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Here at Vista Financial Solutions, we specialise in providing you with quality, professional Independent Financial Advice that you can trust.
Whatever your particular requirements, whether it be a mortgage, retirement planning, investment for income or growth, protection against accident, sickness or death, we can ensure that we find the best solution for you.
Planning for the future is something we all tend to defer, without much persuasion. This can create short and longer term dangers for us both as individuals and as members of a wider association, be it family, business or community.
We hope you’ll explore our website to find out what is on offer for you or please contact us to arrange a free initial meeting to discuss your complex financial needs and the bespoke solutions that we can offer you.
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ABOUT US
At Vista Financial Solutions, we are dedicated to creating a meaningful, long-term relationship with you that is based on understanding, knowledge and commitment to progress. We are a company of action: proactive, professional advisers committed to creating long-term success and financial progression for you, our client.
We understand that everyone is different, and that's why our financial planning approach is as individual as you. We know the financial side of life can be complex and that's why we work hard to get to know you and your aspirations through careful life planning and consultation. We then provide quality advice services and practical pathways to help you achieve the life you want.
With Vista FS, progress means development. Financial and life planning that helps you to navigate life's financial complications, free of financial ambiguity and safe in the knowledge that the professional team is at your side, every step of the way.
Our team are happy to meet at a day, time and location most convenient to you, and these meetings are usually arranged by prior appointment and can also be held at our offices in London and Hertfordshire.
Richard Fearn
Director & Financial Adviser
I founded Vista Financial Solutions in 2008, in the midst of the financial down turn. With 7 years experience advising clients and 10 years in the Financial Services industry, being half the age of the average Financial Adviser, some would say I'm well placed.
I like to think that I will be on hand to offer Financial Advice for years to come for our clients, their children and possibly their grandchilden.
I look forward to a long and successful relationship with all of our clients.
FINANCIAL PLANNING
What is financial planning?
Financial planning is about helping to structure and manage your finances to achieve your objectives. This includes the efficient use of existing resources, ensuring tax efficiency, delivering the level of access and control you require and perhaps also considering how your accumulated wealth can be passed on to the next generation.
Ideally, planning should be undertaken in the context of your total finances i.e. holistically and this is the requirement for a great many of our clients. Understandably some clients wish us to advise them in more limited areas.
Regardless of the scope of our advice, our financial planning is all about you, your aspirations and your circumstances. In other words, it's highly personal and so is our service.
The Financial Planning Process involves developing strategies to help you manage your financial affairs so you can build & preserve wealth, achieve financial security and most importantly enjoy your life.
As part of our comprehensive service we will typically look at the following:
• Ensuring you have sufficient liquidity both now and in the future (cash management)
• Retirement Option Strategies
• Evaluate and measure the risks affecting your planning, consequences of disability, premature death or even longevity
• Tax optimisation and reducing your tax liabilities
• Estate Planning and minimising the impact of inheritance tax and ensuring your assets are distributed in accordance with your wishes
• Analysing, restructuring and simplifying investment portfolios
• Ensuring you are on track to achieve the life you ‘want by analysing in detail where you are now with where you want to be.
Investment Planning
Do you know how much risk you are prepared to tolerate when you invest? This is the question that lies at the heart of investment planning and very often the discussions about risk take the longest.
The basic investment choice is between the following asset classes:
- Cash deposits in banks and building societies.
- Fixed interest securities effectively loans to the government or businesses.
- Property commercial or residential (very different from each other).
- Equities shares in companies listed on stock exchanges.
These are the building blocks of investment portfolios. Your risk profile determines how much risk you can and should be prepared to take on and will help determine the appropriate mix of these basic components in your portfolio, usually called the asset allocation.
In theory at least, the market rewards those who are prepared to take on the highest risks by generally providing the highest returns. Equities, for example have usually out performed the other asset classes. But investing in equities can provide a bumpy ride and you need to spread your investments over different companies, industries and markets to reduce the risk. If you can afford to take a long view, you can probably afford to accept higher risks.
