Drive the news - September 12

Hi, I’ve established a Netwalking group to improve people’s productivity by getting them away from their workspace. Instead of standing around in a room with 60 second pitchers, we walk in local nature reserves & other well trod paths (in Derbyshire). Conversations happen & we get to know what each other does, funny that! We then go to a local cafe for a cuppa and continue the chat. It’s 2 hours well spent & people who came on the first one really appreciated that I’d set it up. It’d be great to share the benefits of doing this.

Not precisely my line of business, but a thought I had recently: Is Private Medical Insurance (PMI) worth it? With increasing NHS waiting times, I've recently helped more clients use their income and wealth to protect their health by going private for their medical. This has been paid for by existing PMI policies, funded from existing savings and investments, or by arranging an equity release mortgage. As a financial planner, it's perhaps not surprising that I'm a big fan of most protections and insurances. However, I was always sceptical about Private Medical Insurance (PMI). Previously I felt that, for relatively minor issues, waiting for the NHS to treat you for free would be fine. And, I thought that if you have any major problems, the NHS will treat you promptly. That said, just in case, I took out a PMI policy a couple of years ago. This was added as my director's benefit as part of my package at work. However, following my own recent health issues, I can see the importance of PMI. A few weeks ago, I suddenly noticed struggling to hear people on the phone. Although initially putting these down to a twisted phone wire, I quickly realised that the issue was me rather than the phone. I was lucky enough to see my GP's nurse the same day. They confirmed it wasn't something as mundane and simple as a blocked ear. And I needed to see a specialist. To be fair, I don't know what the wait for a specialist is with the NHS. However, with my PMI provider, I was able to arrange an appointment just a few days later, at a time that was convenient to me. The specialist informed me that, if I'm lucky, the treatment I'm having might help my hearing. However, that treatment needed to start within three weeks of the hearing loss. I'm sure I would have missed a three-week window had I relied on our excellent NHS. Going private, helped by the PMI, may make little difference to the outcome. However, the speed at which I could be seen, treated and have potential causes investigated could perhaps make a huge difference. I've had blood tests and an MRI scan, all in good time and with appointments arranged to be convenient. I'm awaiting these results, so fingers crossed its good news. But, even putting aside the significant potential health advantages of going private, the convenience is also worth it. It's meant minimal inconvenience to myself, my clients and my business. So, in hindsight, PMI has greatly benefited me and my business. And, for those that can afford it, I would say that PMI is worth it, especially given the current pressures our NHS is under. To clarify, neither myself nor my business arrange PMI policies. So this story isn't an attempt to generate business for ourselves. I just thought it was important for people to realise the value of PMI.

My biggest concern at the moment is the amount of newly qualified brokers entering the market at such an uncertain time. I am regularly asked if i have positions for "new" advisors with no experience in the industry. I think now is a time where experience is key, for instance, we have a panel of lenders with over 100 brokers on it, i can not expect a new advisor to keep on top of all of the changes, whilst learning their trade. It took me several years to even get used to being comefortable using all the different lender systems, never mind knowing their ever changing criteria. Covid saw a lot of new advisors join the industry as i feel a lot of people who were bored with their job or were made redundant, saw the mortgage industry as easy pickings, but i think we will soon see a lot of these leave the industry as they realise it isnt always as Vanilla white as it seems and that being a Mortgage Broker isnt just a quick win sales job, its an ever changing beast that requires commitment and deication and to be able to take on board multiple regular changes