Paterson Financial Planning

A Message from Lord Pickles and Lord Blunkett, followed by Paterson Financial Planning's best practice article

The ability to listen and learn from one another has always been vital in parliament, in business and in most aspects of daily life. But at this particular moment in time, as national and global events continue to reiterate, it is uncommonly crucial that we forge new channels of communication and reinforce existing ones. The following article from Paterson Financial Planning is an attempt to do just that. We would welcome your thoughts on this or any other Parliamentary Review article.

Blunkett signature Rt Hon The Lord David Blunkett
Pickles signature Rt Hon The Lord Eric Pickles

www.patersonfp.co.uk

THE PARLIAMENTARY REVIEW
Highlighting best practice
26 | PATERSON FINANCIAL PLANNING
Founder Damien Paterson
Paterson Financial Planning are an intimate and dynamic
financial planning firm, offering expert pension, investment
and business planning with a focus on giving their clients the
personal touch that a smaller firm can achieve. All of this, they say,
stems from the more general belief that “small is beautiful”. The
firm’s founder, Damien Paterson, offers a further description of
the company, their areas of best practice, as well as their sector.
Our company’s ethos
Since the incorporation of the firm, we have maintained steady growth, even through
the tough times of the financial crisis. This growth has, in the main, been from existing
client referrals, and this is something we are very proud of. It is our intention to expand
at a measured pace without taking significant risks, and this is reflected in the advice
process we pass to our clients. We believe it’s important to set achievable objectives and
to be able to chart a measured journey to achieve those plans.
Risks obviously goes hand in hand with growth, but it’s about managing that risk
effectively through knowledge and understanding. As advisers, we seek to engage with
the right kind of clients who share our ethos and can recognise what we can achieve for
them by understanding their personal and business needs on a collaborative basis. Indeed,
we’ve many clients for whom we’ve been there since the outset of their businesses and
have helped them shape and plan the future of that business. We work closely with their
other professional partners to ensure we are all focused on the same vision and plan.
It’s often said, and we agree, that you’re only as good as the sum of your parts. We
strive to ensure that all staff reach their full potential, something accomplished through
training and development. As employers, we strongly believe that if you provide a
great working environment for staff where everyone is treated with respect, this will be
replicated and reflected in the service that we provide to clients.
Later-life financial planning
Having recently moved to new larger offices in Blythswood Square, the financial
epicentre of Glasgow, we are looking to expand our offering in a critical area of
financial advice: the “later life” sector. We believe this is going to be hugely important
to individuals and families over the coming years as studies show that people are living
much longer than they ever have before due to medical advances, resulting in greater
need for expert advice and financial planning in this area.
We all know someone who’s had to deal with an elderly family member or relative
having to go into care in later life. This has posed many questions for such people, and
inevitably they seek advice from friends, family and the internet. However, as is normally
the case in such matters, the advice offered is often conflicted and flawed. With a large
amount of experience and qualifications in this area, we felt it important that individuals
and families get the correct advice, delivered with compassion and understanding at
such a difficult time. We’re committed to offering a “goldstandard” service in this area
and are therefore going through the accreditation process with the Society of Later Life
AT A GLANCE
PATERSON FINANCIAL PLANNING
»Founder: Damien Paterson
»Founded in 2004
»Based in Glasgow
»Services: Independent financial
advice
»No. of employees: 7
»Wholly independent and
directly authorised and
regulated by the Financial
Conduct Authority
»Over £60 million assets under
management
»Client retention rate is over 98
per cent
Paterson Financial
Planning
27PATERSON FINANCIAL PLANNING |
BEST PRACTICE REPRESENTATIVE 2019
Advisors, which will demonstrate our
understanding of this technical area of
advice and require the implementation of
a strict code of practice.
Providing independent financial advice to
people approaching their later years is a
specialist skill. Not only does it require in-
depth knowledge of the financial solutions
available, it requires an ability to empathise
and relate to the needs of each client.Our
aim is to appreciate and understand all
the financial issues these particular clients
may face. The advice we offer is entirely
jargon-free, and we actively encourage
whole-family engagement throughout
the financial planning process, while
explaining solutions with total clarity.
Our adviser will be qualified in areas
including long-term care planning, equity
release and estate planning.
There’s a lot of information regarding
funding for care that people need to
get to grips with very quickly. This is
where we believe financial advisers will
be crucial, irrespective of funding status.
Key issues in this area include families
requiring knowledge of what do with
the home, how to invest (to provide for
the cost of care) and having powers of
attorney in place. Increasingly, clients
will need advice on repaying debt or
improving income through equity release
schemes, with which we can also help.
It’s frustrating that there aren’t more
innovative financial products available to
help with this increasingly complicated
area of advice. Currently, there are only a
handful of advisers offering products such
as immediate care needs annuities. The
demographics of the UK insist that this is
an area that requires addressing, both at a
corporate and governmental level. Rising
population and care costs are increasing
at a rate greater than inflation, something
we’ll all need to confront soon.
Last year, the FCA published a paper calling
on the government to act on the issue
of long-term care advice and products to
ensure people avoid sleepwalking into
an overly harmful or vulnerable old age.
They said the cost is likely to increase over
time, and that without adequate financial
planning or provision for long-term care,
consumers may experience poor outcomes,
harm or vulnerability. Lack of clarity and
legislation in this domain have likely had
a detrimental effect on product providers
spending money on creating relevant
financial products to help alleviate the
burden. On average, across the UK, 41 per
cent of care home residents are entirely
self-funded, 37 per cent are funded by
the public purse and others self-fund part
of their care or receive other funding.
It’s estimated that, where self-funders
run out of money, this costs the state
around £425 million. But the FCA said
there is a common misconception that
care isgovernment-funded as part of
the NHS, and there’s evidence of a
perception among older consumers that
their families and homes will provide
financial support for care they may need.
Without the correct input and planning,
there’s a real risk to vulnerable people
and their families at a very challenging
time in their lives. There are also
significant differences across UK
administrative regions as well, which
makes obtaining the correct information
even more difficult.
To ensure our staff are adequately
equipped to deal with those clients with
more specific needs, we will be looking
at additional training, not in terms of just
qualifications but also of courses such
as the dementia care at home training
and becoming Dementia Friends through
Alzheimer’s Society, which will help them
deal with clients knowledgeably and
compassionately.
Our Blythswood
Square offices
Without the
correct input
and planning,
there’s a real
risk to
vulnerable
people and their
families at a very
challenging time
in their lives

