You will be responsible for the high quality care and administrative affairs of our of high net worth private wealth management clients. You will also be expected to arrange PR and marketing events and to liaise with Directors and other third party professionals.

Requirements

The successful candidate will be able to demonstrate relevant skill and experience in most of the following areas;

You must have self direction and be comfortable with a degree of autonomy

Applicants with relevant Financial Services experience and qualifications preferred

Excellent face to face, written and telephone communication skills

A confident and positive personality

Experience within a marketing or PR background would be an advantage

Excellent computer literacy

Remuneration

£20,000-£25,000 + Bonus depending on experience and qualifications.

In the first instance,  please send your CV and contact details to :-

jslater@mansecapital.co.uk or for his attention at our Leeds head office.

Manse Capital Gears Up For The Future

It’s a piece of wisdom worth recalling after another year that has tested the nerve of many investors and prompted questions about what current generations have done to deserve to live in such a tempestuous stage of history.

As the year winds down (if that’s the word for it!), financial markets are gripped by uncertainty over developments in the Eurozone crisis. Each day brings fresh headlines that send investors scrambling from virtual despair to tentative optimism.

While not seeking to downplay the very real anxiety generated by these events, particularly in relation to their effects on investment portfolios, it’s worth reflecting critically on our often second-hand memories of the “good old days”.

A Brief History of the 20th Century

Nearly 100 years ago, Europe was engulfed by a war that destroyed two centuries-old empires, redrew the map of the continent and left more than 15 million people dead and another 20 million wounded. The economic effects were significant, with widespread rationing in many countries, labour shortages and massive government borrowing.

Just as the Great War was ending, the world was struck by a deadly pandemic — the Spanish flu — that killed some 50 million people on the most conservative estimate. About a third of the world’s population was infected over a two-year period.

A little over a decade after the Great War and the pandemic, the Great Depression cut a swathe through the global economy. Industrial production collapsed, international trade broke down, unemployment tripled or quadrupled in some cases and deflation made already groaning debt burdens even larger.

In the meantime, resentment was growing in Germany over its Great War reparations to the Allied powers. Berlin resorted to printing money to pay its debts, which in turn led to hyper-inflation. At one point, one US dollar converted to four trillion marks.

In a new militaristic and nationalist climate, fascist regimes arose in Germany, Italy and Spain. Under Hitler, Germany defied international treaties and began annexing surrounding regions in Austria, Czechoslovakia before finally attacking Poland in 1939.

This led to the Second World War, a conflict that engulfed almost the entire globe as Japan pushed its imperial ambitions in Asia, while Germany sought to conquer Europe. More than 50 million died in the ensuring conflict, including a holocaust of six million Jews. The war ended with the invasion of Berlin by Russian and Western forces, while Japan surrendered only after the US dropped nuclear bombs on two cities, killing a quarter of a million civilians.

In economic terms, the war’s impact was profound. Most of Europe’s infrastructure was destroyed, millions of people were left homeless, much of the United Kingdom’s urban areas were devastated, labour shortages were rife and rationing was prevalent.

While the 35 years after World War II were seen as a golden age in comparison, the geopolitical situation remained fraught as the nuclear armed superpowers, the Soviet Union and the USA, eyed each other. The breakdown of the old European empires and growing east-west tensions led the US and its allies into wars in Korea and Vietnam.

The cost of the Vietnam and Cold Wars created enormous balance of payments and inflation pressures for the US and led in 1971 to the end of the post-WWII Bretton Woods system of international monetary management. The US dollar came off the gold standard and the world gradually moved to a system of floating exchange rates.

In the mid-1970s, the depreciation of the value of the US dollar and the breakdown of the monetary system combined with war in the Middle East to encourage major oil producers to quadruple oil prices. Stock markets collapsed and stagflation — a combination of rising inflation alongside rising unemployment — gripped many countries.

While the 1980s and 1990s were a relative oasis of calm — aided by the end of the Cold War — there still was no shortage of bad news, including the Balkan wars, the Rwandan genocide and recessions in the early part of both decades.

