Why use a professional financial planning company?
Trying to work out how best to look after your savings, pensions, mortgages and investments can seem overwhelming.
Joanne McLaughlin, financial planner at Tatton Financial Planning in Knutsford, explains how professionals can help with wealth management.
Q: What do wealth management firms do?
Tatton Financial Planning is passionate about helping out clients to fulfil their retirement dreams, and can provide advice on pensions, investments, protection, mortgages as well as inheritance tax planning and advice to business owners.
Q: What are some of the benefits of working with experts in the field?
There are lot of investment options available to clients which can be overwhelming, and perhaps they don’t know where to start. We take the time to understand what our clients want to achieve and then sift through the financial products and investment options available to recommend a tailored solution. We regularly review the planning to ensure it remains suitable, and where necessary, adapt it to meet our clients’ objectives.
Q: Which areas of financial planning can experts help with?
Helping to set retirement goals is really important, as well as assessing how easily this can be achieved. We can help with cashflow modelling, so clients can see if their assets can meet their future income requirements, and if they can retire at the age they want to. If we identify any shortfall, we can work with them to establish what level of additional funding is required or realign their expectations in terms of when they can afford to retire.
Q: When is it time to use a wealth management service?
Typically, when clients start to build large levels of savings, whether from monthly disposable income, an inheritance, divorce or sale of a business, and aren’t sure how to maximise this. Some clients may already have a number of investments and pensions, perhaps several pension pots from previous employments which have accumulated over time. We can help to review these and where appropriate consolidate them under a cohesive investment strategy.
Q: Can a professional help me to decide how to invest a large amount of money?
We can work with our clients to establish the most tax-efficient way of investing, taking into account ISA, pension and capital gains tax allowances (including for spouses and children where appropriate). We would recommend the most suitable and appropriate products and investment solutions.
Q: Can they tell me which investments might be good right now?
The key is diversification, using a mixture of asset types will deliver more consistent results over the longer term, we try and steer clients away from holding too much in a specific area.
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