Financial Services - Removing all of your financial worries

We want to remove any worries you may have about financial matters, so we would like to help with your personal financial issues as well.

We like to take a holistic approach with our clients and so our wealth planning takes into account all your personal, family and business circumstances. We aim to achieve the best solution for your own situation.

We encourage all our clients to prepare for their retirement as early as possible. As you are self employed and don’t have a business to sell you need to build up a fund that will support you – and maintain your lifestyle – throughout your retirement. We will work with you to set up an appropriate pension and then review it on a regular basis to ensure that it is still meeting your objectives in terms of returns and tax efficiency. Many barristers purchase a share in their chambers building and this investment can be made through a pension fund, potentially saving up to 40% of the cost after tax relief.

Other savings

It is essential that you have other savings for your short, medium and long term requirements. The overall planning of your investments and pension is critical to ensure the best returns and tax efficiency. We will to advise you on your specific situation, subject to family and other commitments.

Managing client investment portfolios is a core part of our practice. We manage portfolios from around £75,000 up to many in the £millions. Each portfolio is individually designed and, on an ongoing basis, individually reviewed. There is no such thing as a standard Cassons portfolio because we consider your own investment objectives, your attitude to risk, your income and capital requirements, your timescales, and your tax circumstances and design an appropriate portfolio to meet your needs.

We understand that it is often difficult for barristers to obtain a mortgage, especially at the beginning of your career when your initial earnings will be very low but with the expectation of dramatic growth. We can work with you to produce a schedule of anticipated earnings which many banks and building societies are happy to accept. We have also worked with the Manchester Building Society to arrange a mortgage scheme specifically for barristers. But we can also advise when you have an existing mortgage as we may be able to help you to restructure your borrowings to give maximum tax efficiency.

Some chambers provide group schemes for health and life assurance, but these may not necessarily be the best option for you. It may be beneficial for you to have your own personal plan as the benefits may be better and the premiums cheaper. It is also a more flexible option if you move chambers. We would be delighted to discuss some ideas with you

If illness or injury prevents you from working, how will you manage financially, especially if it becomes a long term incapacity? We can arrange income protection insurance (also known, confusingly, as permanent health insurance) which fits with the nature of your career. This is a highly specialist area and one in which we have extensive experience. For example we can organise a policy which will pay out if you are unable speak. Many policies will not pay out because you could switch from advocacy to research or paperwork instead. Incidentally, income protection may also be offered through chambers, but this may not be the best option and we recommend that we examine the various options for you.

Suppose you suffer a life-threatening or other serious, illness – and survive – that’s the good news. But what if you are now disabled and need to spend significant money adapting your home to your new needs? Also many more people are now surviving major illnesses but need a medium term cushion while they take adequate time to recuperate. This type of policy would provide a lump sum on survival from specific conditions.

Advice on all aspects of personal financial planning is included within the Silk and Silk Lite packages but a fee or commission will be charged for implementation. You will be advised of this charge in advance.