Money
Matters
Money makes the
world go round, or
so the saying goes.
In each issue of Tees Life,
we’ll ask a prominent
Teessider about their
thoughts on financial matters
Name: Jan Faulkner
Age: 58
Location: Great Ayton
Job: Freelance florist specialising in
weddings, teaching and demonstrating
Tees Life: Does money make you happy?
Jan: Money isn’t everything in life – it
can’t buy you happiness or health -
because you see a lot of miserable people
with money but you do need some.
TL: What was your first paid job and do
you remember how much you were paid?
Jan: When I was studying at
Middlesbrough High School I had a
Saturday job at a shoe shop, while I also
used to waitress at Marton Country Club
and the Ladle back in the ‘70s. I can’t
remember how much I was paid but it
wouldn’t be much. It was just pocket
money but it taught me the value of
money.
TL: What’s your best financial tip?
Jan: Don’t spend what you haven’t got.
Live within your means and don’t build
up big credit bills you can’t pay off.
TL: Are you a saver or a spender?
Jan: A bit of both! I like to have a little to
spend on clothes at Marks & Spencer and
online – it makes you feel happier – but I
like to save for a rainy day too.
TL: What is currently the biggest drain
on your resource?
Jan: Oh, the household bills – the gas,
electric and council tax.
TL: Have you done anything for the
money that you wish you hadn’t?
Jan: My partner Denis probably thinks it’s
keeping Marks & Spencer in business. I’m
a bit of a hoarder and have wardrobes full
of stuff I never wear.
TL: What the most you’ve splashed out
on a single item (excluding a house)?
Jan: I suppose it’s cars. They just cut a big
hole in your savings and depreciate. I’ve
got a Vauxhall Mariva now. I always had
a Mercedes A class but it was no good for
my flowers.
TL: What has been your biggest financial
mistake?
Jan: Spending too much on advertising
when I set my business up. I’m much
more selective now but I could attend a
wedding fayre every week without ever
earning anything.
TL: What has been your best investment?
Jan: I suppose investing in a computer
along with going to college and learning
flower arranging. It might not sound a
lot but with buying flowers every week
and the course fees, it did add up. I don’t
think you can go too far wrong investing
in your own education. What started out
as a hobby turned into a business and I’ve
now taught flower arranging for 30 years.
TL: Do you dabble in shares and other
investments?
Jan: I rely on Paul Adams of Vintage
Chartered Financial Planners to look after
my investments. I wouldn’t do anything
with their guidance as I believe in leaving
it to the experts. Paul has taken care of
my financial affairs for 15 years now and
always gives sound, expert advice that
looks after my future.
FINANCE
KEY QUESTIONS TO ASK
YOUR FINANCIAL ADVISER
B
efore committing to using a financial
adviser for the first time, it’s vital that you
do some research. Here are some key questions
to ask:
How much am I likely to pay?
A financial adviser must be transparent with
their charging structure and you should be made
fully aware of what you will be paying and how it
will be paid, ahead of any commitment.
An adviser may charge by the hour, a fixed
fee or a percentage of the total assets under
management.
Are you independent?
The adviser must tell you what services they offer
and if they are ‘independent’.
To be called independent, a financial adviser
must offer a broad range of investment products
and give clients unbiased and unrestricted advice
based on a comprehensive and fair analysis of
the market.
Do you have qualifications that are above the
minimum standards?
Whilst all financial advisers must meet
minimum qualification standards (DipPFS), it
is becoming the norm for progressive advisers
to take additional exams, leading to Chartered
status, or to becoming a specialist in a specific
area (such as pension transfers).
It‘s always worth asking what qualifications the
adviser has and what these demonstrate.
Do you have many clients in a similar position
to me?
It’s always worth finding out if an adviser has
experience of advising clients in a similar
position to yours.
Some financial advisers may only deal with
people who meet certain criteria, or minimum
investment levels (eg £50,000 or £100,000).
Other advisers may be happy to advise clients no
matter what the size of their investment.
What are the options for ongoing ad