Business
Hiring the Right Financial Advisor for Your Business
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Starting a business is an exciting venture that many Britons are embracing. With a record number of startups registered in the UK in 2023, the nation’s entrepreneurial spirit is alive and well.
However, navigating the financial landscape of a new business can be daunting. Amid economic uncertainties and evolving regulations, the importance of sound financial advice cannot be overstated. A financial advisor can help steer your business towards stability and growth. But how do you choose the right one?
Understand Your Business Needs
Before embarking on your search for a financial advisor, it’s crucial to identify your specific needs. Are you seeking help with bookkeeping, tax planning, investment strategies, or overall financial management?
Each advisor has their area of expertise, so knowing what your business requires will help you find the right match. For instance, a startup tech company might need an advisor well-versed in R&D tax credits and venture capital, whereas a retail business might need help with inventory financing and cash flow management.
Check Qualifications and Experience
Not all financial advisors are created equal. In the UK, reputable advisors often hold certifications such as Chartered Financial Analyst (CFA), Certified Financial Planner (CFP), or Chartered Accountant (CA). These qualifications ensure a level of competence and professionalism.
Also, consider their experience with businesses similar to yours. An advisor familiar with your industry will better understand the unique challenges and opportunities you face. You can verify their credentials through professional bodies like the Chartered Institute for Securities & Investment (CISI) or the Financial Conduct Authority (FCA).
Evaluate Their Communication Style
Effective communication is the bedrock of a successful client-advisor relationship. Your advisor should be able to demystify complex financial concepts and explain them in simple terms.
During initial consultations, assess their ability to listen to your concerns and answer your questions. Are they patient and approachable? A good advisor should not only provide expert advice but also educate you on financial matters, empowering you to make informed decisions.
Assess Their Fee Structure
Understanding how financial advisors charge for their services is essential. Advisors may charge hourly rates, flat fees, or a percentage of assets under management.
Ensure that their fee structure aligns with your budget and provides value for money. Be cautious of advisors who earn commissions from selling financial products, as this can create conflicts of interest. Transparency in fees is a hallmark of a trustworthy advisor.
Know Your Options if Something Goes Wrong
Despite your best efforts, there may be instances where your advisor fails to meet professional standards, resulting in financial loss. It’s crucial to know your options in such cases.
If you suspect professional negligence, you can file a complaint with the Financial Ombudsman Service (FOS). The FOS handles disputes between businesses and financial service providers and can provide compensation if your complaint is upheld. Additionally, seeking legal advice from professional negligence solicitors may be necessary to explore further action.
The benefits of a well-sourced financial advisor
While hiring the right financial advisor involves careful consideration, the effort you invest in this process can yield significant dividends.
Beyond immediate financial management, a skilled advisor brings a wealth of knowledge and industry insights that can catalyse your business growth. They can introduce you to innovative financial strategies, help you avoid common pitfalls, and ensure that your business remains agile and responsive to market changes.
In essence, the right advisor not only safeguards your financial health but also propels your business forward.
Business
West Wales airport most people have never flown from under new management
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A NEW group has taken over the operation of Swansea Airport after what were described as high-level talks with the site’s owner, Swansea Council. Swansea Airport Stakeholders Alliance is running the airport on a temporary basis after the previous leaseholder agreed to relinquish its lease.
The airport will continue to operate, and the council said it would soon start a process to find a long-term tenant. Council leader Rob Stewart said: “We’re delighted to have the alliance in place as a temporary new leaseholder. They’ve started running the airport and its members are eager to make a success of it.”
Council joint deputy leader David Hopkins said: “We’ll start to look for a long-term solution through a competitive tender process. The alliance will have the opportunity, with others, to bid in that process. There’ll be opportunities for future investment in Swansea Airport.”
The council said a range of issues with the previous tenant had arisen over recent years, resulting in the existing lease being brought to an end. It did not envisage any additional cost to the taxpayer and said the airport would remain open.
Bob Oliver, chairman of the alliance, said: “Today marks the culmination of three years of intensive work by the alliance. I pay tribute to the skill and professionalism of alliance members, of our stakeholders and of the council, who have put their faith in us to secure a brighter future for the airport.
“Our first task is to take stock of what we have inherited and then begin to bring the airport back to life – to make it a welcoming place to visit, to start delivering social, environmental and economic benefits to the council and the people of Swansea and to make it a facility we can all be proud of.”
