Client Weekly Update – Friday 17 June

Local Update

This week’s weekly update we would like to share with you not just what is happening locally, but share updates as to what is happening within Advisa. As a leading financial adviser, we aim to stand out in the market by working on our operations constantly, to ensure we stay innovative every step of the way and it is important that we share the news of our efforts to constantly improve our offering and provide better service.

Wealth Platform

You may have seen our recent communications regarding Wealth Platform, although in use for a while, we would like to encourage all of our customers to join the platform where you can view all of your documents, state of your finances in a friendly visual format and stay in touch with your dedicated Advisa support team. The platform allows us to deliver a smooth experience for all of our clients as well as support our goal to become a more efficient, sustainable and environmentally friendly company.

If you haven’t switched to Wealth Platform, yet we encourage you to do so and if you have any questions or need a quick overview of how the platform works please don’t hesitate to give our team a call, we would be happy to talk you through it.

Advisa Lounge

If you have visited our offices recently, you will have seen a brand new addition to our building, that is, the Advisa Lounge. Formerly used as an Estate Agent’s (Gaudins), Advisa Lounge is our new front shop to our offices, created with the aim to create a cafe-like space to invite our clients to spend time with their advisers in a relaxed atmosphere, further promoting our philosophy of making financial management comfortable and accessible to all.

We hope you will enjoy this space and although available by appointment only, if you would like to arrange to meet us for a coffee and we can help you with:

  • A FREE Financial Health Check
  • Retirement Planning & Pension Advice
  • Investment Management
  • Financial Protection including:
  • Income Protection
  • Critical Illness Cover
  • Life Insurance

Instant Life Quote Cover Tool

We have released our instant life cover quote tool on our new website, allowing you to get an instant quote on life protection policies including Life cover, critical illness cover and income protection. The tool is linked with national providers to get the best price for you and allows you to get an indication of your life cover instantly, our advisers are on hand to talk through any questions you may have and to ensure that you choose the right protection for you.

You can checkout the tool here:

Mixed Markets

London’s FTSE 100 is up 0.88%. European markets are broadly higher today with shares in France leading the region. The CAC 40 is up 1.28% while Germany’s DAX is up 1.05%.

Yesterday, the S&P 500 fell 123.22 points, or 3.3%, to 3666.77. The Dow industrials dropped 741.46 points, or 2.4%, to 29927.07. Both indexes ended at their lowest closing levels since December 2020. The technology-focused Nasdaq Composite slumped 453.06 points, or 4.1%, to 10646.10, its lowest close since September 2020.

Asian markets finished mixed as of the most recent closing prices. The Hang Seng gained 1.10% and the Shanghai Composite rose 0.96%. The Nikkei 225 lost 1.77%.

Brexit Protocol bill

Business leaders warned Prime Minister Boris Johnson not to start a “damaging trade war” with the EU in response to his intention to rip up his Brexit agreement by overriding the Northern Ireland Protocol.

The government’s unilateral legislation, according to Richard Burge, chief executive of the London Chamber of Commerce and Industry, may do serious harm to businesses around the UK.

“The introduction of this bill means we are now teetering on the brink of a trade war with the EU – and that will mean further economic pain and falls in investment,” he added.

Stephen Phipson, chief executive of manufacturing body, Make UK, said the government should be careful “not to start a trade war with the EU in the middle of a financial crisis which would be damaging for both British and EU businesses alike”.

In response to the release of the protocol bill, the European Commission announced its intention to re-open legal proceedings against the UK, with vice president Maros Sefcovic hinting at possible trade retaliation to follow.

UK interest rates raised to 1.25% by Bank of England

Rates have increased from 1% to 1.25%, the fifth consecutive rise, pushing them to the highest level in 13 years, with the rate seeing the same level as hasn’t been seen since January 2009. It comes as finances are being squeezed by the rising cost of living, driven by record fuel and energy prices.

Inflation – the rate at which prices rise – is currently at a 40-year high of 9%, and the Bank warned it could surpass 11% later this year.

Looking across the world, the cost of living increased by 8.6% in the US in May, much to the surprise of many people. Yesterday, the Federal Reserve said that interest rates will rise by 0.75 percentage points.That is the largest hike in 28 years, and analysts have cautioned that this year will likely see further rate increases. All of this has an effect on borrowing costs, which in turn affects how much customers are spending on their credit cards and mortgages.

Food prices rise quickly in UK

Grocery specialists have forecast that this summer’s food prices will increase quickly due to rising costs. According to the Institute of Grocery Distribution (IGD), prices will climb by 15% as people pay more for necessities such as bread, meat, dairy, and fruits and vegetables.

It warned that more vulnerable individuals might skip meals, because of this. Additionally, it predicted a longer period of faster price growth than the Bank of England’s forecast. The IGD, which offers analysis to large supermarkets, claimed that the war in Ukraine was mostly to blame for the UK’s greatest cost of living pressures since the 1970s.

Russia and Ukraine jointly produce roughly a third of the world’s wheat, making them both significant worldwide grain producers. Therefore, as nations throughout the world compete for the produce, Russia’s invasion of Ukraine is driving up grain prices.