017 to 2018, rising in stages to £175,000 in 2020 to 2021. But despite the availability of the nil rate band, we still waste millions each year in unnecessary inheritance tax payments. Last year, that figure for the UK was a total of £550m. We’re wasting this money because we fail to plan. Personal finance news update -Government plans to allow pensioners to sell their pension annuities back to insurance companies have been abandoned. -Price inflation rose sharply in the year to September, according to the latest official figures. -House prices have continued to rise strongly following the EU referendum in June, with rise in eastern and southern England driving prices higher. -Nearly two-thirds of Brits always splurge when buying teabags while more than three-quarters scrimp on frozen foods and cleaning products. -New research from American Express has found the half term holiday will cost parents £276 per child, equating to £552 for the average family with two children. Help us spread the word! Thank you for listening to this episode of Informed Choice Radio. Please use the comments section below to share any feedback you have. If you enjoyed this episode, please share it by using the social media buttons on this page. If you enjoy the show, please subscribe in iTunes and write us a review! Reviews really help us stand out from the crowd and reach more listeners.

In this episode of Informed Choice Radio, I speak to Tim Price, author of Investing Through The Looking Glass. Tim Price has worked in the capital markets for 25 years. A graduate of Christ Church, Oxford, he spent a decade as a bond specialist before going on to serve as Chief Investment Officer at three separate wealth management firms. Tim has been shortlisted for five successive years in the UK Private Asset Managers Awards programme and was a winner in 2005 in the category of Defensive Investing. He is the co-founder of Price Value Partners, a fund manager established in 2004 which has a focus on value investing. Tim is the author of Investing Through The Looking Glass: A Rational Guide to Irrational Financial Markets. In Investing Through the Looking Glass, Tim identifies and shatters a number of investment myths and misconceptions. He questions whether stock markets inevitably rise over the longer term, whether bonds continue to be relevant as a fail safe low-risk asset, whether professional fund managers represent "smart money", and much more besides. In this episode of Informed Choice Radio, I speak to Tim about the basis of value investing, delusions in the investment markets, whether central bank intervention has created a ‘new normal’, calling the end of the bond bubble, and much, much more. Welcome to Investing Through The Looking Glass with Tim Price, in episode 124 of Informed Choice Radio.

In this episode of Informed Choice Radio, I speak to Lisa Stanley, founder, director and head of communications at Good with Money Good with Money is a website offering views on how well products and providers match our vision of being both a good deal financially and ethically. It’s a resource for people who want both. Before setting up Good With Money, Lisa was head of communications for Triodos Bank, the pioneering ethical bank. Prior to this, she worked at comms agency Bray Leino, and was partner and associate director at Lansons Communications, one of the UK’s biggest financial services PR firms. Lisa started Good with Money along with Becky O’Connor, a freelance writer and former award-winning finance journalist for The Times. Together, they describe themselves as two blonde mums with a bit of a conscience and a fair amount of background in personal finance In this episode of Informed Choice Radio, I speak to Lisa about the growing number of people choosing to do good things with their money, how ethics go beyond investing and into all aspects of your personal finances, and how you can get started in making a positive difference with your money. Welcome to Good with Money with Lisa Stanley, in episode 123 of Informed Choice Radio. Some questions I ask -Have you always been interested in the ethical side of financial services? -What's the driving force behind your website, Good with Money? -Is it possible to do good with your money and get low prices?  -How will ethical investing and financial decisions becoming mainstream change the face of money management? -Can being good with your money extend into other areas of personal finance, such as borrowing? -Where is the best place to get started, if you want to do good things with your money? Thank you for listening! To get new episodes of Informed Choice Radio sent directly to your device as soon as they are published, you can subscribe on iTunes or Stitcher Your reviews on iTunes are incredibly helpful and really appreciated. We get notified about each one; please leave a note of your name and website URL so we can mention you in a future episode.

