Stormy start to a turbulent 12 months

Greg Macvean Photography

And while most home insurance policies include storm damage cover, it’s best to check policy T&Cs to avoid any nasty shocks.T

urning to money management in the longer term, phrases I hear too often are things such as: “Only people with lots of money have financial advisers”, or “financial advice isn’t for me”. Some people feel nervous or embarrassed when it comes to talking about the state of their bank balance, credit card bills, or their perceived lack of knowledge about pensions and investments. This can put them off seeking help, but they are often the ones who would benefit most from professional advice.

That’s why it’s great to see such initiatives as Financial Planning Week, from 27 January to 2 February. It’s an annual campaign from The Chartered Institute for Securities & Investment to raise awareness of how qualified financial planners can help consumers prepare for the future.

As Janice Dallas, financial planner at Aberdein Considine Wealth, says: “Life’s daily demands have a way of taking over, leaving little room for people to focus on their finances. This is where a professional financial planner can step in and help.”

The worrying advice gap – broadly defined as those who have received paid-for advice in the past two years, versus those who have not –has continued to widen in recent years.

Consultancy firm The Lang Cat carries out regular research on this gap. Its 2024 report found that just 9 per cent of people paid for financial advice, down from 11 per cent in 2023.

With big changes on the horizon in such areas as pensions and Inheritance Tax following Rachel Reeves’ Budget, it’s more important than ever that people take steps to understand their finances.

The Scotsman Investment Conference returns to Edinburgh on 19 March – an opportunity not to be missed for anyone looking for expert insight.

A range of topics, from investment strategies for 2025 to international markets and sustainability, will be covered at the event to be held at The Kimpton Charlotte Square Hotel.

Well-respected and high-profile names as Zehrid Osmani, portfolio manager at Martin Currie Global Portfolio Trust, part of Franklin Templeton, and Chloé Darling-Stewart, investment specialist manager at Baillie Gifford will attend with more speakers TBC.

To find out more, go online and visit www.scotsmaninvestment.co.uk

If you have a personal finance question you would like answered, please email [email protected] and you can sign up for our Scotsman Money newsletter online at www.scotsman.com/newsletter