Wealth Advisory Service - A Comprehensive Planning Solution
Development of the Wealth Advisory Service
The Component Parts
Investment & Portfolio Management
Who To Contact
Development of the Wealth Advisory Service
Looking after capital that has been accumulated during one’s lifetime has never been so complicated and time consuming. As they seek to increase tax revenues successive governments have introduced legislation designed specifically to close perceived tax loopholes.
The result is that over the past ten years, we have witnessed a steadily increasing tax burden placed particularly upon the wealthy.
It has become clear that a failure to undertake personal tax and wealth planning is proving to be very costly. As a result, the need for coordinated, strategic, tax and investment planning combining diverse areas of professional expertise has never been greater. Harwood Hutton has created the Wealth Advisory Service to identify your key planning requirements and objectives and provide an all-embracing strategic tax and investment solution.
We are able to offer a multi-discipline solution by combining our own expertise with that of an independant financial advisor, solicitor, stockbroker and private bank.
Quite simply we place our clients at the centre of the planning process.
Your objectives and requirements are at the centre of the Wealth Advisory Service.
The starting point is a no obligation meeting with your personal adviser. It is this individual in their role of coordinator who is instrumental to the success of our service.
During this meeting we will discuss your wishes and requirements so that a written report can be prepared which presents our recommendations.
The agreed plans will be implemented together with a review process so that the recommendations remain appropriate to your changing financial situation.
Each report is tailored to reflect your individual circumstances. You may have existing relationships with professional advisers that you do not wish to disturb. If so we are happy to liaise with these individuals.
The Component Parts
Tax Returns
Our comprehensive service includes preparing and submitting tax returns and calculations for individuals and trusts. We have a great deal of experience in dealing with the tax authorities and will ensure that all relevant tax reliefs and deductions are claimed.
Capital Gains Tax
Although successive governments have made considerable changes to the capital gains tax regime, the basic principles remain relatively intact. We have a wealth of experience in advising on all aspects of capital gains tax planning taking into account the impact of rule changes on the taxable gains of allowable losses of the disposable assets whether they have been owned for many years or for a relatively short period.
The Use Of Trusts
Despite the significant recent changes to the inheritance tax regime as it applies to trusts, they remain a very important tool for use in planning for capital taxes, asset protection and providing income for family members. We can advise on all aspects of trusts and, in conjunction with appropriate solicitors, can ensure that properly drafted, effective trusts are put in place.
Domicile & Residence
Even within the accountancy and legal professions, this is seen as a complicated and specialised area. We have many years of experience in this specific area. As part of our service, we can advise on all aspects of domicile and residence and their implications for UK tax liabilities.
Estate Planning
Property planned and carefully executed estate planning could save hundreds of thousands of pounds in inheritance tax whilst also ensuring that your family are properly provided for and your wishes with regard to your wealth are carries out.
Major changes to the inheritance tax regime were introduced in the 2006 budget in such a way that they were relatively unnoticed outside the accountancy and legal professions.
These changes to the regime, as it applies to gifts to trusts, completely changed the estate planning landscape and made effective planning more difficult and much more necessary than it had been before.
At Harwood Hutton we have always understood that, because we are all different, with varied needs and wishes and diverse types of wealth, no two estate plans are the same. One size certainly does not fit all.
We believe that each plan must be specifically tailored for the client. From our initial meeting, to the production of a bespoke report through to the drafting of appropriate wills, we will ensure that your wishes are paramount and form the foundation of all our advice.
Investment & Portfolio Management
Asset Allocation
Key to the success of investment and Portfolio Management is creation of the asset allocation strategy. Compelling evidence suggests that asset allocation can be responsible for over 90% of the total return from a portfolio. It is used as the foundation for creating your investment portfolio.
Once decisions have been made as to asset allocation consideration can be given to the selection of an appropriate product making full use of the tax efficient vehicles that are available.
In doing so we will take your existing arrangements into account. We then move on to selecting suitable funds from the several thousand available using a sophisticated research and analysis system.
Clients with existing stocks and shares or those with larger portfolios will benefit from access to a firm of stockbrokers so that advice can be given on direct equity holdings. If you have existing relationships with stockbrokers we will be happy to liaise with them. To ensure the continued suitability of your arrangements we provide a review service. At regular meetings we will update ourselves on your circumstances and ensure that your investments continue to be appropriate ones.
Retirement & Pension Planning
Your pension plans are likely to be the second largest capital asset that you own and will benefit from being considered separately due to various unique features. Advice can be provided in the following areas:
Making Pension Contributions
Pension plans are highly tax efficient but do involve locking money away with restricted access to the accumulated funds. The decision as to an appropriate level of contribution to a pension plan therefore needs to be taken in the context of funding with other appropriate vehicles such as ISA’s or property.
To enable you to plan efficiently we will assess the amount of pension contributions necessary to support your income in retirement and ensure that they continue to match your circumstances as you approach the age at which you wish to take your benefits.
Income Options in Retirement
The concept of a retirement age, when all paid work ceases, has changed dramatically in recent years. And the government encourages us to work for longer periods.
The traditional way of generating an income in retirement is to purchase an annuity. But there are now alternatives which can provide more flexibility.
We believe that it is important to consider the full range of options and can assist in making the transition to drawing an income in retirement an easy one.
Interaction with Non Pension Capital
Passing capital to your beneficiaries may become an important consideration for you. Appropriate planning will enable you to ensure that income is generated from the most appropriate asset enabling you to maximise the amount that is left to your heirs.
Private Banking Service
In creating the Wealth Advisory Service we wanted to strip away the complexities surrounding various aspects of your financial affairs. Giving access to a Private Bank Account is an important part of this service. The account incorporates all of the features you would expect – easy access, attractive rates of return and in some instances, multi currency options. Where the accounts can be of real value is in the use of the following features:
Cash Management
Arranging for payment of your investments and pensions into one account will enable you to see precisely the income that is being generated from these sources./ Progress of your investments can be monitored more easily and budgeting becomes much simpler.
A Range of Personal Accounts
Selection of the individual account and the interest generated will depend upon your particular requirements for access. Whatever you choose you can be safe in the knowledge that your funds are held by Cater Allen part of Banco Santander, one of the ten leading banks in the world.
Dedicated UK Based Client Support
The deciding factor may of course be the service you can expect to receive. Cater Allen is known for a professional, friendly approach and will treat you as an individual. And you can choose to access the service via the internet, telephone or post. You will of course receive regular statements showing account transactions and a record of interest earned.
Who To Contact
To enable us to tell you more about the Wealth Advisory Service please contact:
- David Gillies
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- By phone on 01494 739 500
- By email was@harwoodhutton.co.uk
- Katharine Bonner
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- By phone on 01494 683 100
- By email was@harwoodhutton.co.uk