Archive for June 21st, 2011

Tori Spelling Sends Friend to A-list Beverly Hills Cosmetic Dentist

Pension planning pitfalls…

Dan Farrow on finance and family

I’LL start by stating the blindingly obvious, but the recent declines in the world’s equity markets affect us all, even among those who don’t have swollen pension funds (most of you) and large investment portfolios consisting of well managed, profitable banking institutions (none of you).

To all the firms and individuals in the financial services industry, be they small independent firms like mine, not-so-independent product-pushing concerns, or just scumbag stitch-up artists, the prospect of a downturn in the markets means one thing will be prevalent: complaints.

Having never been in receipt of a formal one, I don’t write through experience, but sometimes when one arrives it is deserved and other times the tidal wave is bought about by an overzealous and reactive regulator.

The FSA leader, who last year got paid more than £800k in salary and benefits, while presiding over a banking crisis of which the magnitude and subsequent ramifications will be felt for quite a few years, is in a pay league which puts him right up there with the people he should be protecting us from, the bankers.

The latest issue that you may be encouraged to complain about is if you have used what we in the industry refer to as a DFM or discretionary fund manager.

Basically, what happens here is that you go to your financial adviser looking for investment advice, which any rational person would say is quite logical, as that’s what you’re supposed to do – a bit like a toothache and a dentist visit.

A financial adviser, for a number of reasons, usually because he or she doesn’t know what they’re doing and is perhaps too old to retrain, will refer you to a DFM, who then gets you to complete a simple and usually ineffective risk-profiling questionnaire, takes your £100k+ and sticks it in a standard model portfolio.

These portfolios usually have a risk weighting and name attached to them, such as “cautious”, “balanced” and “growth” meaning, in the real world, “less likely to lose money”, “more likely” and “quite likely”. But who cares when markets are going up?

When markets go down and people start to lose money, these definitions come under the scrutiny of all who are affected, and having a decent slug of a 95-year-old’s cautious portfolio in equities used to pay for her nursing home suddenly looks a bit silly, especially as she thought cautious was cash and that the adviser was a “very nice young man”.

The definition of what constitutes a cautious or balanced portfolio is almost impossible to define over the longer term as, for example, many were recommending commercial property as a stable and suitable asset class for cautious investors prior to 2008. 

Some investors were guided into single funds which closed the doors to redemptions and wrote down the holding value of the assets by 40% – so much for being low risk.

Going back to our friend the DFM, the next issue I have with advisers who use these firms is that of costs and charges. Adding a third party into the mix literally places three layers of costs onto the client, being the adviser, DFM and the fund manager charges, which can add up to around 3%.

If your objective is to beat inflation, that means at the current time you’ll want your portfolio to generate around 8% to 10%, and for the cautious investor when gilts are yielding around 3% and investment-grade corporate bonds 5%, I can’t help thinking that it will all end with disappointment and maybe one or two ‘c words’ – complaints – directed towards those advisers whose performance is very much correlated with the market.

When asked last week by a client how much he should have saved for his pension, I firstly reflected on his age, current salary and lifestyle, both now and aspired, and came up with £550k.

He recoiled, but I was serious, having seen what happens to people when they reach 65 and want to – but can’t – stop working. With the raising of the state retirement age, we all really need to start considering what we are going to do to bridge the gap between what we are going to need to live on and what we actually have.

New pension rules restricting contributions to £50k per annum have not helped and there is a real prospect that the higher rate tax relief allowance on contributions will be restricted to 20% for higher earners in the hope of clawing back some revenue into the system later this year.

If you have the money I would consider using the three-year rule which allows you to contribute up to £150k, if you or your employer haven’t paid anything towards a plan for the current and last two tax years and, for all but a few hundred thousand high earners, this will be enough headroom.

A counter-balance that you should always remember to this is that as we get older our expenditure hopefully reduces, as children leave home and we swap chocolate digestives for value rich tea biscuits.

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Local Leamington News

Dolphin fountain stolen from Louisville dental office

Louisville, Ky. (WHAS11) – A Louisville dental bureau is putting out an APB on an 8 feet high dolphin fountain that was stolen overnight.

The five-dolphin fountain was stolen from in front of Haskell orthodontics on Taylorsville Road.
 
They’re seeking for your assistance in anticipating it.
 
Anyone with information is asked to call military or Haskell Orthodontics.
 

Article source: http://www.whas11.com/news/local/Dolphin-fountain-stolen-from-Louisville-dental-office-124217974.html

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Tuesday, June 21st, 2011 Dental Offices No Comments

New Aspen Dental Practice to Open in Niskayuna, NY

SYRACUSE, NY–(Marketwire – 06/20/11) – Patients looking for a dentist in Niskayuna, NY now have a new dental care provider choice with a opening of a new Aspen Dental bureau this week. The new practice, that opens on Thursday, Jun 23 in Mohawk Commons during 410 Balltown Road, will yield dental services that operation from dentures and surety caring to ubiquitous dentistry and restoration.

In further to charity patients a choice of 8 styles of Aspen Dental’s disdainful ComfiDents® code full and prejudiced dentures, Aspen Dental will yield extensive exams, hygiene services, diagnosis of periodontal (gum) disease,

Article source: http://biz.yahoo.com/iw/110620/0769621.html?.v=1

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Tuesday, June 21st, 2011 Dental Offices No Comments

Bright Now! Dental Opens a New Office in Cuyahoga Falls, OH

IRVINE, Calif., June 20, 2011 /PRNewswire/ — Smile Brands Inc., a nation’s heading provider of business support services to dental groups in the United States, currently announced a grand opening of a new Bright Now! Dental bureau in Cuyahoga Falls, OH – a 8th in a Cleveland area. The opening of this new bureau brings a Midwest area (including Dayton and Indiana) Bright Now! Dental bureau portfolio to some-more than 20 locations, with new new bureau openings in North Olmsted, OH, Miamisburg, OH and Avon, IN.

Located during 446 Howe

Article source: http://biz.yahoo.com/prnews/110620/sf21719.html?.v=1

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Tuesday, June 21st, 2011 Dental Offices No Comments

Ferriero got giveaway benefit; Probe questions health coverage by cesspool agency

Former Bergen County Democratic Chairman Joseph Ferriero perceived giveaway health advantages from a open cesspool group in Newark for 9 months following his Oct 2009 self-assurance on sovereign rascal and swindling charges, group officials pronounced final week in response to questions from The Record.

This 2009 record photo<p>Article source: http://www.northjersey.com/news/124172564_Ferriero_got_free_benefit_Probe_questions_health_coverage_by_sewer_agency.html</p>				
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Tuesday, June 21st, 2011 Salary Of A Dentist No Comments


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