After 3 years with Broadway Financial Planning, we are happy with the progress of our investments and high standard of service given. It’s reassuring to have the annual, comprehensive review with Keri, thank you.
In putting this newsletter together I was reminded of the words of the US Secretary of State, Donald Rumsfeld.
‘The message is that there are known knowns. There are things we know that we know.
Then there are known unknowns. That is to say there are things that we now know we don't know.
But there are also unknown unknowns. There are things we don't know we don't know.
It is the latter category that tends to be the difficult one.’
In this newsletter there are some known knowns. You will find information about tax changes from April 2016 and details about the new Personal Savings Allowance. The good news here is that we know where we are and we can identify areas where this knowledge can be used to our advantage.
In the category of known unknowns I would suggest that we know that we don’t know what will happen to markets over the next few months. The article entitled “Don’t Mess with the Average” might give some guidance as to what NOT to do in such circumstances. Another known unknown would be what will happen to pensions’ allowances. We know something will happen, but we still don’t know what... or when.
An ‘out’ decision in the forthcoming Referendum, whatever your opinions on it, will certainly reveal some unknown unknowns. These might be for better or worse, but they are there. If we do vote out it will be interesting to see how many things that are ‘unknown unknowns’ now will be said by some to have been ‘obvious’ in a few years’ time! (Since starting this Newsletter the Gibraltar issue has emerged as an unknown unknown and now become another known unknown!)
The hype in the media and the exaggerated claims by supporters of both sides tend to make it difficult to get a balanced opinion. I am indebted to the investment managers Rathbones for providing me with the basis for the article “Europe - Five Myths Explored”.
Simon Pym Williamson CFPTM Chartered Wealth Manager