There are several other factors to consider such as how investments are taxed, and the choice of fund managers and institutions, which can make a substantial difference to your returns, but asset allocation is almost certainly the key decision.
Tax is not generally the most important aspect of investment planning but your investment returns can be greatly affected by your tax strategy, so it is well worth taking tax into account.
The value of your investments and the income from them can fluctuate and it is possible that you might not get back a significant amount of your investment. Past performance is not a reliable indicator of future results.
Retirement Planning
When it comes to providing for our retirement, too many people are doing too little too late. Putting away even a small sum early on can make a big difference to the lifestyle you will enjoy when you retire. The golden rule for most people, is to not rely on the State alone. Modern pensions benefit from some very exceptional tax breaks, and nowadays, you can even contribute to your pension when you don't work!
The taxation of pensions changed significantly in 2006, opening up both opportunities and potential pitfalls. HM Revenue and Customs described the process of change as simplification. In many respects, this description is correct. For most people, the tax rules will simplify the situation considerably. The multiplicity of different tax regimes were abolished with effect from 6 April 2006 and with the new Lifetime Allowance and Annual Allowance limits recently introduced and subsequently lowered, we can help you navigate them.
Pensions will still be the most tax-efficient way for most people to provide for their retirement. The shrinking number of the working population that are still members of defined benefits (or salary-related) pension schemes will have a generally attractive and secure means of building pension benefits. The remainder who depend on defined contribution (or money purchase) schemes will find that the tax advantages normally outweigh the restrictions on access and the other rules. I
If you are a business owner, you could find that your pension scheme is a useful tax vehicle for achieving your financial objectives.
The changes could mean that this is a good moment to review your pension arrangements.
Financial Planning Process
The overall aim of the financial planning process is to help you reach your financial goals and develop or maintain your desired lifestyle, in the most efficient way possible.
We therefore adopt a systematic consistent approach which ensures the needs of our clients come first and aims to deliver a 'Successful Financial Planning Experience'. The Process is generally broken down into 6 steps:
Discovery Meeting
The purpose of the Discovery Meeting is an opportunity for you to get to know us.
Establish Your Objectives
Only if clients are comfortable, the Discovery Meeting can lead to an immediate detailed discussion about your plans and gain an understanding of your current financial situation. We also gather details about you and try and understand as much as we can about what really matters to you. What you care about? What interests you? What your fears are? What would you do if money was not an option?
Analyse Your Planning
Using the information gathered, we now work as your Financial Planner and take a comprehensive look at the tangible financial elements that make up your life such as your savings, investments, protection, retirement, tax position and estate planning.
Prepare & Present Your Wealth Management Plan
From our analysis we then develop a highly specialised bespoke 'Wealth Management Plan' for getting you from where you are today to where you want to be in the future.
Implement Plan & Recommendations
Once we have reached agreement with you, we can begin to implement the strategy. This is an important and critical stage and various factors will need to be considered.
Monitor & Review Your Planning
After a comprehensive Wealth Management Plan has been implemented, it soon becomes out of date, either because economic, tax or external conditions have changed, or your circumstances may simply have moved on.
For these reasons, we have put together a comprehensive Wealth Management Review Service that monitors and evaluates your progress. At this stage any adjustments or modifications can be accommodated into your Plan.
Our Fees
Vista Financial Solutions is a wholly independent financial adviser (IFA). We charge fees for the work that we do and you will always know what we charge in advance of us starting work.
This approach means that you can be sure we are working in your best interests and not the interests of an investment or insurance company who pay commission to solicit business from advisers. Our principle is not to accept commission as this could lead to ambiguity of advice/service/independence. The fees we charge are dependent on the services you require but fall into 3 categories:
Financial Planning Fee
This fee is agreed with you from outset and covers the detailed financial planning work undertaken to research and analyse your current position and determine what steps you should be taken to help you achieve your planning objectives. This fee entitles you to the ownership of the strategy and covers the cost of Vista Financial Solutions' intellectual property, experience and expertise. The specific fee will depend upon the complexity of the advice and the service' being provided. Please contact us and refer to our menu' of charges
Implementation Fee
If you are satisfied with your Wealth Management Plan strategy you can then instruct us to implement your plan and this will be subject to our implementation fee. This fee covers the cost of accurate and timely implementation of the strategy. Our implementation fee (if investing capital) is based on a small percentage of the capital being invested.
