How to take control of your wealth

Keeping your finances in excellent shape is a long-term process, best approached with expert support.

Having an experienced, independent wealth planner by your side can help you achieve both the quick wins and the enduring benefits that come with a comprehensive wealth plan. And that’s where we can help.

At Adam & Company, we enable people to achieve their goals and set new and more ambitious parameters for what might be possible. So, please arrange a free initial consultation with one of our independent Wealth Planners to find out more.

In the meantime, here are 10 expert tips to help you take greater control.

1. Start in the right place

Before you can take proper control of your wealth, it’s vital to build a clear picture of where you are now. And this starts with recording your regular income and outgoings.

As well as bringing clarity, this will identify any ‘surplus’ money that might be better off invested.

2. Review your investments

It’s also important to list any current investments, noting who they are with, how they are performing, and what they are worth – as well as any fees you’re paying.

This matters because your investments may be treading water rather than delivering optimum growth. Plus, the level of risk across your portfolio may no longer be appropriate due to changes in your personal circumstances. Or it could be that you’re missing out on savings by not making the most of your annual investment allowance. Our specialist Investment Managers can advise you on the best course of action to ensure your portfolio is working for you.

Remember, your investments should be working hard for you at every stage of life, and changes, or even switching investment company, may be needed to encourage this.

3. Get pension savvy

Your pension is another area where active consideration is well worth the effort.

For example, you may have a variety of pension pots, accumulated over time with past employers. Consolidating them all can be a smart way to boost their value, streamline costs, and boost tax-efficiency. Plus, pensions can be invested in a number of ways to support your overall financial goals.

If you wish, you can arrange a free consultation to discuss your pension and retirement plans in greater detail.

4. Factor in your relationship

If you’re married or in a civil partnership, it may be possible for you to boost your wealth through shrewd tax planning. For example, by shifting assets between you to make the most of your individual tax-free savings allowances.

You might also have specific issues that need to be planned for, such as a large age gap, which could affect the financial security of the younger partner in the future.

If you decide to go your separate ways, expert financial advice can be especially valuable as you will need to detangle your joint finances and ensure an equitable settlement is reached.

5. Home in on property

Property ownership has long-term implications, both in terms of outgoings (paying off a mortgage) and income (rental potential).

It’s worth looking at your mortgage interest rate and the term, to see if you might benefit from changing your mortgage lender or potentially paying it off sooner. And if you have the opportunity to rent out a property or properties, it’s worth factoring in potential rental income to your overall financial objectives, as well as the potential tax implications.

6. Prepare for retirement

Even if retirement isn’t on your immediate horizon, considering your post-work income should be.

If you still have many more work years left, your focus will probably be on investing and saving into a pension. Whereas if you’re nearing retirement, you’ll be thinking more about the income you’re likely to achieve and how well it can support your lifestyle. Our expert Wealth Planners can help you plan for the retirement you want and advise you on the best way to achieve your goals.

7. Regularly update your Will

Having an up-to-date Will ensures that when you die, your assets will be distributed in the way you intended. This includes gifts to friends and family, and to the charitable causes you care about.

It can also spare your loved ones from any uncertainty about your intentions, helping to make a difficult time a little less stressful.

Making a Will and taking the time to keep it updated is therefore a highly worthwhile undertaking. Just be sure to seek professional guidance so that it meets both personal and legal requirements.

8. Take stock of your insurance cover

Insurance cover is another area that can benefit from a regular review – and be sure to include any cover provided by your employer as well as your personal policies.

Of course, you don’t want to be under-insured. If something unexpected were to happen to you, you’d still need to meet your outgoings and provide for yourself and your loved ones – but it’s also possible to be over-insured. So, take stock on a regular basis and cancel any policies you no longer need.

9. Consider giving a ‘living inheritance’

It’s worth considering whether you’re in a position to gift some of your wealth during your lifetime, rather than leaving it until you pass away. HMRC allows you to give a certain amount away each year free of inheritance tax, however the rules can be complicated, particularly if you have significant wealth, so it’s worthwhile seeking professional advice before doing so.

If you’re planning to give money to charity, both now and in the future as a legacy, carefully planning how much you’d like to gift and when can help make sure your donation is made as tax-efficiently as possible for you and your beneficiaries.

Our Wealth Planners can advise you on how to make the most of your tax allowances should you wish to gift any excess income to loved ones or good causes.

10. Leverage the right expertise

Planning your wealth is an ongoing endeavour; it’s never ‘job done’. The unexpected happens and minds change – as do many allowances year-on-year – so an annual review of your financial plans, investments and assets is a must.

At Adam & Company, our independent Wealth Planners have the expertise, tools and resources to help you optimise your wealth, seize opportunities, and reach your goals – whatever your starting point.

Investment involves risk. The value of investments and the income from them can go down as well as up and you may not get back the amount originally invested. Past performance is not a reliable indicator of future performance.

Our portfolios are designed to work over a typical investment cycle of 7-10 years, so we recommend you stay invested for at least seven years.

The tax treatment of all investments depends upon individual circumstances and the levels and bases of taxation may change in the future. Investors should discuss their financial arrangements with their own tax adviser before investing.