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Bespoke Wealth Management – Investing in fine art or collectibles

When choosing a piece of fine art or a collectible, there are many different things to consider and assess. Initially, there is the practical side; you might contemplate whether a piece will suit your current interior design style, whether you have space for it or if it is within your budget. Undoubtedly, and perhaps more importantly, you will also need to evaluate more emotional factors, such as how it makes you feel and whether the purchasing of said item is a decision you feel confident in making.

The process of purchasing and appreciating art is an incredibly personal one and is not the same for any one person – something that can also be said for wealth management and financial planning. Personal circumstance, risk appetite, and preference mean that the right wealth management journey can differ drastically depending on the individual, and at Blacktower, we understand how important it is that the service we provide reflects that. To us, bespoke wealth management not only means appreciating that financial goals and objectives differ from person to person, but also that priorities will evolve throughout an individual’s lifetime too;  just as our taste in art might change over time, so do our financial needs.

Although wealth management is far from a ‘one-size-fits-all’ solution, the benefits of long-term financial planning are universal. It goes without saying that this is absolutely essential if you want to establish and maintain control over your finances whilst ensuring you get the most out of your hard-earned assets. Whether you are hoping to find the most efficient way to pay on your wealth to the next generation, or simply want to enjoy retirement without the constraints of financial restriction, the earlier you seek expert advice the quicker you are likely to achieve these goals, and the fewer sacrifices you are likely to have to make.

Whilst this might make securing your financial future seem simple and straightforward, we understand just how complex the reality can be. Effective wealth management involves the development of a personalised, extended strategy, often with multi-asset approaches to investment to ensure maximum growth. Navigating this landscape alone can be incredibly daunting and even counter-productive if you are not equipped with the adequate knowledge or experience, with decisions only becoming more complicated and intimidating if you are an expat or moving abroad. The range of options available can be overwhelming, making it tempting to keep your money liquid as opposed to investing it, but ultimately, this decision is only detrimental to long-term growth. Well-executed investments can truly be life-changing, making you far more than any savings account interest will ever return; a good financial adviser pays for themselves over time and time again in peace of mind, time saved and potential returns on your investments.

In our efforts to simplify the complex for our clients, we make our process as straightforward as possible; beginning with a no-obligation complimentary consultation to review your finances and personal circumstances, your adviser will then be able to solidify your goals and the relevant timelines. They will then provide you with advice on how best to achieve these objectives, offering insight into possible strategies.  Once you have selected an approach that you are comfortable with, your adviser will formalise this in a wealth management plan for you to review. With transparency and consistent communication at every stage of the process, you never have to feel as though decisions regarding your finances are out of your control or being made without your knowledge or consent, giving you confidence in the direction of your financial future.

With a global team of experienced financial advisers and offices in the UK, US, Cayman, Australia, Switzerland, and across the EU, our regulatory footprint allows us to assist those moving abroad permanently, or as temporarily. If you would like to arrange a complimentary review of your finances and take your first step to securing your financial future, for yourself and your family, you can contact us by visiting blacktowerfm.com or by using the details below.

This communication is for informational purposes only and is not intended to constitute, and should not be construed as, investment advice, investment recommendations or investment research. You should seek advice from a professional adviser before embarking on any financial planning activity. Whilst every effort has been made to ensure the information contained in this communication is correct, we are not responsible for any errors or omissions.

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The statement started one of the most significant shifts for the industry and sparked apprehension around those ill-equipped to provide fully compliant financial advice in light of the revised regulatory standards.

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Many UK expatriates do not realise that even if they have left and are no longer resident in the UK, they remain UK-domiciled and therefore subject to UK Inheritance Tax (IHT) on their worldwide estate at a rate of 40 per cent after allowances. This can come as a major shock. 

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Transfers of wealth on death between husband and wife are exempt from IHT, but only if the spouse is also domiciled in the UK (or both are non-domiciled). This catches out many expatriates who have married a foreign passport holder who is likely to be domiciled elsewhere. Even then, the IHT is only delayed rather than avoided, because on the death of the survivor the tax will be payable on the passing of the family assets to the next generation. 

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