Nick Lincoln
@HatTipNick
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She/Her/God. Monthly essay here: Embracing the Lab Leak Dividend: online-only, saving families one by one via Zoom.
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The Monthly "Hat-Tip" Essay. A monthly missive from me on things personal finance. Like Mother, it’s short, punchy, and opinionated.
Subscribe here:
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Just in case you were in any doubt about how on target
@rickygervais
was, here - apparently with no irony - is your proof:
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"Great Suppression"
[noun] lock-down by those who
1) live in large houses with large gardens;
2) take discredited experts & computer modelling at face value;
3) have full salaries & pensions funded by the "Locked-Down" (AKA "No Skin In The Game").
@JamesDelingpole
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Telling the truth about money and risk, one Suitability Letter at a time.
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No, it confirms the absolute power of the judiciary to side with MPs who've had three+years to "stand up for our democracy" & have done nothing of the sort.
@Observer_Owl
@Conservatives
@JamesDelingpole
Today’s ruling reaffirms the sovereignty of Parliament & why I resigned as a Minister & lost the Party Whip - to stand up for our democracy. It also teaches future governments that there will always be checks & balances on their power. I look forward getting back to work asap.
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The 4-6 weeks mentioned have passed
@JackGilbert13
. Any chance we could have an update on this story of yours please?
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At the highest point on our 10 mile walk I proposed to
@penelopeTL
. She just said "yes", which gave me the perfect response: "Good. It's all downhill from here!"
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FCA invoice finally arrives.
Up 102% in two years. No complaints in last two years. Or ever, in fact. No DB stuff in last two years. Or ever, in fact.
@dean4watford
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Glad to have my name associated with this piece in
@thetimes
. Be the change you want to see and all that
@Quilter_Adviser
Thanks
@imogent_
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Lady from the FCA spouting the normal nonsense about Attitude to Risk, "safe" investments etc. No clue, never will have.
#PFSFestival
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Took my longest-standing clients (21 years) out to lunch today.
They trusted me with their retirement pot back then and it's going to outlast them, 100% equities.
Do. The. Right. Thing.
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Fixed Protection 2016 has just saved a client £48k in BCE
@75
tax.
All part of the service, all part of the standard fee.
"But Robo..."
#AdviceIsNotACommodity
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The One Page Financial Plan: people crave (need) simplicity. Let's give it to them:
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OK, OK, I give in. You've beaten me, stock markets of the world.
I'm bailing out. I can't take it anymore.
That's ALL my cash invested now.
Happy?
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"Critical Yield? It's a guess as to the growth you'll need to purchase a fixed income you won't want from a product you'll never buy.
OK?"
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This is why financial pundits and forecasters have a special place in Hell.
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Whoever thought GDPR was a good idea, go trying running your own business, you pen-pushing prat.
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If you think that Jo Public hears "IFAs better than SJP" rather than "all advisers are crooks" then please go ahead and Tweet yet another link to The Sunday Times.
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"I've never met a 25 yr old who thinks pensions are the most important thing in their lives, nor a 65 yr old who thinks they aren't.
It's the same person."
@ovationchris
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Telling people what they need to hear, not what they want to hear.
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Zoom Annual Planning Meeting (ZAPM) with client. He's in Sussex. 89 going on 59. A real tonic.
Son sat in on meeting. He's in Paris.
I'm in Watford.
Done and dusted in 24 minutes.
But, please, do tell me how much clients want to meet face-to-face.
#LabLeakDividend
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“The only thing necessary for the triumph of evil is for good men to do nothing.” And when good eggs like
@brianrhill
walk away from our profession, we are all diminished. Looking at you
@TheFCA
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Before the moment passes I want to say "thanks" to all the GREAT people in this noble profession. Despite the superficial rants and potshots visible online, there is way more good stuff done offline, by a remarkable number of people. You know who you are. Thanks, again.
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I just emailed a client asking if they want to "reach out" via a Zoom meeting. I did put it in quotes but, nevertheless, I feel I've let both myself and my family down.
My sincere apologies.
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Seen lots of stuff about how to use tech in the event of self-isolation.
