One of the rather unfortunate things in life is that each day we get older. So, whilst of course there are many benefits to this such as reduced working hours, extra leisure time and possibly grandchildren, there are also some less positive aspects to consider.
Health is a good example where the ageing process tends to be less forgiving. Even for those who have taken good care of themselves for example through regular exercise, a balanced diet and adequate relaxation, health can fade and often the deterioration in health can be quite rapid.
Through working with clients on a long-term basis our experience is that we build a trusting relationship where both personal and financial information is shared. Through our knowledge and expertise, we are able to add value in areas that would not always be considered as mainstream financial advice.
An example of this would be to highlight the benefits of establishing Lasting Powers of Attorney and the importance of both Property & Financial and Health & Welfare documents being registered correctly. Getting these documents in place avoids having to deal with the Court of Protection and the extra costs, delays and anxiety that this route presents.
Another good example would be considering whether there is a possibility of applying for Attendance Allowance which would be relevant for those who suffer from an illness or disability with care and or supervision needs. This is a non means tested benefit that can boost income by as much as £4,400 per year (approx.).
Finally, though particularly relevant as a result of the Covid 19 pandemic and its impact of people’s health, choosing to or being forced to reduce your working hours. Consider the benefits of sharing the Personal Allowance if married or in a civil partnership to reduce your income tax bill by at least £250 in a tax year and possibly more if backdated (see previous blog on this topic).
Whilst sometimes it is difficult to immediately demonstrate the benefits of financial advice, I am convinced that through working hand in hand with your adviser there is a real value add. If you would like a review of your finances with a FT Top 100 award winning advisory firm and wish to start to build a trusting working relationship, please contact one of the WFP team.