In this episode of Informed Choice Radio, Martin talks about the falling pound and why it matters to your personal finances. There is also a roundup of the latest personal finance news and an update from the world of Informed Choice. The falling pound and why it matters to your personal finances In this episode, Martin talks about the reasons why the pound is falling, what it means for your personal finances, and what you can do about it. At the time of recording the episode, Pound Sterling was valued at $1.21 or €1.10. It has fallen by 17.1% and 15.4% respectively since 22nd June, the day before the UK voted to leave the European Union. Martin explained that Brexit is not the sole reason for this fall in the pound, sharing new small business survey results that suggest SMEs are not fussed about Brexit. He explains the contrasting fortunes of the UK and US economies, with the interest rate outlooks for both prompting investors to shun the UK markets. There is good news for some and bad news for others as a result of the falling pound. Martin explained why a weaker pound was good news for exporters, equity investors, foreign tourists and people selling property. And why it could be bad news for bond investors, motorists and shoppers. There was talk of planning ahead if overseas holiday plans are being made and considering the options for long-term diversified investment portfolios. Personal finance news update -Housing minister Gavin Barwell has suggested grandparents should hand their inheritance directly to their grandchildren to help them buy their first home.  -The government plans to introduce a new financial guidance service to cover pensions, managing debts and other money issues.  -Older men are most likely to be the victims of investment fraud, with new figures showing more than 77% of victims are men with an average age of 65.  -Older men are most likely to be the victims of investment fraud, with new figures showing more than 77% of victims are men with an average age of 65.  -Two former pensions ministers have claimed thousands of women should have been given better notice that they must wait longer for their state pension.  Useful links mentioned in this episode -How to take your pension pot - free seminars in Cranleigh Get answers to your personal finance questions Do you have a personal finance or investing question for Martin? Email martin@icfp.co.uk or ask on Twitter @martinbamford. You can call our dedicated podcast voicemail line on 020 8144 2745 with your question or visit www.speakpipe.com/InformedChoicePodcast to leave an online voicemail.

In this episode of Informed Choice Radio, I speak to Tom Blomfield, CEO and co-founder of Monzo, a new smartphone-based bank. He previously founded GoCardless, the UK's largest Direct Debit Processor, which has gone on to raise over $12m from investors. In 2013, Tom was nominated one of the top 5 Entrepreneurs under 30 by the European Commission. His new startup is Monzo; a new smartphone-based bank which started last year and raised £1 million through crowdfunding in just 96 seconds. I wanted to chat with Tom about Monzo, but also the future of the banking sector in light of new technology. It’s no secret that the traditional High Street banking model is suffering from a lack of trust with its customers. Traditional banks are seen as slow to innovate and seem to focus more on their own profits than things like customer satisfaction. In this episode of Informed Choice Radio, I speak to Tom about the inspiration for Monzo, how digital disruption could change the face of banking, what the banking sector could look like in five years’ time, whether smartphone-based banking will appeal to everyone, and what makes London such an attractive home for Financial Technology. Welcome to A New Kind of Banking with Tom Blomfield, in episode 121 of Informed Choice Radio. Some questions I ask -Where did the idea to start Monzo come from? -Is Monzo part of the digital disruption that is going to change the face of banking? -How are concerns about security and trust addressed with smartphone-based banking? -Will this new kind of banking appeal to everyone? -What makes London such an attractive hub for FinTech and how will Brexit change things? Thank you for listening! To get new episodes of Informed Choice Radio sent directly to your device as soon as they are published, you can subscribe on iTunes or Stitcher Your reviews on iTunes are incredibly helpful and really appreciated. We get notified about each one; please leave a note of your name and website URL so we can mention you in a future episode.

