We pride ourselves in having a team of highly qualified and knowledgeable financial planning experts who always ensure that TMP provides the right advice suitable to your specific requirements and budget.
Our private wealth management service combines all the elements that are critical to building and preserving your wealth, saving you time, simplifying your life and increasing your peace of mind.
Managing your investments is central to what we do, but it is only one part of a broader wealth structuring service, which includes tax structuring and advice, retirement and Inheritance planning.
Level of taxation are subject to change and the value depends on the individual circumstances of the investor.
Wealth management is the art of managing investments and financial planning to help clients achieve their goals, such as pension planning, asset growth, or maximising income during retirement.
Please note that The Medical Partnership does not manage money on a discretionary basis. We do, however, recommend our clients to discretionary investment managers when deemed appropriate
Retirement planning refers to the allocation of finances for retirement. This normally means the setting aside of money or other assets to obtain a steady income at retirement. The goal of retirement planning is to achieve financial independence, so that the need to be gainfully employed is optional rather than a necessity.
Whenever you decide to retire, increased longevity means that a couple may have to sustain the lifestyle of their choice for up to 20 or 30 years or more. It is therefore vital to ensure not only that there are the funds to support retirement, but also that they will not run out too soon.
This means taking into account such occupational and personal pensions that may be available, and seeking to maximise pension benefits wherever possible by securing the best pension offers available on the open market. It also means designing suitable investment portfolios to generate maximum returns, consistent with individual attitudes to investment risk, to counter the threat of erosion through inflation of capital values and purchasing power of income.
A careful review of financial assets provides, in advance, an indication of the resources that might be available at retirement and this, in turn, can be an important influence in establishing and clarifying retirement objectives.
At retirement we can advise on the different options for managing pension pay-outs, in this area of ever-increasing complexity. These include annuities, income drawdown, phased income drawdown, Uncrystallised Funds Pension Lump Sum (UFPLS). These are complex financial planning areas, so please contact us for advice.
As you approach retirement, you might be thinking about how you’ll cope with the costs of paying for long-term care, either for yourself or for a relative. Or you may find that you are caring for someone who can no longer look after themselves.
Here is an overview of what long-term care is:
If you or a relative are struggling to manage with everyday living because of illness or disability, you may need long-term care. The first step to arranging care is to ask your local authority to carry out a care needs assessment to work out what kind of help you need, what care is available and how much of it you will have to pay for. Care can be provided either in your home or in a care home. This is a big decision and will be based on your personal circumstances, such as what kind of care you need, where you want to live and how much money you have to pay for care.
If the local authority decides that you have eligible care needs, they will carry out a financial assessment to work out how much you have to pay towards the costs of care. The amount you pay will depend on your income, savings and assets and, if you go into residential care, may include the value of your home. If you have to contribute towards the costs of long-term care there are many ways to pay for it and it’s important to look at each one to see whether it’s right for you.
Whether you’re planning ahead for long-term care, or you need to find a solution urgently, it’s a good idea to talk to a specialist financial adviser. We can help you work out:
We can offer expert help with:
Equity release refers to a range of products that let you access the equity (cash) tied up in your home if you are over the age of 55. You can take the money you release as a lump sum, or in several smaller amounts as an income, or as a combination of both.
There are two equity release options:
Lifetime mortgage: you take out a mortgage secured on your property provided it is your main residence, while retaining ownership. You can choose to ring-fence some of the value of your property as an inheritance for your family. You can choose to make repayments or let the interest roll-up. The loan amount and any accrued interest is paid back when you die or when you move into long-term care.
This is a lifetime mortgage. To understand the features and risks, ask for a personalised illustration
Home reversion: you sell part or all of your home to a home reversion provider in return for a lump sum or regular payments. You have the right to continue living in the property until you die, rent free, but you have to agree to maintain and insure it. You can ring-fence a percentage of your property for later use, possibly for inheritance. The percentage you retain will always remain the same regardless of the change in property values, unless you decide to take further cash releases. At the end of the plan your property is sold and the sale proceeds are shared according to the remaining proportions of ownership.
This is a home reversion plan. To understand the features and risks, ask for a personalised illustration
Equity release may be a good option for you if you want some extra money and don’t want to move house. However, there are important considerations:
Inheritance Tax, or IHT as it is commonly known, is payable on everything you have of value when you die. It is usually payable on death; however, there are certain circumstances when IHT becomes payable earlier, if you put assets into certain types of trusts, for example.
When you die, if your assets (your estate) are left to your spouse, or civil partner, they will be exempt from IHT. Where your estate is left to someone other than a spouse or civil partner, IHT will be payable on the amount that exceeds the nil rate threshold. The current threshold is £325,000 and every individual is entitled to a Nil Rate Band. If you are a widow or widower and your deceased spouse did not use the whole of his or her Nil Rate Band, the Nil Rate Band applicable at your death can be increased by the percentage of Nil Rate Band unused on the death of your deceased spouse.
