When you’ve spent the best part of a decade or two growing your business and building up your assets, managing your wealth smartly becomes a top priority. But getting a clear picture of your personal and professional finances is never quite so simple. No busy entrepreneur realistically has time to regularly check on the value of their business, their property, their pensions and all the other assets they might have. And without that holistic understanding of your finances, it’s hard to progress with a solid wealth performance management strategy.
Prydis ensure clients have financial visibility at all times, using both expertise-led and digital methods. Here are our recommendations for maximising, not just managing, your wealth:
Consider delegating the coordination of your advisers
Multiple advisers often end up being the conduit between them. Say you want to initiate a financial planning process. First you might speak with your financial adviser, then you might need to contact your accountant about a similar topic. Later on, you might need to involve your lawyer to execute a property transaction as part of your planning. By that time, you’ve explained your situation three times to three different experts – and you’ve had to arrange everything despite your busy schedule.
The Prydis approach takes the hard work out of managing your wealth performance. We offer an account management service whereby all our accounting, legal and wealth management experts can be coordinated by one point of contact who has access to all the relevant specialists and can update them on your behalf, if preferred. Many of our clients are entrepreneurs who run their own businesses – time is a precious commodity for them. Our account management service enables them to get all their financial, legal and wealth management affairs in order as part of one smooth process – from their annual accounts to their personal tax return. This means that they don’t have to duplicate information, saving them considerable time and energy.
Multidisciplinary wealth planning is the best strategy
When building you a financial plan, we will always look at the tax position first. You can create an excellent investment performance plan, but if it’s within the wrong tax structure, this performance is only going to get eroded by tax.
We bring in the relevant specialist from the very first financial planning meeting, along with your wealth manager, so that we can maximise your wealth’s performance early on. As with anything, it is valuable to have the contribution of multiple professional perspectives. Both experts can answer different technical or legal questions and this supplementary knowledge means we always come up with a plan for you that is strategic and innovative by nature.
To give an example, if you are looking to purchase a commercial property, we may bring a pension expert to your meeting who will use their knowledge of pension structures to show you how your pension could be used to assist with a purchase in a tax-efficient manner. If one of our solicitors attends the meeting, they can advise on potential legal complexities and costs. It’s a smart approach that our clients really value. We don’t believe in rolling out the same, tired approaches, as everyone has their own unique financial goals.
Leverage digital wealth management tools
The UK is increasingly waking up to the benefits of managing money online: 70% of people now bank online. Being able to check your personal expenses on your phone is very convenient. The digital experience is much more aesthetic than traditional banking websites, which can be clunky and hard to navigate.
This enhanced user experience shouldn’t be reserved just for everyday personal banking. We have created our own Portal, powered by the latest secure open banking technologies, to give our clients transparency on their finances from one source. Beyond just your bank account feeds, we aggregate all your financial accounts into one place, including everything from your ISAs, mortgages and pensions to your investments, bonds and insurance policies. You can upload important documents against your assets so you can access them when you need to from desktop or mobile. It’s a unique, interactive platform that gives you a clear view on what is happening with your money, so you can make informed decisions about your assets. And without being able to see the detail of your account activity, the technology enables us to see the overarching position of your finances, so we can have the right information to put together the best plan for you and what you want to achieve.
Transparency is key
At Prydis, our approach is all about financial visibility, both for you and for our in-house advisers, so that together we can make strategic decisions about your finances that will protect your assets’ value and drive growth for your investments.
Speak to one of our advisers today to discuss your own tailored wealth performance management programme.