5 compelling reasons why you should share a financial planner with your family

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Money and financial decisions are often seen as a personal matter. However, making your family part of the financial planning process and discussing your goals with them can be valuable.

A report from M&G Wealth found that 33% of advised families share the same adviser, with around 57% of those sharing the same adviser as their parents.

If you’re used to keeping your finances separate, it can be difficult to begin sharing an adviser and discussing opportunities or concerns you have with others. However, sharing a financial planner doesn’t have to mean sharing every detail of your financial plan, and it can help you and your family get the most out of your assets.

Here are five reasons you should think about involving your family in your financial plan.

1. Your plans are likely to be intertwined

When you set out what’s important to you, it’s likely your family will be included in some way.

By using the same financial planner as your parents, children, or other family members, you can create a plan that reflects your priorities and the situation of others more accurately.

It’s also a step that can provide peace of mind. You will know that the people important to you are receiving expert financial advice that will help them reach their goals and achieve long-term financial security.

2. It provides an opportunity to understand the situation of others

The report found that 37% of people that share a financial adviser believe being aware of the financial situation of others is a benefit.

Intergenerational wealth planning can be complex, and there are likely to be many different concerns. However, using the same financial planner can help you understand what your family is worried about and the steps that can be taken to improve their financial security.

The report highlighted how concerns are likely to vary significantly between generations.

Among baby boomers, the biggest concern was rising inflation, followed by their investments losing money. As many baby boomers will have retired, investments can provide a valuable source of income and they may not have an opportunity to grow their portfolio with further contributions. As a result, managing investments is crucial.

In contrast, millennials were most concerned about not being able to save enough. The younger generation may be struggling to get on the property ladder and put enough away for retirement as they face cost of living challenges.

3. You could reduce your family’s tax burden

Having a combined financial plan that considers a variety of goals and concerns can mean you’re able to take advantage of more tax allowances.

In the M&G Wealth survey, 35% of families said saving on tax was a positive outcome of family financial planning.

Many different allowances may be suitable for your family, from the annual exemption, which allows you to pass on up to £3,000 in a tax year without worrying about Inheritance Tax, to the Dividend Allowance.

Which ones are right for you and your family will depend on your circumstances and priorities. A combined financial plan can help you make the most out of them.

4. It can help you pass on wealth more effectively

If you want to leave wealth behind for loved ones, working together can ensure you do so more effectively.

According to the report, younger generations can expect to inherit £293 billion over the next 20 years, and it could reach as much as £5.5 trillion by 2047. With the average individual born after 1980 set to receive between £200,000 and £400,000, a holistic financial plan that considers things like Inheritance Tax, trusts, or provides advice for beneficiaries is important.

In addition, the report found that longer life expectancy means younger generations will inherit wealth later in their life, with an average age of 61. As a result, you may want to explore gifting during your lifetime to help younger members of your family to reach milestones sooner.

5. It can help you provide support to vulnerable family members

A financial plan that considers your whole family can provide vital support to vulnerable people, such as elderly relatives.

34% of people said supporting parents and grandparents was a key reason for using the same financial planner. Not only does it mean their finances are being handled by a professional, but it can also provide you with an opportunity to better understand their wishes and needs.

If you may need to make decisions on their behalf, you’re in a better position to act in line with their goals and it can take some of the pressure off you.

Contact us to discuss your family’s needs

We understand that discussing your finances with loved ones can be difficult, and there isn’t a one-size-fits-all solution for every family.

The survey found that 59% of families that share a financial adviser meet with their financial planner separately and a third have boundaries about what they want to share. Using the same financial planner doesn’t have to mean that you disclose everything, but it can help you and your family plan more effectively.

If you’d like to discuss working with your family to put in place a long-term financial plan that considers all your aspirations, please contact us.

Please note: This blog is for general information only and does not constitute advice. The information is aimed at retail clients only.


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