Cornish Company Aim to Miss Out on Mile High Paperwork
15 June 2007
How would you cope if you were required by law to keep so much paperwork that you would need to pile 22 of Eden’s humid biomes on top of each other in order to house it all?
Well, that’s the dilemma facing one award winning team of Cornish ...
15 June 2007
How would you cope if you were required by law to keep so much paperwork that you would need to pile 22 of Eden’s humid biomes on top of each other in order to house it all?
Well, that’s the dilemma facing one award winning team of Cornish independent financial advisors, but they think they have come up with three solutions.
Worldwide Financial Planning, which has offices in Truro and Wadebridge, is looking to dramatically slash its paper output after working out it currently has 0.7 miles of files.
“We’re required by law from the Financial Standards Authority to keep all client information,” said Worldwide’s managing director, Peter McGahan.
“When you think that we have 10,000 clients and on average each client file is 11cm thick, that’s a lot of paper. The reality is it makes up 1100 metres or 0.7 miles!
“But what’s even more concerning is that each file is growing by about 1 cm per year, and on top of that we also take on approximately 2000 new customers annually.”
Apart from the excessive work in dealing with the paperwork there is a serious issue in terms of the environment. Worldwide, which won the UK Ethical Investment Advisor of the Year award by the FT publication - Financial Adviser, has come up with a three-pronged attack to deal with this.
“The first step is to reduce the amount of paper being sent to us by financial organisations,” said Mr McGahan.
“We’re doing this by telling them that they have to send us the information electronically otherwise we will take our business elsewhere.
Every time we receive a client statement we get sent a whole load of information that just keeps adding up, so hopefully the thought of being hit in their pocket will have an impact.
Secondly, we’re scanning in all our client information and storing it on our servers.
As well as cutting down on paper it will also mean that we all have easier access to their information.”
The company also believes that the introduction of the new Wrap scheme will add to the reduction.
“The Wrap scheme means that we can deal with all the clients' finances in one place.
“All information and investments will be kept together in one place and the only piece of paper we need to generate will be the one that the client has to sign.
Hopefully in future we’ll even be able to do this electronically.”
Within the next 12 months Worldwide hope to have reduced its paperwork by
80%.
For more information on Worldwide Financial Planning please contact on
0845 230 9876
How would you cope if you were required by law to keep so much paperwork that you would need to pile 22 of Eden’s humid biomes on top of each other in order to house it all?
Well, that’s the dilemma facing one award winning team of Cornish independent financial advisors, but they think they have come up with three solutions.
Worldwide Financial Planning, which has offices in Truro and Wadebridge, is looking to dramatically slash its paper output after working out it currently has 0.7 miles of files.
“We’re required by law from the Financial Standards Authority to keep all client information,” said Worldwide’s managing director, Peter McGahan.
“When you think that we have 10,000 clients and on average each client file is 11cm thick, that’s a lot of paper. The reality is it makes up 1100 metres or 0.7 miles!
“But what’s even more concerning is that each file is growing by about 1 cm per year, and on top of that we also take on approximately 2000 new customers annually.”
Apart from the excessive work in dealing with the paperwork there is a serious issue in terms of the environment. Worldwide, which won the UK Ethical Investment Advisor of the Year award by the FT publication - Financial Adviser, has come up with a three-pronged attack to deal with this.
“The first step is to reduce the amount of paper being sent to us by financial organisations,” said Mr McGahan.
“We’re doing this by telling them that they have to send us the information electronically otherwise we will take our business elsewhere.
Every time we receive a client statement we get sent a whole load of information that just keeps adding up, so hopefully the thought of being hit in their pocket will have an impact.
Secondly, we’re scanning in all our client information and storing it on our servers.
As well as cutting down on paper it will also mean that we all have easier access to their information.”
The company also believes that the introduction of the new Wrap scheme will add to the reduction.
“The Wrap scheme means that we can deal with all the clients' finances in one place.
