A&H Magazine edition Q3 2023

Q3 2203

What's Inside Unreservedly Andy - Ask me Anything |  Pages 5-8 The Future of Finance |  Page 9 and 10 TRENDS in 2023 - Fintech Winners and Losers |  Page 11-12 Business Casual -Our Top-to-Toe Guide for Men |  Pages 15-16 TATEL Spain |  Page 17-18 Wealthiest Cities in Spain |  Pages 19-20 GO LD - Why More Investors are Including Gold in Their Portfolios |  Pages 21-22 High End RIB Cruising |  Pages 23-24 Life as a Hollywood Stuntman |  Pages 25-28 Discover the Mediterranean | Pages 29-30 Portug uese Paraiso |  Pages 31-32 Property Investment | Pages 33-34 Long-Term Investing V Property Investing |  Pages 35-36 The GIFT of Insurance |  Pages 37-38 The Beneficiary and the Benefactor |  Pages 39-40 PCC Properties |  Pages 41-42

Disclaimer: Please read The information contained herein is proprietary to Private Client Consultancy and/or its contents providers. The information or any part thereof may not be copied, produced, or redistributed without the express permission of the CEO of Private Client Consultancy. We do not guarantee the reliability or completeness of any information provided. However, the content has been collated from what we view as reliable sources at the date of publication. The contents of this publication do not provide any financial, investment, or professional advice, nor are they intended to. The pages of this magazine shall not in any way be regarded as an offer or provision of financial, investment, or professional advice. Private Client Consultancy, its directors, officers, managers, employees, agents, affiliates, and/or subsidiaries accept no responsibility nor liability for any errors, omissions, inaccuracies (including those caused by a third party), loss or risk (personal or otherwise) which is incurred as a consequence, directly or indirectly, of the use of any information contained in this publication. Design, Editing, Production, Publication. Creation, and Layout by Head of Marketing, Tracey Brady Private Client Consultancy A&H Magazine is published by Private Client Consultancy. This publication may not in whole or part be lent, copied, photocopied, reproduced, translated, or reduced to any electronic medium or machine-readable form without the express written permission of the publisher. Page 3 Private Client Consultancy

The magazine may include facts, opinions, views, and recommendations of individuals and organisations deemed of interest. Private Client Consultancy does not guarantee the accuracy, completeness, or otherwise endorse these views, opinions, or recommendations. Readers are responsible for their own investment decisions, and we would advise that they speak to their professional advisers prior to making these decisions. This material is for information purposes only and does not contain (and should not be construed as containing) investment advice or an investment recommendation, or an offer of or solicitation for a transaction in any financial instrument. Always seek professional financial advice before investing. The information provided and contained in this magazine are believed to be reliable but are subject to change without notice. Private Client Consultancy makes no representation as to the completeness or accuracy of the information or of any opinions expressed. A&H Magazine/ Q1, 2022 www.pccwealth.com Private Client Consultancy Page 4

UNRESERVEDLY AMAAndy -Rethinking the World- \"Ask me Anything\" 1: What traits do you look for when assembling a leadership team? (AMA) questions are a great way to create Our leaders have the characteristic of humility, and a drive a fun, meaningful, and to do the right thing for the company. engaging connection for our reader. Doing the right thing for the greater good of the company, In this edition of the clients, the employees, the strategic partners, and 'Unreservedly Andy' shareholders brings more success than just pursuing profit we presented CEO, and numbers. When people do that, they are often in it for Andy Oliver, with themselves, and it rarely works. Accompany this with three ten mostly opinion acid tests: Leaders need to be disciplined people, have based questions. disciplined thought processes and decisions, and take disciplined actions. We're sure you'll enjoy reading what 2: What are your personal goals? he had to say. That’s a huge question! Page 5 Private Client Consultancy Many would expect me to list material goals such as a big house, expensive car, and a big fat bank account. Whilst material success is important, it is not the ultimate measure of success for me. I often look back at my parents’ goals. My dad, who died far too young from cancer (aged 56) had one goal in life - to facilitate University for me and my brothers and sisters because it was something that was never made available to him. My goal is similar - I want my kids to be able to look back at my life and be able to feel pride in what I have helped to facilitate for them so that they somehow benefit in the future and can have a better crack at life than I could have had. Whether that is from seeing work ethic, some sacrifice, some risk taking, some clever decisions, dealing with mistakes that I have made, or simply fond memories, I want them to appreciate it and be better off because of it. I would also love to reflect one day and feel proud of what PCC has become and smile at the journey the company has had - our journey so far has been incredible. We have hit speed bumps and got some things wrong, but we have always come through it and grown appropriately and sensibly. In the three years since we started from a handful of people to now over 50, it has been incredible.

3: What problems would be speaking with a 4: What do you think sets PCC apart from Financial Adviser typically solve? others in the industry? I come across two types of Financial Adviser in the We always try to do things right. I would rather industry. not attempt something if I knew there was a risk of not being able to deliver, which always means The first are product salespeople whose approach disappointing others. Also, of all the companies I is to spot a product gap and push it hard. The have ever worked in, I can’t remember such a second type (and most valuable) is the adviser who great group of people assembled under one roof understands exactly what an individual, or family, who display such intense levels of energy, is trying to achieve and then facilitates a plan to enthusiasm, and passion for what they do. get there. 5: Do you have a hobby outside of work that A lot of this approach means that the adviser helps you to be a better leader? becomes a thinking partner, challenges assumptions being made, asks questions so that My favourite pastime is going to the gym every the client feels comfortable with their own day and having an intense workout. That routine, decision-making process, and uncovers potential daily, gives clarity of thought and allows “me- future issues that can be solved now. time” to think through issues without the distraction of the phone ringing, emails bleeping, In essence, a good adviser will create a level of and WhatsApp messages pinging. That clarity then understanding, where the client has peace of allows for better decision making from me and mind over the course of the planning journey they better outcomes for everyone. are embarking on. Private Client Consultancy Page 6

Page 7 Private Client Consultancy 6: What level of company growth do you hope to see in the next five years? We have four separate parts to the business now - The Wealth Management function, The Network function, the General Insurance function, and the recently launched property function. I want us, as in “The Private Client Consultancy” group, to be able to deliver help to our clients across the entire value chain. In terms of numbers, I don’t have a magic number to strive for, but I do know that if we carry on in the fashion we have since launch, then the growth can be phenomenal.