In the past decade, there have been the tragedies of 9/11, the 2004 Asian tsunami, the 2011 Japanese earthquake, tsunami and nuclear crisis and, now, the financial crisis sparked by irresponsible lending, complex derivatives and excessive leverage.

Another Perspective

So from this potted history, it seems fairly clear that tragedy and uncertainty will always be with us. But the important point to take out of it is that previous generations have stared down and overcome far greater obstacles than we face today. And while it is easy to focus on the bad news, we mustn’t overlook the good either.

Alongside the wars, depressions and natural disasters of the past century, there were some notable achievements for humanity — like women’s suffrage, the development of antibiotics, civil rights, economic liberalisation and the spread of prosperity and democracy, space travel and advances in our understanding of the natural world and enormous advances in telecommunication. (Oh, and the Beatles.)

Today, while the US and Europe are gripped by tough economic times, much of the developing world is thriving. Populous nations such as China and India are emerging as prosperous nations with large middle classes. And smaller, poorer economies are making advances too.

The United Nations in the year 2000 adopted a Millennium Declaration that set specific targets for ending extreme poverty, reducing child mortality and raising education and environmental standards by 2015. In East Asia, the majority of 21 targets have already been met or are expected to be met by the deadline. In Africa, about half the targets are on track, including those for poverty and hunger.

Alongside these gains, new communications technology is improving our understanding of different cultures and increasing tolerance across borders, while providing new avenues for the spread of ideas in education, health care, technology and business.

Through forums such as the G20 and APEC, international cooperation is increasing in the field of trade, addressing climate change and lifting the ability of the developing world to more fully participate in the global economy.

Rising levels of education and health and workforce participation also mean the foundations are being built for a healthier and peaceful global economy, dependent not on debt, fancy derivatives and fast profits but on sustainable, long-term wealth building.

Anxiety over recent market developments is completely understandable and it is quite human to feel concerned at events in Europe. But amid all the bad news, it is also clear that the world is changing in positive ways that provide plenty of cause for hope and, at the very least, gratitude for what we already have. These are ideas to keep in mind when we scan the news and long for the “good old days”.

However, there is only so much we can do and where a third party operates unilaterally in breach of the FSA regulations,  we are a little powerless to act until the issue comes to light. It is in this vein that we are very disappointed that the compliance department at Transact, (our chosen wrap provider), recently failed to meet its usual high standards.

That said, we were pleased with the speedy, honest and efficient manner with which it accepted responsibility for the error and how it has dealt with the issue. It must also be stressed that no clients have suffered any loss or have been financially disadvantaged in any way. In the link below, is a copy of the communication we received, which you may like to read.

http://www.citywire.co.uk/new-model-adviser/qanda-with-transact-why-the-fsa-hit-us-with-a-3-5m-fine/a550512

Firstly we would like to make a few acknowledgements;

• Two of our Director’s Nick and Karl have been awarded  Chartered Financial Planner status by the Chartered Insurance Institute, which supplements the other benchmark qualification of Certified Financial Planner status they and the other Directors already held under the Institute of Financial Planning, (IFP). The other Directors have committed to achieving this before the end of 2012.
• Manse Capital has just been awarded the prestigious Accredited Financial Planning Firm status by the IFP, for which only some 30 firms nationwide have met the stringent selection criteria.
• Sarah Robinson of our Para Planning team has achieved her Diploma and is currently studying for her Certified Financial Planning paper.
• We have also had the pleasure of welcoming Alex Atkinson, who is rapidly proving his worth as part of our para-planning team.
• Our Senior Para planner Mel is currently on maternity leave, enjoying being a mother, having had a healthy baby boy earlier this year.
• We would also like to thank those of you  who kindly sponsored our team who cycled the new 170 mile coast to coast cycle way in July , (Morecambe to Bridlington) raising almost £2,500 for Teenage Cancer Trust.

What is New for You?