Wealth Management Fee
The fee for providing our ongoing professional Wealth Management Service is usually calculated as a percentage of assets under advice.
Full details of our charges will be provided prior to you engaging us.
MORTGAGES
Buying a property can be the biggest decision made in our lives. It is for this very reason that impartial advice is critical from competent and qualified advisers.
Whether you are a first time buyer, looking to remortgage, purchase a second home or even looking to release equity to provide income in retirement. This is where our advisers excel.
Be reassured that our style at Vista FS is to guarantee reliable financial advice appropriate to any individual that makes contact with us.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
There may be a fee for mortgage advice, although this is normally paid by way of an introduction fee from the lender we arrange your mortgage with. The precise amount of any fee will depend on your own circumstance, but typically this could be 0.25% of the amount borrowed.
Buying a house is one of the most important purchases you will make, and buying a home for the first time will be an even more daunting prospect. Add to this the vast array of mortgage products available from a wide range of sources and you could be left with a highly-stressful and confusing decision.To help you with making the right decision we have put together some top tips for you.
•Ensure that you are realistic when working out exactly how much you can afford to spend on your new house. You should ensure the intended mortgage is affordable (by doing a budget calculation) and it is wise to obtain a Decision in Principle certificate, so that you know how much you can offer once you have found a suitable property.
•When buying for the first time, there may be a number of details in the houses you are looking at, which you may not pick up. Always take an experienced home buyer, such as one of your parents, or a home-owning friend, when looking at property. If this is difficult to arrange, then make sure you at least get some assistance once you have selected a property you like and are arranging a second viewing.
•If you have been used to living at home with your parents, remember to budget for expenses such as council tax, gas and electricity bills, boiler servicing, and other home repairs.
•Make sure you know what the likely council tax charge will be in your new property. The selling agent should be able to tell you what tax band the house you are interested in buying is in, and how the charges are levied by your local authority.
•Even if you do not have children, remember that property in the catchment area of good local schools will always be much easier to sell on. However, this may also be reflected in a higher purchase price.
•Consider the availability of public transport services, making sure you find out local bus routes, the frequency of train services from your nearest station, and, if you are moving a long distance, the range of flights available from your local airport.
•Write down a list of local amenities which are important to you. This may include shops, restaurants, pubs, sports centres, parks, and cinemas. If you enjoy activities such as walking, or cycling, the neighbourhood you plan to move in to may be very different to the one your parents are living in, and may not have the same access to parks and other recreational facilities.
•Try, where possible, to find somewhere to live that is close to your main place of work. Commuting can be one of the biggest household expenses, and as you are likely to be spending much more time on domestic chores and/or DIY, living somewhere which minimises your commuting distance will be very important.
Re Mortgage
When you remortgage, you are switching your mortgage to another deal, and frequently, another lender.
Remortgages can be used for various reasons. However, most people simply switch mortgages because it will work out cheaper for them. For example, the introductory discounted interest rate may have finished with your current lender; therefore you could potentially get a new discount rate, or a lower APR, with another lender. Another example is when you may need to re-mortgage to consolidate debts.
It is worth noting that a remortgage is not the best option in all cases. Even if the lender you are considering switching to is offering a lower APR, you must take into consideration the facts that:
•The new lender may charge you for valuation and solicitor's fees, even if you have already paid these for your mortgage with your current lender.
•If you switch mortgage remember to look at the overall repayment period. You may be able to pay less monthly, but check the final repayment date of the mortgage as well.
Also you may be able to switch your mortgage deal with your current lender, avoiding any unnecessary costs. Many lenders will allow you to switch your mortgage deal reasonably frequently.
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.
Securing short term debts against your home could increase the term over which they are paid and therefore increase the overall amount payable.
