When we start out in life, we may try to make our own financial arrangements. We soon discover that making the right financial arrangements is much easier if we have the support of a professional independent financial adviser.
If that financial adviser is part of the Continuum team, we have an advantage in life – an expert that we can always call on whenever there is a financial question to ask. Building up a relationship for the long term is part of the Continuum approach.
So, as life moves on and the financial questions change, talking to your Continuum adviser becomes second nature. It means talking to a professional who you can rely on to put your interests first.
But what about your financial questions when you have a family?
There is a school of thought that says finances should be kept private, especially between different generations. Sharing details of their finances and those of partners worries people who might not want to reveal information to in laws. There could possibly be conflicts of interest between the generations or among siblings. However, at Continuum we believe that any potential problems are more than outweighed by the benefits.
There are several times in life when sharing financial advice is vital.
When you first have a partner
You may both have been used to managing your own money in the past. But once you’re married or in a long-term relationship, financial planning should very much be a joint effort. You are building a future together, and you both have a stake in your joint financial affairs so being open and honest, sharing information and mutually planning your financial future is crucial.
Money may be tight in the first months and years, especially if you are trying to get on the housing ladder. Getting expert advice as soon as possible will make it easier to make what money you have work harder.
Its not too early to start thinking about retirement. Pensions are individual products but planning for a comfortable future means working together as financial partners.
When you have children
Having children is a big step. You will need to be sure that they are provided for even if you were no longer there to provide for them yourselves. Arranging life cover can cost less if you do it together. Of course, that is only the first thread in the financial safety net that you actually need. Cover to deal with illness, with the loss of an income… there are solutions which can ensure that you protect and provide peace of mind for each other.
Of course, we can advise on plans for building money too. Savings, investments – they are easier with an expert at your side.
When children become adults
When they are young, children don’t need to worry about money. But when they start looking at further education and starting out in the jobs market, they will need financial help – especially when they start looking at a first home.
This is where your Continuum adviser needs to start looking at their needs. There are many ways that you can help them get off to a better financial start, and his or her understanding of your financial circumstances will help your adviser suggest the best solutions. Working together can make life easier for them – and providing the help they need will be less costly for you.
You can have the added reassurance of knowing that your younger generation can enjoy the same expert support from someone you trust yourself.
When your children have children of their own
Of course, grandchildren may come along before you expect it, and the bank of Mum and Dad may need support from the bank of Gran and Grandad. Helping make the most of what is now family wealth can be vital. Having an expert who understands the resources available from all those involved can be an important advantage. Cross-generation wealth management used to be reserved for moneyed families.
At Continuum we know that it is something that every family can benefit from.
When its time to think about the future
As you enter later life, it is important to think about inheritance planning, and whether or not your family will be exposed to inheritance tax in the event of your death.
This kind of planning is ongoing and talking to a trusted adviser as a family when you still have many healthy years ahead of you is simply good sense.
There is more to it than making a will. Your financial adviser can help ensure that you can manage your estate to minimise any future inheritance tax bill for those you leave behind. If they know everyone in the family, and understand the needs and resources involved, the results could be beneficial for all concerned.
Sharing the skills of your Continuum adviser is easy. Simply talk to your family – and then get your adviser to do the same.
The information contained in this article is based on the opinion of Continuum and does not constitute financial advice or a recommendation to suitable investment strategy, you should seek independent financial advice before embarking on any course of action.
Estate planning is not regulated by the FCA.
The Financial conduct authority does not regulate taxation and trust advice and will writing.