What You Need to Know About Financial Inclusion

We launched our blog to provide regular, and useful insights from our network of wealth managers and beyond, for all those who were understandably anxious about their financial well being, during the pandemic. As the dust begins to settle, we seek to move the conversation on (where appropriate) and start thinking about what the new ‘normal’ may look like after a brief pause for reflection.

In this blog entry we address key financial topics, such as:

  • gold retail market insights
  • financial inclusion
  • independent financial advisor study

Gold price forecast & market insights

We don’t often talk about specific investments, however, I thought it was worth sharing this insight on how gold performs, from The Visual Capitalist. Gold has always been a store of value, but there are periods when the growth is explosive. Since the US gold standard was abandoned in 1971, gold has had two major bull runs. We are currently in the middle of the third. The question is, how long will it last? Read here

Financial inclusion overview

We have recently witnessed the civil unrest following the tragic death of George Floyd in the US, highlighting the global issue around both racism and inequality. It is essential, as global leaders seek to redress the imbalance, that they also look at financial inclusion.

What is financial inclusion

According to The World Bank, financial inclusion means that individuals and businesses have access to useful and affordable financial products and services that meet their needs – transactions, payments, savings, credit, and insurance – delivered in a responsible and sustainable way.

Reasons for financial exclusion

A recent report by Mckinsey explores the level of financial exclusion in black communities, and explains how understanding the sources of exclusion is the first step to fixing the system. A lack of access to financial services is not just a symptom of the racial wealth gap; it is also a cause. Without the ability to affordably save, invest, and insure themselves against risks, many black families struggle to translate the income they earn into wealth. As International Monetary Fund Deputy Managing Director Mitsuhiro Furusawa stated, “Financial inclusion is the bridge between economic opportunity and outcomes”. Read here

Planning for the future is difficult when you’re worried about today. BlackRock explains why we should all take responsibility for financial inclusion, and how technological innovation and education are delivering a path to financial security and well-being, advancing sustainability, and promoting economic mobility. Read here

Wealth management news

We are delighted to announce that Raymond James Thorpe Park Leeds have joined our ranks. Established in 2015, by Branch Principal Rupert Forrest, to serve the investment needs of business people in the North of England and their families.  

IFA Case Study

Over the weekend, we had a digital enquiry from a gentleman living in the Midlands. He and his wife are both retired and live off their pensions. They have circa £120k invested via an IFA, that they rely on to provide a monthly income. However, owing to poor performance and service, they have decided to move on. These are two of the most common reasons cited for seeking a new adviser, as highlighted in Our guide to changing wealth manager – Out with the old, in with the new. Read here

They specifically required a wealth manager within 50miles of their home. Unusually, The Wealth Consultant did not have three wealth managers on our platform within that radius. Fortunately, however, due to our breadth and depth of contacts within the wealth management industry, we were quickly able to identify and introduce three suitable wealth managers, close enough to serve the client’s needs.

The Wealth Consultant is here to help you assess your current situation, to hold your hand through these testing times, and to empower you to take ownership of your financial wellbeing so that you can enjoy peace of mind. If needs be, and at the appropriate time, we can introduce you to three wealth managers who may be better placed to serve your needs, free of charge.

Need financial advice? Get in touch if you would like to find out more about how The Wealth Consultant can help you. Make an enquiry, or let us know how we can help by filling up this questionnaire.