Money
only come when investors feel confident
a wealtH of CHoICe
enough to look through the inevitable earnings
Private banking takes off in liverpool...
downgrades that will appear over the next
three to six months.” In recent years, Liverpool has increasingly become wealth is at the heart of everything that we do, we
Shauna Jhappan, financial planning a thriving and dynamic city. Investment in business look at the broader picture and seek to understand
manager at Grant Thornton, Liverpool, says and infrastructure has not only made it an attractive the full range of our clients’ aspirations, motivations
history and academic research suggest investors place for companies, but also created opportunities and needs, and respond to them accordingly.”
should stay invested and ignore their instincts for entrepreneurship. as a result, many businesses and “Clients can find all they need in Liverpool,” says
to withdraw from markets. individuals are enjoying a great level of financial success adam Simms, a chartered accountant by background
She said: “Investors have suffered extreme which should continue for years to come. and colleague of Esner’s. “There is an outstanding
market volatility and short-term losses in a by-product is a rise in the number of affluent range of expertise across all areas of wealth
three notable bear markets: 1972-74, 1987 and and high-net worth individuals working and living management, right on their doorstep.”
2000-03. in the city. Indeed, anecdotal evidence suggests that With current market conditions seeing many
In the most recent , from 2000-2003, the number of people who fall into these categories is investors to turn to cash, a key consideration for
the FTSE all-Share index fell 52%, leaving growing faster than most other regions in the Uk. many clients is to hold their money in a secure
investors nursing heavy losses but only if they Irrespective of whether individuals have ‘new’ or ‘old’ place where it can earn interest, ideally in the most
had cashed in their stocks – because a year money, one thing they all have in common is the need tax-efficient manner possible. Simms explains: “at
later the market had risen 40%. In 1987, the to make the most of their wealth. Thankfully, Liverpool 40%, higher rate income tax significantly reduces the
index crashed 37% in four months, but again is now home to an increasing number of wealth returns on deposit accounts. We advise on a range of
investors who held on saw their portfolio rise managers and private banks to provide the necessary cash-based solutions that are a little more innovative
26% in the following 12 months. Between expertise. and aim to achieve better post-tax, low-risk returns
1972 and 1974, investors lost a staggering 70%, One example is the recently-opened Barclays than a typical deposit account.”
but just a year later, the market had risen 128%. Wealth office on the 11th floor of the 20 Chapel Street Many of the cash products used by private
“at Grant Thornton, we believe that office development. Mark Esner, Regional Centre bankers offer instant liquidity should clients need
the most important aspect of investment is head of Barclays Wealth, Liverpool, says: “It’s about to get their money immediately, while others offer
diversification, i.e. choosing the mix of assets to providing a high degree of personal service. Whilst higher returns over longer, fixed periods.
reflect the level of risk you’re prepared to take.”
It’s a famIly affaIr
themselves. Many schools have subsidies, including the same time making potential savings on inheritance
scholarships, grants, bursaries and sibling discounts. and capital gains tax. Regular ‘gift’ payments made by
Private banker Coutts offers a
according to the Independent Schools Council, one grandparents without reducing their lifestyle are not
guide to school fee planning...
in three private pupils receives some form of financial affected by inheritance tax. Similarly, single, lump-
assistance. Scholarships for academic, sporting, sum gifts do not attract inheritance tax providing the
Plan ahead artistic or musical excellence may cover 10 to 25 donors live for seven years after making this gift.
The earlier that school fees plans are put into place, per cent of the fees, depending on the school, and
the greater the potential increase in returns. This occasionally as much as 50 per cent.
is particularly the case for parents with at least five
to ten years to go before fees are due because the Be tax efficient
compounding of annual investment returns from Consult a financial advisor on how to make the
asset classes such as equities can greatly assist. Begin most of your tax allowances. Don’t forget to use all
by assessing your family’s resources. If existing personal allowances for income tax and capital gains
property is your primary asset and you have equity tax, as well as children’s allowances (post 18) and
in it you can re-mortgage and release a one-off tax-efficient investments such as Individual Savings
lump sum to pay fees. Those parents with existing accounts, National Savings products such as Index
capital investments should take advice to ensure their Linked Certificates and also Insurance Bonds. Since
portfolio is structured so as to meet their investment april, Capital Gains Tax (CGT) on investments
objectives whilst minimising risk by adopting a has reduced to 18% and as a result it is beneficial to
HelP at HaND
diversified approach. use investments subject to CGT, such as Unit Trusts
duncan sheard glass
and Open Ended Investment Companies (OEIC’s),
0151 243 1200 / www.dsg.uk.com
Make savings rather than those subject to income tax which can be coutts in liverpool
If it is not possible to increase your income, by charged at rates of up to 40%. 0151 236 1086 / www.coutts.com
reducing your expenditure, scaling back on everyday
rensburg sheppards
outgoings and consolidating assets, you will have grandParents
0161 832 6868 / www.rensburgsheppards.co.uk
more resource available to put towards your fees. Today, more and more grandparents are contributing
Barclays Wealth
Investigate the opportunities for savings on the fees to the cost of educating their grandchildren while at
0151 243 3200 / www.barclayswealth.com
magazine 47
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