I have learned that with the right people on the 7: If you could trade places with anyone bus, with the right attitude, new opportunities for a day, who would it be, and why? keep on presenting themselves to us and I have found that the synergy between the four I had to really think about this one. I enjoy functions can be excellent. I can see us doubling watching Kitchen Nightmares, and always love in size every 2 years. Jim Collins’ book \"Good to the outcome where Gordon Ramsay, having Great\" had a profound influence on me. To say it identified what is wrong with the restaurant transformed my way of thinking is an (from décor, to menu, to food quality, to understatement. In his book, he points out how management, to staff, or process, or culture) and you need the right people on the bus before you then puts in place a clear plan to change things work out where you want it to go. and re-set the restaurant. Certainly, the families and staff are grateful, and he must get immense If someone doesn’t merit a seat, then they have satisfaction from helping change people's lives. to catch another bus. If you don’t, the B Players will end up setting the standards, and the So, I would love to do an episode of that business ends up being built around them. I programme and achieve the same results. believe we have managed this quite well, so the direction and growth of PCC is all down to having the right people who can take advantage of opportunities as and when they present themselves. 8: What are the most The most common mistake is the potential focus in the common mistakes you see wrong area. Exams, product knowledge, tax knowledge, young IFAs making that and investment knowledge are clearly important and take could potentially hamper time to build up, but the absolute focus should be on the ‘future’ of their career learning the skill of relationship building and networking in the industry? to achieve that holy grail of referrals and being the person that clients go to with any issue they want to address. You can be as qualified as you like, but if people don’t know you exist, then you become a wasted asset. 9: BREXIT – the gift that My least favourite topic - Brexit! The issue regarding keeps on giving. unfettered access for NI to trade freely in the UK internal market is clearly a particularly prominent issue, and the What is your take on Windsor Framework made further commitments that this the belated turn towards would continue to be the case. Currently, under the pragmatism with the Northern Ireland Protocol there is a definition for NI Windsor Framework, qualifying goods that can be moved into GB which and now the retained EU essentially means that goods that are in free circulation in law bill from Rishi Sunak NI (i.e., not under a customs procedure) can avail of regarding the ‘sunset unfettered access into GB in most cases. The current clause?' Do you rules also include an anti-avoidance rule which means think it could be a goods moved from the EU through NI into GB to avoid better bet right now normal customs procedures and tariffs will not have than the bullishness unfettered access. of Johnson and Truss? The UK government had indicated in 2021 that there 10: Off-road quad biking in Palma, would be a phased approach to implementation of Mallorca, or paragliding in Sardinia? unfettered access, to avoid disruption to trade flows, with the intention to introduce further strict criteria to avail of My favourite adrenaline rush is skydiving. I do unfettered access. The Sunset Clause was a period where enjoy that buzz from any type of adventure EU laws would cease. Given the complexity of the above, activity and have tried Bungee Jumping, white and the sheer volume of EU laws we have become water rafting, safari on horseback, skydiving, accustomed to, Sunak's policy is a better bet which allow Quad Biking, Sand buggy’ing, Parachuting and the phased scheduling out of pieces of legislation that are Skydiving, Scuba Diving, and Paragliding obsolete rather than a blanket riddance, as not all EU laws amongst other things. From the choices you were bad. In fact, some are incredibly good. have given me, I would have to choose Paragliding in Sardinia. Private Client Consultancy Page 8

Fin Reimagining the Future of Finance During two short decades, fintech – a mixture of finance and technology, erupted onto the scene and forever revolutionised the financial services industry. This innovative sector has been built up from the many new inventions that have shaped a generation - and each one seems to be even more fascinating than the prior. Despite fintech's rapid rise on the market, there was an average of more than half of their market values lost last year, in 2022. This is believed to be a short-term downfall in a long-term positive trajectory. Page 9 Private Client Consultancy

tech At present, the fintech sector only Businesses such as digital only banks holds a 2% share of the global financial and lending platforms that provide services revenue. Nonetheless, it is software and applications for online estimated to reach $1.5 trillion in and mobile banking may find themselves annual revenue by 2030, which will challenged in these developing markets. account for almost 25% of all banking Whereas emerging markets are valuations worldwide. A steep and anticipated to remain seeing disrupter, prosperous incline for such a short full-stack models hold sway as they time frame. develop to expand financial inclusion. The largest fintech market right now Broad areas, such as Financial services is in North America, where most of the and insurance, may carry on seeing development is carried out. With 42% disrupter models challenged, but of all incremental revenues, the largest enablers will be able to take powerful market is projected to be Asia-Pacific opportunities. The expectation of (APAC). growth does come with risks in the forms of macroeconomic, regulatory, Fintech has plans to specifically focus and reputational. on its emergence in Asia (China, India, and Southeast Asia) where fintech's Stakeholders may have to seize the will help to expand financial inclusion. moment while regulators will need to However, Europe will also continue to be proactive in creating a safe and experience robust growth that will be accessible financial ecosystem. pushed forward by supportive regulators. The big question every stakeholder in the financial ecosystem is asking – Fintech's that serve B2b have plenty of have we already seen most of the major wriggle room for disruption. Small and fintech breakthroughs or is it only the medium sized enterprises have an beginning of something so enormous estimated $5 trillion in annual unmet that we cannot begin to comprehend credit needs worldwide. Businesses it yet? in established industries are offering more financial services while some are Professionals in the field believe that having trouble keeping up with current fintech is the building blocks innovation. of a foundation for the transformative financial technology that is to come. B2B2X, including embedded finance, already accounts for 25% of all fintech All investors can do now is sit back revenues. It is expected that it will just and watch as the trajectory of fintech become a more and more relevant part unfolds. of meeting the growing necessity for fintech solutions. Private Client Consultancy Page 10

The Fintech WLoinsenresrs and TRENDS 2023 During 2022, there was a significant By making a simple to use service drop in financial technology as that is available to anyone, anywhere, globalisation and pandemic related at any time, the growth of financial trends began to recede, as people inclusion gives potential for the slowly eased back into their normal expansion of financial products day to day lives. But the high and such as Buy Now Pay Later plans wide variations in trading could be and embedded financial features for signaling an opportunity for client convenience. operating market managers. Although there was some pullback The winners and the losers may last year, in 2022, By Now Pay Later soon become clear as companies also known as BNPL still shows long face being weeded out if they cannot term potential. Experts believe that prove themselves to be durable this payment method that gives throughout the change of the times. consumers instalment credit for Some companies that thrived during e-commerce transactions will the lockdown environment may even ultimately continue to thrive for find themselves struggling. certain parts of the population. For some time, people have been Robustly managed companies able to make purchases through who can offer different and unique instalments in physical shops products are likely to be the ones however the lack of availability for coming out on top of the markets. an equivalent in e-commerce left Regardless of some pandemic type an unaddressed opportunity worth trends being put on the back burner, billion and billions. there is plenty of evidence to show that fintech will continue with its Diving into this market, the By Now prior success. Going from cash to Pay Later method now represents digital money has become two to three percent of all online increasingly popular. purchases -a statistic that holds immense potential to soar to into double digits in the coming years. Page 11 Private Client Consultancy