Business
Local builder named as top finalist in Screwfix Tradesperson Awards 2024
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SOLVA builder Chris James is constructing his way to the top after being shortlisted for the final ten of the 2024 Screwfix Top Tradesperson Award.
The 37-year-old, who has been in the construction industry for the past 15 years, will now go head-to-to-head with nine other finalists from across the UK and Ireland after beating off fierce competition from over 1,000 applicants.
Chris’s company, Kingsmere Carpentry and Construction, is also committed to raising funds after securing over £50,000 for the children’s charity ‘Farms for City Children’. The charity enables children from disadvantaged communities to find out about working on farms in the countryside.
Chris is also committed to working sustainably bu using waste responsibly by using excess wood to fuel fires. He also plans to invest in a new fleet of electric or hybrid vehicles for use in his company.
In addition to gaining the coveted title, the, the winner will take home a trade bundle of tech, tools and training worth £20,000.
The finals take place at Screwfix LIVE on Friday, September 27 where a panel of industry experts will put Chris and the other finalists through their paces before selecting this year’s overall champion.
Business
Nearly 100 new homes ‘for local people’ approved in Tenby
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A CONTROVERSIAL Tenby housing scheme with nearly 100 “local houses for local people” which will be visible from the island of Caldey has been approved by national park planners
In 2018, Pembrokeshire County Council, which already owned the 15-acre Brynhir site on the edge of Tenby, ‘bought’ the land for £4million using its Housing Revenue Account.
Campaigners fought a two-year battle against the use of the land for housing, calling for protection for ‘Tenby’s last green space’ and fearing it would become a ‘concrete jungle’.
The county council was granted outline planning permission by the Pembrokeshire Coast National Park Authority for the development of 144 properties – including up to 102 affordable units – in 2020.
It is now proposed that only 125 houses will be built, 93 of them affordable, and, of the 32 Open market dwellings, 16 are shared ownership properties.
Amendments also included the removal of a Multi-Use Games Area (MUGA), one of two Local Equipped Area for Play Spaces (LEAPS) instead providing a multi-use space for ball games.
The reserved matters application, backed in principle by Tenby Town Council, was recommended for conditional approval at the Pembrokeshire Coast National Park development management committee meeting of September 4, despite being contrary to the provisions of the Development Plan.
Tenby Civic Society has raise numerous concerns to the scheme and 20 objections were also received from members of the public, raising concerns including loss of green space, traffic issues, privacy, design, visual impacts and the scale of the development, sewage capacity, the site being no longer allocated for housing, potential antisocial behaviour within the play area, and a limitation on second homes/holiday lets being required.
At the September meeting, concerns about the proposal were raised by Jane Merrony of 1,100-member Tenby Green Space Preservation Society, who said it was inappropriate in its proposed location and “a visual intrusion which will be seen from Caldey Island”.
She told members the scheme would place “extreme pressure” on existing waste water infrastructure and questioned the viability of the development, with fears it could be sold off to a private developer.
The application was passed by park planners after approval was moved by Cllr Di Clements, who expressed her difficulty in weighing the balance between green spaces and housing needs.
Speaking after the meeting, local county councillor, and committee member, Cllr Sam Skyrme-Blackhall said building work was expected to start next year, adding: “These will be let on a local letting policy – they will be local houses for local people. They can’t be sold, they will always be council housing.”
She added: “I believe that this is a hugely important decision for Tenby. We need housing for local people and I am delighted that 93 properties will be council housing. This is good news for our Schools and good news for Tenby. Properties will be let on a strict local letting policy, which means Tenby and the immediate surrounding area only.
“I would like to congratulate the teams from Pembrokeshire County Council on getting to this stage but I also say loudly and clearly that the real hard work starts now and we have to do all that we can to ensure that these properties are built as soon as possible. We have a housing crisis now and need these properties built and let to local people.
“I know that not everyone will be happy. There are people who opposed the scheme for quite legitimate reasons but in the end, for me the balance of the argument was in favour of the scheme and the housing it will provide.”
Fellow Tenby councillor Michael Williams welcomed the scheme but raised concerns about foul water drainage.
“The initial proposal was to run foul water in a North Westerly direction with a new pipeline and despite reassurances from Dwr Cymru I still have major concerns about the capacity of the existing system to deal with such a large development. There are also in my opinion unaddressed concerns regarding storm water runoff and inadequate landscaping on the southern boundary.”
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