Working With Professionals
To provide holistic independent financial advice many factors should be borne in mind by your appointed Adviser. Professional advice services to clients should not be provided in “silo’s” meaning financial, legal, tax advice etc should not be given to clients in isolation, as this would increase the risk of uncoordinated conclusions which may not be the most suitable and could conflict, rather than complement each other.
Your Financial Adviser should have knowledge and experience of working with other professional service firms, including legal and tax areas. “The independent financial advisers (IFA’s) at East Anglian Financial Planning have combined professional experience of over 100 years. “
Most of these years have been working with professional colleagues in law firms and accountancy firms. This provides a significant depth of knowledge and expertise in combining independent financial advice to dovetail with our clients legal and tax affairs.
There are many advantages of coordinating advice from various professions, where needed, including a comprehensive assessment of client’s circumstances, needs and objectives enabling the optimum outcome to be provided, with all elements having been considered.
When advising clients with other professional advisers many issues can be considered including:-
- A holistic approach of financial, legal and tax planning.
- Ensuring a full understanding of any matters that may be overlooked by isolated advice in any single area, if not combined.
- Consideration of non-financial factors
- Other areas can be reviewed and amended where necessary to compliment final recommendations
Potential advantages of multi discipline approach of Financial, legal and tax advice include:-
- A review and possible rewriting of a Will
- Arranging Powers of Attorney
- Arranging or reviewing trust arrangements
- Claiming greater income tax reliefs
- Maximising tax allowances such as such the annual capital gains tax allowances via investment management
- Reducing inheritance tax liabilities
How East Anglian Financial Planning can help you
In our experience not all Independent financial advisers have experience in working with other professional advisers, so when selecting your financial adviser, as well as ensuring they are truly independent, highly qualified and experienced advisers, it is also important to ensure they have experience in working with professional colleagues such as accountants and solicitors, otherwise the best outcomes may not be achieved.
If you have any questions about holistic financial planning and wish to work with advisers highly experienced in these areas, contact one of our expert financial advisers today.
The Financial Conduct Authority does not regulate tax advice or Wills.