You may have to pay an early repayment charge to your existing lender if you re-mortgage. You can choose how we are paid for mortgages; pay a fee or we can accept commission from the lender, or a combination of fee and commission.
Becoming a private landlord should not be seen as an easy way of making money. It can be riskier and more complicated. It can also be very time consuming, more than most forms of investment, and there is no guarantee that house prices will rise. That said, having a second property to let to tenants could reap considerable financial rewards over time.
There are 3 main differences in buy to let mortgages:
• Rent Potential - the decision as to whether or not a mortgage will be offered is usually based on the rent you will earn as well as your income. In some cases your income is not ever considered.
• Interest Rate - buy to let mortgages have slightly higher interest rates.
• Larger Deposit - typically a minimum of 20% or 25% of the property's value is required as a deposit.
When buying a second property to let, you will need to decide whether your primary objective is income or capital growth. In other words, are you looking to make a profit month on month or are you looking to make a profit through increased equity from the second property if it increases in value over time? The decision may affect the type of property you purchase, and the location.
When you manage a property there are many costs involved in addition to the monthly mortgage repayments. As a guide, you should be aiming to achieve a gross rent of about 135% of the rental property's interest only mortgage repayments in order to cover your costs should anything go wrong.
These additional costs include:
• Property upkeep - maintenance costs for the property.
• Letting agent's fees - letting agents charge around 10% of the monthly rent for finding and vetting tenants with an additional cost of around 5% if you require a full management service.
• Ground rent / service charges - applicable to leasehold properties.
• Legal insurance - to cover costs from evicting tenants in the event of non-payment, very important, as this can be very expensive.
• Insurance - building insurance and contents insurance for the items provided as part of the rental agreement.
• Furnishings - the purchase of any furniture. If the property is to be let furnished, make sure you are covered for this by your home insurance.
• Gas / electrical appliances - cost of maintaining appliances and ensuring they comply with any regulations such as safety tests.
• Decorating costs - the property may require work ranging from painting, to a new bathroom suite before it is suitable for letting to tenants.
The FSA do not regulate Buy to Let Mortgages.
YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Equity Release
More and more people in the UK are starting to use the value built up in their home to help them enjoy a better retirement. Modern equity release plans are more flexible and those who are members of the trade body Safe Home Income Plans (SHIP) offer a guarantee that you will never owe more to the product provider than the value of your property.
Members of SHIP have to comply with a code of practice designed to protect customers.
What Is Equity Release?
Equity release enables you to unlock money from your home while you still live there and you don't have to make any repayments until the property is sold - either on your death or when you move into care.
To qualify for an equity release plan you must be over a certain age (55 or 60) and own your property.
An equity release plan can provide you with access to cash lump sums, a regular income or both.
Careful consideration
Equity release is not necessarily suitable for everyone, so we recommend that you always consult our Financial Advisers who are qualified to advise on the products.
As it is a lifelong commitment, we also recommend you involve your family in the decision making process because releasing money from the home will affect the amount that you will be able to leave them when you die. Taking out equity release may affect your tax position and entitlement to state benefits.
Equity Release may involve taking either a Lifetime Mortgage or a Home Reversion Plan.
These are lifetime mortgages and home reversion plans. To understand their features and risks ask for a personalised illustration.
PROTECTION
Quite often you hear "it could never happen to me" or "I'll sort it out later." Well the old maxim of failing to plan is planning to fail is no better suited to the ignoring of crucial decisions on protection.
As one would imagine, there are many types of Protection policies to choose from. Finding the one that provides adequate cover and the right protection is not as easy as you may think. As Independent Financial Advisors we can help you find the one that best meets your requirements.
Life Assurance
What is it?
A Term life insurance plan is the most basic form of life insurance and is usually the cheapest way to insure your life. It covers you for a fixed period and pays out a one off lump sum if you die during the policy term.
Term assurance can be level or decreasing, level means the benefit does not vary, it's always at a set amount and decreasing means that the level of cover will decrease usually in line with a capital and interest mortgage.
