Henson Crisp taking care of your future, offering specilaist retirement advice in Peterborough and London

10 Top Tips for Wealth Management

ten top tips for wealth management

How to manage your wealth



1. Get independent financial advice


2. Create achievable goals


3. Plan for your retirement


4. Plan your income and expenditure


5. Manage your savings


6. Get the most from your pension


7. Protect you and your estate


8. Pass on your wealth


9. Regularly review your financial goals


10. Enjoy your wealth





1. Get independent financial advice

People often spend their working life paying into their pension pots, but then often make the costliest mistake of all when they go to access their pension funds by failing to seek independent advice.

When the new pension rules came into effect in April 2015 they presented many different options in terms of turning your pension into an income. By making the wrong choice you could significantly reduce your retirement income.

It is really important that you ensure you get the best possible income to suit your needs by speaking to a knowledgeable, qualified advisor.

Give us a call, our advisers are experienced with wealth management and retirement planning advice.




2. Create achievable goals

A well-built financial plan plays an essential element in securing your future. Outlining and managing financial goals is a fundamental part of this.

When developing a financial plan you must consider existing finances along with many other aspects of your financial history and lifestyle; it is a multi-step process that examines all relevant angles and issues. One we can help you with.




3. Plan for your retirement

Check how much money you'll need when you retire!

Make sure you understand your options

Find out what basic state pension you're entitled to

Think about phased retirement

Understand your tax situation

Look at combining your pensions into one pot

Get a will in place if you plan to pass on your wealth

Plan for any dependents you may still have when you die

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4. Plan your income and expenditure

If you're trying to keep an eye on your finances and keep control of your spending, household budget planning is a crucial part of the process. We all need to know if we are living within our means, or if we are overspending on a monthly basis.

It's very easy to forget about all those little extras that seem insignificant at the time, but when added up can make quite a difference!




5. Manage your savings

After you have a budget in place, it is time to focus on your savings. The easiest way to manage savings is to automate the process. Just make sure a certain percentage of your income is deposited in a separate account once you get paid.

Taking the time to manage your money better can pay off. It could help you stay on top of your bills or any debts, you could put money towards your pension, or put to one side for your next car or holiday.






6. Get the most from your pension

Monitor your pension

Keeping a regular eye on a pension can help ensure it is on course to provide the retirement income needed.

Top up your pensions

You can top up company or personal pensions with Additional Voluntary Fund Contributions (AVCS). This is the simplest and most effective way to cut your tax bill and increase your retirement fund.

Build up your state pension

People often forget that you don't automatically qualify for the full basic state pension but that you must build it up by making national insurance contributions on your earnings.




7. Protect you and your estate

There are many things to be considered when looking at protecting both your family and your home. Inheritance tax and capital gains tax, illness and loss of income need to be part of an effective protection planning strategy.

Having worked hard to build up your estate, it is vital that you have an effective estate planning strategy in place, that way you can pass on that wealth to the people you care about and minimise the amount of tax you pay.




8. Pass on your wealth

Having worked hard to accumulate your wealth, an effective estate planning strategy in place is vital, so you can pass on that wealth to the people you care about.

It is important not to be unnecessarily caught by Inheritance Tax and to make sure you protect your assets, mainly property, pensions and savings.




9. Regularly review your financial goals

We sit down with our clients every year to regularly review their financial plan.

As your situation in life changes, your financial plan also requires regular reviewing and change. In order to make sure your goals are still achievable and on target and your income or tax situation (or personal situation) hasn't changed




10. Enjoy your wealth

When people build wealth and acquire more money, they can often lose sight of everything else, especially the bigger picture. They can become so involved in getting rich that all they think about is making money and it's all they want to do.

It's important to enjoy life while you can and not forget what really matters.




Henson Crisp Limited

Telephone: 01733 355120 / 02036 377140
Email: enquiries@hensoncrisp.com

Registered Office:
Peterscourt, City Road, Peterborough, Cambs, PE1 1SA. Registered in England, No. 06266686

Offices in both Peterborough and London.

Financial Advice for individuals and companies.

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Regulatory Statement

Henson Crisp provides Independent Financial Advice.

Henson Crisp Limited is authorised and regulated by the Financial Conduct Authority (register.fca.org.uk/). Financial Services Register No: 469175

Our alternative dispute resolution provider is the Financial Ombudsman Service.
Their website is financial-ombudsman.org.uk