Retirement as we know it is barely 150 years old. Otto von Bismarck introduced the world’s first State Pension in Germany in 1889, setting the retirement age at 70, a milestone that only a tiny minority of the population actually reached. The concept was simple: work until you could no longer physically do so, and then society would care for you in your final years. That world no longer exists. The forces reshaping how we live, and work are so fundamental that the retirement of the future is unlikely to resemble the retirement of the past. The question isn’t whether retirement will change, but how quickly we can adapt our thinking to match this new reality. For the first time... Read More

If I had to sum it up in just a few words, I’d suggest the aim of financial planning is to provide you and your loved ones with valuable peace of mind through growing your wealth. However, I think there’s a frequent temptation to see wealth and asset accumulation as the be-all and end-all while losing sight of the wider picture. Wealth can define you in terms of the lifestyle you lead, but your wellbeing and happiness are arguably equally important. Furthermore, they aren’t necessarily dependent on how much money you have and the value of your assets and possessions. This is particularly important once you have retired and no longer have work as a key determinant in defining who... Read More

Most people plan their retirement by looking forward, trying to envisage their perfect future. “What do I want to do? Where do I want to live?” Unfortunately, most people have no idea what they want. Ask someone to describe their ideal retirement and you’ll get vague answers. “Travel more.” “Spend time with my family.” These sound nice, but they’re not specific enough for planning. Here’s a different approach that gets you better answers much faster: start with what you don’t want. This comes from Charlie Munger, who made “invert, always invert” one of his core principles. Instead of asking “How do I succeed?”, consider asking “How do I fail?” and then work to avoid those outcomes. When you ask “What... Read More

This article is all about risk, but maybe not the first risk you think of when it comes to your financial future. In my experience, and that of adviser colleagues I talk to, the biggest fear many clients have involves the risk of stock market volatility, in particular the danger of big losses at a time of excessive market turbulence. The media are far too keen to run lurid headlines about “billions wiped off the value of shares” whenever there’s a market downturn. Because of that, it’s understandable that recent events such as the pandemic and President Trump’s tariff announcements have caused a sudden loss of investment value, and can easily cause many sleepless nights. However, there are three important... Read More

There’s a dangerous moment in your investment journey. It usually comes after you’ve achieved some success following proven fundamentals. Everything is working well, your wealth is growing steadily, and then… boredom sets in. The basics start to feel too simple. Surely someone who has accumulated significant wealth deserves a more sophisticated approach? This is when good investors make their worst mistakes. The truth is that the fundamentals haven’t stopped working. You’ve just stopped appreciating why they work. It’s easy to abandon a process that works The fundamentals of wealth building are almost embarrassingly simple – so simple that your mind can rebel against them. Surely something so straightforward can’t be the answer for someone of your success and sophistication? This... Read More