Podcast Summary
Leveraging LinkedIn for Small Business Hiring: LinkedIn is a top platform for small businesses to find passive job candidates, with over 70% of users not visiting other job sites. Posting a free job is a good starting point, but consider the value of additional perks offered by fee-paying accounts when hiring.
LinkedIn is a valuable resource for small businesses looking to hire professionals. It's where you can find candidates who aren't actively searching for a new job but might be open to the right opportunity. In fact, over 70% of LinkedIn users don't visit other leading job sites. So, if you're serious about hiring, start by posting your free job on LinkedIn. Another topic covered in the discussion was the rise of fee-paying bank accounts and the decline of free ones. Today, over 50% of all full-service current accounts come with a monthly fee, and some private banks charge as much as £40 a month. But what do you get in return? Some benefits, like travel insurance, may not be worth the cost, especially if they have limitations or exclusions. However, some banks are trying to make these accounts more appealing by offering additional perks, such as discounts on entertainment tickets or a relationship manager. It's important for consumers to carefully consider whether the benefits outweigh the cost before signing up for a fee-paying account.
Packaged Accounts: More Than Just Banking Services: Packaged accounts offer various benefits beyond standard banking, but consumers should evaluate added value and consider existing insurances before paying monthly fees, which can range from £12.95 to over £40.
Packaged accounts, which offer additional benefits beyond standard banking services, have become more common and expensive in the UK. These accounts can include insurance coverage for mobile phones, travel, and even specific offerings for the elderly. However, many people may already have these insurances, so it's crucial to carefully evaluate the added value of each packaged account. The average cost of these accounts has risen significantly since 2006, with many providers charging over £15 a month. Some high-end packaged accounts can cost up to £40 a month. These accounts often come with attractive names to make consumers feel good about their purchases. Banks have been discussing the end of free banking for years, and it seems they may be transitioning towards a model where customers pay for additional services each month instead. Packaged accounts offer a range of prices, from as low as £12.95 to over £20 a month for more comprehensive coverage. The standard payment for accounts with added extras like mobile phone and travel insurance is around £20 to £25 a month.
UK Residents Face Challenges Finding Free Credit Accounts: The US mutual fund industry's lower fees lead to better returns compared to the UK. UK investors can learn from this and prioritize fee consideration in their investment decisions.
UK residents looking for free or low-cost credit accounts may find it increasingly challenging, as the number of such accounts has decreased over the past year. However, they can still be found, and every bank offers this option. Meanwhile, research shows that US mutual funds outperform their UK counterparts due to lower average fees. This difference in costs can significantly impact returns over time. Americans have had legislation in place since the 1940s that requires mutual funds to have independent directors who review and regulate fees. The UK does not have this structure, but a new consumer body may address this issue. Investors can learn from the US approach and consider the importance of fees in their investment returns.
Independent boards lead to lower charges in investment trusts vs unit trusts in the UK: After 10-15 years, investment trusts with independent boards have lower charges than unit trusts in the UK. Regulatory changes may further reduce costs, but other fees remain to be seen.
Having an independent board of directors in investment trusts leads to lower charges compared to unit trusts in the UK. According to Lipper's research, over 5 years, UK funds tend to perform slightly better, but after 10-15 years, the disparity becomes significant. The research also found that the same global equity funds performed better on average in the US than in the UK. With regulatory changes coming to the UK, fund managers may no longer have to pay commission to advisers, potentially leading to a reduction of up to 0.5% in annual management charges. However, there are other fees within a fund's costs, such as fees paid to fund platforms and general running costs, which could be significantly reduced but remain to be seen. Vanguard, as an example, already offers low-cost funds in the UK, and other US firms may consider expanding their presence in the UK market.
Consider performance record over low fees for funds: London sellers can get more value by relocating to prime regional areas, offering 'bang for their buck'
While some firms have introduced low-cost funds with charges as low as 0.4 to 0.5 percent a year, investors should still prioritize finding a good fund manager over just opting for the cheapest option. The performance track record of these funds should also be considered. Additionally, London sellers of high-end properties can now get more value for their money by relocating to prime regional areas, such as Oxford, Cambridge, and Bristol, where property prices have grown significantly over the past 5 years. This price differential puts buyers from London in a stronger position and offers more "bang for their buck." For those considering this move, it may be worth holding onto prime London properties that have seen significant price growth over the last 5 to 6 years and using the proceeds to purchase even larger properties in prime regional locations.
Consider buying in the home counties with London sale proceeds before prices rise significantly: Experts predict a 32% price increase in Prime London over 5 years, while prime areas in the South East could see a 29% increase, potentially narrowing the price gap. London homeowners may consider moving to areas like the home counties to capitalize on this trend.
Now might be the best time to sell a property in London and use the proceeds to buy in the surrounding areas, such as the home counties, before prices start to rise significantly. According to experts, while Prime London is expected to rise by approximately 32% over the next 5 years, prime areas in the South East could see an increase of around 29%. This represents a narrowing of the price differential between London and these surrounding areas. For instance, Wandsworth in Southwest London has seen a rise of about 49% for family homes over the last 5 years, while the Southeast has only seen less than a 5% increase. Agents have reported an increase in people looking to make this move, although caution is still prevalent in the market. It's worth considering this option if you have the flexibility to do so. For a visual representation of what you can buy around the country with your London sale proceeds, check out Tanya's article in the money section of this weekend's FT Money. Stay tuned for more financial insights next week.
Affordable Travel Essentials and Mother's Day Gifts: Quince offers stylish travel essentials at affordable prices with ethical manufacturing, while 1-800-Flowers provides Mother's Day gifts with discounts up to 40%
Quince offers high-quality, stylish travel essentials at affordable prices, with a commitment to safe and ethical manufacturing practices. Meanwhile, 1-800-Flowers provides a range of Mother's Day gift options, including flowers, treats, and unique presents, with discounts of up to 40% on select items. For your upcoming trips, Quince's selection of European linen, premium luggage, and buttery soft Italian leather bags can elevate your travel style without breaking the bank. Their dedication to ethical and safe manufacturing practices adds an extra layer of value to your purchase. This Mother's Day, 1-800-Flowers offers a variety of gifts to celebrate the amazing moms in your life. From handmade bouquets and sweet treats to gourmet food and one-of-a-kind presents, you can easily order and have them delivered fresh. With savings of up to 40% on select Mother's Day bestsellers, don't miss the opportunity to show your appreciation for the special women in your life.
