It's your money and you're free to access it whenever and however you like!
We'll guide you through any decisions to make sure you have all the knowledge you need about tax liabilities etc to make sure you're equipped to make the right financial choices for you.
Frequently Asked Questions
Q: How safe is my money?
A: Your portfolio is designed to ensure that your money is spread across several different institutions and a diverse range of markets. This diversification helps to protect your monies and maximise the protection provided by the Financial Services Compensation Scheme (FSCS).
Q: How long does it take to make a withdrawal?
A: From request, lump sum withdrawals take an average of three weeks to appear in your bank account. It can often be less than this but on some occasions, especially if your account already has fund transactions in progress, it can take up to four weeks. To set up a regular withdrawal, we’d prefer three weeks’ notice.
Q: How often can I withdraw?
A: You can make regular withdrawals weekly, monthly or annually to suit you. Alternatively, you can make one off withdrawals as and when you need to. As your advisory firm, we would always prefer to give advice on any planned withdrawals to make sure they are the most tax efficient for you.
Q: Who instructs the withdrawal?
A: We will agree the withdrawals and the frequency with you and then we will contact the ‘supermarket’ to arrange the withdrawal.
Q: What tax am I charged on my withdrawals?
A: Withdrawals from some ‘tax wrappers’ such as Individual Savings Accounts (ISA’s) can be tax free. For other wrappers you may be subject to income tax or capital gains tax. But you don’t need to worry about which Managed Reservoir compartment to use, we will discuss your withdrawal requirements and help with any tax planning so you have time to enjoy the important things in life!
Q: What if I need to make an unplanned withdrawal?
A: Pick up the phone and let us know. We will be your first point of contact, we can discuss the withdrawal with you and advise on the best course of action to get you what you need.
Q: How do I pay money into my Managed Reservoir?
A: You can pay money into your Reservoir any time you want to. You can make payments monthly, annually or as a one off, whatever suits you. Let us know what you are planning and we will help you every step of the way.
Q: How often are the funds & investments reviewed?
A: We’ll review your investments on an ongoing basis along with the investment managers we work alongside, to make sure the funds are the right ones for you and adjust as required. This is done automatically so you don’t need to worry about it. We’ll meet with you every year to review your investments, make sure everything is on track and still matches your tolerances and expectations.
Q: What if I don’t want to use Joslin Rhodes anymore?
A: If you ever decide that you don't wish to continue with our Investment Management services then you may cancel and we will disconnect ourselves from the management of your money. You may then either, withdraw your funds, transfer then to an alternate provider or leave them in situ and engage with a different Independent Financial Advisor for ongoing investment management.
Q: Who controls the valves and taps?
A: It's your money so you can access what you like, when you like. When you instruct a withdrawal, we will adjust the taps for you, we’ll suggest which tap to open and when, this enables us to make your withdrawals tax efficient.
Q: What is a GIA?
A: A General Investment Account (GIA) is a wrapper that can be used alongside a pension wrapper and an ISA wrapper. Each wrapper has their own benefits. Although a GIA does not benefit from the same tax advantages as an ISA, we can gradually move funds from GIAs into