Wealth Management is not a question of identity because no two people feel wealthy at the same time. To one person just having £1,000 saved up would be beyond their wildest dreams, whilst others having an income of £100,000 per annum simply would not be enough.
Wealth Management is a question of strategy and revolves around what you do with the assets that you have accrued, however, great or small the value of those assets. Wealth Manaagement looks at how those assets can best work for you and how you preserve these assets for future generations.
At Oakfield Financial Services Limited we are highly experienced in Wealth Management and liaising with the other Advisers you may use, including Solicitors, Accountants, Stockbrokers and alike to ensure that everyone understands your requirements and is moving the same direction.
It is important that any Advisers you use liaise together on a regular basis to maximise returns and minimise tax. Whilst tax cannot be the overriding considerations of Wealth Management it is important.
Unfortunately, Solicitors and Stockbrokers are often not familiar with current tax legislation and whilst an Accountant is fully aware of tax legislation they often only work with client’s affairs when Returns are due. At Oakfield Financial Services Limited we are able to help co-ordinate these other Advisers on a day to day basis, ensuring that the right questions are asked and that various options are considered at appropriate times.
Many clients do not have the need of a Stockbroker, Accountant or Solicitor on a regular basis and here because of our experience in this field we are able to offer basic advice in these areas as part of our Wealth Management duties.
By understanding a client’s needs we are able to devise a plan that helps meet your requirements in as tax efficient manner as possible. One simple example of this is that a £10,000 emergency fund saved in a bank account produces interest that is taxed. A £10,000 emergency fund saved in mini cash ISA produces interest that is not taxed. As such by reviewing a client’s emergency fund it is possible to save them up to 40% tax while still leaving their money in an easy to access deposit account.
For further information on our Wealth Management Services please contact us or telephone on 01376 529800.
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