A growth area for objective financial advice

Article Abstract:

British law concerning who may (and may not) market themselves as 'impartial and objective' financial planners specializing in personal finances is briefly reviewed and the pre-retirement planning needs of executives are described in some detail. Although the proposed Financial Services Bill may change the laws in this area, British executives planning for their own retirement will continue to need advice related to: timing their retirement, maximizing capital gains retirement relief, financing pension plans, taxation of golden handshake agreements, and taxation of stock transfers and sales of personally owned businesses. The areas in which chartered accountants should excel when it comes to personal financial planning, and a questionnaire for executives to complete before seeking advice are also discussed.

Analysis

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The personal touch

Article Abstract:

The UK Financial Services Act of 1986 has forced accountants to become more involved in personal finance. Accountants should get to know their clients by inquiring about the market value of their securities, insurance policy premiums, maturation date of policies, mortgage details, pension benefits, and any other expected trust or inheritance income. Selecting the appropriate investments involves knowing what income the client needs currently, what the various tax responsibilities are going to be, and what income they will need in the future. Planning for the client's survivors involves contingencies for inflation and emergencies.

Accounting firms, Accounting services, Financial planners

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The personal touch - 2

Article Abstract:

Part two of a case study, which began in the Nov 1988 edition of Accountancy, examines what a client should do with a 150,000 pound sterling inheritance. Four options are discussed, with specific focus on mortgage repayment and endowment mortgages.

Management, Case studies, Accounting and auditing, Accounting, Tax planning, Transfer taxes, Mortgages

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