Modern Wealth Management – Securing Your Family’s Finances

There are many advantages to having a modern wealth management service for your financial goals. This is particularly true when it comes to securing your family’s finances.

If you’re looking for ways to build your family’s wealth effectively, then the first step is to read on, where we show you how modern wealth management and investment can be vital in helping you achieve this goal.

  • Tailored Guidance

One of the main ways modern wealth management can help you secure your family’s financial future is through the tailored guidance you receive from your expert.

Your financial adviser will offer recommendations for how you can approach your family’s wealth in the right way that aligns accurately with your financial circumstance.

Your adviser will gain a clear understanding of your requirements, including what your income looks like, what financial dependents you have, and what goals you have for your family’s finances.

As well as this, any challenges you might be facing can be discussed and addressed by your adviser to ensure you have a clear approach to overcoming them.

  • Optimising Your Investments

Modern wealth management can also benefit your family’s finances by helping you optimise your investments.

There are various accounts you could invest in with your wealth management service, such as opening a junior investment account, which is aimed at growing your child’s savings for the future.

One account you should consider for your child is a Junior Individual Savings Account (JISA), which lets you invest an amount of money each year that’s sheltered from tax.

You can contribute up to £9,000 annually – according to the annual JISA allowance for the 2023/2024 tax year. These savings can only be accessed once your child turns 18 and can be withdrawn tax-free.

With these junior accounts, you can build a significant sum of money to give to your child through tax-efficient investments. Also, your adviser can help you plan the proper contribution amounts and times not to compromise your financial circumstance and your family’s.

Family Wealth 1

  • Comprehensive Financial Planning

Another way your wealth management service can help is through financial planning. This allows you to outline your specific financial goals for your family and establish the necessary steps to achieve them.

For instance, your financial planner can help you determine the right ways your family can plan to use their wealth – e.g., paying educational fees for your children, helping them buy a property, or supporting your loved ones when you retire.

With these clear goals in mind, your financial planners can then help you set specific steps on how to build your wealth towards these goals. Also, your expert can help ensure each goal is beneficial to your loved ones and realistic in terms of your financial situation.

  • Ongoing Financial Advice

If you want to secure your family’s finances, you can consider professional advice and ongoing peace of mind from your expert.

This is to help you navigate any changes that might impact your family’s wealth as you carry out your initial approach.

For instance, your adviser can help you adjust to changes in your bigger picture, your goals, your career, your unique needs or even additional family members.

Also, there are external impacts your expert can help you navigate. This could be changes in the market or tax rates.

In addition, with a rise in things such as fraud and investment scams, your wealth managers can make you aware of current trends and advise you on how to keep your family’s wealth safe.

This ongoing guidance can help you build more wealth resilience for your family and stay on target to successfully reach all your financial goals.

Would you like to find the right ways to remain financially secure with your family’s finances? If so, contact your modern wealth management service to learn how you can implement the right approach to your family’s wealth for the financial future.

Please note the value of your investments can go down as well as up.