But what about the levels of rations needed to survive?
Hope this helps.
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Running out of money before running out of life is not good. But dying with too much = missed opportunities, dreams, memories, helping others, "working for the man" too long etc.
Better to give with a warm hand than a cold one.
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𝙃𝙚𝙮, 𝙟𝙤𝙪𝙧𝙣𝙤 𝙩𝙮𝙥𝙚𝙨: MSCI World Index up 430% since March 2009. Annualised return 14%.
Do any of you fancy asking how
@StandardLifeUK
, 13 years into a bull market, can be applying Market Value Adjusters (MVAs) to pensions?
Overused word but.. "disgrace"
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As the boss, you take on massive risks that employees simply don't.
There used to be a clear fiscal reward for doing so.
Not any more..... and this under a "Conservative" government!
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It's there for everyone. You've just got to grasp it - and believe in the future.
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30: Perfection Is The Enemy: That's A Wrap, Folks!
My final essay on ship30for30.
Take it or leave it.
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Advisers: this is brilliant. I'm going to use it in ZAPMs based on client's DOB. Keep on dispensing the Vitamin D:
#SundayBliss
#RationalOptimist
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1/n
I know plenty of people who want to shut down critical discussion in financial services because "looks bad".
I'll tell you what "looks bad":
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Right now, it's Health Over Wealth: clients just aren't that bothered by the markets. They (and we) have bigger front-of-mind issues.
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Another prospect pack assembled. Remember folks, the best way to keep the loons off The Ark is to never let them on!
#WeQualifyThemNotThemUs
#AINAC
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Now asking for a friend.....
The 4-6 weeks mentioned have passed
@JackGilbert13
. Any chance we could have an update on this story of yours please?
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"When should I go back in, Paul, you humble, quiet & bright seer?"
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This is a cretinous thing to say, even for a journalist.
A life insurance policy is like a pact with death. You might as well invest those premiums. That way, you’re better off the longer you live, not the other way around
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For a moment, we were contemplating putting 50% of client assets in cash.
But instead, we sent this to our clients:
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We don't determine value. The client does. Do these people not understand basic market theory?
#PFSFestival
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Clients don't make decisions on what's in a report. They don't even read them.
They do what you tell them to do. Because it's you saying it. Because you are the trusted adviser.
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6: What I Discovered About Discovery Meetings
My sixth essay on
@ship30for30
.
Take it or leave it.
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The best thing you'll watch all year*:
*Not guaranteed. Disappointment is likely to be high. You may lose some or all of your time etc.
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"Mr & Mrs Prospect, over the course of an entirely average three decade retirement, your lifestyle costs are more than likely to triple. If you're telling me you want to fund that with a fixed income portfolio, then two people in this room are insane, and neither of them is me."
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Yesterday's cashflow training a healthy reminder: there are so many good people in our profession. The bad get the attention: they are as nothing.
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Just so everyone knows, I've thought long and hard about being on Twitter, and I've decided it's time for me to stay. Please tell everyone.
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Puffing a bit at the top of Mam Tor. Lucked out with the weather.
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With our unique blend of top-down macro analysis, combined with bottom-up fundamentals, here's our renowned market forecast for the coming year:
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I've lived my life by this ethos.
Also: on the 25th, does anyone have a spare place at their dining table?
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At the risk of being outspoken, there is no "advice" gap. There's a "money" gap: most people, after taxes and mortgage, don't have a pot to piss in. All the "advice" in the world won't help.
How do we tackle - and actually start to close - the advice gap? We hear four perspectives from across the sector about the actions they're taking today
@magus_wealth
@CISI
@AvivaUK
@MandGWealth
#AdviceGap23
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"Risk is measured as the probability that you won't meet your financial goals. Investing is done exclusively to minimise this risk."
But do please waste my time with Capacity For Loss.
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If you lived in the 1970s & 1980s you had rampant inflation. And if you lived in the 2000s you had "zero" stock market return. And yet, and yet....
#Dalbarin
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Me? Here, in the North? With the wildlings? With my reputation?
