HAINES WATTS
FINANCIAL SERVICES
PRESS RELEASE
December 20, 2010.
80% OF NORTH WEST BUSINESS OWNER MANAGERS HAVE HAD NO FINANCIAL HEALTH CHECK IN THE PAST 12 MONTHS.
More than 80% of North West-based business owner-managers have had no sort of financial health check during the past year according to a financial planner based in the region.
Ann-Marie Banks, a senior financial planner with Haines Watts Financial Services, part of UK top 20 chartered accountants Haines Watts, says that despite the past 18 months being amongst the volatile in economic history, only around a fifth of owner-managers in the North West
“The markets dived, and then have recovered by around 20% in the past year, which means that owner-managers who have had advice, acted upon it and stayed alert to the economic situation have quite possibly seen as much as a 20% increase in their holdings – and that could make a huge difference when they come to cash in their pensions,” said Ann-Marie Banks, who is based in Manchester and Preston, with responsibility for clients of HW’s Liverpool, Ulverston and Hale offices. Video.
“The very sharpest business minds work with their financial planners, keep looking at their assets, assessing the risks and potential rewards, and take on board the changes in the market – and those people have come through the past 12 months or so with a stronger financial holdings base as a consequence.
“But it’s not too late: there’s still great volatility ahead, and advice and agility could see recovery for those who have not yet gone through a financial health check – and potentially greater gains for those who continue to do so.
“We obviously press our clients to take advice, and, while there’s a cost, it is outweighed in the long term by the benefits of applying that advice. But as we meet with more and more owner-managers outside of the Haines Watts client bank, we’re coming to the conclusion that around 80% of them have simply not had any sort of financial health check.
“For instance, it has been widely reported that simply putting money in a savings account at the moment is yielding a loss – but there are many more options available to help money grow.”
Haines Watts is a UK
Ends
Further information:
Iain Macauley
07788 978800
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