To calculate the total amount of IHT payable on your death, gifts made during your lifetime that are not exempt transfers must also be taken into account. Where the total amount of non-exempt gifts made within seven years of death plus the value of the element of your estate left to non-exempt beneficiaries exceeds the nil rate threshold, IHT is payable at 40% on the amount exceeding the threshold. In some circumstances, IHT can also become payable on the lifetime gifts themselves – although gifts made between three and seven years before death could qualify for taper relief, which reduces the amount of IHT payable.
You should consider taking advice on Inheritance Tax Planning to:
This is a complex area that requires in-depth discussion.
The Financial Conduct Authority does not regulate all types of IHT planning solutions.
Formerly known as permanent health insurance (PHI), long-term income protection (IP) is an insurance policy that pays out if you're unable to work due to injury or illness.
IP usually pays out until retirement, death or your return to work, although short-term IP policies are now available at a lower cost. IP doesn’t usually pay out if you're made redundant, but will often provide 'back to work' help if you're off sick.
Millions of people have policies like private medical insurance and payment protection insurance, sold over the years by salespeople who convinced us we needed protecting. However, whilst they were right about the protection, they were often wrong about the policies. The one protection policy every working adult in the UK should consider is the very one most of people don't have - income protection.
Income protection pay-outs are usually based on a percentage of your earnings: 50% to 70% is the norm, depending on the policy/provider. Payments are tax-free. IP policies only pay out once a pre-agreed period has passed, generally ranging from one to 12 months after you fall ill. The longer the 'deferral' period you choose, the lower your premiums.
Why do I need IP? According to research by Unum and Personnel Today, just 12% of employers support their staff for more than a year if they're off sick from work. Given the low level of State benefits available, everyone of working age should consider IP.
Is income protection the same as PPI? Let's be clear - income protection isn't the same as the widely mis-sold payment protection insurance (PPI). Where PPI covers a particular debt and any pay-outs go to your lender, income protection hands you a tax-free percentage of your income if you're unable to work due to illness or injury. How you spend the money is up to you.
The main reasons for claiming under income protection policies are:
Life insurance, also known as life cover or life assurance, is a way to help protect your loved ones financially if you were to die during the term of your policy.
You choose the amount of cover you need and how long you need it for and you can pay premiums monthly or annually. In return, your family has the reassurance of knowing that if you died while covered by the policy they could receive a cash sum or income. They could use this to help with household bills, child-care costs or covering mortgage payments.
Why do I need life insurance? If you have a partner, children or someone who relies on you for help or income, then you should consider life insurance. If you earn an income that helps with household bills, either as a sole breadwinner or as part of a couple, then without that money the family might struggle to pay bills like the mortgage or rent. If you only work part-time, or are a home-maker, your family may find it hard to cover the cost of finding someone to look after the children or another family member if you were no longer around. So anyone who has dependents should consider taking out life insurance. Life cover is especially important if you have debts, loans or an outstanding mortgage on your home. Life insurance could pay out a cash if you die during the policy term and this could be used to help pay off these debts, or it could help your family with everyday living expenses or child care costs. It could help cover funeral expenses too.
Critical illness insurance will pay out if you get one of the specific medical conditions or injuries listed in the policy. But be aware that not all conditions are covered and the policy will also state how serious the condition must be.
Every year 1m workers in the UK unexpectedly find themselves unable to work because of injury or illness, according to the ABI.
Examples of critical illnesses that might be covered include:
Most policies will also consider permanent disabilities as a result of injury or illness. Some policies will make a smaller payment for less severe conditions, or if one of your children has one of the specified conditions.
What isn’t covered? Some serious illnesses might not be covered, for example, some cancers and conditions not listed in the policy.
You probably won’t be covered for health problems you knew you had before you took out the insurance, and this type of insurance does not pay out if you die.
What’s covered and what’s not will be set out in the policy details. We will make sure you’re fully aware of them and that they cover your needs.
Do you need it? State benefits might not be enough to replace your income if something goes wrong. If you’re eligible, welfare benefits range from around £70 a week to just over £100 a week, depending on your circumstances (i.e. whether or not you have children, a certain level of savings, or if your partner works).
Critical illness cover should be considered if: you don’t have savings to tide you over if become seriously ill or disabled, you have debt, or you don’t have an employee benefits package to cover a longer time off work due to sickness.
Who doesn’t need it? You might not need it if:
you have enough savings to fall back on and can adequately cover expenses such as bills, loans, medical costs or a mortgage, or you have a partner who can cover living costs and any shared commitments, like a mortgage.
The Medical Partnership is an Independent UK Mortgage Broker. We can secure the most cost-effective mortgage terms on residential and buy-to-let property, as well as let-to buy. We search the mortgage market and handle the entire process from application through to completion on your behalf.
We source terms from UK mortgage lenders including high street banks, private banks, building societies and broker only lenders to offer our clients the most cost-effective property finance solution.
If you want to work with a company that put's their clients first and a company that will work tirelessly on your behalf then The Medical Partnership are your broker of choice.
We provide residential & commercial finance solutions secured on UK property from first time buyers to property portfolio landlords.
Your home may be repossessed if you do not keep up repayments on your mortgage