Some of you have already visited our new offices. We are very proud of them, as they represent a major investment on the part of the Directors in ensuring our staff can enjoy a good working environment, you have a convivial place to meet for your reviews when you visit us and we have a permanent base that will meet our business development needs for the future. Part of this move also entailed a major investment in upgrading our telecommunications, data management and disaster recovery. In so doing we can ensure full continuity of service, even if the building were to be destroyed by fire.

The merger of the old Baxter Fensham business with Jon and his team from JPM under the new Manse Capital banner was a major task, which is now nearly complete. It is already starting to show practical benefits, in terms of how we organize our workflow and in improving the personal touches we like to pride ourselves on. Going forward each client will be allocated an individual Client Relationship Manager to support your Financial Planner in looking after you. Their task will be to deal with your day to day requirements and co-ordinate the various aspects of your annual reviews and ad hoc enquiries.

In recent years, many in the Financial Services industry have struggled, be it financially or under the weight of the significant impending regulatory burden being placed upon those firms who have not evolved voluntarily over recent years. By way of contrast, we are well ahead of most in the financial services arena, as we started transitioning our business some eight years ago, as the opportunities arose, rather than waiting for legislation to force our hand.  Our business has expanded year on year over the last five years, even during the current recession. For this we would like to thank you for your loyalty, honest feedback and for the referrals we have received from so many of you.

Aside from providing the company an even stronger financial footing, the merger and current developments we are undertaking together with the exceptional combined skill and knowledge base we have, will ensure we are well placed to deal with the challenges and opportunities that will invariably face us in the future.

New Documentation:

As part of the rebranding, we have taken the opportunity to redesign the documentation you receive from us, with a view to making them all easier to read and understand by using plain English and not jargon. Not least amongst these was a re design of our Investment Philosophy document, which you can view by clicking here. It now tells the story of what we do and don’t do with your money and why we do things in a more readily understandable manner.  We have already had much positive feedback about the changes we have made. Should you have friends, colleagues or clients who are worried about their investments and the quality of service and advice they have been receiving, they may find it a useful read. Equally, we are finding our second opinion service is proving quite attractive to those who are dissatisfied with their current wealth management and advice arrangements.

Firstly we would like to make a few acknowledgements;

• Two of our Director’s Nick and Karl have been awarded  Chartered Financial Planner status by the Chartered Insurance Institute, which supplements the other benchmark qualification of Certified Financial Planner status they and the other Directors already hold under the Institute of Financial Planning, (IFP). The other Directors have committed to achieving this before the end of 2012.
• Manse Capital has just been awarded the prestigious Accredited Financial Planning Firm status by the IFP, for which only some 30 firms nationwide have met the stringent selection criteria.
• In August, we had the pleasure of merging with Jon Slater and his team from JPM, Emma, Rebecca and Kirsty.
• Sarah Robinson of our Para Planning team has achieved her Diploma and is currently studying for her Certified Financial Planning paper.
• We have also had the pleasure of welcoming Alex Atkinson, who is rapidly proving his worth as part of our para-planning team.
• Our Senior Para planner Mel is currently on maternity leave, enjoying being a mother, having had a healthy baby boy earlier this year.
• We would also like to thank those of you  who kindly sponsored our team who cycled the new 170 mile coast to coast cycle way in July , (Morecambe to Bridlington) raising almost £2,500 for Teenage Cancer Trust.

What is New for You?

Some of you have already visited our new offices. We are very proud of them, as they represent a major investment on the part of the Directors in ensuring our staff can enjoy a good working environment, you have a convivial place to meet for your reviews when you visit us and we have a permanent base that will meet our business development needs for the future. Part of this move also entailed a major investment in upgrading our telecommunications, data management and disaster recovery. In so doing we can ensure full continuity of service, even if the building were to be destroyed by fire.

The merger of the old Baxter Fensham business with Jon and his team from JPM under the new Manse Capital banner was a major task, which is now nearly complete. It is already starting to show practical benefits, in terms of how we organize our workflow and in improving the personal touches we like to pride ourselves on. Going forward each client will be allocated an individual Client Relationship Manager to support your Financial Planner in looking after you. Their task will be to deal with your day to day requirements and co-ordinate the various aspects of your annual reviews and ad hoc enquiries.

