Is it a good idea to put balance into a money market call account in order to get a monthly income?

7 Mar, 2022

Question by Robert

I am 78 I have R 6 mill thinking to invest R3 mill. I would like a
monthly income. I was thinking to put balance into a money market call account. What’s your advice?

Answered by Bodie Dove

Hi Robert

Thank you for your question.

I would need to have much better understanding of your overall position before I could provide you with advice on the various options available. However to help provide you with some guidance you may wish to consider the following:

What level of income do you require from your investment?
What level of access do you need to your capital?
Do you want to investment to hold assets in stocks and shares?
What is the total value of your estate?
What IHT allowances do you have?
Do you want to leave any benefits to family, friends etc from your estate?

We offer a range of investment solutions including:

ISA's
Bonds
Unit Trusts
EIS, VCT & ITS

For Estate planning we can provide advice utilising:

Investments
Trusts
Gifting
ITS/BPR

We can also provide you with Private Banking Facilities giving you access to market-leading and exclusive deposit rates, helping you to maximise your interest income, consolidated statements and an annual interest summary for your tax return. This is achieved through an extensive panel of more than 40 banks including five of the UK’s biggest high street brands.

I'm sorry that this doesn't provide you with a simple answer to your question but I would be more than happy to have a conversation with you to go through your current circumstances and your exact requirements, goals and objectives to tailor my advice accordingly.

Please feel free to contact me on 07507443388 or bodie.dove@sjpp.co.uk

Answered by

Bodie Dove

Chartered Financial Planner

I’ve always enjoyed problem solving and I take a personal approach to finding solutions that provide a genuine, positive change to my clients. I am passionate about attaining the best approach to help each client understand and then take control of their finances so that they can create a plan to fund their future goals. I like to think of myself as the satnav helping them to get from point A to Z on their financial journey.

The Financial services industry is a very daunting area for a lot of people and it’s my job as an adviser to tailor my advice and make it easy to understand for every client. I also currently run financial education workshops in local schools to help the next generation to better understand financial matters and breakdown some of the jargon.

Outside of work, my life revolves around my wife and daughters, whether it’s doing the school run, paddle boarding or joining in with their taekwondo lessons I love being a hands on dad.

Lester Brunt Wealth Management is an Appointed Representative of and represents only St. James's Place Wealth Management plc (which is authorised and regulated by the Financial Conduct Authority) for the purpose of advising solely on the group's wealth management products and services, more details of which are set out on the group's website http://www.sjp.co.uk/products.

Lester Brunt Wealth Management is a trading name of Lester Brunt Wealth Management Ltd.

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