A goal without a plan is just a wish
A good financial plan can show you what your future financial picture might look like, and how it might change with the choices you make now. It can help you make wise financial decisions, whatever milestone you might be approaching. This might include marriage, starting a family, selling a business, changing jobs, or retirement. Informed choices now can have huge future impacts.
At bdhSterling our approach is first to take time to understand exactly what you’re hoping to achieve. Then we put a practical financial plan in place to help you reach your life goals, guiding you through what can be a complex and challenging environment.
We are a local firm based in Epsom and have been helping people with financial planning since 2009. Our team of skilled advisers and support staff work to finding the best solutions for our clients.
The 2017 Value of Advice research report highlighted that paying for expert advice has helped people to have more money. It explained that people “who work with a financial planner are an average of £40,000 better off than people who have not taken advice”.
Building more savings is certainly going to give you a better chance of reaching your goals, but the monetary gains are only part of the value we can provide.
For example, do you worry about whether you have saved enough to lead the life you want in the future? Do you want to help your children with a wedding or house deposit but don’t know if you can afford to?
There is peace of mind in knowing that you have planned ahead and know how to reach your goals. With the worry lifted you can live for today and look forward to tomorrow.
We then review your financial plan regularly in case your circumstances change. These reviews allow us to make adjustments if your situation or needs change, and refocuses your mind on what you are doing and why.
So when should you seek advice? It’s never too early to seek professional help, and often the earlier you start along the right path the easier it is to reach your objectives. In simple terms, the earlier you start saving the less you will have to save overall to reach the same savings target.
At the start of each new tax year, there are opportunities that can give your plans a boost.
Your yearly Individual Savings Account (ISA) allowance is refreshed giving adults the opportunity to save up to £20,000 into a cash or stocks and shares ISA which benefit from tax-free growth.
Junior ISAs give you the opportunity to save up to £4,368 for a child under 18 who doesn’t have an existing Child Trust Fund (CTF). CTFs also benefit from tax-free growth and have the same allowance of £4,368.
Considering your pension contributions for the upcoming year is a way to ensure that you benefit from valuable tax relief. If you earn over £100,000 your income tax personal allowance reduces at a rate of £1 for every £2 and will be completely gone when you earn £125,000. What this means is that a pension contribution could benefit from an effective 60% tax relief.
Your individual circumstances will determine the best strategies for you. Seeking advice will help you make the right choices and avoid some of the pitfalls. Watch this video for a good illustration.
If you would like to discuss your own financial plan in a free initial consultation, then please contact bdhSterling at infouk@bdhsterling.com or on 01372 724 249
This article shouldn’t be taken as financial advice and is based on our understanding in July 2019
