Archive News

2nd October 2007

Asking the right questions and giving honest, objective advice is the key to success according to Cornish company Worldwide Financial Planning.

And they should know - since setting up nine years ago, the firm of Independent Financial Advisors has had not a single compliance complaint made against them.

According to the Financial Services Authority (FSA), an individual IFA should expect to receive around two complaints a year.

With a team of over 23 IFAs, Worldwide hopes to continue its excellent track record.

Worldwide’s managing director Peter McGahan says his firm’s success with clients is down to scientific, filtered and correct thinking.

“It’s about asking the right questions to help people achieve the best possible outcome that is of most benefit to them,” he said.

“We really get to know our clients and look objectively at the situation. If that means advising them against a product which we feel isn’t right for them, then so be it, even if it means losing business ourselves.”

The news comes during another fantastic year for Worldwide. In May, the firm scooped four first prizes at the national Financial Advisor Awards.

Peter added: “This has been a great year for us, but I know we’re successful because of the hard work and dedication of our team.”

For more information on Worldwide Financial Planning please contact them on 
0845 230 9876 or visit www.wwfp.net.

Young people in Cornwall are getting a taste of life on the trading floor by taking part in a virtual financial challenge.

Students aged 14 to 18 from 16 schools across the county, from Cape Cornwall in the south to Callington in the east, have been given a virtual £100,000 to trade.

The teams have been set the task of studying the market and choosing a portfolio of companies to invest in. They will then decide when to buy and sell shares in order to secure a good return.

The Virtual Trading Challenge has been set up by Cornwall Education Business Partnership and IFA firm Worldwide Financial Planning.

Managing director of Worldwide Peter McGahan was on hand to offer advice to the teams.

“By taking part in this competition, students will have fun and at the same time develop skills in financial capability,” he said.

“Before making any investments, teams will need to complete thorough research of companies using both newspapers and the internet.

“All profits and losses have to be recorded, and one allocated member from each school will have to report back to a board of Worldwide staff at regular intervals.”

Trading started on 1 October and will continue until April 2008. The team to make the biggest return will win a cash prize and a trip to the Bank of England.

Julie Fellows, Cornwall EBP service manager, said: “This competition is a great way of giving young people an insight into the world of finance. Working with Worldwide, one of the UK’s most successful IFA firms, is a fantastic opportunity for the students.

“Finance probably isn’t a career many of the students would have considered yet, but after this competition who knows – we could have a Chancellor of the Exchequer in the making.” 

For more information please contact Peter McGahan on 0845 230 9876 or email info@wwfp.net

25 October 2007

The announcement by Chancellor Alistair Darling to change capital gains tax from April 2008 could provide a boost to Cornwall’s first time buyers according to a local financial expert.

Peter McGahan, managing director of Worldwide Financial Planning, believes that the prospect of paying more tax from next year could encourage second home owners to sell sooner.

And with the increase in supply Mr McGahan believes we could experience a fall in prices.

“We’ve already seen a large number of second homes come onto the market as a result of the Bank of England’s last interest rise,” said Mr McGahan.

“Many people found their increased mortgage payments were higher than the rent they were taking, so as a result, decided to sell.

“This has been one of many factors which have contributed to falling house prices over the last two months.

“And now with the increase in capital gains announced, I would expect more properties to come onto the market as people aim to get the best from their investments before April 2008.

“Those individuals who were thinking of selling their commercial property or business are also very likely to lose out after April 2008, so expect to see a rush to the market between now and then

“In Cornwall it should also become easier for first time buyers to get on to the housing ladder. Furnished holiday lets, for example, are classed as a business asset. If they sell their asset after April 2008 most will see an 80% increase in capital gains tax. Expect to see a flood of these properties onto the market.”

With the debate on the housing issue in Cornwall steadily growing, and the rise of groups wanting more affordable housing, as well as those wanting less second homes, the news should be welcomed.

“It’s been difficult for many people in Cornwall, but if you look at the economy over a long period of time you’ll know that we’re always in the middle of the cycle,” said Mr McGahan.

“The best place recently to invest your money has been property, but we’re now seeing a change and we’re helping people invest in other areas.

“So younger and first time buyers should prepare to take advantage.”

For more information please contact Peter McGahan on 01208 816667 or email info@wwfp.net

16 October 2007

One of Cornwall’s leading companies in the field of finance has joined forces with one of the county’s top performing teams on the pitch.

Worldwide Financial Planning is now an official sponsor of the Cornish Pirates.

The independent financial advisors, based in Truro and Wadebridge, are supporting the team by sponsoring its shirts and programmes.

Peter McGahan, Worldwide’s managing director, said: “I’m thrilled to be backing a team as popular as the Pirates.

“I think it’s important for local businesses to get involved with, and support, the Cornish community.”

The new relationship between award winning Worldwide and trophy winning Pirates is much enjoyed by passionate rugby fan Peter and his squad of financial advisors.

