Financial information, regulations and legal requirements seem to get more complex every year, so Logic Wealth Planning aims to give jargon-free advice that offers clients a clear picture about money.
Confusing descriptions are not a new phenomenon. Financial jargon, acronyms and abbreviations affect young and old alike, and always have done.
Whether you’re looking for that first pension plan, a business mortgage or information about planning your retirement the terminology can be daunting.
There’s nothing worse than wading through complicated documentation. Some of the phrases employed by financiers and lawyers seem to be other worldly unless you have a translator to hand.
For many people the barriers faced can be enough to deter them from proceeding with savings schemes, investments and pensions. That’s a real shame.
It’s something that Logic Wealth Planning works hard to eliminate – and at the same time ensures that clients are comfortable with any information they receive from us.
Shorter isn’t always easier!
For some time, individuals, companies and organisations have looked to abbreviations and acronyms when detailing some of the financial products on offer.
These are not necessarily exclusive or complicated financial products, but often savings schemes that should be easy to understand and accessible to all.
From the TESSA (Tax-Exempt Special Savings Account) and PEP (Personal Equity Plan), to the CTF (Child Tax Fund), they have come in all shapes and sizes.
To add to the confusion, these have all been replaced by new incarnations of similar products – such as the ISA (Individual Savings Account) that replaced both the TESSA and PEP, and JISA (Junior ISA) that replaced the CTF.
Unless you have a glossary of terms and are confident enough to apply the various meanings to different financial scenarios, it can be a minefield.
Moreover, knowing whether older products are still valid, if transfer limits still apply and who is eligible to open such accounts is enough to deter many would-be savers.
Companies add to the confusion
It’s not just account names and the paperwork that can be confusing. Knowing who you are dealing with has become an increasingly mysterious experience.
Are you dealing with a bank, investment house or insurance company?
Household names seem to disappear overnight. Take Norwich Union, a company that had been around for two centuries. It became Aviva and is now sometimes confused with transport operator Arriva!
On the High Street, the Abbey National branches many people knew so well were rebranded as Santander following a takeover.
As for the other current and former banks – Lloyds, Bank of Scotland, Midland, HSBC, RBS and Nat West – how many people could say with confidence who they are owned by and who can you trust?
Having someone to pick through these details and give you the confidence to proceed is vital.
Logic’s straightforward approach
We think that financial advice should be straightforward. You can never cut corners and dumb down information, but it can and should be presented in an easy-to-understand format.
Where things are complicated and require more documentation, additional time should always be provided to give clients the opportunity to digest the necessary details.
Our role as independent financial advisers is to find the best way to give clients the complete picture so they can then make the choices they are comfortable with.
So, we’re here to help you cut through the jargon.
Please be aware the value of investments or income from them can fall as well as rise. We’re here to help you make informed decisions.
Call us on 0808 1234 321 or email firstname.lastname@example.org to discuss any aspects of wealth planning that you need help with.
* Logic Wealth Planning provides independent financial advice in Manchester, Bury, Rochdale, Cheshire and the surrounding area, but not limited to the region.