With some term insurance policies you can add additional options, for instance critical illness cover. If you do add on critical illness cover, the plan will pay out once on diagnosis of a qualifying critical illness or if you die during the term of the policy.
Who is it for?
This type of plan is designed for those who want to leave a lump sum in the event of their death within a specified time period whilst keeping the cost to a minimum. Term assurance can protect your family from the financial implications of a personal tragedy and is particularly important if you have young children or dependents. It can be used to cover a mortgage, other loan or to ensure that your family is protected from the effects of having to repay a debt after the main breadwinner has passed away. As Independent Financial Advisors we can help you find the plan that best meets your requirements.
Critical Illness Insurance
A Critical Illness plan is designed to pay out a lump sum on the diagnosis of certain specified illnesses. It is often ‘bolted on’ to a life assurance policy as an additional benefit but can also be a standalone plan.
This type of plan is designed for those individuals or families whom want a lump sum if they are diagnosed with a serious illness. As an example of where this lump sum could be used is to repay a loan, mortgage, or perhaps pay for time off work. The lump sum could even be used to pay for any necessary alterations to your home.
The quality of cover and the illnesses covered can vary significantly between different providers. As Independent Financial Advisors we can help you find the plan that best meets your requirements.
Income Protection
An Income Protection plan is designed to pay out a regular income in the event you are unable to work due to an accident or illness. These types of plans continue to pay out an income as long as you are unable to return to work up until the end date of the policy (typically your normal retirement age).
This type of plan is quite often seen as the foundation of any financial planning as it is likely that other plans will have to be given up if you do not have sufficient income coming into the household.
This type of plan is designed for anyone whom is working (employed or self employed). It’s worth pointing out that even if your employer provides sick pay, it is unlikely to last for longer than twelve months and so ongoing protection is essential. Plans can be adapted to fit in with any existing protection you might have. As Independent Financial Advisors we can help you find the plan that best meets your requirements.
Mortgage Payment Protection Insurance (MPPI)
A Mortgage Payment Protection plan is designed to ensure that you are able to continue to make your mortgage (and other related expenditure) payments in the event of accident, sickness or unemployment. It is often referred to as Accident, Sickness and Unemployment cover or ASU. These plans usually pay benefits for up to two years however, if you are seeking a plan that pays for a longer period, then Income Protection Insurance is generally more suitable.
It’s worth noting that there is currently no legal requirement to have such cover and potential mis-selling of these products has generated much interest from the media and the industry regulator in recent years. However, this doesn’t mean that they are not right for some people and can provide valuable protection in the right circumstances.
This type of plan is designed for those who are worried about being able to continue their mortgage payments in the event of losing income due to accident, sickness or unemployment.
It is extremely important that you take independent financial advice before taking out this type of plan as they are not always the best or cheapest option.
Whole of Life
As the name implies, this type of life assurance pays out when you die, whenever that may be. It is usually, but not always, a more expensive option than term assurance simply because the life assurance company knows that it will definitely pay out at some point.
Many of these plans offer some form of investment content and so can be more flexible than term assurance and can acquire cash in values.
This type of plan is designed for those who want to leave a lump sum in the event of their death, whenever it may occur.
It can be used to pay off debts that will not be repaid during your lifetime.
For those who want to leave a lump sum to pay a potential inheritance tax liability. As Independent Financial Advisors we can help you find the plan that best meets your requirements.
INSURANCE
Here at Vista FS, we can search through a range of policies to find the one that suits you best from our extensive list of insurers. So this year leave the shopping to us, as just one phone call could find the best cover and price for you.
Buildings Insurance
If you have a mortgage, your lender will insist that your property (and their security) is protected by buildings insurance. It usually pays out if your property is destroyed by fire, floods or subsidence (although you will need to check if you live on a flood plain, for example). Damage to fixed fittings such as baths and kitchens are often included, as well as sheds, greenhouses and garages.
You might be offered buildings insurance when you take out your mortgage, but you don't have to take what's on offer. Use the key policy information to shop around and get the best deal for you.
