New Year… New Financial Plan
Happy New Year! Everybody in the Raymond James, Ribble Valley team sends you and your family every good wish for 2025
How are your New Year resolutions going? Do you even make any? Most people’s resolve has diminished by the end of January but at Raymond James, Ribble Valley we can help you to keep at least one excellent resolution – to review, understand and manage your financial future. And the New Year makes a great time to talk to our team!
Rachel Reeves’ first budget, delivered in October 2024, included measures which will have an impact on nearly everyone – changes to employer National Insurance contributions, reform of business and agricultural Inheritance Tax, the introduction of a charge on pension death benefits and an increase in the rate of Capital Gains Tax.
Whether you’re an existing client or someone who wants to take charge of your financial future for the first time, we can work with you to devise an investment plan aimed at meeting your financial goals. Your goals are of course unique to you and could be anything from making sure you can fund a three-decade retirement, planning an exit from your business, funding a child’s education, or perhaps making sure your estate will end up with the people you want it to, for the reasons you choose. Or they could include having the confidence to enjoy the retirement you hoped for from years of work and saving. The changes brought by the budget mean that everyone should take the time and where necessary, the professional advice, to understand their impact on their financial position, now and in the future.
So, is 2025 the year when you take control of your financial future? At Raymond James, Ribble Valley our philosophy is built around understanding your goals and where you’re trying to get to: what would you like to be able to do, when would you like to do it and who do you want to share it with?
We’ll work with you to help review your current expenditure and calculate your current financial position. Pensions are often people’s second most valuable asset after their home but are frequently neglected. It’s important that they’re serviced and looked after accordingly, just like you would a car. For instance, such a considerable asset being invested largely out of line with your risk tolerance or an inappropriate asset allocation, could have a detrimental impact on your retirement plans. How much will your pension provide in retirement? How much should you be saving? How many years will your pension last at your desired standard of living before running out?
We’ll help you consider whether consolidating your existing assets is appropriate. It’s often the case that we amass a variety of pensions, investments and policies over our lifetime. Consolidating two or more existing pensions into one plan can bring many advantages including the benefits of having to review only one savings plan, the potential to save on plan charges and ensuring your investment risk is understood holistically rather than across several portfolios.
The Chancellor’s changes to the UK tax regime have given rise to a significant increase in the number of conversations the Raymond James, Ribble Valley team is having with our clients. Taxes are part of life but we don’t want you to have to pay any more tax than is necessary. Of particular significance to our existing client base are the changes around Inheritance Tax, particularly in respect of agricultural assets and Capital Gains Tax, especially regarding business owners looking to exit their business, whether by sale or passing to a family member. If you believe that any of the changes may affect you, then we’d love to hear from you.
By building a close personal relationship with you we can help assess risks to your financial plan. What could cost you your financial security and independence and what do we need to protect you from? What will happen to your financial security if the unexpected happens to you? The new tax charge on pension death benefits represents a new risk which we can help you to understand and navigate.
At Raymond James, Ribble Valley we aim to help clients grow their wealth, live off their wealth and pass on their wealth to loved ones. Our key service areas are savings and investments, pensions, tax-efficient retirement income, stockbroking and estate planning. More than that we offer the financial strength, infrastructure and resources of a large multinational investment company, with access to world-class systems and research. We don’t subcontract out to other service providers or companies.
So why not make 2025 the year you resolve to have a free initial conversation with the team at Raymond James, Ribble Valley? A warm welcome awaits.
Risk warning: This article is intended for informational purposes only and no action should be taken or refrained from being taken as a consequence without consulting a suitably qualified and regulated person. With investment, your capital is at risk. Tax treatment depends on an investor’s individual circumstances and may be subject to change.
Raymond James Investment Services Limited
8 Berry Lane
Longridge
Preston PR3 3JA
01772 780300
ribblevalley.raymondjames.uk.com
