Lowes Magazine Issue 116

Lowes Consultants have collective experience gained over almost 50 years of talking to people about their finances and helping them better understand and manage their wealth, both for their benefit and that of future generations. One of our skills as Consultants is getting people to talk about their finances and so better plan for their financial security and future. Personal finances can often be viewed in silos. Our role is to look at an individual’s or a couple’s finances in the round and to help provide a comprehensive picture of their accumulated wealth to help them see how to continue to grow and maintain that wealth, and where appropriate, spend it living the life they would want to lead. Likewise, what we want our money to do for us can be an emotional subject. Concerns around not accumulating enough for an enjoyable retirement, not having enough money in later life, or not being able to pass on wealth to loved ones, are issues we talk about with clients on a regular basis. It is also easy to become entrenched in our way of thinking. Sometimes people continue to keep saving and spend frugally because that is what they have done throughout their lives. As Consultants there is no better feeling than helping someone to realise that with proper management of their wealth, they have sufficient to live the life they want and help their family, or give to charity, when they thought the opposite was true. Talking about our personal finances and planning ahead for life’s eventualities, supported by sound professional advice, can both relieve stress at key points in our lives as well as ensure the right decisions are made in respect of our financial futures. If you or someone you know would benefit from talking with a Lowes Consultant about personal finance, call 0191 281 8811 and we will arrange a free initial consultation.

of their wealth to meet any unexpected eventualities, notably potential care costs. This can cause emotional conflict within people. On a practical level, paying inheritance tax (IHT) unnecessarily is always a primary concern. There are various ways we can pass on our wealth while mitigating against IHT, including gifting it outright, putting money into trust and passing on money in a pension. But this is a complex area and will often require specialist advice. We have found that talking through estate planning and inheritance plans with intended beneficiaries can help manage expectations and can engender unexpected support, which can often make people feel much better about their plans. Likewise, having the benefit of Independent Financial Advice, can help formulate a financial plan and ensure it is progressed effectively and smoothly. Keeping personal finances personal While we encourage open discussion of finances, this is not to say that some finances should not be kept personal. What we suggest is addressing the areas where it makes sense to talk, to avoid a widow not being able to pay the gas bill, to encourage children and grandchildren to save for their futures, and to ensure wealth is passed on in the best way possible. Clearly, everyone’s circumstances will be different and will need to be dealt with on an individual basis but, in our experience, talking about our finances inevitably leads to better decisions and better outcomes at the time or further down the road. Talk to an Independent Financial Adviser Whether discussing wealth on an individual basis, as a couple, or as a family, the guidance and advice of an Independent Financial Adviser can be invaluable.

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