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Financial Planning |
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The definition of Financial Planning
currently used by the "Financial Planning is a professional service for clients who need objective assistance in organising their personal or corporate financial affairs to more readily achieve their financial and lifestyle goals". Financial planning will often involve financial advice. Indeed, it may often involve seeking financial advice as regulated by the Financial Services Authority, but it need not necessarily be the case. Throughout your life you will move through life stages and this will present you with financial decisions that will have to be made, you should always consider your family and spouse at the same time. There are also life changes that can
happen to anyone at any time for example an addition to the family, a job
change or pending retirement, you should consider these as appropriate. When you need to make important decisions,
it’s always comforting to seek advice of those around you. Whether its
family friends or colleagues-these are people you know well and whose
opinions you have come to value.
But, when it comes to answering the really big
questions, such as how to plan your long–term finances, are you totally
sure the advice you’re receiving, or even tips you’re given, are
right. While your friend may me enthusing about her new mortgage, or your
parents are delighted with the fruits of their pension plan, it doesn’t
necessarily follow that the products they chose are exactly right for you.
If our advice is sought, we recognise
that there are no typical clients and everyone is unique, with individual
needs and circumstances. ·
We
focus on giving advice first, with products themselves secondary, we share with
you our research and analysis. Our service is designed for those who want to
be in control of their finances and create a plan to achieve their
objectives. How
does this work? For straightforward financial planning we
undertake an assessment for private clients, There are elements of the formal
and informal at this stage. Your adviser will work within defined disciplines
to ensure that the advice we give is based on the best possible appreciation
of your circumstances. Giving
Advice and Arranging Transactions There will be circumstances when specific
action is required on an existing policy and this leads to a new set of
circumstances where additional work is required on a specific task, this can
give rise to a separate transaction. Limited/
Specific Advice: There can be some occasions when a client
requires specific advice relating to just one aspect of financial planning. This will be treated in relation to the
work required and any specialist research that may be needed, our fees will
be agreed or commission disclosed, depending upon the specific circumstances. INHERITANCE TAX/ ESTATE PLANNING
This is a typical specialist area and other specialist advice both financial and legal are often required.If your estate exceeds the current 'nil' rate band (£300,000, 2007-2008) there could be an Inheritance Tax liability on your death, charged at 40% on assets in excess of this amount. Failure to make appropriate plans and to
consider all your options could allow the taxman to be your largest
beneficiary. For example a simple life assurance policy
not written in trust could see the taxman receiving 40% of its
proceeds, when the policyholder/s intention was solely to protect their
dependents. How your property, savings and investments are owned is important, effective and successful planning might involve making changes, without losing control or access to them. We can advise on the suitability of existing arrangements, and if they are appropriate for your current circumstances. Avoiding Inheritance Tax (IHT) We understand that not everyone will fit into those mentioned, and that they are only guidelines. Choose from the list on the left and CLICK
on the area of most interest. |