Family finances in focus: what we’re hearing from locals

The award winning wealth management and investment experts Killik & Co have opened a new space on Devonshire Road – House of Killik Chiswick. The Chiswick Calendar is pleased to share their guest blogs on how best to plan and save to acquire the wealth to achieve your goals.

Killik & Co won “Best Discretionary / Advisory Wealth Manager’ in the 2023 FT Investors Chronicle Awards.”

Since we opened House of Killik Chiswick in late 2023, we have enjoyed welcoming many locals through the door of our premises on Devonshire Road to discuss their finances.

Regardless of their level of experience with financial planning and investing, we have been pleased to assist families with identifying appropriate solutions to help them meet their financial goals. We have also found that they have appreciated another perspective on their existing financial strategy and how it is managed.

In this article, Phil Sole, Relationship Manager at House of Killik Chiswick, shares the five topics that have come up most often in our conversations with Chiswick locals.

Five areas of focus for local families

1.Developing a savings strategy for the whole family

 Whether seeking to fund education, special occasions like a wedding or a big holiday, or large ticket items like the purchase of a new home, we have often discussed ways that families can save to meet their financial goals. From helping them to start investing to ensuring their finances are structured tax efficiently, we have discussed how families with different levels of income and assets can meet their financial goals. We offer savings products to help different generations of the family to save tax efficiently, including Junior ISAs and Junior SIPPs to save for children, ISAs, GIAs and SIPPs for adults and our investing app, Silo, which we have designed for those who are newer to investing.

2.Assessing affordability of retirement

 With the rising cost of living and shrinking tax-free allowances causing savers to feel the pinch, locals have also been concerned about when they can retire. In these instances, we have been happy to use our projection tools to help assess income and expenditure and identify areas where families could save more money. In some cases, savers have decided to take advantage of our Self-Invested Personal Pension, which provides clients with more visibility and control of their pension investments.

 3,Managing income throughout retirement

 We have also had frequent conversations about how to manage and draw down income with those who have already retired or who are planning to shortly. Financial Planning often makes a significant difference for clients at this stage of life, due to the complexity of tax and pension regulations that impact when they can access their pension and the amount they can withdraw from it. Making financial gifts without incurring a large tax bill has also been a key concern for those at this life stage, as many would like to transfer wealth but are anxious about the wider implications this may have on their finances.

 4.Mitigating Inheritance Tax and succession planning

 A key concern for those who have retired from work is protecting the wealth they have accumulated over their lifetime – especially as there was no mention of Inheritance Tax changes in the Labour party’s manifesto, so we can assume they may look to review this area in their first term. As with all significant changes to tax and pension regulations, we will continue to monitor this situation and update our clients as it evolves. Succession planning often goes hand-in-hand with Inheritance Tax planning too, and we have been happy to assist families with their estate planning requirements.

5.Drawing up Wills and Lasting Powers of Attorney

In addition to protecting their wealth, locals are concerned about ensuring it will be distributed according to their wishes. We have had a number of conversations with families seeking to make Wills and Lasting Powers of Attorney (LPAs) and have been happy to assist them with achieving greater peace of mind. As specialists in protecting family wealth, our clients appreciate that we have a dedicated in-house team to support them with this, which means we can take care of their investment management, financial planning and estate planning requirements – all under one roof.

More ways we can help with family finances

The five areas mentioned above are several we have assisted families with since opening our Devonshire Road premises. However, we understand every family is different and create bespoke strategies to help you reach your financial goals.

Whether you would like to review your current investment and financial planning arrangements or make a plan for achieving longer-term financial goals, we would welcome you to visit House of Killik Chiswick for a complimentary chat on our upcoming open evenings or during usual business hours.

We are delighted to be holding open evenings on Wednesday 7th and Wednesday 28th August, between 5.30pm and 8pm. Drinks and nibbles will be available, so please visit us then to meet our team, discuss any financial questions you have and find out more about our services in a relaxed environment. To avoid disappointment and ensure you can speak to an Adviser on either evening, please email chiswick@killik.com to confirm your attendance.

Please be aware that as with all investments, your capital is at risk and you may not receive back the same amount that you invest. Please note that tax treatments depend on personal circumstances and the rules may be subject to future change.

If you have any questions about this article, or wish to discuss your financial circumstances, please do not hesitate to contact Relationship Manager, Phil Sole and House & Community Coordinator, Emma Walker.

We welcome all Chiswick residents to House of Killik, no appointment necessary.  Pop in for a chat and a coffee at 13 Devonshire Road – we look forward to meeting you soon.