Many consumers who opt for this Moreover, immense opportunities payment method may also be the to disrupt illiquid asset classes have typical credit card holder who been formed thanks to digital assets. usually makes their repayments on In addition to liquidity, these new time. The BNPL option may lower digital assets might also provide borrowing costs for these types of increased mobility and divisibility consumers, therefore creating more through tokenisation in areas such potential for this method to grow. as real estate or private investments. Cryptocurrency and other digital To offer more financial products assets are still very much in their to their clientele, more and more early days. Not so unlike the companies are expanding to technological revolution of the embedded finance. Now there are internet, only having been made several software platforms that can available to the public 30 years ago. offer bank-like products to their In numerous cases, it may be better customers even though they do not for new players in the industry to appear to be like traditional banks. join these incumbents instead of The potential for companies across trying to compete against them. countless sectors to offer embedded Thus, allowing the companies and financial products to their customers its investors to experience the best in the future, is ceaseless. of both worlds with ingenious technological products that can be Cryptocurrency and other digital combined with the client base and assets may have seen a small set back infrastructure that new companies coming out of the covid lockdown, may be lacking. but experts think a lot of people are failing to see the long-term The current climate may slow opportunities that assets such as fintech’s growth, but rather than these are able to provide. bringing the entire sector to a standstill this will help to determine Crypto technology may even evolve who are the winners and who digital identity across the internet, are the losers. including in e-commerce. Private Client Consultancy Page 12

TheCRYPTO Highs and Lows For those who do not know much about it, the first question to ask would be - what exactly is Cryptocurrency? Cryptocurrency is a digital or virtual currency that is secured through the technology of cryptography. This relatively new tech makes it practically impossible to counterfeit or double-spend. Generally, cryptocurrencies are not issued by any central authority meaning that in theory that are out of the governments grasp for intervention or control. As a new model of finance, cryptocurrencies are committed to making transfers quicker and easier than traditional banks do, in their attempts to overtake the financial market. Currently, Bitcoin is known as the most popular cryptocurrency, closely followed by Binance Coin, Ethereum and Solana. Having been introduced to revolutionise the way our finances are managed, cryptocurrencies also come with their highs and lows. At this present stage of development, there are several notable variables between the theoretical ideal of a decentralised system with cryptocurrencies and its practical implementation. The Highs The Lows Cryptocurrencies stand for an independent and Cryptocurrencies claim to be an anonymous form modern model for money. Through this system, of transaction; however, cryptocurrencies are pseudonymous centralised intermediaries, such as banks and monetary and leave a digital trail that agencies such as the FBI (Federal institutions, are no longer necessary to aid in Bureau of Investigation) can investigate. Therefore, tis opens transactions between two parties which eliminates up the possibility that governments and other authorities can room for error. Cryptocurrency blockchains are highly track financial transactions. Unfortunately, cryptocurrencies secure. have become a popular apparatus for criminals to money Investing in cryptocurrency could generate profits. launder and purchase contraband. These markets have soared sky high in value over the past decade or so. As of April 2023, Bitcoin was valued They have also won the favour of hackers who use at more than $540 billion in crypto markets, with at one cryptocurrencies for ransomware activities. Cryptocurrency point these markets reaching almost $2 trillion in value. blockchains hold a prominent level of security. But off-chain The aim of cryptocurrencies is it make it easier and crypto-related key storage repositories, such as exchanges cheaper to directly transfer funds between two parties and wallets, can be hacked which leads to a whole other without the need for a trusted third party such as a safety issue. Cryptocurrencies are meant to have their wealth bank or a credit card company. distributed between many parties on a blockchain. As cryptocurrencies do not use third-party But in reality, ownership is highly concentrated with just 100 intermediaries, transfers between two parties can addresses holding around 12% of circulating bitcoin and total often be even faster than standard money transfers. value. One of the things cryptocurrencies boasts is that Currently, cryptocurrencies, such as Bitcoin, serve as anyone can mine them using a computer with an Internet intermediate currencies to facilitate money transfers connection. However, mining popular cryptocurrencies across border. This method unifies the financial require considerable energy, sometimes as much energy transfer process and makes it cheaper. as entire countries consume which of course can be awfully expensive and it does question the level of environmental Page 13 Private Client Consultancy values.

Cryptocurrencies are digital assets that are secured through the relatively recent technology of cryptography. As it is a newer asset, it is important to recognise the risks involved before choosing to make an investment. Many consider cryptocurrencies to be a short-lived fad as cryptocurrencies that are traded in public markets suffer from price volatility. With values surging and crashed in relatively short amounts of time. Even though there are various risks, cryptocurrencies have significantly soared in value, with the total market capitalization rising to over $1 trillion. Despite speculation on the asset, some people have successfully made their fortune by taking on the risks and investing in early-stage cryptocurrencies. Private Client Consultancy Page 14

Busin ess Casual Our Top-to-Toe Guide For Men It was not so long ago that the majority of professionals would have considered the term “business casual” to be an outright oxymoron. Nevertheless, times change and so do dress codes. Follow these guidelines to dress like a 21st century businessman and forever transform your wardrobe to the modern man’s business casual. It's all About the Blazer – The Top Half of Business Casual Most business casual outfit starts with a tailored While in the summer months, you could opt for a blazer that should tout a slim cut, a square fit on the high-quality cotton or linen blazer. Having a neutral shoulders, and sleeves that stop just before the shirt blazer leaves you spoilt for choice when it comes to cuff. There are a range of patterns and styles to picking out a shirt. Go for an Oxford, start with a choose from to show off your personality. Which to pastel colour palette and work your way up to choose? A classic single-breast blazer made from exploring various patterns and colour options. light wool can keep you feeling comfortable throughout the year. It is best to opt for a neutral Many men are also pulling off the no blazer look, colour, and darker colours such as navy blue will going for tight fitting jumpers or button-down work magic on your physique. cardigans instead. Those who go for this look should then back it up with collared shirts and a un-fussy tie. If you want to change up your flair with the seasons, a tweed blazer will work well during the winter. Page 15 Private Client Consultancy

The Bottom Half of Business Casual With the standard suit pants of yester-year out of the window, you now have more options on the table. Your business casual trousers should emanate with as much sharpness and sophistication as the rest of your outfit. Don't overdo it with tight clinging trousers but do ensure that they are crisp and well-fitted. You can always rely on a pair of pressed, mid-weight cotton chinos with flat fronts and a neutral aesthetic. Denim can be a riskier alternative, but it is an option as part of the business casual dress code as long as your denims are premium quality. Your Shoe of Choice There is a broad range in the business casual dress code when it comes to picking out shoes, but all have these two things in common: style and quality. You cannot go wrong when sticking with modern shoes such as polished loafers, oxfords, or monk straps. Dark red, tan, and different flavours of chocolate are the ideal shades of choice. Choose leather to play it safe or experiment with some suede to knock it up a gear. Men’s Accessories for the Business Casual Look For a lot of professional men, the beauty of the business casual look is that ties are non- obligatory. Make a wristwatch your accessory of choice instead. Choose a leather strap that will compliment your belt and modern laptop bag. But if you do enjoy wearing a tie on the more casual days then opt for silk in a classic colour. Private Client Consultancy Page 16