“All information and investments will be kept together in one place and the only piece of paper we need to generate will be the one that the client has to sign.
Hopefully in future we’ll even be able to do this electronically.”
Within the next 12 months Worldwide hope to have reduced its paperwork by
80%.
For more information on Worldwide Financial Planning please contact on
0845 230 9876
Beleagured Homeowners could be Hit with Further Mortgage Increases Warns IFA
21 June 2007
Homeowners who are about to leave the comfort of a fixed rate mortgage could be in for a nasty surprise according to a Cornish independent financial adviser.
Peter McGahan, managing director of Worldwide Financial Planning, believes that initial figures reported for the potential increase in mortgage payments for ...
21 June 2007
Homeowners who are about to leave the comfort of a fixed rate mortgage could be in for a nasty surprise according to a Cornish independent financial adviser.
Peter McGahan, managing director of Worldwide Financial Planning, believes that initial figures reported for the potential increase in mortgage payments for homeowners coming out of a fixed rate period were wrong.
And despite the fact he believes that the Bank of England will not raise interest rates at the next juncture, Mr McGahan thinks worse could be set to follow by the end of the year.
“It was initially thought that people coming out of a fixed rate mortgage now would pay around £150 extra on their mortgages as a result of the recent interest rate rise,” said Mr McGahan, whose company is based in Truro and Wadebridge.
“But I disagree, I think it could cost the almost double that amount.
“If a customer had been fixed at say, 4.75%, a £120,000 mortgage would have cost £475 per month.
“If their fixed rate finished today and they come out onto a standard variable rate, which is 7.39%, their new monthly repayments would be a massive £739 per month.
“This is £264, or a whopping 56% more than they will have been paying.”
And Mr McGahan believes that worse could be set to follow beleaguered homeowners.
“The concerns over spending were such that the financial markets have priced a further rise in the market before the end of the year, which could take payments up a further £25 per month.
“This means an overall increase of 61%.
“The damage could be considerable, which is why I believe the Bank of England will refrain from raising interest rates as they will want to see what impact the previous raises have had.”
Mr McGahan also feels that people with buy to let mortgages will start to feel the pinch.
“Those who purchased on a buy to let mortgage at a fixed rate expecting the rent to pay the loan will be wondering what to do.
“We have already seen properties being sold as the rent no longer covers the loan. I would still advise caution before selling however, as there are still issues of capital gains.”
The award winning financial adviser thinks people who are concerned should consider where they think interest rates will go.
“If they think rates will go higher, then fix now, but if they think they will fall then they should opt for a tracker or discounted rate.
“Rates should drop, so personally I would wait until the end of the year before I fixed to ensure the best deal.”
For more information on Worldwide Financial Planning please contact on 0845 230 9876
Homeowners who are about to leave the comfort of a fixed rate mortgage could be in for a nasty surprise according to a Cornish independent financial adviser.
Peter McGahan, managing director of Worldwide Financial Planning, believes that initial figures reported for the potential increase in mortgage payments for homeowners coming out of a fixed rate period were wrong.
And despite the fact he believes that the Bank of England will not raise interest rates at the next juncture, Mr McGahan thinks worse could be set to follow by the end of the year.
“It was initially thought that people coming out of a fixed rate mortgage now would pay around £150 extra on their mortgages as a result of the recent interest rate rise,” said Mr McGahan, whose company is based in Truro and Wadebridge.
“But I disagree, I think it could cost the almost double that amount.
“If a customer had been fixed at say, 4.75%, a £120,000 mortgage would have cost £475 per month.
“If their fixed rate finished today and they come out onto a standard variable rate, which is 7.39%, their new monthly repayments would be a massive £739 per month.
“This is £264, or a whopping 56% more than they will have been paying.”
And Mr McGahan believes that worse could be set to follow beleaguered homeowners.
“The concerns over spending were such that the financial markets have priced a further rise in the market before the end of the year, which could take payments up a further £25 per month.
