What a year it’s been. Amongst other things, 2024 saw…
…a Labour government landslide victory, followed by a budget to dwarf all previous budgets…
…the inflation rate fall below 2%, meaning mortgage rates started to fall for the first time in a long time…
…the rise and rise of AI dominating the stock market in the USA…
…and Donald Trump’s Republican Party ascending to power.
So what were the consequences for us?
Firstly, many of you got in touch with concerns about what a Labour government would mean for your savings.
As ever, anticipating policy changes and planning for every eventuality played a big part in being able to reassure clients on this score. A brief example: this year saw the removal of the Lifetime Allowance, and in anticipation of this, we have been advising clients for some time not to trigger those allowances – delivering huge savings to those with large pension pots.
Going forward, Labour’s changes have made tax planning more important than ever for those hoping to reduce the impact of new policies – particularly around Inheritance Tax. We’ll be focussing on this area with our existing clients, and we recommend you do, too.
In terms of our investment portfolio, such a tempestuous political backdrop put pressure on our team to make all the right calls, and we think we did: we delivered a strong performance throughout 2024, both in ethical and standard funds.
Montgomery Charles staff enjoy their 2024 Christmas get-together
Also this year: behind the scenes, we have – like many others – been introducing AI tools into the workplace. While essential, this process has also shown us that there’s so much we deliver that AI can’t help with.
AI is useful for many things, but it can’t replace the genuine care and the sense of responsibility our team have for our clients. That might sound a bit syrupy…but it’s true. For instance, we always encourage our clients to use their money to do good things, and to use it to realise their hopes and dreams for the future. AI can do plenty, but it can’t do that. It’s unlikely you’ll find an AI chatbot on our website any time soon…
Our events programme continued apace
From an events perspective, 2024 couldn’t have gone much better. We had the biggest indication yet that people are starting to rediscover their appetite for attending events in person, with many of our seminars returning to pre-covid attendance levels.
It was also an exciting time as we continued to develop our relationship with the Employee Ownership Association – connecting with business owners at a series of events throughout the year which culminated in the national EO Conference in November. The development and release of our new Employee Wealth Fund, designed specifically for businesses approaching financial freedom, was a complex and fascinating process; judging by the feedback we’ve had so far though, it was very much worth it.
None of these events would be possible without our brilliant partners, including but not limited to the EOA, Lily Head Dental Practice Sales, Henry Schein Dental Practice Sales, Christie & Co, Spot On, Knights, and Humphrey & Co – a warm thanks to everyone from those organisations who worked with us throughout 2024.
Thoughts for 2025
Next year’s news cycle will be dominated by President Trump, and as nerve-wracking as that is, we expect his actions will fall short of his rhetoric to some degree. It does look likely that US inflation will build again if Trump pursues his protectionist agenda.
From the point of view of business owners, many will be considering whether to sell up in light of developments during 2024. To them we say: business owners with a plan fare dramatically better than those without one! Do consider talking to us if you’re at all worried or are looking for some guidance.
On a personal note, our CEO Mike has been enjoying life as a Poppa to baby Constance. And this time next year, he’ll be completing a race across the Atlantic in a sailboat – the prelude to a round-the-world adventure. Don’t worry though – he’ll still be in touch with team, and he’ll hopefully writing a few blogs to share with you all, too.
That’s our 2024 – we hope yours was similarly action-packed. If you’re reading this before Christmas, have a wonderful festive season and we wish you all the best for 2025.
Warm wishes
The team at Montgomery Charles