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OF STPHAENQISUHINGT AESSTSREONCNEOMY This summer, Tatel has plans to open its seventh Tatel does not only stand out for its incredible food restaurant in the heart of Spain’s Valencia. The but also for its drinks menu where classic and brand has venues in some of the most exclusive innovative signature cocktails can be found. cities in the world. Having already opened in Ibiza, Madrid, Doha, California, Quatar and the only and The a la carte menu varies from venue to venue, only; Beverly Hills. but Tatel have some classic dishes that are likely to be available in the new location in Valencia. Judging Tatel's opening in Valencia is part of the global by the “cartas” of other venues, the Valencian expansion strategy of Mabel Hospitality, a restaurant menu will be split into different sections subsidiary of Mabel Capital. Promoted by Manuel for starters, rice and pasta, fish, meats, and Campos Guallar, Abel Matutes and Rafael Nadal, desserts. Classic Tatel dishes such as their avocado with other partners such as Christiano Ronaldo salad that comes served with lamb's lettuce and and ex NBA player Pau Gasol. As with the other pine nuts, stands out. venues, this restaurant will also be featuring décor inspired by the clandestine locales of the The selection of rice dishes will no doubt be even Prohibition in 1920s USA, created by Mabel Design. more promising with this restaurant being in the home of paella. Hake, seabass, Iberian pork, and The renowned former Real Madrid striker and now sirloin will be offered further down the menu. With Portuguese football team captain, Cristiano creamy mascarpone, breva in syrup and passion Ronaldo, along with international tennis legend fruit and their famous cheesecake being offered for Rafael Nadal, are behind the newest Tatel dessert. restaurant set to open sometime this summer. Having been included in the USA Today’s ranking of With Tatel, the aim of the game is to offer a the 25 best eateries ‘worth the detour’ along with culinary experience with high service standards in the latest TripAdvisor Traveler's Choice Awards it is unique, luxurious spaces with live music. Together, safe to say that this restaurant will be worth the the partners intend to create eateries that have visit! \"meticulous gastronomic offerings with a strong Spanish character,\" so that clients may enjoy real Spanish flavours, even when they are not in Spain. Private Client Consultancy Page 18

WTehaelthiest Cities Looking to relocate to one of the wealthiest cities in Spain? Searching for your dream home can take some time. When house hunting it can be helpful to provide your chosen agent with a list of amenities that you would like to see in your new home such as 3 bedrooms or a jacuzzi. An experienced estate agent can help you to find the best property on the market for your needs, but they can also weed out any issues and problems with a property that you may not see at first glance. Such as cracks, damages, or incomplete documentation. Additionally, they might be able to show you exclusive properties that the rest of the market are not yet aware of. Here is what to expect when you are searching for that perfect property in Spain’s most affluent areas. Page 19 Private Client Consultancy

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Why are more investors including in their portfolios? Many investors who hadn’t Whether you held an ounce of gold or $35 done before, are now choosing to in your hands back then it was possible to include gold in their investment buy the same thing, such as a new suit for portfolios for diversification.Why? example. Simply put, GOLD remains to be a sound investment choice when Today you could trade in that ounce of gold markets take a downturn. and still have enough money to purchase a decent enough suit, but you would struggle Gold has been around since time began, and to find one for $35 of cash currency. This is we see evidence of this in its abundance in because while inflation has continuously ancient Egypt where we see the Egyptians corroded the value of the dollar as a paper using it to make jewelry, religious artefacts, currency, gold has kept a firm grip on its and ornaments. In fact, it was at around 560 value. B.C. that gold began being used as a form of stamped coin currency to standardise trading and to streamline it for merchants. Years later, several countries formed their own unique currencies and gold grew in value when relics from various empires began appearing all across the world. There is still some debate surrounding the level of monetary qualities that gold holds, now with paper and especially digital currency being in high favour. However, many experts do continue to believe that gold holds a unique exclusivity and is therefore an essential part of an investment portfolio. To invest in gold you can purchase stock, buy physical gold such as bullion and coins, or even invest through exchange-traded funds (ETF’s). Paper currencies have not been able to maintain their wealth in the same way that gold has over the years. In the early 70’s an ounce of gold held a value equivalent to that of around $35. The purchasing power that $35 gave you at that time equates to around $270 in today's economy. Page 21 Private Client Consultancy

Looking back throughout history, the price of gold usually rises as cash value declines. Meaning that todays bloated prices might be a reason to potentially look at investing in gold while prices adapt. Gold is seen as a store of value through market highs and lows. Throughout times of political and economic uncertainty, investors have turned to gold as their safe haven. Historically, investors who held on to gold during periods of collapsing empires and political troubles managed to successfully preserve their own wealth. Therefore, you may notice an increase in investors looking to purchase gold if current news events hint towards some type of global economic concern. Recently, gold has appreciated in value – almost breaking the all-time record high price in the first half of 2023. Surpassing the $2,000 mark for the first time since the $2069.40 record was set in 2020. Many experts believe that the price of gold will only continue to rise in this current economic climate, while on the other hand, other experts are not as optimistic. The future of finance is unpredictable; however, gold has still piqued the interest of investors and is seen as a hedge against inflation. During periods of uncertainty, expanding an investment portfolio so that your eggs are not all in the same basket can be a tempting option. As with every investment, gold comes with its own set of risks and costs. Whether it is a sound decision to invest in gold will depend on your circumstances as an individual and how you choose to look at the market. Private Client Consultancy Page 22

HIGh END RIB CRUISING LEFKADA, GREECE Feel the kiss of a warm summer breeze upon your cheeks and let the magnificent Greek sun warm your skin. Breathe in the scent of the Ionian Sea, make everlasting memories with your loved ones, and discover paradise aboard a luxury RIB - Rigid Inflatable Boat. One company who specialises in quality RIBs, is Infinity Rib Cruises. They provide exceptional service and luxurious facilities to their clients. Every guest will have their very own unique adventure with a personally tailored itinerary so that they can experience a one-of-a-kind holiday. With extensive knowledge of the region and huge passion for the country, these are the hosts you want for your tailor-made cruise on the Aegean. Page 23 Private Client Consultancy

Each vessel has been named after the mythical Nereids who in Greek mythology are known as the nymphs of the sea. Iris, Alcyonis and Galene are some of the options to choose from and each one of their boats offers ultimate relaxation along with the highest standards of safety. You can decide whether you want to swim in gin clear waters, lounge on a hidden beach or explore secret bays. Each cruise offers a first-class service and is molded to the experience you want to have. While enjoying the cruise and discovering hidden gems, guests can also choose from a wide range of raft or extra services. Such as island hopping, romantic dates by the sea, VIP transfers, full moon cruises and more. All their services are designed with magic in mind. On board the cruise guests can expect to have the opportunity to try snacks made from the owner’s own home-grown selection as well as fresh fruit, and exclusive premium beverages. High quality snorkelling equipment and other water related items will be available too. If desired, clients may make use of the onboard speakers to listen to their own music. There is also a camera and some waterproofing phone cases for clients to use so that they may capture their own most magical moments. Thus, proving just how much this company cares about their client's journey. Embarking on this private bespoke cruise excursion is a perfect way to immerse yourself into Lefkada, one of Greece’s most exquisite islands. Your every desire will be looked after through Infinity Rib Cruises quest to craft a magical and unforgettable experience to every single one of their clients. Private Client Consultancy Page 24

