Informed Choice Radio Personal Finance Podcast

In this episode of Informed Choice Radio, Martin talks about how to stop the scammers from taking your money. There is also a roundup of the latest personal finance news and an update from the world of Informed Choice. How to stop scammers taking your money It's Scams Awareness Month in July and in this episode Martin talks about how to stop scammers from taking your money. Scams Awareness Month is all about creating a self-supporting network of confident, alert, consumers. People ready, willing and able to spot scams. In this episode, Martin talks about financial scams, so you’re aware of what you’re up against, some of the tactics used by the scammers, and some top tips for how to stop scammers from taking your money. According to the Financial Conduct Authority, scammers use five tactics in an attempt to control your decision making - the pre-caller, the opener, the loader, the closer, and the recovery room. So how do you stop scammers from taking your money? The FCA recommends three steps – reject unsolicited contact about investments, check the FCA warning list, and get impartial advice. Please stay safe out there. Don’t assume that you’re scam proof because nobody is. There are steps you can take to reduce your vulnerability to scammers and understanding their tricks and techniques are one of these. Personal finance news update -The Bank of England has kept interest rates on hold at 0.5% in July, despite widespread expectations of a rate cut following the referendum result.  -Fewer people are cashing in their pensions as appetite for pension freedoms made available last year appears to weaken.  -A new council tax surcharge designed to boost local authority adult social care budgets has failed to prevent cuts to care services.  -Savers should prepare for tougher times ahead, according to new research by financial information service Moneyfacts.  -The value of claims made against life and pension advisers in default have risen by 138% in 2015/16, despite overall claims payouts falling by 17%.  Useful links mentioned in this episode -Pension liberation fraud falls as crooks target larger savings -The Confidence Game: The Psychology of the Con and Why We Fall for It Every Time by Maria Konnikova -FCA Scam Smart website -Black Box Thinking: The Surprising Truth About Success by Matthew Syed 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.

Money is fundamentally simple. Or at least it should be. We often get overwhelmed by the complexity of choices, especially when it comes to investing for the future. In this episode of Informed Choice Radio, I speak to Pete Matthew. Pete is founder of Meaningful Money, where he is on a genuine mission to educate, inform and inspire the world about personal finance. He is the creator of more than 300 videos and 160 podcast episodes covering just about every aspect of financial planning you can imagine. In this episode of Informed Choice Radio, we talk about Pete’s ‘BPI’ model for financial success, how bad habits can derail our financial planning and why financial advisers with flash cars are like dentists with bad teeth. Welcome to Meaningful Money with Pete Matthew, in episode 095 of Informed Choice Radio. Some questions I ask -How did you develop your skills as a financial educator? -What have been the most important lessons from over 300 videos and 160 podcasts? -Can you talk us through Dave Ramsey’s debt snowball approach to repaying credit card debt? -What are the priorities for your listeners and how might this change following the EU referendum result? -How important is it for investors to work with financial planners who practice what they preach? Useful links mentioned in this episode –Meaningful Money –Pete on Twitter –Crush It! by Gary Vaynerchuk –The Automatic Millionaire by David Bach Help us spread the word! Thank you for listening to this episode of Informed Choice Radio. If you enjoyed this episode, please share it on social media. 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, Martin talks about about the recent spate of property fund suspensions – why won’t they let me sell my property fund?! He also speaks to Nick Peters, a portfolio manager at Fidelity International, about interest rates, the global economic outlook and whether now is the right time to sell out of bonds. There is also a roundup of the latest personal finance news and an update from the world of Informed Choice. They won’t let me sell my property fund! The big issue this week in the world of investment management has been the suspension of trading in several popular commercial property funds. At the start of the week, Standard Life Investments suspended trading in their £2.9bn UK Real Estate Fund, citing ‘exceptional market circumstances’. This suspension will stay in place until it is practicable to lift it and will be reviewed at least every 28 days. It was the first time a UK commercial property fund has been closed since the global financial crisis in 2008. The company said on Monday, “The suspension was requested to protect the interests of all investors in the fund and to avoid compromising investment returns from the range, mix and quality of assets within the portfolio,” In this episode of Informed Choice Radio, Martin explains the reasons for the suspensions and why he believes it is no big deal for investors. Martin also speaks to Nick Peters, a portfolio manager at Fidelity International, about interest rates, the global economic outlook and whether now is the right time to sell out of bonds. Personal finance news update -Sterling has fallen to a 31 year low against the US dollar, despite making modest gains relative to the embattled euro. -House price growth fell to an average of 8.4% in the year to June, down from 9.2% in May. -The cost of mortgages has fallen to record lows, with the markets betting on an interest rate cut next week. -Identity thieves are hunting for potential victims on social media websites. -It costs more to raise girls than boys, according to new research by Sainsbury’s Bank.