In recent years, many in the Financial Services industry have struggled, be it financially or under the weight of the significant impending regulatory burden being placed upon those firms who have not evolved voluntarily over recent years. By way of contrast, we are well ahead of most in the financial services arena, as we started transitioning our business some eight years ago, as the opportunities arose, rather than waiting for legislation to force our hand.  Our business has expanded year on year over the last five years, even during the current recession. For this we would like to thank you for your loyalty, honest feedback and for the referrals we have received from so many of you.

Aside from providing the company an even stronger financial footing, the merger and current developments we are undertaking together with the exceptional combined skill and knowledge base we have, will ensure we are well placed to deal with the challenges and opportunities that will invariably face us in the future.

New Documentation:

As part of the rebranding, we have taken the opportunity to redesign the documentation you receive from us, with a view to making them all easier to read and understand by using plain English and not jargon. Not least amongst these was a re design of our Investment Philosophy document, which you can view by clicking here. It now tells the story of what we do and don’t do with your money and why we do things in a more readily understandable manner.  We have already had much positive feedback about the changes we have made. Should you have friends, colleagues or clients who are worried about their investments and the quality of service and advice they have been receiving, they may find it a useful read. Equally, we are finding our second opinion service is proving quite attractive to those who are dissatisfied with their current wealth management and advice arrangements.

Please click on the highlighted text if you wish to read Manse Capital’s updated Invest Philosophy document.

It is worth noting that despite the importance of being able to provide a consistent and accountable service to one’s clients, a recent survey showed that the vast majority of Wealth Managers and Investment Advisers do not have a written investment philosophy, which, to our minds, would suggest most firms and individual advisers have a worryingly ad-hoc approach to creating their client’s investment portfolios.

Last month we provided an insight into fitting Solar PV panels to the roof of your house in order to obtain the guaranteed feed in tariffs (FIT’s) from the government over the next 25 years.

Similar FIT’s are available on a commercial scale and due to the Government’s commitment to solar energy, there are certain tax breaks available to investors in such schemes.

Over the last few months we have been researching this area and thought it would be prudent to make you aware of the opportunities available to “save tax by going green” within Enterprise Investment Schemes (EIS) and Venture Capital Trusts (VCT).

The Government’s commitment to this area means investing in certain solar panel schemes will qualify to become an EIS  or a VCT and provide a structure into which you can invest and save tax. Traditionally EIS and VCT investments have been high risk to generate growth in fledgling sectors however with the Government backing investing in a solar PV provides investors access to these benefits but in a lower risk way. Please see risk factors at the end of this article.

Tax Benefits

EIS and VCT’s both provide similar income tax savings with EIS offering a larger initial investment and shorter holding period. If you would like more information on VCT’s please contact us.

In order to qualify for income tax relief, investments into an EIS must be held for a minimum of three years. The maximum investment is £500,000 in a tax year and the amount of relief cannot exceed an investors income tax liability for that year. Inheritance tax relief is available after two years, provided the investment has been held for at least two years and is still held at the time of death.

EIS solutions deliver significant tax benefits that reduce the net cost of the initial investment to investors. These are:

• 30% upfront income tax relief if the investment is held for three years
• Tax-free growth
• Capital Gains Tax deferral
• Up to 100% IHT relief after two years (provided funds remain invested at the time of death)

It is important to bear in mind that as with all investments there are elements of risk when investing in an EIS.  They should be viewed as long-term investments as you have to hold your investment for at least three years to take advantage of the 30% income tax rebate.  This product will invest in small companies which, by their nature, will have a higher risk profile than larger companies. It is also important to bear in mind that exit values for solar companies are unpredictable and will be dependent on a number of variables such as interest rates, inflation and the economic climate.

Why solar?

Following recent UK and European legislation, the UK government has set a target that, by 2020, 30% of all of the UK’s electricity will be generated from renewable sources.  Given that only 5.5% is currently generated in this way, this is a huge challenge. To address this, UK government legislation in 2010 introduced “Feed-in-Tariffs” which guarantee investors 25-year inflation linked payments for electricity generated by qualifying solar power systems (the “FIT Scheme”).

