Financial Planning
M&H Financial Planning is an integral part of Mercer & Hole.
We are able to offer a unique service combining tax and financial advice to provide complete solutions for individuals and businesses. This service is available across all our offices.
Traditionally people will have a collection of financial products which may or may not be good enough to get them where they want to get to. Our strategy is to help put a proper structure in place by looking across a person’s lifetime and firstly taking into account what income is required to meet normal expenditure. We can then project the financial and tax implications of taking different decisions and how their capital reserves will be affected. Clients do not necessarily need to be told that they have sufficient money if the numbers are big enough but it is about maximising tax efficiency and planning on how to pass on a larger legacy.
We take care to consider the tax and financial implications for both the business and the business owner. For example, we know that it is important to get the timing right for a company making a pension contribution for a director as to how cash-flow for the business is affected and when the tax relief impacts. At the same time, the director will want to focus on the pension funds and how they are invested to accord with their financial plans.
In looking at the long term survival of a business, we can offer guidance on key person cover to help ensure that funds are available on the death of a key person in a business. Additionally if there are cross option agreements in place the surviving shareholders or partners will need reassurance that they have the money to buy the deceased’s interest in the business.
It is often the case that people are not really aware of the level of risk they are taking or the costs involved with the financial products they already hold. It is well understood that it makes sense to spread risk by not ‘putting all your eggs in one basket’. It is quite common for someone to have several different pension plans each with a different insurance company but when we review the underlying funds, we often find that they are all in the same type of ‘balanced’ funds albeit with different names. We believe that it is more important to have a well considered and coherent investment strategy than several providers to manage the risk effectively.
Financial planning is not just a question of selecting different products off the shelf, but given the particular circumstances, we will advise and explain in plain English what products are available and how they fit with your personal and overall plan.
Additional services for your business and your employees
As well as acting for the principals of a business on an individual basis, we like to go a step further and support them in how they provide benefits to their staff.
Depending on the size of the business, employers could be faced with the compulsory requirement from October 2012 to fund pension provision for employees. It is likely that for many the new regime will represent a significant cost increase and consideration will need to be given as to how new or altered schemes will be administered and how employees will be provided with required pension provision information. As well as helping employers control the implementation costs, we can also assist with other benefits which aid staff retention and attract quality talent for the benefit of the business. Therefore, the sooner employers can act the better, as acting swiftly will offer greater flexibility in dealing with the issues. Additionally, we can offer advice on a group risk basis including life cover, medical insurance and income protection insurance to give you peace of mind that your employees and their families will have funds in the event of death or health issues. Our full range of business services include:
- Pension scheme reviews, establishment and ongoing consultation with your employees
- Group life assurance
- Group income protection insurance
- Key person cover
- Private medical insurance
- Critical illness
Call us today to discuss your individual or business requirements on 0845 828 1000 or email one of our M&H Financial Planning team.