“I love rugby and a colleague of mine, Peter Meeson, is an ex-Wasps player, so supporting a rugby team just made sense,” added Peter.

“Watching the Pirates is a brilliant day out, for the whole family, whether it’s the game or the Cadgwith singers afterwards.

“Being a part of this team and their success is a delight for me.”

Mr McGahan also jokes about the role that fate has had to play in this relationship.

“Their fly half, Gareth Steenson, is from the same town as me in Northern Ireland, so with a coincidence like that I think Worldwide were destined to be a sponsor of the team.”


Kat Vardy, the Pirates marketing manager, is pleased to have Worldwide on board and says Peter’s enthusiasm for rugby is clear to see.

“It’s great to get financial advice from such a renowned company, and all their support is really appreciated.

“Peter and his team have also been to watch several of our games now, which is fantastic, and is another form of support that is also really appreciated.” 


For further information about Worldwide Financial Planning, please call Peter McGahan on 0845 230 9876 or email info@wwfp.net.

16 October 2007

One of UK's leading independent financial advisors is helping the Cornish Pirates keep count in more ways than one. 

Cornish based Worldwide Financial Planning have supplied the team with a brand new digital scoreboard, bringing the Pirate’s facilities in-line with their bigger competitors.

The FT award winning company has also been appointed by the Pirates to offer financial advice to all the players and staff.

Kat Vardy, the Pirates marketing manager, said: “It’s a privilege to receive free expert advice from such a renowned firm.

“We are all very grateful for Worldwide’s help, they’re a very friendly and giving bunch.

“The new scoreboard is also a fantastic gift from the company. It will certainly impress visitors to our ground’s.”

Worldwide also recently sponsored the team’s shirts and programmes.

The firm’s support stems from Worldwide’s managing director Peter McGahan’s passion for the sport.

“Myself and many of the other advisors are big rugby fans,” said Peter.

“Particularly Peter Meeson who is an ex-Wasps player.

“So I’m pleased that Worldwide can offer help to the Pirates.

“The team plays a vital role within the Cornish community and I’m pleased to be a part of this. I think it’s important for businesses to support their local community.”

Peter, who has offices in Wadebridge and Truro, jokes about the role fate has had to play in the relationship between the Pirates and his Worldwide team.

“Gareth Steenson, the Pirates new fly-half comes from the same town as me in Northern Ireland, so with a coincidence like that I think we were destined to help the squad.”


For further information about Worldwide Financial Planning, please call Peter McGahan on 0845 230 9876 or email info@wwfp.net. 

To find out more about the Cornish Pirates, click here.

11 October 2007

With concern mounting that home repossessions could rise by the end of the year a Cornish businessman has warned people to think carefully before taking action.

Worldwide Financial Planning’s managing director, Peter McGahan, issued the statement as more people begin to think about their options, especially with uncertainly still high due to Northern Rock.

It is believed that more than 250,000 homeowners will have to pay more or lose their homes as lenders of sub prime mortgages think about pushing up their interest rates.

“If the cost of mortgages rise as a result of Northern Rock my main concern is how people deal with this,” said the award-winning independent financial adviser.

“My biggest concern for Cornwall is the rise in sale and rent schemes, where a homeowner can sell their property to a company and then rent it back.

Obviously this frees up cash and helps with any issues, but that’s as good as it gets.

“These schemes typically appeal to those who are struggling with payments, and need to realise some assets to pay off debt, but unfortunately cannot borrow, and also cannot sell their house.

“In desperate times, emotions can take over and unscrupulous organisations can take advantage of that.”

According to reports, repossession figures reached over 8,000 for the first half of 2007 and 35% of people are struggling with their day-to-day finances.

“It’s easy to see why firms like the above creep out from the woodwork,” said Mr McGahan, whose company has offices in Truro and Wadebridge.

“The typical scheme says it will offer you an average of 80-85% of your home and then you pay them an average market rent and get to live in your home.

“With an average house price in the UK at £181,460, that’s an immediate charge of up to £36,292.

“The truth, in practise is somewhat different, with quite horrible stories already in evidence.

“I know of one lady who was offered £50,000 for her £100,000 house, but she described the fair rent they were offering her as ‘extortionate’.

“There’s even no guarantee of staying in your property. The agreement given to tenants is either a six or twelve month assured shorthold tenancy, and at the end of the tenancy you can be asked to leave and you have no rights.”

Mr McGahan believes there are better options people can take.

“If people are in arrears then they should think of ways to deal with the issue rather than stick their head in the sand.

“Approach your lender, an independent financial adviser or even the Citizens Advice Bureau. There are people there to help.

Don’t confuse the scheme with an equity release scheme where you just release capital from your property and still live in it. This scheme is very different.

“Sell to rent should be the last option. The very last option.”

For more information please contact Peter McGahan on 0845 230 9876 or email info@wwfp.net