Free Financial advice
South Yorkshire Women Online and FACTS Knowles Warwick are joining forces to offer free financial advice for women through the website.
FACTS Knowles Warwick is an independent financial company, which means they are not tied into selling products by particular organisations. For more information about the company, click here.
Operations manager Fizz Peal says: "When you talk to people about money, you are talking about their hopes, dreams and passions, so this can be a very intimate relationship.
"We offer an holistic service. Our intention has always been to educate people about money and to make sure that they understand the route we are recommending."
Below is a small sample of the kinds of questions the company deals with on a regular basis:
Q: All of my wealth is tied up in my house. I do not want to move but really could do with an increased income so that I can enjoy my retirement properly. I have heard about Equity Release but am concerned about whether this is a safe option?
A: Equity release is not right for everyone but can be perfectly safe way to unlock money from your home. You just need to be clear on how it all works and be aware of all the other alternatives before identifying whether this is the right choice. There may be many different types of schemes to choose from so it is important that you know the options available. If you arrange this yourself it is important that you choose a provider that is a member of SHIP (Safe Home Income Plans) as this is the industry's Code of Conduct.
Q: I am disappointed with the returns I am getting on my savings. I do not want to take significant risks but am looking to achieve a better return. What options are there?
A: There are several options available but simply put, unless you are willing to take a long term view (at least five years) it is ill advised to do anything other than shop around with mainstream banks and building societies for the best rates. Given that interest rates have been at historically low levels for more than six months and that there is little evidence that they will increase significantly in the near future it is important that you consider other products. One option would would be to invest your money in a Capital Protected product on which returns are linked to the performance of the stock market. With this, your capital is guaranteed even if stock market conditions are poor. This is very much an area where you should seek independent financial advice.
Q: My divorce is close to being finalised and once it comes through I expect to receive a sizeable lump sum. My ex-husband kept his pension as part of the settlement proceedings and I am concerned that I don't have any pension provision. Is it wise to pay part of the lump sum into a pension in my own name?
A: Not necessarily. Although pensions are largely considered as the most tax efficient way to save for retirement they are restrictive in terms of how much you can put in and as to when and how the funds are accessed. In this ever-changing environment, many people now look to build up their retirement savings using a combination of pensions and ISAs.
Q: Over the years I have accumulated several different pension arrangements which I find difficult to keep track of. Would it be sensible to have everything in the same place?
A: Potentially, yes. However, pensions can be incredibly complex and in particular, some older arrangements can offer valuable contractual guarantees. It would be worth seeking independent financial advice.
* Be Safe!
If you do not feel able to give your full name, e-mail address or telephone don't worry. You can choose one of the following options:
- Request that we e-mail your response to a safe e-mail address such as a friend or relative (you must obtain their permission first). If you would like us to do this enter nomail@sywol.org in the E-mail field and give your instructions and the alternate e-mail address in the 'Write your question here' field.
- Telephone Kathryn on 01709 834 441 to have the response posted or delivered verbally. If you would like us to do this enter nomail@sywol.org in the E-mail field and give your instructions in the 'Write your question here' field. You must also include a password in this field. Your name and password will be your key to receive the response. Use a password you can remember because without it we cannot help you.
