Lowes Magazine Issue 127

PLANNING

How we help our clients

Sometimes there may not have been any changes and we can leave things as they are; other times, we may need to plan a new course of action. When estate planning, for instance, as your wealth increases it may be beneficial to make gifts during your lifetime to reduce the assets liable to IHT, or to put assets in trust for the younger generation. It’s important when reviewing a financial plan it is done over the short, medium, and long term, to ensure it captures predictable eventualities and better enables you to fulfil the goals and wishes you have for your wealth. There will be unexpected events, such as stock market corrections, which cannot be planned for but which good financial advice will help you weather. Over time, through these regular reviews, which help us get to know the needs of you and your family better, we can build a bigger picture that can take in not just your personal financial planning but intergenerational planning too – making sure your wealth is passed on in the way you want and without paying any unnecessary tax. Many of our clients have been with Lowes for decades and in some cases are second or third generation clients. That’s because we put in the time to ensure we know you and your circumstances and we regularly review what is best for you and yours now and over time. Simply from an estate planning perspective – reviewing what you have and how that might change over time, enables an effective financial plan to be put in place, ahead of time. “ ”

A financial plan is not a ‘once and done’ event or process. It requires regular review, as Rob Quigley, Financial Planner explains.

People often seek out an Independent Financial Adviser to help them with a particular financial situation. That could be investing their inheritance, the need to find the best way to save for their retirement, through to tax and estate planning. The reasons are numerous and will vary from person to person. Once they see the value of advice in helping them find the best course of action, or solving a problem, more often than not they will remain as clients. A key reason for this is that they realise financial planning is an ever moving feast, which will change through the different stages and aspects of their lives. It will also be affected by external influences like tax and other legislative changes, as well as the ups and downs of the investment markets, to name a few. Simply from an estate planning perspective – reviewing what you have and how that might change over time, enables an effective financial plan to be put in place, ahead of time. If we think of what might change over a lifetime, or even over a few years, we can see why we need to regularly review our financial situation and make decisions at each point in time. Here are a few instances which typically need to be considered: • The value of your property rises over time, potentially making your beneficiaries liable to inheritance tax. • Your investment portfolio grows to a size that adds to this IHT issue. • You build up a number of pensions with different employers, which may work better for you in a consolidated pension fund. • Your family has new additions or becomes extended. • You inherit wealth.

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