Financial Planning

Financial planning is the process of taking control of your finances and then making your money work for you. If you do not plan, the chances are that you will not make the most of your money. But planning is much easier if you undertake the process with the help of a skilled practitioner who is well used to helping people to define their aims and work out how best to achieve them.

The financial planning journey

A good financial planner should be a trusted partner who can help you achieve your financial aspirations and protect those you care for in the event of disaster. Despite the significant value that a financial planner can add, most people don’t really know what financial planners actually do. The aim of this guide is to explain the process in general terms, and what financial planning can achieve for you.

Later life planning

A longer life means your pensions and any other investment income in retirement have to last for longer; maintaining financial planning advice is more vital than ever to ensure you don’t outlive your income; and families may now stretch across more than three generations, making estate planning more of a challenge. In this guide, we introduce some of the main financial planning aspects of longer life. For more information on any of the issues raised, please talk to us.

You and yours – estate planning

Estate planning involves tax, but it encompasses much more. As with most tax planning, the key is to know what you want to achieve – who should benefit after your death and what they should receive, but also who might you want to make gifts to now and in what form. As your circumstances and the tax rules change, it is important to keep your estate planning under review. The earlier that you start planning, the easier it may be to achieve your objectives.

Financial protection for you and your family

Premature death and serious illness are fortunately relatively rare, so much so that insuring against these risks is not expensive – especially if you are reasonably young. But they happen frequently enough for life and health protection to be essential financial products. We can recommend the types of cover that are relevant for you, calculate how much you need and for how long. We can also recommend and arrange cover with the most appropriate providers.

Levels and bases of, and reliefs from, taxation are subject to change and their value depends on individual circumstances.

The value of investments and income from them can go down as well as up, and you may not get back the original amount invested. 

This publication is for general information only and is not intended to be advice to any specific person. You are recommended to seek competent professional advice before taking or refraining from taking any action on the basis of the contents of this publication. The Financial Conduct Authority (FCA) does not regulate tax advice, so it is outside the investment protection rules of the Financial Services and Markets Act and the Financial Services Compensation Scheme. This publication represents our understanding of law and HM Revenue & Customs practice as at 31 January 2019.