“This means an overall increase of 61%.
“The damage could be considerable, which is why I believe the Bank of England will refrain from raising interest rates as they will want to see what impact the previous raises have had.”
Mr McGahan also feels that people with buy to let mortgages will start to feel the pinch.
“Those who purchased on a buy to let mortgage at a fixed rate expecting the rent to pay the loan will be wondering what to do.
“We have already seen properties being sold as the rent no longer covers the loan. I would still advise caution before selling however, as there are still issues of capital gains.”
The award winning financial adviser thinks people who are concerned should consider where they think interest rates will go.
“If they think rates will go higher, then fix now, but if they think they will fall then they should opt for a tracker or discounted rate.
“Rates should drop, so personally I would wait until the end of the year before I fixed to ensure the best deal.”
For more information on Worldwide Financial Planning please contact on 0845 230 9876
Cornish Firm Chosen as One of Only Ten Businesses Nationwide to Join Advisory Body
29 June 2007
A Cornish firm of independent financial advisers is celebrating after being invited to join a nationwide advisory body.
Wadebridge and Truro based, Worldwide Financial Planning, has joined an elite list of only ten companies in the whole country selected by the Financial Standards Authority (FSA) to look at ...
29 June 2007
A Cornish firm of independent financial advisers is celebrating after being invited to join a nationwide advisory body.
Wadebridge and Truro based, Worldwide Financial Planning, has joined an elite list of only ten companies in the whole country selected by the Financial Standards Authority (FSA) to look at key issues within the industry.
“This is fantastic recognition of our commitment to our industry,” said Worldwide’s managing director, Peter McGahan.
“We work hard for our clients, to be innovative and to stay successful.
“To be selected as only one of ten companies in the country is a great honour and I’m proud to have been asked for our input into the key financial issues of the day.”
The idea for the advisory body began six months ago when the FSA toured the country looking at best practice.
“The FSA were really impressed when they came to see us,” said Mr McGahan.
“They liked our use of best practice, our ideas, the way we embrace technology, our staff development programme, the fact that we are working hard to become greener and our commitment to be the best in Cornwall.
“They said it was ‘enlightening’.”
Under the scheme Mr McGahan and Worldwide will be engaged in constant dialogue with the FSA and other nine companies to discuss and give opinions on how to move the industry forward.
“The idea behind the advisory body is to use leading companies as a benchmark for the whole industry.
“Our opinions will then be taken on by the FSA and recommended to all other independent financial advisers in the country as measures they should take to improve.”
For more information on Worldwide Financial Planning please contact them on 0845 230 9876
A Cornish firm of independent financial advisers is celebrating after being invited to join a nationwide advisory body.
Wadebridge and Truro based, Worldwide Financial Planning, has joined an elite list of only ten companies in the whole country selected by the Financial Standards Authority (FSA) to look at key issues within the industry.
“This is fantastic recognition of our commitment to our industry,” said Worldwide’s managing director, Peter McGahan.
“We work hard for our clients, to be innovative and to stay successful.
“To be selected as only one of ten companies in the country is a great honour and I’m proud to have been asked for our input into the key financial issues of the day.”
The idea for the advisory body began six months ago when the FSA toured the country looking at best practice.
“The FSA were really impressed when they came to see us,” said Mr McGahan.
“They liked our use of best practice, our ideas, the way we embrace technology, our staff development programme, the fact that we are working hard to become greener and our commitment to be the best in Cornwall.
“They said it was ‘enlightening’.”
Under the scheme Mr McGahan and Worldwide will be engaged in constant dialogue with the FSA and other nine companies to discuss and give opinions on how to move the industry forward.
“The idea behind the advisory body is to use leading companies as a benchmark for the whole industry.
“Our opinions will then be taken on by the FSA and recommended to all other independent financial advisers in the country as measures they should take to improve.”
For more information on Worldwide Financial Planning please contact them on 0845 230 9876