Bowmore Bulletin: Your latest update from the Bowmore team

This month, there is much to report from Bowmore HQ!

Read about this month’s press coverage; how para-administrator James Rickard has taken one step closer to becoming a fully-fledged paraplanner; plus, catch up with Duncan and Mark, who are now two months into their cycling training.

Bowmore in the press

Bowmore’s research, which found an increase in the number of young people becoming millionaires in recent years, was published by International Adviser, IFA Magazine and Money Marketing in February 2022.

Our research revealed that the number of millennial and Generation Z millionaires doubled to 2,000 in the 2018/19 tax year, compared to 1,000 the year before.

According to our chief executive, Mark Incledon, this change could, in part, have come from inspiring stories of young people who have found huge success in starting their own businesses.

Speaking to Money Marketing in February 2022, Mark said: “Millennials have continued to be attracted towards starting up their own businesses. This is partly because of high-profile success stories from their generation.”

Meanwhile, International Adviser also quoted Mark: “Millennials are earning more than ever before. They should be putting away as much as they possibly can now to avoid the stress of having to catch up on their retirement savings later down the line.

“During lockdown we’ve seen that more millennials are considering their financial future and putting money to work by investing.”

In addition, as inflation continues to weaken cash savings, client director, Charles Incledon, spoke to IFA Magazine about the recent performance of Cash ISAs compared to Stocks and Shares ISAs in light of rising inflation.

Charles says, “While there may be some stock market jitters at the moment, over the longer-term equities have proven to dramatically outperform cash.

“Regardless of whether you are investing for your grandchildren, children or indeed yourself, at the very least you want to ensure the value of your pot today increases sufficiently to ensure it retains its purchasing power as prices gradually increase.”

Visit IFA Magazine to read the full story.

James Rickard gets one step closer to becoming a fully-fledged paraplanner

James Rickard has passed one of the key exams involved in becoming a paraplanner, taking him one step closer to achieving his diploma.

We caught up with James about the exam he took and what his next steps might be when it comes to completing the quest to qualification.

Tell us about the role you hold at Bowmore.

Currently, I am a para-administrator, which is an administrative position with a path to paraplanning over time, in line with increasing qualifications and experience. I work with the Bowmore team to improve my knowledge and experience in the sector while simultaneously completing my exams.

Which exam have you passed?

The exam is called R05 Financial Protection. It’s one of the six exams required to achieve the CII Level 4 Diploma in Regulated Financial Planning.

Did you have to pass other exams to reach this one?

Of the six R0 exams, I have now passed three.

There’s no set order in which to take them, but passing this test takes me halfway to completing my diploma, which will allow me to practise as a regulated financial planner.

How are you at exams, generally?

I am, thankfully, good at exams. I finished university in 2020 and sat my first R0 financial planning exam in February 2021, so it’s safe to say I’m not out of practice!

What was the hardest part of preparing for the exam and how did you revise?

The sheer volume of content for the R0 exams is generally the hardest element. A good understanding of the core concepts of each can help to infer answers when you’re unsure of the specifics.

I revised the topics by interspersing studying the unit material with past papers to track my progress and detect gaps in my knowledge. It’s a technique I’ve used for a while and it seems to work well!

I took the exam itself online under remote invigilation.

What will passing the R05 Financial Protection exam mean for you professionally?

Passing this unit moves me one step closer to my diploma, which will enable me to practise as a financial planner eventually.

In the short term, passing each unit displays an understanding of each subject, allowing me to take on more day-to-day technical work in the corresponding areas of the advice process.

The next exam I will take is the R04 Pensions and Retirement Planning. I’m looking to take this around the Easter break, so I’m going to begin studying very soon for that one!

Mark and Duncan continue to train for Children’s Hospice South West’s Ride for Precious Lives

Last month, you read about Mark and Duncan and their decision to join the Ride for Precious Lives 2022, a charity bike ride in aid of Children’s Hospice South West (CHSW).

The 215-mile sponsored cycle ride, beginning in Bristol and finishing in Cornwall, will support CHSW in their incredible work providing care for children suffering from terminal illnesses and their families.

Mark and Duncan have been training for this epic 215-miler for a number of weeks now, so we checked in with them to see how training’s getting on…

Training update from Mark Millet

Are you looking forward to spring training, Mark?

After a difficult February, where we’ve all had some illness and bad weather has taken hold, it was good to get back on the bike. Now that March has arrived, hopefully, we’ll have some better weather and lighter evenings.

Are you still receiving great support from your friends and colleagues?

There has been fantastic support from people toward our sponsorship, despite all the other worthy causes, not least Ukraine. Many thanks to our supporters so far.

Our JustGiving page is reflecting great numbers already and we welcome any further donations from those who want to support CHSW.

Have you changed anything about your training regime since we last checked in?

Since starting my training journey, I’ve taken some specialist biking advice.

I have recently been for my “bike fit”, which involves an assessment as to how I ride my bike. Then, the physiotherapist, Brian, made small adjustments to the settings on my shoes, seat, handlebars and other components, all of which aimed to make me more effective and comfortable on the bike.

This was a great experience and has made a huge difference. Just look at the before and after photos!

Before…

After…

In my first ride since having the new set-up, I can already see how the adjustments have reduced my backache and improved my overall comfort.

How far are you cycling on a regular basis?

This weekend, I managed another 30-miler with fellow riders Steve Calder and Mark Paxford, whose late daughters’ memories inspired me to take this challenge. We braved the -1 wind chill on Sunday! Here’s to sunnier days and having the wind behind us!

I hear Duncan is cycling at least five times a week, so I’m excited to see if I can keep up with him!

Sponsor Mark and Duncan on the Ride for Precious Lives

If you have been inspired by Mark and Duncan’s epic training efforts for the Ride for Precious Lives, you can sponsor them on their JustGiving page by clicking the image below or by scanning the QR code with your phone.

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