Pensions
Pension Consolidation
The majority of people work for various organisations throughout their career and as a result end up with a "hopscotch" of multiple pensions, which are invested in generic funds and may not match the client's risk profile. Many older pensions don't offer Flexi Access Drawdown options at retirement, restricting client retirement choices. Other schemes may invest in funds that have failed to remain competitive over time.
We analyse all our clients existing ‘paid up’ schemes to ascertain whether they would benefit from consolidating historic schemes into a modern Flexi Access Pension. We also conduct Client Risk Profiling to establish whether existing funds meet their current investment and risk objectives.
There are many advantages to pension consolidation including the following benefits:
· The ability to have ongoing servicing and advice fees facilitated by the new scheme.
· Ensuring our clients are invested in funds which properly align to their individual risk profile.
· Peace of mind that regular reviews can take place to ensure your retirement funds remain on track.
· Reducing the administrative burden by consolidating multiple pensions to one provider, potentially leading to lower charges.
Building a Sustainable Retirement Fund
Many people assume that along with a state pension, an auto enrolment scheme with their current employer and perhaps some historic ‘paid up’ schemes from previous employers will provide a sustainable income in retirement. However, when we sit down with the majority of our clients we find the best way to build a sustainable retirement fund is to set goals and review them regularly. This is particularly important for our self-employed clients and directors who may not have any auto enrolment scheme in place at all.
We ask questions that help us establish when a client would like to retire and the type of lifestyle they would aspire to achieve in retirement. We then help clients review their existing arrangements and forecast possible outcomes. As a result we set up an ongoing plan for further tax efficient investing, and monitor this annually as part of our ongoing service.
At Retirement Advice
As you near retirement it's important to have the reassurance that you're on the right track for a comfortable retirement and a sustainable income during this period of your life. With careful financial planning we help our clients achieve this.
Our goal is to ensure that we help all our clients manage their retirement funds as tax efficiently as possible and in a sustainable manner. With careful planning and ongoing advice this can be achieved.
In many cases we help our clients retire earlier than they had initially planned, or increase their income if they choose to continue working on a part time basis in retirement. We ensure that all clients are given the choice between a guaranteed income for life (an annuity), a more flexible approach via ‘Flexi Access Drawdown’ or perhaps a mixture of the two.
Investments & savings
Astute Investing
Savings and Investments are a crucial part of any financial journey and whether your finances come about as a result of regular savings over a period of time or the receipt of a lump sum, you’ll always want your money to work as hard for you as possible. Using the services of our financial advisers can be particularly beneficial and over time, can give your assets the opportunity to grow and accumulate significantly.
White Eagle Finance advisers invest the time and effort to fully understand your position and where make the most appropriate recommendations based on your individual situation. As a priority and when possible, we make use of the most tax efficient products available with the underlying target of maximising your gains.
We give our clients peace of mind that their assets are competitively invested as well as providing the valuable option of regular reviews. Some advantages to investing through White Eagle Finance include:
· Peace of mind that regular reviews can take place to ensure your funds remain on track.
· The ability to have ongoing servicing and advice fees facilitated by the new investment provider.
· Ensuring our clients are invested in appropriate funds which properly align to their individual risk profile.
· Reducing the administrative burden by consolidating multiple assets to one provider, potentially leading to lower charges.
What We Do
Our goal is educate our clients on available options and make suitable recommendations.
Essentially we “clear the window” enabling our clients to see the road ahead with clarity. We take the time to fully understand the individual position of each client, then advise on the most appropriate products to achieve the respective financial goals (whether short, medium or long term).
We provide advice on specific funds as part as an individual or wider strategy and where possible, aim to make use of the most tax efficient products and minimising tax liabilities. By removing potential feelings of being confused or overwhelmed, our clients can feel confident about investing in the most appropriate products.
How We Do It
We carry out in-depth and meaningful conversations to fully understand each investor.
A particular suite of products can be perfect for one client and wholly inappropriate for another, so our goal is to tailor a solution to perfectly fit each individual client. We provide clear recommendations based on client specific goals, taking into account relevant time frames and targets.
Crucially, we focus on establishing client motivation for investment and address concerns, then accurately assess appetite for risk and loss. We aim to create fluid plans which can be adapted as client circumstances change. Ultimately, coupled with regular ongoing service, this approach can provide confidence the investments remain on-track.
inheritance tax & Estate Planning
What is Inheritance Tax
Benjamin Franklin famously wrote in 1789 'In this world nothing can be said to be certain, except death and taxes”. Although quoted around 230 years ago, that statement is as relevant today as it’s always been and entirely relevant to Inheritance Tax (IHT).
IHT is (currently) a 40% tax charge payable on the passing of estate assets during certain life events and after death and is subject to specific rules. Subject to Nil-Rate Bands, it applies to assets of all individuals domiciled inside the UK and for owners domiciled outside the UK, it applies to assets situated inside the UK.
Firstly, everyone should make a Will. It won’t help reduce a tax liability but it’ll speed up estate administration. You can make sure your assets reach your chosen beneficiaries more quickly and at a proportion you intended. Where a deceased has no will, legal spouses automatically receive the first £270,000 of the estate, then 50% of the rest, with the remaining 50% being split between direct descendants. With today’s modern step-families it's easy to understand how situations can easily become complicated.
IHT, or Estate Planning as it’s also referred to, is especially relevant for high net-worth clients because they potentially leave behind very large tax liabilities after death. When this happens it can place unexpected financial burden on families making it very difficult for those already grieving and going through what is often a tremendously difficult time.
Purpose
The purpose of Estate Planning is to help clients minimise tax liabilities, such that the estate yields as much legacy as possible to the chosen benefices and loved-ones.
It can be particularly difficult to get the balance right so as is almost always the case with financial services, each client situation is different and must be comprehensively and carefully considered on it's own individual merits.
What Can Be Done
With the high current percentage rate of 40% of assets due on the estate of the deceased, it's not difficult to see that potentially very large liabilities can arise somewhat unexpectedly.
Fortunately there are many ways IHT can be reduced and with intelligent use of allowances, transfers, trusts, and reliefs, sophisticated planning can save VAST sums of liability from being paid out by beneficiaries.