We offer both “one-off” and “ongoing” services. One-off services are, as the title suggests, specific pieces of advice. Our ongoing service formalises an ongoing relationship between you and NPWM where we manage and review your affairs on an ongoing basis. More details on these services can be provided on request.

Within these services we offer advice on the following matters:

Pensions

Saving into a pension is a highly-tax advantaged means of building funds for retirement within certain limits, although there are other features to consider. You may already have a pension, or perhaps a range of pensions, and you wish to have a view of how suitable they are for you. You may be unsure about the limits which apply for annual pension funding, or you may be unsure about the potential impact of other limits, such as the lump sum and death benefits allowance. We can audit your current position, and/or advise on new pension arrangements where appropriate, proving clear guidance on your position with regard to pension funding. We are experienced with personal pensions, SIPPs, SSASs and company schemes.

A pension is a long term investment the fund may fluctuate and can go down. Your eventual income may depend upon the size of the fund at retirement, future interest rates and tax legislation.

Investments

Individuals typically invest money to seek a better return than can be achieved from holding cash. While history shows that investments such as equities, property and corporate bonds outperform cash significantly over the long-term, there will short-term volatility and there is always the risk of loss. We take steps to decide on the strategy which is best for you, taking into consideration your feelings about risk, capacity for loss and tolerance for loss. You may also wish to adopt an “ethical” investment approach, or you may be acting on behalf of others, for example as an attorney, trustee or on behalf of children.

Investments can take many forms, ranging from a simple investment portfolio to investments held within specific “wrappers” such as investment bonds and pensions. The manner in which your investment is held will determine how your investment is taxed as it grows, but also on drawing and on death. The tax position can be highly important, and it is always best to consider the exit strategy for the funds invested.

We can advise on the most suitable investment structures and vehicles for your needs. Our independence means we are not restricted to any in-house or 3rd party investment solutions.

The value of investments and income from them can go down. You may not get back the original amount invested.

Protection

What would happen if you were unable to work due to accident or illness? If you have a family where you are the primary earner, what would happen if you were to die or suffer a serious long-term illness? These are typical questions when considering the need for protection.

Protection is planning for undesirable scenarios and includes products such as life assurance and income protection. Protection contracts may not be the most exciting form of financial planning, but if they are called upon they can be life-changing compared to the scenario where no protection is in place.

These plans have no cash in value at any time and will cease at the end of the term. If premiums are not maintained, then cover will lapse.

Inheritance Tax / succession planning

Will your estate be subject to an Inheritance Tax (IHT) liability on your death, or the second death of you and your spouse or civil partner? You may be unsure of this liability, or you may be aware of it and wish to plan for it, perhaps thinking about succession planning at the same time. There are various means of such planning, ranging from forms of insurance to gifting strategies, the use of trusts and specialist investment which attract relief from IHT.

We can guide you through this process and can work with your legal representatives where required. We would always suggest you ensure your Will is up to date.

Financial planning audits

You may wish to have a clear view of your current financial position and consider how this places you with regard to your long-term objectives. This may include pensions, investments and protection policies accumulated over the years, so such a report can be a very valuable, detailed summary of your financial affairs, drawing attention to steps to consider in order to achieve your personal financial objectives. This may lead to a further discussion and more specific planning.

What we charge for our services

For “one-off” advice we will charge a fee which is agreed with you prior to the work commencing. The fee will be payable by you, although sometimes this can be taken from an investment or pension held in your name if appropriate. Insurance policies can pay commissions, although we view any such commission payment as a source of meeting an agreed fee rather than being a direct means of remuneration. We feel this is the most transparent and fair means of working.

For ongoing services we charge an ongoing fee at a rate agreed at the outset. We will always draw attention to all ongoing costs relating to advice we provide, for example the costs of using a discretionary investment manager, or an investment platform.

Full details of our fees and charges will be provided if you wish to engage with us for advice.