We have previously written about why financial advice should be intergenerational and the importance of each generation getting the appropriate expert financial guidance they need.
A natural extension of this idea is referring your loved ones to us if you feel they could benefit from the same guidance and expertise you enjoy as a client of bdhSterling.
We were reminded of the importance of this recently when Louise Duncan, a financial planner in our UK office, had two cross-border family referrals in the space of a few hours.
Both of these came from clients who have worked with us as they emigrated to Australia, and they were now looking for advice for their elderly parents still living in the UK.
So, in this article, you can read about referring other family members to bdhSterling, and some of the reasons you might want to think about doing that.
It can be difficult to talk about money with elderly relatives
In our experience, many families find it difficult to talk about money.
There is often a natural reluctance to share detailed financial information with your relatives. This can particularly be an issue with your parents.
Often, the awkwardness can stem from the fact that conversations could relate to what happens after they pass away. This is understandable, as this can be an emotional subject for both you and them.
Another reason that could inhibit openness and transparency is that it could mark a symbolic passing of a torch from one generation to another. Your parents will have spent many years being financially responsible for you, so any potential change that may result in you assuming some responsibility for them may well become a source of tension.
Because of this, referring your parents to an expert adviser may be a better solution for you both.
You get the reassurance that they are getting the best advice, and their financial plans are being effectively managed. This will particularly be the case if you are many thousands of miles away and depend on phone calls and emails to stay in touch.
We can advise your parents on all aspects of financial planning
The advice we provide for your parents will clearly depend on the current arrangements they have, the structure of their finances, and their advice requirements.
The two issues that prompted the referrals to Louise that you have read about were:
- A need for effective Inheritance Tax (IHT) planning
- Care fees provision.
In each case, it is likely that the advice process will involve a holistic overview of their financial arrangements and consider other issues in addition to the reason the original referral was made.
Financial advice is all about peace of mind. So, our advice will be tailored to your parents, giving them the same comfort you enjoy from having a detailed financial plan in place.
If you’re living in Australia while they are in the UK you will get the additional benefit of knowing that your referral has led to that valuable peace of mind for them. In this case, Louise was able to advise on long term care products in the UK.
You may also want to refer your children to us for financial advice
It’s not only your elderly relatives who could benefit from expert advice, and who you may want to consider referring to us.
We often have parents asking us to provide advice for their children. This is usually prompted by a specific event, such as:
- A child requiring savings and investment advice when a Junior ISA (JISA) that you have contributed to matures when they reach 18
- They want to get on the housing ladder and are looking for advice around the financial issues related to a property purchase
- They are getting married and want to start financial planning with their new spouse.
Alternatively, you may just feel that your children would benefit from the structure and control that having a financial plan in place will give them, and that it’s never too soon to adopt positive financial habits.
Our understanding of your own circumstances can help the planning process
One advantage of referring your relatives to us is that we will already have a good idea of your family structure and how your assets have been built up and managed over the years.
Clearly, client confidentiality is of the utmost importance, and we would never divulge information that we are asked not to.
However, with issues such as estate planning and legacy arrangements, we will have a good idea of your own arrangements, and how decisions could affect your family’s wider financial circumstances.
Furthermore, our dual registration and deep understanding of cross-border financial planning allow us to offer tailored advice that may be better suited to your family’s cross-border needs than firms operating solely within the UK.
We have a client recommendation scheme to benefit our chosen charities
We’ve always been a business that recognises the importance of “giving back” to those who are less fortunate than us.
Because of this, as a business built on word-of-mouth recommendations from existing clients, we will donate £50 or AUD$100 for every person you recommend to us.
The money will go to our two fantastic chosen charities: The Children’s Trust in the UK, and Beyond Blue in Australia.
Get in touch
If you know someone who you believe would benefit from our help, please get their permission and introduce them to us by passing their name and contact details by email or phone.
If you would like to talk about your own financial planning arrangements, please get in touch with us.
Please note
This article is for information only, it does not take into account your personal objectives, financial situation, or needs.
Please do not solely rely on anything you have read in this article and ensure that you conduct your own research to ensure any actions you may take are suitable for your circumstances.