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Post-COVID-19 Wealth Planning Guides
How to protect your financial future from the effects of COVID-19
At Canaccord Genuity Wealth Management, we recognise that wealthy people have increasingly complex financial circumstances and wealth planning needs. This is now truer than ever before, as the COVID-19 pandemic may well have affected your finances, while the government's need to recoup its spending is starting to lead to tax increases.
The pandemic has created a trail of devastation which will leave individuals and governments picking up the pieces for many years to come. It has had a massive impact on society at all levels across economic, financial, social, and environmental factors, and we are still in the early stages of trying to understand the shape and implications of ‘the new normal’.
At this stage, it makes sense to take stock, recalibrating your financial plans in line with your changed circumstances, priorities and goals to keep them fit for the future ahead. As wealth management specialists, we have the expertise to lead you safely through this trying time.
Our clients’ wider financial wellbeing is at the heart of everything we do. We offer an integrated, independent wealth management service that brings together both investment management and wider wealth planning expertise. This incorporates retirement planning, estate planning, inter-generational planning, protection and tax driven investments, together with investment management. All under one roof and brand.
For advice on how best to move forward, request a complimentary consultation with one of our wealth planning experts now.
Speak to one of our investment experts
To discuss your investment needs, book a complimentary, no-obligation consultation.
The potential impact of the pandemic on your wealth plans
In our post-COVID-19 Wealth Planning Guides, our wealth planning and investment experts set out some of the key themes emerging as a direct result of the pandemic, and explain what the ‘new normal’ could mean for you and your future financial plans.
Is your owner-managed business as well planned as it could be?
Many of our clients are entrepreneurs or are involved in a family business but we often find that they do not make a distinction between business and personal assets when it comes to wealth planning. Fortunately, there are many ways to safeguard your own and your business’ future security but getting the right advice is essential.
To discuss your business’ wealth planning needs, request a complimentary consultation with a wealth planner now.
What can I do to mitigate tax rises?
To balance its COVID-19 expenditure the government has announced various tax changes and there may be more to come. Here we explain how they might affect you and how you can adjust your plans to ensure they are still on track to meet your financial goals.
To discuss the impact of any tax increases on your plans, request a complimentary consultation with a wealth planner now.
Should I consider my retirement plans after COVID-19?
You may now be wondering whether a traditional retirement plan is right for you. Or considering retiring earlier. Perhaps you’re keen to keep working for longer to secure financial peace of mind, but on a more flexible basis than you had originally expected.
Retirement options for high income earners
More and more individuals are being caught by pensions restrictions and it’s likely to get worse with people saving more due to lockdowns and following the latest Budget which announced freezes on the lifetime allowance. Fortunately, there are alternative tax-efficient options for high-earners wanting to save for retirement.
To discuss your retirement plans, request a complimentary consultation with a wealth planner now.
Should I start saving extra for long-term care at home?
COVID-19 has exposed just how unprepared and under resourced care homes were in the early stages of the infection rate rise, with tragic consequences. If you would like to explore alternatives to the traditional care home provision for later life, we can help you understand the costs, benefits and funding for all options, and plan the best long-term care solution for your or your family's needs.
Care home costs are alarming. Are you really prepared?
In England, unless you have significant ongoing health needs, people with assets worth more than £23,250 are expected to pay their care home costs themselves. We can help you understand why having a comprehensive wealth and inheritance tax strategy in place can ensure you are financially prepared should you require long-term care in the future.
To discuss your long-term care plans, request a complimentary consultation with a wealth planner now.
How can I use my wealth differently in a society being changed by COVID-19?
In the post-COVID-19 world, older people will save more and go out less; younger people the exact opposite. Young people will benefit from the new flexibility in working conditions, but face greater employment insecurity. Both groups will be looking for ways to create a fairer society and protect the planet's future. You may now be worried about your children or grandchildren, and thinking about how best to support future generations in a tax-efficient and timely manner.
To discuss ways to support your children or grandchildren's financial future, request a complimentary consultation with a wealth planner now.
How will COVID-19 affect women's financial prospects?
The economic effects of COVID-19 differ between the sexes, and women's finances have been worse affected than men's; they have seen a 0.9% increase in unemployment compared to a 0.7% increase for men. Their investments have also been adversely affected, mainly because women have tended to concentrate on property and house prices are no longer as buoyant as before the crisis. We can help you find tax-efficient ways to diversify your investments for the future.
Investment involves risk. The value of investments and the income from them can go down as well as up and you may not get back the amount originally invested.
The tax treatment of all investments depends upon individual circumstances and the levels and basis of taxation may change in the future. Investors should discuss their financial arrangements with their own tax adviser before investing.
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David Goodfellow
David specialises in financial planning and tax driven investment planning. He has over 15 years' experience in advising on and investing in VCTs, EISs and tax driven property structures, and is part of the CGWM Advice and Solutions Committee. He is a member of the Personal Finance Society and The Chartered Insurance Institute.
44 (0)20 7523 4738
Speak to one of our investment experts
To discuss your investment needs, book a complimentary, no-obligation consultation.
Investment involves risk and you may not get back what you invest. It’s not suitable for everyone.
Investment involves risk and is not suitable for everyone.