www.patersonfp.co.uk

This article was sponsored by Paterson Financial Planning. The Parliamentary Review is wholly funded by the representatives who write for it. The publication in which this article originally appeared contained the following foreword from The Rt Hon Theresa May MP.

The Rt Hon Theresa May MP's Foreword For The Parliamentary Review

By The Rt Hon Theresa May MP

This foreword from the then Prime Minister appeared in the 2018/19 Parliamentary Review.

British politics provides ample material for analysis in the pages of The Parliamentary Review. For Her Majesty’s Government, our task in the year ahead is clear: to achieve the best Brexit deal for Britain and to carry on our work to build a more prosperous and united country – one that truly works for everyone. 

The right Brexit deal will not be sufficient on its own to secure a more prosperous future for Britain. We also need to ensure that our economy is ready for what tomorrow will bring. Our Modern Industrial Strategy is our plan to do that. It means Government stepping up to secure the foundations of our productivity: providing an education system that delivers the skills our economy needs, improving school standards and transforming technical education; delivering infrastructure for growth; ensuring people have the homes they need in the places they want to live. It is all about taking action for the long-term that will pay dividends in the future.

But it also goes beyond that. Government, the private sector and academia working together as strategic partners achieve far more than we could separately. That is why we have set an ambitious goal of lifting UK public and private research and development investment to 2.4 per cent of GDP by 2027. It is why we are developing four Grand Challenges, the big drivers of social and economic change in the world today: harnessing artificial intelligence and the data revolution; leading in changes to the future of mobility; meeting the challenges of our ageing society; and driving ahead the revolution in clean growth. By focusing our efforts on making the most of these areas of enormous potential, we can develop new exports, grow new industries and create more good jobs in every part of our country.

Years of hard work and sacrifice from the British people have got our deficit down by over three quarters. We are building on this success by taking a balanced approach to public spending. We are continuing to deal with our debts, so that our economy can remain strong and we can protect people’s jobs, and at the same time we are investing in vital public services, like our NHS. We have set out plans to increase NHS funding annually by an average by 3.4 percent in real terms: that is £394 million a week more. In return, the NHS will produce a ten-year plan, led by doctors and nurses, to eliminate waste and improve patient care.

I believe that Britain can look to the future with confidence. We are leaving the EU and setting a new course for prosperity as a global trading nation. We have a Modern Industrial Strategy that is strengthening the foundations of our economy and helping us to seize the opportunities of the future. We are investing in the public services we all rely on and helping them to grow and improve. Building on our country’s great strengths – our world-class universities and researchers, our excellent services sector, our cutting edge manufacturers, our vibrant creative industries, our dedicated public servants – we can look towards a new decade that is ripe with possibility. The government I lead is doing all it can to make that brighter future a reality for everyone in our country. 

British politics provides ample material for analysis in the pages of The Parliamentary Review 
The Rt Hon Theresa May MP
Prime Minister