In looking after our Private Wealth clients it is essential for us to have a clear understanding of their financial position, and that of their family and dependants.
Over time, we have learned that many of our clients have not always themselves been entirely sure about their current financial position, taking into account all their assets and liabilities.
As a result, we have developed our Family Wealth Review, which gives clients a convenient summary of all of their assets, including:
- A breakdown of assets by family member
- Details of land and property ownership between family members
- Investments
- Business assets, including shareholdings in family companies and interests in other businesses
- Details of the key terms of family trusts and of the assets held
- Contact details for all of their professional advisers
- A summary of the provisions of wills and pension assets
Why do I need it?
The Family Wealth Review gives clients an ‘at a glance’ view of their finances, allowing them to view as little or as much detail as they require. The benefits include:
- Peace of mind
- Access to up-to-date information to share with other family members
- The ability to make better- informed decisions
- Ease of access to all family information in case of unexpected life event
- Ease of ascertaining total net-worth as an aid to tax and financial planning
The Family Wealth Review can become a powerful catalyst to the discussion of specific taxation and family wealth planning – it frequently becomes the starting point for an action plan covering short-term and longer term strategies for the benefit of the whole family.
Please contact our expert team to discuss how our Family Wealth Review might be useful to you, either in its own right or as the starting point for a specific planning assignment.