When a financial analyst became a father and realised his work had become pretty soulless, he started sharing his personal finance knowledge online. In this episode of Informed Choice Radio, I speak to Damien Fahy. Damien is creator of Money to the Masses, a blog and podcast offering money advice to everyone. Damien is also the author of the 30 Day Money Plan, Take Control of your Finances In 5 Minutes A Day In this episode of Informed Choice Radio, we talk about the inspiration for Money to the Masses, how to get a grip on your personal finances, investing as a way of building wealth for the future, and how to cut the cost of financial advice. Welcome to Money to the Masses with Damien Fahy, in episode 093 of Informed Choice Radio. Some questions I ask - What inspired you to launch Money to the Masses? - How do you define advice, guidance and information? - Who are your customers? Can you really offer advice to anyone? - What are some examples of how someone can take control of their finances in a few minutes a day? - How can we motivate people to take an interest in their personal finances? 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 on social media. 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, Martin talks about how Brexit will affect your investments. How Brexit will affect your investments When the United Kingdom voted to leave the European Union last week, investment markets reacted with sharp losses. The British Pound experienced its biggest one-day selloff in recent history. It fell from $1.50 against the US dollar to around $1.33 in the space of one day. The FTSE 100 index of leading UK company shares opened sharply down last Friday, before finishing the day down by 199 points or minus 3.1%. And it wasn’t just UK equity markets that suffered. The S&P Global Broad Market Index lost $2.08 trillion on Friday. However, the FTSE 100 index has finished June at a new high for 2016. The index ended June up by 4.4% during the month. This was its biggest monthly gain since last October and was helped along by strength in its commodity sector and also company shares with international exposure. Martin spoke to some investment experts to find out how Brexit will affect your investments. His first conversation was with Ben Kumar. Ben is an Investment Manager at Seven Investment Management and a CFA Charterholder. Martin asked Ben about the immediate impact on investment markets of the referendum result and what we might expect to see from bond and equity markets over the coming weeks and months. Martin also spoke to Chris Fleming. Chris is Financial Analytics Director at Distribution Technology, the firm we use for risk profiling and asset allocation here at Informed Choice. Chris has also completed the Chartered Financial Analyst (CFA) qualification and heads up the Investment Committee at Distribution Technology. In this episode, Martin explains how volatile markets remind us about the fundamentals of investing success; diversification, long-term investment goals, the fallacy of market timing, linking your portfolio to your financial planning goals, and investing within your capacity limits.  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. Martin and Informed Choice Martin Bamford is a Chartered Financial Planner, Chartered Wealth Manager and SOLLA Accredited Later Life Adviser. As Managing Director of Informed Choice, the award-winning firm of Chartered Financial Planners in Surrey, he is responsible for nearly £200m of client assets. Martin is the author of several bestselling personal finance books and produced his first feature-length documentary in 2014, about the post-war Baby Boomer generation in retirement. “Bamford excels at making even the dullest topics interesting” – Pensions Management Visit www.icfp.co.uk to find out more about Informed Choice, or follow us on Twitter at www.twitter.com/informedchoice.

