wealth planning

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.

Of course tax planning is an integral part of your wealth planning and we look at this in more detail in our tax planning section.

All financial planning services are provided by Cassons Financial Planning Limited which is authorised and regulated by the Financial Conduct Authority.  

 

Wealth planning Callouts

Pensions

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 60% of the cost after tax relief.

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 best returns and tax efficiency.  We are able to advise you on your specific situation, subject to your family and other commitments.

income protection

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 to 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.

life assurance

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

critical illness

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

mortgages

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.

portfolio management

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.

Wealth Advice

A review of your financial position is included within the Silk and Silk Lite packages but a fee  will be charged for advice and implementation. You will be advised of this charge in advance.

All financial planning services are provided by Cassons Financial Planning Limited which is authorised and regulated by the Financial Conduct Authority.  See www.cassonsfinancialplanning.co.uk

Details about our FCA registration can be viewed at www.fsa.gov.uk/register/home.do, under reference number 605630 for  Cassons Financial Planning Limited. 

 

 

Our Products

Please see further details about our accounting packages which all include a financial planning review.

Our accounting packages

Wealth Planning Contact Us

If you would like more information about how we can help you with personal financial planning please contact us.

Contact us