When do you need advice?

When do you need advice?

People generally come to us when they find themselves in one of three situations: 

Situation One: Accumulating Financial Assets

Often in their 50s, individuals reach a stage where they’ve accumulated various financial assets. Initially focused on short-term financial goals like succeeding in a career, supporting a family, buying a home, and enjoying a certain lifestyle, they transition to collecting assets for the future. These assets may include ISAs, pensions, investments, and properties.

At this point, many realise they lack clarity about what they have, whether their assets are beneficial, their purpose, how they will work for them, and if they have enough or need more.

While they might think they need a comprehensive review and a plan, what they actually need is guidance to articulate their goals. This is followed by a full review, a strategic plan, and a process to ensure the plan remains on track.

Situation Two: Specific Financial Concerns

The second situation involves specific questions, problems, or concerns that individuals can’t manage on their own. This can range from dealing with divorce or the shock of a Pension Savings Statement to handling an inheritance. Often, these issues require technical expertise beyond their knowledge, and they neither have the time nor the inclination to acquire it. Addressing these immediate concerns frequently leads to broader financial planning discussions once the immediate issue is resolved.

Never hesitate to focus on the immediate concern first. Until this is addressed, it can be challenging to move forward and start planning for long-term objectives.

Situation Three: Tax Planning

Often referred by their accountant or solicitor because it has been suggested that they might benefit from making payments into pensions or reviewing their Inheritance Tax position. In some cases, an Inheritance Tax review has already been undertaken and help is now needed to understand and implement some of the recommendations made.

At Ellacotts Wealth Planning, we help you navigate these situations with clarity and confidence, ensuring your financial future is secure and aligned with your goals.

Speak to our Wealth management team