Does the thought of living to celebrate your 100th birthday fill you with dread? Or can you see the potential for a more stimulating future as a result of having so much extra time?   In this episode of Informed Choice Radio, Martin speaks to Professor Andrew Scott.   Andrew Scott is Professor of Economics at London Business School.   He is also a Fellow of All Souls, Oxford University and Fellow of the Centre for Economic Policy Research.   He previously held lecturing positions at Harvard University, London School of Economics and Oxford University.   In this episode of Informed Choice Radio, we talk about Andrew’s new book (written with co-author Lynda Gratton), which is called The 100-Year Life: Living and working in an age of longevity.   Andrew describes the inspiration for the book, what a 100 year life might look like and how we will need to structure our longer lives in new ways.   Welcome to The 100 Year Life with Professor Andrew Scott, in episode 091 of Informed Choice Radio.   Some questions we ask   -What might the 100 year life look like? What good is a longer life if much of it is spent living in poor health?   -What is the alternative to living a three stage life consisting of education, work and retirement?   -How can people overcome the dilemma of choosing a suitable retirement age, to make sure they don’t outlive their assets?   -How do we encourage people to make short-term sacrifices for really long-term benefits?   Help us spread the word!   Thank you for listening to this episode of Informed Choice Radio.   If you enjoyed this episode, please share it on social media.   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, Martin talks to Steven Cameron from Aegon about selling your pension annuity and why they have been lobbying the financial services regulator to ensure consumers are well protected. There is also a roundup of the latest personal finance news and an update from the world of Informed Choice. Selling your pension annuity This week, Martin spoke to Steven Cameron at Aegon about the new secondary market for pension annuities which is being introduced next April. Steven is responsible for regulatory and legislative analysis, and for lobbying on behalf of Aegon UK and the life and pensions industry. He joined Aegon UK in 1996 and is an actuary by profession, with 30 years of experience in financial services. Steven represents Aegon on a number of committees for the Association of British Insurers, including the Long Term Savings and Life Insurance Committee. He is also a member of Scottish Financial Enterprise’s Insurance, Life & Pensions Sector Policy Group. Martin asked Steven if he could explain how the planned secondary market for pension annuities might work when it was introduced next April. Earlier in the week, Aegon called on the Financial Conduct Authority to go further in setting out clearly its protection measures for potentially vulnerable consumers. Martin asked Steven what measures Aegon would like to see the regulator introduce before next April in order to protect consumers. Finally, he asked Steven how important it was for financial advisers to be involved in the new secondary annuity market and what a lack of participation from financial advisers would mean for consumers. Personal finance news update -Millionaires in Asia are now in control of more wealth than those in North America, Europe and other regions. -More than 100,000 people are set to receive letters telling them they won’t qualify for the new state pension. -Consumer group Which? has warned that the most loyal customers of banks are getting ‘woeful’ interest rates on their Individual Savings Accounts. -The UK population has risen by over half a million during the past year, or 0.8%, to reach 65.1m people. -Half of UK’s mortgage holders have no life insurance cover in place, meaning that 8.2 million people are leaving themselves and their families financially exposed if the unforeseen were to happen. 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. Help us spread the word! Thank you for listening to this episode of Informed Choice Radio. If you enjoyed this episode, please share it with a friend. 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. Martin and Informed Choice Martin Bamford is a Chartered Financial Planner, Chartered Wealth Manager and SOLLA Accredited Later Life Adviser. As Managing Director of Informed Choice, the award-winning firm of Chartered Financial Planners in Surrey, he is responsible for nearly £200m of client assets. Martin is the author of several bestselling personal finance books and produced his first feature-length documentary in 2014, about the post-war Baby Boomer generation in retirement. “Bamford excels at making even the dullest topics interesting” – Pensions Management Visit www.icfp.co.uk to find out more about Informed Choice, or follow us on Twitter at www.twitter.com/informedchoice.

What does The Walking Dead have to do with life insurance? In this episode of Informed Choice Radio, Martin talks to Kathryn and Alan Knowles from the Special Risks Bureau. Kathyrn and Alan specialise in high risk insurance; getting insurance cover at an affordable price for people with health conditions, who engage in hazardous pastimes or have risky jobs. In this interview, we talk about how high risk insurance differs from ordinary insurance, what being a high insurance risk means in practice, and how Kathyrn and Alan have used characters from The Walking Dead to raise awareness of insurance needs. Some questions I ask -What is high risk insurance and how does it differ from low risk insurance?  -Do people with medical conditions or those working in hazardous occupations sometimes assume that they would not be eligible for insurance, and therefore ignore financial protection entirely? -What does being a high risk for insurance mean in practice? Higher premiums to pay? Less choice when it comes to products? Restrictions on the types of cover you can get? -If someone is a high risk, can they still go directly to insurance companies to apply for cover? Is there a lot of choice in this specialist market? -You recently launched a new campaign, ‘The Walking Dead meets the Special Risks Bureau’. What inspired this and what was it all about? Help us spread the word! Thank you for listening to this episode of Informed Choice Radio. 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. Martin and Informed Choice Martin Bamford is a Chartered Financial Planner, Chartered Wealth Manager and SOLLA Accredited Later Life Adviser. As Managing Director of Informed Choice, the award-winning firm of Chartered Financial Planners in Surrey, he is responsible for nearly £200m of client assets. Martin is the author of several bestselling personal finance books and produced his first feature-length documentary in 2014, about the post-war Baby Boomer generation in retirement. “Bamford excels at making even the dullest topics interesting” – Pensions Management Visit www.icfp.co.uk to find out more about Informed Choice, or follow us on Twitter at www.twitter.com/informedchoice.