Interesting People by Tracey Brady For this quarter's edition of 'Interesting People,' I enjoyed a conversation with a humble and humbling Hollywood Stuntman, Venice Smith When you think of Hollywood movies, what typically comes to mind are the actors who are the well-known faces of the big screen. Then we think of epic productions, trilogies, and those that are undeniably a once in a lifetime masterpiece. The legend of Hollywood began Gone are the days where Friday night 80 year old, Harrison Ford, is clearly still in the early 20th century and meant movie night at your local cinema, cracking the whip of adventure in the is an earmark of modern or queuing with friends for a Saturday latest release, Dial of Destiny – with American society rich in afternoon matinee. But even with all of Fedora intact. But there are the unsung history and innovation. that, there are still the risk takers heroes of film who perform incredible performing hair raising stunts that keep stunts in place of the big names. Those Decade after decade marked us on the edge of our seats, doing what who happily and skillfully take the falls change and in no time, the movie industry did best. Shock and and body slams for the ‘other guys’ and Hollywood had moved on entertain. where the margin of error is literally from casts of hundreds even inches. thousands to CGI and the In this age of CGI, it's really easy for green screen. Many studios filmmakers to use digital effects in place I’m a writer, not a fighter, and thankfully sought to capitalise on of actual stunts, and while the end for me I spoke with our ‘Interesting advancements in special result might look cool, it doesn't pack Person’ for this quarter’s edition via a PC effects technology, instead of the same punch as a person putting him screen and not a green screen, and I taking risks on experimental or or herself in harm's way. As a result, didn’t have to commit to a day training thought-provoking concepts. audiences often suspect over-the-top with an action hero either to get the Additionally, society swapped stunts of being computer-generated scoop. movies in theatres to watching illusions. However, sometimes these shows on smartphones, insane scenes are actually real-life gags, Venice Smith, (even his name has tablets, computers, and other stunts so unbelievable that you would Hollywood written all over it), grew up in personal devices with the never guess they were totally real. South London, England, and comes advent of streaming services from a modest background. There was such as the incredibly popular The Spielberg, Indiana Jones series, is a nothing that you could deem to be a Netflix, for the latest movie. perfect example of that. series of extraordinary or jaw droppingly spectacular events in this It’s a little known fact that the ‘Indy’ young life that catapulted him into movies themselves were inspired by the instant stardom. Page 25 Private Client Consultancy adventures and discoveries of a man named Ron Wyatt. And is also where the In fact, just as with many young people famous felt Fedora hat came from. First growing up in the 80’s and 90’s, leaving worn by Ron himself. school without qualifications, and finding employment at the age of 16+, it was not unusual back then. And Venice was no different either. He worked hard and he paid his way.

\"By golly, I went through a lot of jobs in a noticeably brief period to find something that was as ainteresting and felt I could do.\" I Fate had an eye on Venice. “I’d done such a great job that he kept me on and Motor bikes quickly became his moved me into another passion. And being particularly position in the movie. good at handling them from a relatively young age, it was clear he was a natural. His passion From that moment forward, became the thing that would eventually open doors he never I networked, got myself knew were there. Through a independently registered as friend whose father was a stunt a specialist, which basically man and stunt coordinator, fate eventually came knocking. means you are required to have 6 disciplines Venice had seen the rigorous which could vary from training his friend was involved in and knew his friend was destined gymnastics, driving, martial to one day become a stunt man. arts, that kind of thing. As young boys on the fast track But those disciplines must toward manhood, they messed be achieved at a certain level around – however rather than kicking a ball they performed of grading. amateur leaps from the roof of a local pub landing on a trampoline, rode bikes and drove cars. My specialist was and still is motorbikes, and there’s With his friend already embarking not too many black guys on a stunt career as planned, who specialise in motorbike Venice began his in construction. stunts in the UK and Europe. A few years later he received a There’s a few in America but phone-call from the brother of the same friend. that's it. Would you like to double on a movie set, he asked. The deal was I therefore tend to get to go for a day as a double for the employed mostly for actor, and that would be that. motorbike and car chases.” Private Client Consultancy Page 26

Having recently finished on set alongside Harrison Ford ON SET - Canals of Amsterdam: in The Dial of Destiny, Venice also worked with his Venice doubled for Samuel L. Jackson in the movie Hitman's Bodyguard favourite big screen legends Samuel L Jackson and Morgan Freeman. Understandably many would jump at the chance to tell all if they were in his shoes, but not Venice. His humility is admirable. You’d also be forgiven for thinking that being a Hollywood stunt person might seem like a great chance to rub elbows with A-listers and perform some gnarly on-camera manoeuvres for money. But there's a reason those A-listers use stunt doubles in the first place— specifically the fact that the stuff they do to entertain us is incredibly risky even under the relatively safe environment of a major movie set. I tell people that I’m in construction if the conversation flows to what I do for a living. It’s easier, you know. I don’t really like to talk about what I do. And it saves all the questions. Doing stunt work means you get to contribute to millions of filmgoers' fondest viewing memories; the downside of the job, however, is that it can be very dangerous for even the most skilled and cautious of the craft. No matter how much training you have or how many safeguards a production might have in place to try and minimise the risk, there's always a chance that something could go horribly—and irrevocably—awry. Even outside of the profession, the unexpected can happen. On January 2nd, 2023, the legendary Ken Block died in a snowmobile accident just out enjoying life and having himself some fun. Block was a Rally driver stuntman and a huge internet success with his Hoonigan videos and not to mention how he became a very shrewd businessman after having co-founded DC shoes, an American action sportswear shoe company that was eventually sold to Quicksilver for 87 million US dollars.  His passing was a huge shock to Venice and to all the motorsports community and petrol heads around the world. Venice had worked with Block and Idris Elba on a project in the UK. I asked Venice about the ‘fear factor’ and how it manifests. And was there at any time before or during a stunt that he asked himself, why am I doing this? Page 27 Private Client Consultancy

