Lately we have adopted a fresh approach to personal wealth planning by combining the knowledge of both our in-house Private Client Tax Managers and Financial Planners.
By combining our expertise, and working collaboratively, this dynamic partnership fosters our brighter thinking approach and achieves greater overall results for our clients by creating their very own ‘Personal Wealth Plan’.
We believe combining these services and working together is a winning combination.
Why is collaboration a winning combination?
When undergoing any type of financial decision or activity, it is useful to get multiple perspectives from both a tax adviser and a financial planner. By working together, we can build a greater understanding of your overall wealth and objectives, review the whole picture, and take a holistic approach to your affairs.
Often, the overall goal is to grow and protect your wealth, whilst minimising your tax liabilities. It is therefore key to consult both your tax and financial advisers when considering the strategies you might wish to take.
There is naturally a lot of overlap between the areas that both parties can advise on and the factors that need to be considered. This is because many financial decisions can result in tax implications and vice versa.
In many instances, the solution for good tax planning will come in the form of a financial product. Working together affords us the ability to consider all solutions that might be suitable for your personal circumstances. Your tax adviser can manage the tax aspects and reporting obligations, while your financial adviser can focus on your regulated arrangements, such as investments and protection, and help you plan the next steps.
What are the benefits of this fresh approach?
As tax advisers with an involvement in your financial affairs, we develop an in depth understanding of your current and future income sources and an overall picture of your financial health, as well as those of your family and/or business partners. Collaborating with your financial adviser allows us to advise from a tax perspective whilst also understanding the key drivers behind your financial goals.
Our joined-up approach results in better communication and streamlines the wealth planning process. It means we have more people involved in bringing ideas together. We find it useful in the planning stage to bounce ideas around, drawing up a viable list of solutions which can be further discussed with you.
Whilst we find this leads to more effective overall planning, the added advantage is that it saves you time as you don’t need to have multiple meetings with different advisers, nor do you need to spend your valuable time bringing the other party up to date on any planning.
Who might this be for?
Individuals and families with more complex situations or a potential inheritance tax liability can significantly benefit from the combined expertise of a tax adviser and a financial adviser working together.
Additionally, those planning for retirement or succession, such as business owners exploring options for their family’s future, can gain valuable insights and opportunities from this collaborative approach.
Conclusion | Get in touch
Every client’s circumstances are different and we can provide a bespoke plan tailored to your specific objectives following an exploratory meeting.
If you are interested in having an initial meeting with us to discuss how we might be able to help you, please contact us below.