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I was born in 1969. On my 35th birthday, inflation had turned £1,000 into just £105. That's risk. Everything else is noise.
#SNTR
The Miggins are back!
This time we slay the inflation dragon.
At a trendline inflation of 3%pa, money loses 60% of its purchasing power over a 30-yr retirement. Stated another way, it will cost £2.40 in the 30th yr to buy what £1 bought in the first.
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Keep working, money purchase plebs. The final salary swanks are depending on you and your taxes.
This has to end.
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A quick thank you to all those who've been so gracious about my talk at
#humconf
yesterday. It was my pleasure to deliver it AND to catch up with so many good people. Loved it.
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25: The Loneliness Of The Lone Practice Planner
My 25th essay on ship30for30.
Take it or leave it.
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Nothing quite screams "overreach" as being told how to run a free market business funded by customer fees, by a monopoly supplier funded by non-negotiable levies.
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S&P up 45% (ignoring dividends) since Dec 2018.
Just sayin'
(Don't need to mention that Dec 2018 was before That Wuhan Thing, do I?)
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The people telling other people to close down their businesses are people without businesses.
It's not tenable.
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By popular demand, here it is. My ultimate DIY disaster of 2020. Going for a social picnic, back in the summer, forgot to take corkscrew. Had to open bottle the Lincoln way..
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Leftie hypocrisy:
- Jo Brand jokes about pouring acid over Nigel Farage.
- Krishnan Guru-Murthy calls a Government Minister a c--t on air.
- Sophie Dukes jokes about killing white people.
- Miriam Margoyles wants the PM dead of COVID.
All of the above happened on BBC/C4.
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Before widespread internet, before the iPhone by a decade.
Nick Murray, December 1994
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Halftime. We've scored a second, sunk the conversion, and have a first innings lead.
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Our highly-regarded quarterly investment update is out. What have markets been doing and where are they going?
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50 years ago today, Wells Fargo launched the first index fund. Happy Birthday! A couple of years later (June, 1973) the WSJ noticed, and sought opinions from the "experts"...
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but PROD, MiFid, SMR, TCF, RDR.
FFS.
Flagged by an IFA in 2015, action taken by FCA 3 years later. It’s just pathetic really - London Capital & Finance: £236m firm collapses
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Final client Annual Planning Meeting of the year. They're in SO41, me WD17. No problem, with
@zoom_us
,
@planwithvoyant
to crunch the numbers &
@otter_ai
to transcribe the notes. Just add humans for the magic to begin!
#ScrewRobo
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I'm in an IFA peer group that has a number of Jewish members. They are taking their kids to school despite being petrified.
I burn with shame.
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There is so much wrong with this article. It's like an example piece of everything wrong with personal finance journalism.
Advisers - do you see this happening? IFAs charges high fees, then sticking an entire portfolio in cheap tracker via
@Telegraph
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I spoke to a Jewish client this morning. I told him I believe the silent majority is totally behind their community.
"It's the silence that is the problem."
Wake up.
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When you have to write so many verbose articles trying to explain a subject, perhaps the problem IS the subject? Just a thought.
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If someone is offering you a return of between 9-15% pa, ask yourself why? Why don't they just borrow at 5% and invest gazillions themselves?
h/t to
@SmartSacks
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One more, Spartans, one more!
That highlighted line - wow. So much work to be done.....
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Whereas if he'd invested it in the S&P 500 in Jan 1979 & stared out the window the next forty years. he'd have US$4.64BN.
Not including dividends.
Just sayin'
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The fourth biggest selling ETF on the Quilters platform this year.... physical gold.
Apparently "returns were largely disappointing this year."
Whodathunkit?
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How I survived 18 years of advising clients with ZERO complaints is beyond me. Thank God for initiatives such as SMCR.
Likewise the plague of non-advising compliance consultants who will no doubt have "White Paper" solutions for me.
Truly, I am blessed.😉
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If you 'just' get the market return, you're so far ahead of the pack it's almost laughable.
H/T
@AlanJLSmith
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"To conclude, picking a fund manager who is consistently capable of protecting from market setbacks is almost impossible."
Saved you the effort. My pleasure.
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