3 Ways an Accountancy Firm Can Help Get Your Finances Organised

by Brook J. i love to write

Regardless of how close or how far away you may be from retirement, it is important to think about your long-term financial future. Professional, independent financial advisors can help you to design and implement a successful wealth management plan with Auditors York that best suits your specific needs.

The Multiple Aspects of Wealth Management

Wealth management encompasses a range of financial services that includes accounting and tax services, retirement planning, legal advice, estate planning and financial and investment advice. Indeed, the notion of wealth management is not simply advice on investments that may provide a profitable yield, more, it is a wide-ranging field of financial services designed to provide you with financial stability in the long run.

Three of the most common ways that we help our clients to organise their finances are as follows:

1. Private Pensions

There has been a massive decline in companies who offer their employees defined benefit private pensions over the last ten years, with Tesco being the latest major employer to no longer provide defined benefit pensions for new employees. This circumstance has led to a rise in the number of banks and building societies designing private pension products that suit people of all ages.

Consequently, wealth management advisors and Accountants York have observed a considerable increase in the number of enquiries that they deal with that centre on advice relating to private pensions.

Pension Options and Forecasting

There are a range of ideas and options based upon what private pension is right for you. These options can be based upon a variety of factors such as age, monthly income and expenditure, savings and the number of years remaining on your mortgage to name but a few.

An accountant can also forecast projected earnings for yourself in the future and projected fluctuations in the economy and the Bank of England base rate; this is all geared to ensuring that you can live comfortably once you retire.

2. Savings and Investments

Depending on the amount of money that you have to invest, whether it’s a monthly excess or a lump sum, then an accountant can helps you in Small Business Accounting and advise you on how to invest this money into a relevant savings account or NISA that best suits you.

High-yield accounts tend to secure your money for between 3 – 5 years and are advisable for long-term wealth management. Conversely, you may require advice on savings accounts that offer you direct access to your money at any given time, whilst also offering you the option of a healthy monthly or yearly return.


Investment opportunities are never as straightforward or risk free as they seem and can be affected by numerous, often unrelated factors. For example, the fact that an oil company may discover a massive reserve of oil in the Pacific would not necessarily mean that the cost of fuel would decrease over the next twelve months, as the production costs of extracting the oil may have increased.

To this end, you should seek rational investment advice relating to historical data, as well as projections for the future based upon a number of factors.

3. Retirement Planning

For people that are approaching retirement age and are lucky enough to currently hold a defined benefit pension with their employer, one of the biggest choices that they will have to make is whether to take a larger lump sum from their pension pot with a reduced annuity payment or a smaller lump sum with a larger annuity. Indeed, this is predicament faced by anyone who engages with wealth management services relating to retirement planning.

The lure of taking a lump sum is often too great for many people to resist, however this is not a decision that should be entered into lightly. Many factors have to be considered such as projected life expectancy, mortgage dues and, perhaps most importantly, income and expenditure upon retirement.

Examples of Things to Consider

One common problem is that people do not factor in for how much money they will actually spend when they retire. Heating and electricity bills can increase dramatically upon retirement due to the increased level of time that retirees spend in their property. Additionally, the need to fill the extra spare time with hobbies and travel can also greatly contribute to increased expenditure. 

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About Brook J. Advanced   i love to write

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Joined APSense since, April 20th, 2017, From york, United Kingdom.

Created on Oct 5th 2018 09:59. Viewed 616 times.


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