“I nearly drowned as a kid.\" ... I was in a pool. I was surrounded by people in all directions, including In fact, that very thing reared up when I was adults, and yet somehow in that pool I went undetected. Things were filming a stunt on a movie where I doubled for certainly different back then to how they are now, but it often has me Morgan Freeman. The stunt first took place on a thinking about how that could have been a different story had I not lake, it was wintertime, so the lake had frozen been spotted and retrieved. It certainly left a scar, one that will be with over delaying filming the scene on the Friday that me forever. it was scheduled to be shot. The following Monday the temperature had risen a few degrees, meaning the lake had thawed enough for the stunt to go ahead. All went to plan! The underwater scene was then shot back at the studios. The underwater cameras were set up, the harness around my chest that was attached to a line was in place. The purpose of the line was to drag me at speed under the water... backwards. Its purpose was to mimic me falling from the boat from the first shot on the lake, but this was the underwater shot of that same scene. It was that sensation of having the line attached to me and dragging me under. That’s scary! Plus knowing your life has been placed in another’s hands for a while. It's unnerving! I don’t have a fear of water - I’m just aware of it.” Venice *motorbike stunt on set in one of the Fast and Furious movie franchise. Venice has starred beside Hollywood’s finest, and in his he list of movies Venice own words he ended our conversation on a rather has starred in is as long poignant note – as your arm. They include the Fast and “I’m proud of what I have achieved and what I do. I could Furious franchise, easily show off my lifestyle online as a stunt star and gain Hitman’s Bodyguard, thousands of followers, but I don’t want that. I’m too old Den of Thieves 2 with Gerard Butler and for a start.\" (He joked). O’Shea Jackson Jr, as well as the more recent Indiana Jones movie, That’s what the world is all about today, fame and things. Dial of Destiny, The lifestyle of the rich and famous and all of that. It’s an working alongside attraction to things. That’s why I would rather just say I Harrison Ford. work in construction. I don’t want all the questions... I’d rather just stay quiet.” Venice was jetting off to Thailand shortly after our conversation for a well-deserved holiday, then back to work again on set in Italy. It’s safe to say that we will be seeing Venice on a motorbike speeding away from many more Hollywood explosions or jumping from speeding boats while playing the baddy alongside Hollywood legends. He does what he does best with a smile and a humble heart, and he has no plans to stop doing what he loves... not yet anyway. Private Client Consultancy Page 28

DISCOVER the Mediterranean Explore the beauty that the Mediterranean has to offer in a whole new way. Try one of these quirky experiences on your next visit to these prime destinations. Bella Italia Lezioni di canottaggio a Venezia, anyone? Rowing lessons in Venice? Yes please! Che meraviglia! Try the traditional voga alla veneta rowing in Venice. Take advantage of real Venetian expert tuition and visit quieter canals to see how the locals live. Romantic jaunts in ornate black gondolas guided by serenading gondoliers is the iconic image most eager travelers imagine. But, what else does Venice have to offer? Aperitivo hour in Italy is my absolute favorite time of day. Venice during the summer months is very hot and humid with early to mid-August being the peak. Light clothing and comfortable walking shoes are highly recommended. Whatever you do, don't leave without experiencing one of the city’s traditional cicchetti bars. This is where small bite sized dishes are offered alongside glasses of delicate and crisp Italian wine. Image: Gondola on Canal Grande with Rialto Bridge at sunset in Venice, (photo via bluejayphoto) Scooter through Sorrento Head out like a true Italian on a vintage Vespa and explore the stunning seaside town of Sorrento and all along the Amalfi coastline. Enjoy mesmerising scenery, stroll around the town, and taste the local liqueur, the refreshingly moorish Limoncello! Venture into Positano to try the traditional delizia al limone (a sponge cake filled with Scicillian lemon cream) or how about a typical Neapolitan sfogliatella (a shell-shaped pastry) that dates back to the late 1600s. A must with an espresso before heading back to Sorrento. Page 29 Private Client Consultancy

Paragliding in Sardinia Could you imagine a better way to admire the beauty of the Azure Sea than from a bird's eye view? With the wind flowing through your hair, float above the sparkling sea and take in Italy’s magnificent islands. An experienced pilot will help you paraglide in a free-flying glider, they will do the hard work while you sit back and feel the freedom of being in the air. After the experience, you can head into Sassari to explore the historical town and all it has to offer. Buggy across Malta Explore the outskirts of Malta’s capital city of Valletta by buggy. Ever driven a golf cart? This nippy little vehicle is remarkably similar. Head into Vittoriosa, Senglea and Cospicua to explore their charming streets, ancient forts, and ancient piazzas. Start at the restaurant filled Grand Harbour Marina and end in Rinella Bay. Image. Malta Dune Beach Buggy Club/Facebook Quad Biking in Mallorca Jump on a quad bike for a tour around Mallorca’s elegant capital, Palma. Here, off roading is the name of the game for those who really want to dive into the area. During the summer months you can stop to swim and snorkel in the sea. While in winter you can head 540 metres up to the highest point on the island, Puig de Randa, for the breathtaking views. After a training session, you will be heading across sandy beaches and through pine forests that will lead you to hidden bays. Private Client Consultancy Page 30

PORTUGUESE Paraíso Portugal has some incredible locations within its boundaries. From historical cities to clear beaches to entire regions of wine. With so much natural beauty on offer, Portugal is a place of pure paradise that will capture the heart of any traveller. The Algarve Standing out as the go to place for golden beaches with a dramatically stunning stretch of coastline, the Algarve is a must visit area for anyone heading to Portugal. There is good reason for the Algarve being so popular, with its inviting old town of Lagos and natural sea arches that have created picturesque views of the Atlantic Ocean in Ponta de Piedade. Page 31 Private Client Consultancy

Sintra Douro Valley Sintra is a charismatic town located in the Serra de In recent years, Douro Valley has become an Sintra mountains to the west of Portugals capital, increasingly popular destination for European wine Lisbon. If you want to feel like you have drifted lovers. The sleepy Barca d’Alva village is situated on into a land straight from a fairytale, then this town the left bank of the Doura River that the Valley is should be on your bucket list. The romanticist named for and is inserted into the International castle known as Pena Palace is arguably the most Douro Natural Park. You can go on a short cruise to breathtaking in the area, famous for its collection see what centuries of grape cultivation on steep of castles. Behind the beauty of Sintra is a deep banks and billowy plains looks like. history that includes stories of how the nobility were forced to flee the night before the country’s Douro Valley has more than just wine to offer fierce revolution. though, it also promises some of the most stunning landscapes in all of Portugal. Views that should be Madeira savoured while seated on a train running down the iconic Douro railway line, with a glass of Port wine If you want to experience the wild and raw beauty in hand. of Portugal, head to Madeira. Not many places in the world can compare to this Portuguese island. Cascais The island offers incredible scenes of nature, immense flavours, centuries of traditions and Cascais is a costal settlement made up of charming crystal-clear waters. Visitors have the opportunity towns encompassed by a striking coastline of sea to wander the exquisite harbour gardens and arches and rocky cliffs. The area gained its popularity sample local wines in the Madeira cellars. in the 1870s when King Louis I of Portugal handpicked this particular spot as his summer retreat. The best way to explore Madeira is by car so that you can see it in full, stopping to wander through City Hall Square is one of the most dazzling places in fishing villages, go dolphin spotting on the Cascais, with classic Portuguese undulating black and southern coast and to take a dip in Porto Moniz’s white paving. Remarkably, the same design can be lava pools. seen across the world in the former Portuguese colony of Macau, showing the age of the tradition. Private Client Consultancy Page 32

PROPERTY in SPAIN INVESTMENT Purchasing a home in Spain can be a marvellous investment whether you plan to rent out the property or live there yourself. Investing in Spanish real estate can be a safe option in a world that seems to be so unpredictable nowadays. Despite the ongoing events in Europe, indicators point towards the Spanish property markets success. Page 33 Private Client Consultancy