Solar investments under the FIT scheme are attractive for lower risk EIS investment for the following reasons:

1. Solar electricity generation has a proven track record. It is a well established technology that has been delivered on a large scale over a number of years outside of the UK.
2. It offers a long-term price for the output that accounts for inflation. The government legislation stipulates that the payments to the solar investee companies will remain in place for 25 years, with the amount paid increasing in line with the Retail Price Index.
3. It delivers predictable volumes of energy, and therefore a visible revenue stream and return for investors.

The Return

Given the very low risk of this type of investment the main return is the tax relief at 30%. As your capital should be available after around 3.5 years (3 years minimum term plus around 6 months to get up and running and refinance the scheme at the end) this is a guaranteed return of 8.57% per annum net.

In addition the investment return is variable and depends on the efficiency of the particular investment company and how it manages its income and expenditure.

Predicted returns from the various investments available range from 5% to 12.5% over the 3 -4 year period in addition to the tax relief stated above.

Using the lower figure will give you a total return of 35% over the term of 3.5 years which equates to 10% per annum net of tax.

Risks

All types of investments carry a degree of risk and this is no different. Below is an example of some but not all. Please feel free to contact us for a full list of risks involved.

As there is no public market for these types of shares returns to investors will only be available when the investment is sold as a whole which is expected to be after the third year but not guaranteed.

Retrospective reductions to Feed in Tariffs by the government is unlikely but a possibility.

The investment is subject to risks associated with solar energy which could include reduced energy output (due to adverse weather conditions), faulty equipment (albeit all covered by 10 year warranty) and issues with property leases on which the panels are situated.

• Maximum contribution of £3,600 per child per tax year, rising in line with inflation from 2013.
• Account held in child’s name, but opened and managed by a parent or guardian (up to age 16).
• No withdrawals permitted until age 18, when the account becomes an ‘adult’ ISA and the child has full access to their capital.
• Same tax benefits as an adult ISA – no capital gains tax and no further tax on any income.

Decisions on where and when to invest ISA contributions are made by the child’s parents but the account is held in the child’s name. The money is ring-fenced for the child until they are 18 – no withdrawals are permitted before then except in the event of terminal illness or death.

Eligibility

Any child resident in the UK who wasn’t eligible for a Child Trust Fund (CTF):

• Children born on or after 3 January 2011
• Children (aged under 18) born before 1 September 2002
• Children born between 1 September 2002 and 3 January 2011 who didn’t qualify for a Child Trust Fund will be eligible for Junior ISAs.

Like adult ISAs, there are two types of Junior ISA:

• Cash Junior ISAs
• Stocks & Shares Junior ISAs

You can open a Cash Junior ISA and a Stocks & Shares Junior ISA provided you do not subscribe more than the annual contribution limit (£3,600 for the 2011/12 tax year).

Children will only be able to hold one Cash Junior ISA and one Stocks & Shares Junior ISA at any time. It will be possible to transfer funds from one type of Junior ISA to another. It will also be possible to transfer between providers.

Please note that investments in a Stocks & Shares Junior ISA can fall in value as well as rise, and you could get back less than you invest.

Main uses of Junior ISA’s

1 – University Planning – typical costs these days to assist in educating your children through University can be anything up to £20000 per annum depending how much of their costs you want to provide for. Fees up to £9,000,  Accommodation up to £5,000, Food/General Living – up to£5/6,000.

A typical 3 year course could therefore cost in the region of £60,000.

2 – House deposit – Average terraced house price in UK £187,006 (source Land Registry). Average graduate salary £23-£25,000. Typical mortgage multiples are 3.5.  Maximum loan £87,500. Deposit required £100,000 approx.

3 – Wedding –Average weddings costs in the UK can fall between £15,000 and £25,000.

Summary

As you can see providing for your children’s future can be very expensive, so utilising such a tax free environment may make sense in addition to your own ISA allowances.

If you want any further information please don’t hesitate to contact us however these will all be discussed in your regular review if applicable.