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June 2009

Financial Adviser Offers Redundancy Advice

A financial adviser at Hertfordshire investment specialists Birchwood Investment Management has contributed to a new book which offers advice on coping with redundancy.

Wesley Fox gives his views on the financial implications of losing a job in the book ‘Overcoming Redundancy’, by Gordon Adams, which is out this month.

The book offers advice on a range of topics including networking, retraining, voluntary work and freelancing. The chapter on investing redundancy money sees Wesley expressing the importance of making the right financial decisions when receiving a payment from their ex-employer.

Research has shown that only one person in six invests the money, with most using it for day-to-day living expenses while they are searching for a new job. However, Wesley points out that, for those who can afford it, investing some of the capital could help further an individual’s ambitions – such as retraining for a new job or starting a business.

The book also features a case study of a man who was made redundant from his job in defence procurement and was helped by Wesley in analysing how much he needed to live on and how much was left over for investment.

Wesley said: “We’ve seen many people come to us in recent months who are having to make important financial decisions soon after their lives have been turned upside-down.

“How best to use redundancy capital depends on what the investor is looking for – growth, a modest income or a combination of the two – and it is really important to get the right advice, as decisions made now can affect people’s finances for years to come.”

The book was published on June 18 and is available from all good bookstores and online sellers.

For more information, contact Birchwood Investment Management on 01438 840888.