Before the pandemic hit, Spain’s economy was Experts are optimistic about the real estate market suffering under the financial crash of 2008. The for the rest of 2023. The comeback post pandemic popular tourist destinations within its borders for the real estate market in Spain and generally helped to give the country a much-needed lift. everywhere else in the world was much stronger Property prices are on the rise and sustainability is than anticipated. This is great news for cash buyers now more of a focal point. According to the well- who are looking to purchase international real estate known bank Santander, Spain offers a diversified as properties should be easier to find due to rising economy, a high quality of life, an important tourism interest rates. sector and a developed infrastructure. Whether you are in search of a holiday home or Spanish property investment could yield some solid permanent residence our experienced real estate returns. According to the statistics released in team are on hand to find the perfect property for November 2022 by the Central Banks of Spain, the you. Private Client Consultancy are not just here to expected return on the residential real estate help you on your real estate journey though, we also market in Spain for cash buyers is 11% and for those offer a range of services that can help to make the who take a mortgage 8.4%. process of relocating to Spain easier, from Wealth Management to Mortgage services, we have got you As of 2014 the real estate market in Spain has been covered. strong, events from the Covid hit had some effect on the market but the market quickly made a Top Tips for Investing comeback. Since 2022 people are now choosing to in Spanish Property buy larger homes with more outdoor areas and searching for properties outside of large cities, this Property values continue to thrive, with 2022 is possibly due to having now experienced so many bringing an 8.5% increase in prices in Andalusia, lockdowns throughout the pandemic. a theme that has continued throughout what we have seen of 2023 so far. Despite this, do not Property prices remain on the rise in Spain and have throw all negotiations out of the window just yet. been growing since 2021 at roughly 6.4% year on With reluctancy to lower their prices, on the year. As well as this significant increase on existing primary market some developers are instead properties, new-build homes saw a similar increase offering additional equipment to go with the as their value rose by 6.1% compared to the year property. While on the secondary market it is prior. It is worth noting that due to the impact the possible to make very reasonable offers. pandemics had on property markets worldwide, these figures may fluctuate by location. If you are not based in Spain, then plan your trip ahead of time. Speak with your estate agent in As with all investments, when looking at diving into advance so that they can plan multiple viewings Spanish property you will of course need to do some for your trip. With the market heating up, agents research and a few sums on the costs. Property have their calendars quite full and will likely need prices can widely vary around the country as can some notice. taxes. Generally, when purchasing property there will be property transfer tax, legal fees, and land When you find an attractive property that has registration fees to pay. Just the transfer tax alone piqued your interest do not sit on it for too long. can range from 6% to 10% of either the land registry Demand is remarkably high right now which can value known as the reference value, or the purchase often mean that those top tier deals are snapped price, it will depend on which is greater. up within days. Private Client Consultancy Page 34

LONG-TERM INVESTING Private Client Consultancy Asset Class 'Face-Off' If you are fortunate enough to have extra money after paying your regular expenses, the question may arise: Should you just keep your cash in the bank or invest in alternatives, such as long-term investments with the consideration of property thrown into the mix? While it can be nerve racking to drop all of your cash into a property where you won’t have easy access to those funds, the incredible potential for rentals should be factored in. But there are several other options to consider on both sides, and what those options are will ultimately come down to preference and suitability to you personally, your lifestyle, and your current situation. To help you decide which of the options could be the best solution for you to consider, we asked our experts to give us two concise options for the same question asked – each one coming from their respective area of expertise. First up, we have Kevin Birtles who is Managing Partner for Private Client Consultancy Wealth Management, followed by Seema Karia, Managing Partner for Private Client Consultancy Property. Q1 Why not just put all my cash in Q3 I live in Spain. What are the Q5 What about market the bank? At least I can count on it tax advantages of investing in fluctuation? I’m a tax resident in still being there if the markets assets such as stocks and bonds Spain and I have a lump sum take a dive, right? long-term. And what are my tax ready to invest left to me as advantages for investing in inheritance from a family member Kevin -If you can afford it, invest it. But do property abroad? who resided in the UK. I’m so with a long term plan in mind. Banks nervous about putting it all in one will only offer marginal growth, a well Kevin -Investing in stocks and bonds has place, but definitely want to structured long term investment offers a many advantages, providing that you do invest it as soon as possible. real opportunity to double your so in the right structure to satisfy the tax investment. Yes markets will fluctuate, but authorities in each of the relevant Kevin -Then invest in your future now! real loss only occurs if you withdraw funds jurisdictions. You can reduce your income The best way to protect your inheritance when markets are low. Regular assessment tax significantly in retirement and in is to utilise a strategy that is appropriate is the key to success but investments many cases you can completely mitigate for Spain, will limit your tax liability should always be viewed as a minimum 5 inheritance tax liabilities for your should you withdraw funds in the future year plus term and timing is key. That´s beneficiaries. Forced heirship rules in and will protect your loved ones from where your Wealth Manager´s experience Spain will expose your loved ones to tax succession and inheritance tax liabilities is vital. liabilities that are not necessary. We can in Spain and the UK. This isn´t a case of all help you plan and limit the impact. eggs in one basket as the investment Q2 We currently own two homes. strategy will actually enable the use of One is in the UK where we live, and Q4 Long-term savings plan Vs a multiple underlying investments, the other is in Spain. What are our property purchase. I really like structured in accordance with your own options regarding rental income the sound of both. What are my investment objectives. and re-investing what we earn options? from that? Q6 Should I pay my mortgage Kevin -Money, money, money. We all early or invest in extra funds?  Kevin -Diversification is important as is need it and often we don´t have the lump liquidity. If you are receiving a regular sum we need for a major investment such Kevin -That really does depend on the income that generates excess funds, save as property. But if you don´t save the affordability of your mortgage. If the them for retirement, for your children´s excess funds you have now, then what mortgage is on a suitable fixed term then education or simply put them aside for happens is that they tend to be spent it could be considered a good debt. If you your personal future use. If you don´t need unwittingly. A solid long term savings plan then invest the cash available and achieve the income now then put it to work for will ensure that your money is working a higher return than your mortgage you, you´ll be surprised how quickly a for you at a level that you can afford, with interest rate then you´re making your regular savings investment can turn into a say €500 per month, and suddenly you money work for you and not for the significant additional lump sum. find yourself sitting on a cash sum in mortgage providers. several years of circa, €80,000 plus. Page 35 Private Client Consultancy