If you purchase a leasehold property (such as a flat in a block of flats) the freeholder may have arranged buildings insurance for the whole block, in which case you may not need your own buildings policy.
What isn't covered?
Your cover is based on what your home would cost to rebuild. You can check whether you have enough buildings insurance through the Building Cost Information Service (BCIS) website. It has an online tool to help you calculate the sum you should insure your building(s) for, in case your home has to be entirely rebuilt.
You need to tell your insurer if you extend your property, for example with a loft conversion or conservatory. Your belongings are not covered these need to be covered separately with contents insurance see Contents insurance.
Keeping costs down
As always, shop around. You may also find that you get a better deal if you buy buildings and contents insurance together. Most policies have a standard excess charge which means you agree to pay the first part of any claim, for example the first £50 or £100. If you agree to pay a higher excess you might get a cheaper policy. Always compare what's covered by a policy, not just the price the key policy information will help you do this. Some might be cheaper than others, but they may not offer the same level of protection.
Benefits Include:
•Accidental Damage Cover - Includes cover for accidental breakage of fixed glass, fixed sanitary fittings, ceramic glass in cooker hobs of built-in units, fixed solar panels, cables, underground pipes or tanks serving your property.
•Building Cover - Cover for the home and fixtures and fittings, garden walls, hedges, paths, drives and patios, car ports, permanent swimming pools built of brick, stone or concrete and any outbuildings.
•No Claims Discount (NCD)
•Legal Liability
•Metered Water
•Loss of rent or costs for alternative accommodation
Contents Insurance:
What's it for?
It covers the loss of or damage to the contents of your home. This includes your furniture, electrical goods and other items within your home. Some policies cover you for items you take outside, for example cameras, jewellery and briefcases. Different policies offer different levels of cover but generally you'll be covered against theft and fire, and have the option to insure against damage you may cause by accident. It is always vital that you thoroughly read and understand the full policy terms and conditions.
If not already covered by your contents insurance, you may want to consider travel insurance for loss or damage to your personal belongings whilst travelling. For more information see Travel insurance.
Anything beyond the maximum amount your insurer says they will pay, and it may pay a maximum amount on single articles. You'll need to specify the value of the contents. Some companies have limits on the value of any one item under the general policy so you'll need to specify individual items such as expensive jewellery or camera equipment, for example. Your cover may also be affected or cancelled if you leave your home empty for a long period of time, or if you let it out. Damage to the building itself is also not covered; this needs to be covered separately with Buildings insurance – see Buildings insurance.
Many insurers will offer discounts if you have a burglar alarm, window locks or if you're a member of a Neighbourhood Watch scheme. You may also get a deal if you combine contents and buildings insurance.
Most policies have a standard excess charge which means you agree to pay the first part of any claim, for example the first £50 or £100. If you agree to pay a higher excess you might get a cheaper policy.
Always compare what's covered by a policy, not just the price – the key policy information will help you do this. Some might be cheaper than others, but they may not offer the same level of protection.
Level of cover
Some contents insurance policies offer new for old. This means they'll replace old damaged appliances and possessions with new ones when you claim.
Bear in mind that your premiums may increase the following year, or the insurance company may refuse to cover you for the same risk if it happens more than twice, for example.
CONTACT
London:
Sherborne House
119 Cannon Street
London
EC4N 5AT
Hertfordshire:
The Pixmore Centre
Pixmore Avenue
Letchworth
Hertfordshire
SG6 1JG
Vista Financial Solutions Ltd is an appointed representative of Burns-Anderson Limited, which is authorised and regulated by the Financial Services Authority.
Burns-Anderson Ltd is entered on the FSA register (www.fsa.gov.uk/register) under reference 126191.
The information and content of this website is intended for UK consumers only and is subject to the UK regulatory regime. The FSA do not regulate some forms of mortgages.
Vista Financial Solutions Ltd is registered in England and Wales. Registration no. 6388416 Address The Pixmore Centre, Pixmore Avenue, Letchworth, Herts, SG6 1JG