In this episode of Informed Choice Radio, Martin talks about keeping your money in cash versus investing it in shares. There is also a roundup of the latest personal finance news and an update from the world of Informed Choice. Cash versus shares In this episode of Informed Choice Radio, Martin talks about whether keeping your money in cash beats investing it in shares. Personal finance journalist Paul Lewis has this week published new research showing money held in best buy cash savings accounts has fared better than money invested in the stock market over most investment periods since 1995. Lewis compared 'active cash' with the return from a FTSE 100 index tracker fund. He found that savings accounts beat the tracker in the majority of five year periods beginning each month from 1 January 1995 to the present. But over the full 21 year term of the study, the chosen index tracker fund ended up producing a compound annual return of 6%, higher than the 5% produced by best buy savings accounts during that time. Martin spends some time unpicking this study, agreeing with some parts and asking questions about others. Personal finance news update -Price inflation in the UK, as measured by the Consumer Prices Index, stayed unchanged at 0.3% in May. -UK unemployment has fallen to 5%, its lowest since October 2005. -The interest rate on benchmark 10-year German Bunds, bonds issued by the German government, has turned negative this week for the first time. -Lloyds Banking Group has won its UK Supreme Court Case against a group of thousands of investors. -The Bank of England has issued a warning to say that uncertainty surrounding the EU referendum result is the "largest immediate risk" currently facing global financial markets. Useful links mentioned in this episode -Cash can beat shares for up to 18 years, study says -Paul Lewis Money - Cash vs Shares (full study) -It's time to abolish the FTSE 100 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.

Money worries are a big deal. They can cause a great deal of stress, and that stress can harm our general wellbeing. In this episode of Informed Choice Radio, I speak to my friend Chris Budd, a very talented author, business coach and Financial Planner, and we talk about creating financial peace of mind. Chris is the author of the newly published The Financial Wellbeing Book. His book provides a simple and practical guide to planning your daily and long-term finances by understanding your objectives and motivations. In doing so, it offers respite from the anxiety and stress caused by money problems. During our conversation, we talk about how Chris’ approach to financial planning is a little different to others in the profession; he explains where the idea for The Financial Wellbeing Book came from and what makes it such an important subject for all of us; and he also shares how writing fiction differs from non-fiction writing. Welcome to Creating Peace of Mind with Chris Budd, in episode 087 of Informed Choice Radio. Some questions I ask in this episode -How do you incorporate coaching into your financial planning process? (05:24) -Where did the idea for The Financial Wellbeing Book come from and what’s it all about? (11:03) -What makes financial wellbeing such an important subject? (12:19) -Are there any practical steps people can take to reduce levels of financial stress and improve their general well being? (13:56) -Did the experience writing a fiction novel influence your approach to non-fiction? (18:17) Useful links mentioned in this episode -Buy a copy of The Financial Wellbeing Book -Penny Brohn UK -A Bridge of Straw by Chris Budd -Learn more about Financial Wellbeing -Chris Budd on Twitter -Financial Wellbeing on Twitter -Ovation Finance in Bristol   Martin and Informed Choice Martin Bamford is a Chartered Financial Planner, Chartered Wealth Manager and SOLLA Accredited Later Life Adviser. As Managing Director of Informed Choice, the award-winning firm of Chartered Financial Planners in Surrey, he is responsible for nearly £200m of client assets. Martin is the author of several bestselling personal finance books and produced his first feature-length documentary in 2014, about the post-war Baby Boomer generation in retirement. “Bamford excels at making even the dullest topics interesting” – Pensions Management Visit www.icfp.co.uk to find out more about Informed Choice, or follow us on Twitter at www.twitter.com/informedchoice.