It’s official, we are all living for much longer! The latest data shows more than half a million people over the age of 90 living in the UK. So how can you make your money last until you reach your 100th birthday? In this episode of Informed Choice Radio, Martin talks about 7 ways to make your money last in retirement. There is also a roundup of the latest personal finance news and an update from the world of Informed Choice. 7 ways to make your money last in retirement Last week, the Office for National Statistics published some very interesting figures which confirm that we are, as suspected, all getting older. The headline was that half a million people in the UK are now aged 90 and over. In fact, the ONS estimate that 556,270 people living in the UK are aged 90 and over. By way of comparison, this is up from just 194,670 people back in 1985, 30 years before the current set of data. The main driver of population ageing in recent decades has been improving mortality at all ages, but particularly at older ages. Life expectancy is a big deal when it comes to your personal finances, here’s why. We all know our date of birth, none of us can predict our date of death. This makes it really hard to plan for our finances in the future, because we don’t know how long we need to make our money last in retirement. In this episode, Martin discusses 7 ways to make your money last in retirement, until you celebrate your 100th birthday and receive a telegram from The Queen. The seven strategies Martin talks about are: 1 – Secure your basic income needs with a guaranteed and inflation linked income. 2 – Stick to the 4% rule. 3 – Don’t retire too early. 4 – Retire in stages. 5 – Age-proof your property 6 – Keep your investment portfolio simple 7 – Stay fit, healthy and active Personal finance news update -As much as £38bn could be lost if the UK leaves the single market, according to a report commissioned by TheCityUK. -Bank of England analyst Jonathan Fullwood has said that the financial “gobbledygook” used by banks risks perpetuating a “great divide” between them and consumers. -More than 300,000 pension savers a year are being left to fend for themselves when they retire. -The FTSE 100 index of leading UK company shares closed just short of its record high on Tuesday, at 7,074 points. -A petition to ban pension and investment cold calling has exceeded 1,000 signatures. Get answers to your personal finance questions Do you have a personal finance or investing question for Martin? Email martin@icfp.co.uk or ask on Twitter @martinbamford. You can call our dedicated podcast voicemail line on 020 8144 2745 with your question or visit www.speakpipe.com/InformedChoicePodcast to leave an online voicemail.

In this episode of Informed Choice Radio, I speak to Joan Sotkin, a holistic prosperity and mindset mentor. Joan has spent the past 30 years examining alternative ways of dealing with life on many different levels. She has spent this time looking for something deeper and more meaningful and learning to integrate what she discovers into her business and personal life. Joan is based in Santa Fe, New Mexico, where she studies how we act out family-of-origin issues through our businesses and finances. This was an interesting conversation, something a little different to the usual experts we feature in episodes of Informed Choice Radio. In this episode of Informed Choice Radio, I speak to Joan about what prompted a decision to give away everything she owned, how a holistic approach can apply to financial planning, and the relationship between money and happiness. Welcome to Holistic Approach to Prosperity with Joan Sotkin, in episode 119 of Informed Choice Radio. Some questions I ask -What prompted your decision to give away everything you own? -Who does your business, Prosperity Place, serve today? -How can a holistic approach apply to personal financial planning? -Are money and happiness related to each other? -Is there more value in experiences than buying things? -How long does it normally take to reframe attitudes towards money and success? -Does either candidate in the US presidential election take a holistic approach to prosperity?

In this episode of Informed Choice Radio, Martin talks to seven personal finance experts about the most important thing to improve your financial wellbeing. There is also a roundup of the latest personal finance news and an update from the world of Informed Choice. "The Most Important Thing To Improve Your Financial Wellbeing" This week on Informed Choice Radio, Martin asked his favourite personal finance podcasters and other experts to share their most important thing to improve financial wellbeing. In this episode, you will hear answers from the following stars: -Pete Matthew from Meaningful Money -David Stein from Money For the Rest of Us -Chris Budd from The Financial Wellbeing Podcast -Damien Fahey from Money To The Masses -Joe Saul-Sehy from Stacking Benjamins -Claire Walsh from unbiased.co.uk -Nick Bamford from Informed Choice   Personal finance news update -HM Revenue & Customs has won a £143m battle against a firm promoting tax avoidance schemes. -The rich have become richer due to the UK's policies of low interest rates and quantitative easing. -People over the age of 50 are spending more and more on holidays, including luxury cruises, while younger people are travelling less. -Families should be given breathing space to repay debts otherwise the stress can affect children's mental health, according to The Children’s Society. -Workers in London could save themselves almost £450,000 on the cost of a home if they are prepared to commute daily for an hour each way.   Useful links mentioned in this episode -International Podcast Day -The Financial Wellbeing Book: Creating Financial Peace of Mind (Concise Advice) -How to Take Your Pension Pot -Sapiens: A Brief History of Humankind Get answers to your personal finance questions Do you have a personal finance or investing question for Martin? Email martin@icfp.co.uk or ask on Twitter @martinbamford. You can call our dedicated podcast voicemail line on 020 8144 2745 with your question or visit www.speakpipe.com/InformedChoicePodcast to leave an online voicemail.