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How it works:
- We will call you back to find out more about your aims and requirements
- We will arrange a meeting with one of our team at a convenient time, either over the phone, on video, at your home or workplace, or at one of our offices
- You will be able to ask any questions you have and find out more about managing your wealth with Saltus
- Your review will be at our cost and there is no obligation to work with us afterwards
Who we work with:
- Individuals with £250,000 or more in investable assets. This includes pensions, ISAs, other tax-wrappers and cash available for investment.
We struggle with talking about money in the UK and rarely speak about it as a family – it’s just not very British, is it? However, I strongly believe that if you, and your family, start to change this habit it will not only make your family more secure and cohesive but significantly wealthier too.
Why don’t we talk about money?
Interestingly, historians believe that the British taboo associated with talking about money stems from the early twentieth century when property ownership in the UK was rather scarce. Wealth didn’t need to be advertised as owning property was an overt symbol of wealth and status.
This contrasted heavily with the United States where, due to the huge landmass, owning property was far more accessible. As such, wealth wasn’t so heavily equated with property and, instead, had to be more actively signposted. This was reflected in my own personal life when I attended a family BBQ in North America and quickly discovered everyone’s salary in a very open forum. This approach was probably a little too much for me to handle but it was amazingly refreshing how close friends and family talked about making money, how to manage it and how to teach their children to value it. It was certainly an attitude that could be learnt from.
Why talk more openly about money?
I regularly talk to couples who have been married for years but have no idea how much money each other have. Now, this has some small benefits, such as buying secret birthday presents. However, as far as financial planning goes, there are very few positives to not talking about each other’s wealth. Having an open conversation can help massively with building wealth, as ideally, you should aim to take advantage of your tax allowances as a couple.
A great example of this was a married couple I spoke to recently: one had slightly higher income than the other and both were managing their finances independently. The high earner was maxing out their annual ISA contribution and investing over and above this, year on year, in a general investment account. The other wasn’t using an ISA at all. Once I had encouraged them to speak about their finances openly with one another, they quickly realised they could double their annual tax-free saving ability by making use of both ISA wrappers and approaching investing collectively.
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If you are in a similar situation, where one of you is earning significantly more than the other, there is also substantial opportunity when it comes to using pensions effectively. Partially using the higher earners income to fund the other’s pension could make you wealthier today by saving on income tax and allow both of you to retire earlier.
On top of this, I can’t express how few couples know exactly what insurance each other have in place and what would happen if one of them were to die. I know it’s a pretty challenging conversation to have but it’s absolutely vital. Feeling prepared if one of you were to become ill, or die, is a valuable thing both emotionally and financially. I’ve seen people get into financial difficulty because they can’t access the money in their partners account after they have passed away, and there’s been no planning to prepare for something of this nature. So, do get on top of your insurance and estate planning together.
Finally, there are a lot of people out there who spend huge sums of money on advice and complex tax structures to ensure their kids can’t blow their inheritance. Many of the children don’t even know that the money is there – surely hiding the money from them, though, is just asking for a crashed Ferrari.
Talking to and educating your children about money will help them to value it. We often suggest that our clients give their children a small investment fund or charitable trust to get their kids actively involved in the decision making. They’ll then start to understand the financial impact their decisions have and experience the value of investing and saving.
So, I know it might be a bit of a taboo, but I’m not asking you to get a green suit covered in dollar signs and a big gold chain. I’m simply asking you to pull up a chair and start having a conversation about money because it will ultimately make you and your family wealthier.
Get talking today…
All authors have considerable industry expertise and specific knowledge on any given topic. All pieces are reviewed by an additional qualified financial specialist to ensure objectivity and accuracy to the best of our ability. All reviewer’s qualifications are from leading industry bodies. Where possible we use primary sources to support our work. These can include white papers, government sources and data, original reports and interviews or articles from other industry experts. We also reference research from other reputable financial planning and investment management firms where appropriate.
Saltus Financial Planning Ltd is authorised and regulated by the Financial Conduct Authority. Information is correct to the best of our understanding as at the date of publication. Nothing within this content is intended as, or can be relied upon, as financial advice. Capital is at risk. You may get back less than you invested. Tax rules may change and the value of tax reliefs depends on your individual circumstances.
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Financial planning can help you reach your goals in life, whether you want to determine when you can retire comfortably, bring organisation to your financial world or pass on your wealth effectively.
Pensions and retirement planning
Deciding when to retire is a challenging decision and can feel like a leap of faith. At Saltus, we gather information on all of your existing assets and then use our technology and expertise to show you exactly how to achieve the retirement you’re after.
Reducing your tax burden
How to structure your wealth and access income should be approached in a sophisticated way. A detailed financial plan may use pensions, ISAs, general investment accounts, offshore bonds and other tax wrappers to ensure you can draw your money in a tax-efficient manner.
Consolidating your wealth
Holding multiple investment accounts and pensions can mean they’re hard to keep track of and administer. We’ll help you overcome this by consolidating your accounts into a single plan so that you can understand your financial position with ease.
Protecting you and your assets
We protect our cars and houses without much thought yet you might be the most valuable asset in your family. Whatever your situation, we can provide advice to ensure you have the right level of insurance in place to keep your finances protected.
Passing on your wealth
Estate planning is more important than just having a Will. We’ll work closely with you to understand how estate planning, which has emotional as well as financial consequences, can impact your overall financial plan.
Significant life events
Significant life events can present great opportunities but also considerable challenges. Whether you are going through a business sale, divorce or are receiving a lump sum, we’ll help build a financial plan to meet your changing lifestyle.