Looking for a Solicitor or Accountant – Absolute Wealth can help!

28 February 2017

It may not seem like the most obvious symbiotic relationship but there are times in the life of your financial plan when you might require a solicitor or even an accountant. As financial advisers, we concentrate on ways to help individuals reach their financial goals, occasionally this might mean enlisting the help of another professional, such as an accountant or solicitor.

“We focus on a financial planning service designed to help our clients reach their financial goals, sometimes additional financial planning can by driven by a change in their circumstances. This may include moving house and the need to re-mortgage, or receiving an inheritance which could necessitate considering tax efficient ways to incorporate this into a client’s existing financial plan.

Over the years, we have established connections with several fellow professionals, including local solicitors and accountants. Through our experience, we feel confident that we can introduce our clients to the right people as and when there is a need, to ensure they can protect themselves financially and legally,” comments co-founder of Absolute Wealth, Simon Harnaman.

When should you use a solicitor?

Inheritance tax planning - there are several key financial decisions which need to be formally recorded via a solicitor. The most obvious one is making a will, to outline the beneficiaries of your estate. In this instance, Absolute Wealth will work in tandem with the solicitor to provide advice about inheritance tax planning who can advise about setting up trusts for family members. “Part of the service that we offer to our clients,” adds Pete McBride, “is financial planning for their future, this frequently includes looking at efficient tax planning through trusts and gifts, all of which must be formalised through a solicitor.”

For company litigation - if you own your own business, there are several reasons why Absolute Wealth would want to involve the services of a solicitor whilst assisting you with your own personal financial planning. Solicitors can assist with complex company litigation and employment issues such as closing your company. By working in conjunction with the solicitor, both Simon and Pete will continue to provide additional advice on taxable liability and assist with any financial planning that may arise from the sale of your company.

Why should you use an accountant?

For help with your personal taxation - filing a tax return can become complicated for individuals who have multiple sources of income; using the services of a tax accountant for advice on how to complete a self-assessment tax form in this case can be useful. “We do advocate using an accountant to some of our clients for assistance on complex personal tax returns,” comments Pete McBride. “Tax accountants have specialist knowledge around tax limits and personal allowances.”

For business planning and company finance - as financial advisers, Absolute Wealth concentrates on personal investment advice designed to generate individual wealth by setting financial goals for each client. For those clients who own their own businesses, Simon and Pete will frequently suggest turning to a local accountant for bespoke business advice on a range of issues from the company structure through to raising company finances. “Accountants provide a unique business advice service,” acknowledges Simon. “They can help generate business plans and provide an appraisal of a company’s financial worth. Additionally, many of the accountants that we work with can offer outsourced bookkeeping and payroll functions.”

Working with Mortgage Advisers & Insurance Brokers

Commercial mortgages - the number of landlords in the UK and especially here in Bristol has continued to increase, as property is seen as a good investment. To help clients develop property portfolios, Simon and Pete will sometimes introduce them to a specialist mortgage advisor. “Whilst I am a recognised mortgage advisor, I concentrate mainly on domestic mortgages, for bespoke advice on commercial mortgages I would always refer clients to a colleague with specialist knowledge,” remarks Simon.

Commercial & specialist insurance - equally, whilst Absolute Wealth provides insurance protection policies for individuals such as critical illness or mortgage protection, as Pete notes there are a few instances when they enlist the services of specialist insurance brokers. “We try and provide as comprehensive a service as is possible for our clients, but there may be times when we cannot provide relevant business advice or maybe even a commercial insurance policy, in these instances we feel a duty of care to introduce them to the right people who can help our clients to make the right decisions.”

If you would like to find out more about the professional network that Absolute Wealth works with, please do not hesitate to contact us on 0117 907 1965 or fill in the enquiry form here.

Categories: Advice, Inheritance Tax