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Areas of Independent Financial Advice
I became a Chartered Financial Planner so I can independently (that word is important) advise you on the best way for you to become financially independent from products available from the ENTIRE market, not just a select few meaning you get the most suitable advice to meet your aims and objectives.
I have achieved Chartered Financial Planner and Fellow status of the Personal Finance Society and so you can be reassured that the advice you get is from a professional of the highest standard with an abundance of knowledge and experience.
Financial products breakdown into three main areas:
Investing – where you make your money work for you with the goal of increasing your pot of wealth utilising tax allowances where possible for tax efficiency and the potential for higher growth.
Protection – where your money is used to keep you financially stable against the unexpected such as a serious illness, unemployment or at worst in the event of death ensuring you and your loved ones are able to stay in your home and your standard of living maintained.
Retirement Income and Capital – Your wealth such as savings, pensions and potentially your home through equity release are used to provide you with the capital and income needed over the long term to provide you with the standard of living in retirement you deserve.
Below is an easy to understand breakdown on the kind of financial products that sit within each of these groups.
Whether you are looking to invest a lump sum or wanting to save a monthly amount for yourself, children or grandchildren, I can help you find the perfect investment opportunities for your personal requirements.
Pension: Whether you are saving for retirement or looking to take income or capital from your plans – provides tax advantageous savings and tax free cash and taxable income at retirement.
ISA’s: Individual Savings Account – these accounts provide you with tax free income and capital withdrawals.
JISA’s: Junior Individual Savings Accounts – provides tax free income and capital withdrawals to help with costs such as university or first car.
General Investment Accounts: provides a place to hold stocks and shares when you have utilised all your ISA allowance for income or capital withdrawals.
Onshore and Offshore investment bonds: potential to take capital withdrawals and invest for the long term.
Specialist Investments: for further diversification.
Wherever you are in life you will always need to protect you and your loved ones from events that we think will never happen to us.
Mortgage Protection: Ensuring the mortgage debt is repaid in the event of a critical illness or death.
Income Protection: Ensuring any loss of income is replaced in the event of a critical illness or death by either a lump sum or a regular amount to meet expenditure needs.
Inheritance Tax Planning: Ensuring your loved ones don’t have to worry about paying part of your estate to the tax man in the event of your death.
Long Term Care Planning: We all worry about what if I need care later in life and how will it be paid for. There are various ways this can be met either by income streams, capital withdrawals from pensions and investments along with taking capital sums from your property using Equity Release products.
Equity Release: Releasing equity from your property for whatever reason is growing in popularity, I can help you pick a provider who will meet your needs and help you understand what is involved in equity release.
New pensions freedom rules introduced in 2015 including flexibility options have increased the options available as to how you can take your benefits.
With a wide range of experience in this area I can help you devise your retirement timeline and how your assets and plans can be arranged to meet your changing aims and objectives and receipt of your state pension to provide for the long term from a range of pension and non-pension savings products.
Guaranteed Lifetime Income – Sometimes referred to as an annuity providing a guaranteed level or increasing income for your lifetime. There are a variety of options that can be added to a standard annuity to provide for beneficiaries.
Enhanced or impaired annuity – If you have any health conditions or lifestyle traits then you may be entitled to a higher level of income than a standard annuity.
Flexible Drawdown – Offers the option to take a flexible income from your retirement fund to fit in with your changing retirement plans and to utilise tax allowances where available.
Uncrystallised Fund Pension Lump Sum – Allows you to take all your pension as one lump sum with any remaining amount above the available tax-free cash fully taxed as earned income in the current tax year.
Legacy plans with hidden valuable guarantees – Often old plans can include valuable guarantees such as annuity rates at a certain age, additional tax-free cash and guaranteed growth rates which are quite often difficult to ascertain and complicated but can form a valuable part of your retirement provisions.
As with so many things in life, in order to keep your finances performing as they should, they will need regular maintenance. So as we go through life, our circumstances change and our financial ‘portfolio’ should also change to suit our needs.
I hold regular update meetings with all my clients to make sure that they are getting the most out of their investments or have sufficient protection to meet their current and anticipated needs.
Tracy Simpson Financial Consultancy Limited
2303 Bridgewater Place,
Water Lane,
Leeds,
LS11 5QB
Call: 0113 243 2266
Tracy Simpson Financial Consultancy Limited is an appointed representative of 2plan wealth management Ltd. 2plan wealth management Ltd is authorised and regulated by the Financial Conduct Authority. It is entered on the Financial Services Register (www.fca.org.uk) under reference 461598.
Registered address: 3rd floor, Bridgewater Place, Water Lane, Leeds, LS11 5BZ. Telephone: 0113 302 1360. Registered in England Number: 05998270.
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