V PROPERTY INVESTING Q7 Purchase a 2nd property or ... Q5 What about market invest more in my current It can be a huge plus for long-term goals fluctuation? I am a tax resident portfolio by improving lifestyle or simply giving you in Spain, and I have a lump sum that extra bit of financial freedom when ready to invest left to me as Kevin -If you´re purchasing a second you need it. Due to demand and supply, inheritance from a family property to maximise rental income, you there will always be a need for short and member who resided in the UK. should consider three key concerns. long-term renters abroad bringing in I am nervous about putting it all Firstly, void periods, can you afford the further income to re-invest in your in one place but want to invest it repayments if the property is empty for a property portfolio, should you wish. as soon as possible. period. Secondly, liquidity, if all assets are Seeking professional advice before tied up in property the funds are not that embarking on the rental market as a Seema -Invest in a portfolio which you easy to realise in case of any financial landlord is a must. are familiar with that takes into emergency or issues that arise, and finally consideration other factors, such as the shifting interest rates (subject to The same model can be replicated in both where and when you want to retire. Build jurisdiction) they have increased 10-fold countries with the only difference being your property portfolio accordingly. Allow in some countries, could you afford to that the UK is more set up for long term for property appreciation and yield that absorb such an increase? renters than short term. will take care of the mortgage payments. By having enough capital within the Whatever the question, whatever the Q3 I live in Spain. What are the portfolio, this will provide a safety net in concern, don´t enter into anything tax advantages of investing in case of a recession or high interest rates. assets such as stocks and bonds without consulting a professional adviser. long-term. And what are my tax Q6 Should I pay my mortgage Speak to me to make sure that your plan advantages for investing in early or invest in extra funds?  is fit for purpose, and that you are aware property abroad? Seema -Compare interest rates on your of the pitfalls, so that all you have is Seema -Spain offers numerous tax mortgage with potential returns on your adequately protected. advantages for investors interested in investments. If the mortgage interest rate long term asset investments such as is higher, paying it off might be [email protected] property. Wealth tax exemptions in Spain preferrable. Paying off your mortgage offer substantial tax benefits related to early can also provide you with a more The same set of questions will now the ownership of property. The primary stable and secure financial position. be answered from the perspective residence is exempt from wealth tax of property investing. meaning that the value of the home is not Q7 Purchase a 2nd property or considered when calculating an individual invest more in my current Q1 Why not just put all my cash in tax liability on net wealth. portfolio the bank? At least I can count on it still being there if the markets Q4 Long-term savings plan Vs Seema -Owning multiple properties take a dive, right? property purchase. I really like allows you to spread your investment the sound of both. What are my across different assets, reducing risk and Seema -Whilst cash sits in the bank, options? potential financial pitfalls. A second inflation can erode that money year after property offers the potential for year. Money in the bank will not provide a Seema -For many prospective investors, additional rental income, providing a regular income regardless of markets real estate is appealing because it is a consistent stream of revenue. Investing in being down either. tangible asset that can be controlled, with a different location can help you tap into the added benefit of diversification. Real potential growth areas, taking advantage By having a well-balanced portfolio and estate investors who buy property own of varying market conditions and property investments within it, it allows something concrete for which they can potential higher returns. an individual to draw what is known as be accountable. passive income. You can contact Seema by email at [email protected] Q2 We currently own two homes. One is in the UK where we live, and the other is in Spain. What are our options regarding rental income and re-investing what we earn from that? Seema -Rental income allows you to earn that passive income I was talking about in my previous answer. Private Client Consultancy Page 36

Gift It is understandable that those who are able to do so want to take up the opportunity to give in extraordinary ways. That is one of the main reasons many companies accept universal, term and whole life insurance policies so that people can have the opportunity to give back to their communities and of course form their unforgettable legacies. The gift of life insurance may also offer the chance to make grand charitable contributions. It can be convenient to make more affordable gifts over time in the form of premium payments rather than all at once, allowing you to tribute a higher quality gift. A donor advised fund (DAF) is an account where you can deposit assets for donation to charity over time. With the use of one of these funds, one life insurance contract could benefit multiple nonprofit organisations. A donor advised fund is a flexible giving tool that allows you to give to causes that you care the most deeply for. Donors are also able to name their donor advised fund as the beneficiary of the contract while still retaining ownership during their lifetime. Often, upon death, the benefits received by the organisation will outweigh the total payments made. Ongoing payments often result in charitable income tax deductions. To turn a life insurance policy into a charitable gift, the organisation simply needs to be named as the beneficiary of the fund and upon the donors' death, the nonprofit will receive the funds to directly help their cause. Page 37 Private Client Consultancy

A gift of life insurance is just one example of a non-cash asset that can be used to support your charitable goals Some couples in retirement may find themselves at liberty to withdraw the cash value of their life insurance policies but already have enough assets to live a comfortable retired life. By choosing instead to establish a donor advised fund they can help an organisation along with their journey, in turn, also leaving a lasting legacy as their gift continues to help even after they are gone. A charitable income tax deduction for a proportion of the cash value of the policy can also be obtained. In the case where such a couple has children, they may want to choose to appoint them as advisors to the fund who can carry on recommending grants to their preferred charities. A gift of life insurance is just one example of a non-cash asset that can be used to support your charitable goals. Other assets that can be donated include cryptocurrency, real estate, stock, and even farm assets, just to name a few. Private Client Consultancy Page 38

The Beneficiary and the Benefactor Conflict Resolution Following Inheritance A benefactor is the person who creates the estate plan, or the plan to distribute their assets, while a beneficiary is someone who is the recipient, or who benefits from, the estate plan. As the beneficiary of a trust you may suddenly become free of financial burdens overnight and find yourself with the power to support projects that you are passionate about. But you could also end up inheriting more than just money, and more than you bargained for before receiving your inheritance. aving worked hard the best part of a life to They may even want to distance themselves build an estate, wealth creators can and or remove themselves entirely from the should hold strong views regarding how association of wealth that has derived from their assets will be managed, even after they certain industries. Reactions such as these have passed away. However, beneficiaries can lead to conflict in the family at a time from younger generations may see things when emotions are running high. differently to how the newly deceased did. There may be disagreements between multiple beneficiaries or family members who don’t feel as though they have gotten their ‘fair share.’ Matters can quickly escalate and tear even the closest of families apart leaving assets that may need to be split up and, in some cases, cause those same assets to lose significant value in the process. Image source: TV Show 'Knives Out' Page 39 Private Client Consultancy

As beneficiary, the key is to be open It is often best to seek the services of and honest in all communication with a professional to save time and the settlor, trustees, and other heartache. Your Wealth Manager is a beneficiaries. Each person should thorough source that sits outside of discuss their priorities and values the family circle who can act as the while actively trying to listen to each organiser on your behalf, while also other's point of view. ensuring the family can meet and communicate in an open setting Trustees hold a particularly significant where everyone can debate and role in this debate as it is their role to formally express their views. ensure the trust’s wealth is used in the Trustees have ultimate control over way it should be. Often, beneficiaries what happens to the assets and can lack some understanding of what wealth, but they are there to help a trust is for and how it works. Of beneficiaries by offering advice and course, this can bring about difficult support to them. and sensitive conversations such as telling children of the deceased to sign A trust is exactly that, a relationship prenuptial agreements to prevent any of trust. As with any relationship, of the wealth ever being given up in a open and honest communication is divorce settlement. needed. By doing this, the wealth will be passed down from generation to generation and continue to benefit the whole family. Private Client Consultancy Page 40

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