How financial planning can help you this New Year

Girl counting US Dollar bills, using calculator, and writing expenses. Woman doing budget, estimatin

The financial experts at Smith & Pinching explain how they have helped clients in 2021 and look forward to the New Year - Credit: Getty Images/iStockphoto

Smith & Pinching’s Lowestoft-based Chartered Financial Planners bring good wishes for Christmas and the New Year. 

Jeremy Woodruff, Director and Chartered Financial Planner with Smith & Pinching

Jeremy Woodruff, Director and Chartered Financial Planner with Smith & Pinching - Credit: Smith & Pinching

Jeremy Woodruff, Director and Chartered Financial Planner:

This year has gone so quickly, but it’s been a busy one for us at Smith & Pinching. Our clients have needed support and reassurance when markets have reacted to world affairs, but – in the main – investors have seen recovery from the market falls of 2020 when Covid first hit us, and then steady growth as confidence has returned.

It’s been a challenging year for many families, with long-term financial planning often put onto the backburner as family finances are stretched. We’ve encouraged families to not lose sight of their goals and to review their financial planning regularly – and especially if their circumstances change.

It’s been a time to review protection for the family too, and we’ve discussed plans and policies with clients that will provide support in the event of not being able to work because of illness.

Richard Barker, chartered financial planner with Smith & Pinching

Richard Barker, chartered financial planner with Smith & Pinching - Credit: Smith & Pinching

Richard Barker, Chartered Financial Planner:

The pandemic has changed some clients’ thoughts about retirement. For some, they’ve opted to bring their retirement forward, and we’ve helped them understand what that means in terms of the income they can achieve at this stage of their pension accumulation. For others, hours at home under Covid restrictions have stimulated a desire to work longer and so they have adjusted their planning accordingly.

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Thoughts about what happens when you die have also been at the forefront of client discussions. We’ve helped clients understand what their Inheritance Tax liabilities might be, and have put planning in place to mitigate the tax on their estate. These have included gifting strategies to reduce the size of the estate, as well as certain kinds of trusts, where appropriate.

Matthew Beck Chartered Financial Planner with Smith & Pinching

Matthew Beck is a Chartered Financial Planner with Smith & Pinching - Credit: Smith & Pinching

Matthew Beck, Chartered Financial Planner:

It’s been a tough year for businesses. We work closely with business owners to help extract profits in a tax-efficient way and to ensure they have protection in place if key people or business owners are no longer able to work. It’s been a time for reflection about how the business can continue beyond the working life of its owners: exit and succession planning are an important part of any business owner’s financial plan.

Pension planning for business owners is a core part of their strategic planning: employer contributions can be tax-efficient for both the individual and the business. We explore solutions such as the use of self-invested personal pensions, where they are right for the business owner, to allow pension savings to be invested in the business premises.

Jeremy, Richard and Matthew wish you all a happy Christmas and a safe, prosperous New Year.

Any opinions expressed in this article do not constitute advice. The value of an investment and the income from it could go down as well as up. The return at the end of the investment period is not guaranteed and you may get back less than you originally invested.

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