Protection and Wealth Preservation

It may seem strange that a wealth management company has an article about protection in its newsletter. This may raise the question – why do I need to consider protection when I have a secure job, or a pension for life, my own home and monies in investments or in the bank?

You would certainly be entitled to feel as if you were in a position where most people aspire to be. All this can disappear very quickly, however, if there is a change of you or your family’s circumstances.  It’s when things start to go wrong that protection comes in to play.

Most of us have cars and no doubt hopefully have insurance for them, but why do we insure them? Is it just because its illegal to take a car on the road uninsured? Maybe, I’m sure that if it was down to people’s choice then a certain element may not see the need for it. I believe given the choice though that most would still want the protection in place (otherwise insurers would never sell a fully comprehensive policy!)

It is much the same with personal insurance cover. It’s not compulsory and some people perceive the cost as an unnecessary expense, so they put off getting that all-important cover in place. This is often where we can foresee problems for our clients and are able to help secure their wealth against erosion, potential tax issues or care costs. Perhaps protection should be viewed more as a wealth preservation measure.

You may be lucky and get away with it but speak to anybody who has been put in a financial situation outside of their control with measures in place they are very thankful that they made good fiscal decisions. Or more tellingly speak to someone who didn’t, they may well have lost control of their financial situation and are facing an unknown and uncertain future. Surely, nobody wants to put themselves and their family in this situation.

So what can you do?

First off get in touch with us. We can help! We can arrange at no cost to you a full holistic financial planning review to assess your concerns, objectives and needs. As truly independent financial advisers we are not restricted to using any particular provider, we have access to the whole of the market. And, we build tailor made solutions to your needs rather than use an off the peg solution that never really fits.

 The real message here is be prepared and don’t leave it too late, as there is little that can be done after the event.

 Let us help you by giving you a free financial security check. At the very least you will be made aware of what you have, and any areas of financial weakness (or opportunity) you may need to take forward.

 Ian Cunningham, Senior IFA, Protection Specialist, Brooks Wealth

At Brooks Wealth, we offer a wide range of financial services and advice for Investments and Savings, Pensions and Retirement Planning. To find out more, give us a call on 01733 314 553. Alternatively, you can email us at info@brookswealth.co.uk.