A typical Private Client will have accumulated significant liquid assets (usually in excess of £100,000) and is looking for solutions to grow the value, with an eye on managing the downside. This could be as a result of accumulating pension funds up to and including retirement, or it could be accumulation of savings/inheritance.
Service is extremely important to our clients as well as fair and reasonable charges.
It is also important to have access to the widest range of solutions with access to an independent choice of product provider.
A Private Client is faced with 3 significant financial stages through their life.
Stage 1 Accumulation of wealth
Managing and preserving wealth already built up is essential for those approaching retirement. With the future in mind tax efficiency is important. Typical tax considerations would include Income Tax, Capital Gains Tax, Corporation Tax and investment products that benefit from tax relief.
Stage 2 Utilisation
At the utilisation stage income is generated and capital released from accumulated wealth by effectively utilising a range of tax wrappers. Managing this efficiently helps client limit the tax they pay so releasing more funds to fulfill their planned objectives. In addition, risk and investment management is essential to ensure underlying investments are in line with the client’s expectations around volatility and growth or income. Everyone has their own set of goals which is why we create a wealth management strategy shaped specifically for the client.
Stage 3 Preservation
Having accumulated and then utilised some of their wealth clients also seek ways to preserve what has been achieved. Protecting and passing on wealth, for the benefit of loved ones, is usually a vital concern. The additional tax consideration is Inheritance Tax and the allowances available. At the appropriate time we can develop tax efficient solutions to help manage the transfer of gifts between generations.
Our on-going ‘client management’ approach means we are regularly reviewing a client’s finances taking into account any changes in circumstances.
We also encourage working with other professionals that a client has a trusted relationship with such as Accountants or Solicitors, as well as family members to develop a more cohesive solution.
We adopt a friendly, easy-to-understand and professional approach to ensure the client receives clear guidance and advice.
Any tax advice would be dependent on individual circumstances and UK legislation, both of which may be subject to change in the future. Although we are not tax advisers, Accumulate Wealth Management can provide generic tax guidance. Where formal tax advice is required this should always be sought from a qualified tax adviser.
The overall objective of Accumulate Wealth Management is to define a clear strategy towards meeting agreed financial planning objectives and develop a long term friendly and professional relationship.