Planning For The Future With Specialist Wealth Management Advice

Wealth management includes a number of areas of financial planning

, these being investment planning, tax planning, personal insurance advice and finally retirement planning. Each of these topics then contains numerous sub topics which will be discussed below, beginning with the investment planning arm through to wealth management.

Investment planning can be seen as an effective way to invest your future in addition to your pension pot. Many individuals look into investment planning to ensure that they can maintain their current lifestyle when they retire, or find themselves with less income for example. Investment planning is however not solely limited to when you should find yourself close to retiring. If you have excess wealth then investment planning can be of use to you at any point in time, A well constructed investment portfolio based on your personal circumstances, your tolerance to risk and your long term goals can be an important part of your financial planning strategy. A qualified advisor will be able to discuss these options with you.

Retirement planning is another aspect to wealth management; a retirement which is financially planned well in advance using tried and tested advice from specialist advisors can reduce any financial worries in the future, when your income can take a substantial dip from what it may have been during the course of your working life. A wealth management company offering a retirement planning service can help you make sound investments, but that you also capitalise on your ISA allowance and will also guide you through the Self Invested Personal Pension, an option which many individuals with larger sums of capital may choose to pursue.

A further aspect to wealth management is tax planning. Tax is a delicate subject and whilst the majority of the population agree that it is essential to pay, the question regularly raised is over the amount of tax people are willing to pay. Advisors in tax will show you how you can make reductions to the amount of tax you pay in a legal fashion. In addition to tax planning, you should think about inheritance tax planning. As you may be aware, if you leave a relative to inherit an estate of in excess of 325,000 then they may be liable for up to 40% in inheritance tax when the times comes for them to inherit. Through the use of proper planning substantial reductions in the amount of tax to be paid can often be achieved

Another important area of financial planning which many wealth management firms deal with is personal insurance advice. This covers advice on areas such as family income benefit, mortgage protection, permanent health insurance and critical illness insurance amongst other factors which can ensure that your family or close relatives are provided for if anything should happen to you in the future. Each financial product has its own benefits and it is therefore essential that you consult with specialist advisors to determine which will be best for you and your personal circumstances. For example a variety of products combined may suit your needs better than solely one product or strategy and a trained advisor will explain this to you and calculate the best combination.

Middlesex and the surrounding areas are home to a multitude of wealth management financial advisors which are both independent, meaning that they have no ties to any lenders, investment companies, or banks for example or there are advisers who are affiliated to one provider, such as a bank or building society. If you write down a list of wealth management services you have an interest in, for example inheritance tax planning Surrey, or Middlesex investment financial advice then you can make contact with a selection of companies and decide for yourself who will offer you the best service given your circumstances and expectations.

To conclude, hopefully this article will have explained in some detail the diverse role which a wealth management firm can play in helping you managing your finances both for the short and long term. Not only can such a company and its advisors assist you in making a sound long term financial plan but help and advice can also be given on a variety of important subjects such as investment planning, retirement planning, inheritance tax planning and personal insurance issues.

by: Sarah Shore

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