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Your Financial Planning starter kit

At Bates Wealth Management we strive to improve our clients’ lives and the lives of their families. An intelligent Financial Plan can add significant value, both in monetary terms and in peace of mind. Life is short and our mission is to help people get the most from it.

Although the world of finance can be complex, as a starter for ten we have set out below three simple things that everyone should consider when assessing their financial situation.

Existing Financial Products/Policies

When did you last review your existing financial products? Are you paying more in fees than you should be, potentially causing significant harm to your existing assets? Do you have pensions from a previous employer that you haven’t really looked at for several years? Have you reviewed your investments within the last 12 months, ensuring that they remain appropriate for you and are as tax efficient as possible? When did you last review the protection insurances that you have in place, such as life cover or critical illness cover, to be sure that your family would be financially secure in the event that the worst should happen?

Bates Wealth Management can help review your existing plans to ensure that they remain suitable for you and that you’re getting the best possible value.

Your Expenditure

Taking a step back and objectively assessing your current expenditure is incredibly important. Do you have Direct Debits in place that are not adding value? Is any money that you are putting aside for the future being directed to the most appropriate place, such that it will help you get the most out of your wealth? Whether you can save money or not, understanding your outgoings can help make the difference between financial success and the less attractive alternative.

If you are pre-retirement it is also very useful to consider what your spending needs will be once you have retired. This can help determine how much you need to save now to help achieve your retirement goals. Bates Wealth Management can provide advice on the best way to invest your disposable income, taking into account both short and long term goals. If you’re yet to retire, we can advise you on whether you’re on track to meet your retirement income needs and if not, what additional action you need to take to get there. If you’re already retired, we can help you understand what level of income is sustainable for the remainder of your retirement and what sort of financial legacy you might be able to leave for your loved ones.

Inheritance Tax

Do you know whether your loved ones would face an Inheritance Tax bill when you pass away? At 40%, Inheritance Tax (IHT) can be very penal and where a liability exists, consideration should be given to the action that could be taken to reduce it. Bates Wealth Management can help quantify any IHT liability and outline the potential ways to pass more of your wealth down to future generations.

Contact us

Interested in a conversation? Get in touch: or 0113 543 1390.

Please note that tax planning is not regulated by the FCA.

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