Mr & Mrs WM Client contacted Equanimity IFA as they had not had any contact from their existing financial advisers for over 5 years. He was a City investment banker and she was a barrister. They had large sums of money sat in bank accounts earning no interest, a relatively small investment portfolio and a great deal of wealth in pensions. Having repaid their mortgage in full, they were not utilising tax breaks in order to negate tax and neither had considered the implications of the pension’s lifetime allowance.
They were too busy to manage their own money and wanted to pass over the responsibility of investment decisions to an expert. The priorities for this couple was to ensure that they were saving money in the right places in order to minimise tax, maximise growth and reduce the impact of inheritance tax for their children.
We overhauled their saving strategy in order to maximise their returns and to minimise the level of tax paid unnecessarily. Surplus cash was invested in order to grow and to maximise the tax efficiency of the money by investing it into places such as ISAs, children’s pensions, VCTs and EISs. A trust was established in order to reduce the overall impact of inheritance tax. The level of pension savings were reduced to the minimum in order to reduce the lifetime allowance tax charge.
By investing assets onto a platform it enabled the clients to track their investments simplistically and reduced the ongoing administrative burden. With a set review time scale each year, Equanimity IFA agreed key times of the year to contact the clients in order to ensure that they didn’t miss out on deadlines for investments such as ISAs.
This information is not intended as investment advice. The products mentioned above are not suitable for everyone and you should seek advice before deciding to invest.