Tuesday, April 23

Modern Wealth Management: Building Your Children’s Future

Building your children’s financial future is a core goal for many investors, and naturally, one that requires much consideration and planning.

Therefore, one of the most important things to do for this is to obtain a modern wealth management service.

To help you understand why this can be key, we’ve outlined a few of the many advantages you can gain from using modern wealth management for your children’s finances.

1) Optimized Investments

Modern wealth management can help you optimise your investments to grow your family’s wealth efficiently.

For instance, one thing you can do is open a junior investment account to improve your children’s finances – such as a Junior Individual Savings Account (JISA).

This account allows you to grow your child’s savings and shelter the money from tax, which they can access when they turn 18. The current JISA allowance is £9,000 – as of the 2023/2024 tax year – so you can only invest this amount each year.

Your adviser can offer guidance on how you can make the most of your JISA allowance, whilst also exploring options for diversified investments – i.e., investing in both cash and stocks and shares JISAs.

Whatever your requirements are, your adviser can offer the right recommendations for increasing your children’s growth whilst sheltering your money from tax.

2) Expert Financial Planning

Your financial adviser can also help you secure your children’s future with financial planning. This can outline the specific goals you have for your children, as well as detail the steps you need to make to achieve these goals.

With your adviser’s help, you can establish goals that align with your ambitions, but are also realistic in terms of your financial circumstance. For example, this could be for your children to pay for educational fees, or to purchase their first property.

Once you have these goals clearly laid out, your adviser can help you structure your investments and accounts so you have achievable steps to reach these targets.

3) Advanced Wealth Tracking Tools

Your wealth management service can also provide access to a range of advanced wealth tracking tools, so you can monitor and plan your children’s wealth.

For one, you can plan the contributions you want to make to your children’s junior accounts. You can adjust certain variables, such as the times and amount you contribute, etc., to see how this could impact you and your family’s wealth.

You can also have all your accounts in one platform, so you have full visibility over fees and control over how your investments are performing.

This can help you establish a more accurate approach to your children’s finances, that doesn’t compromise your financial situation.

4) Ongoing Financial Advice

You can not only receive advice from your expert, but also opt for ongoing advice as you carry out your approach.

There are various things which could impact your children’s wealth in the future, whether it be changes in their career or education or changes in the markets and tax rates.

With regular meetings with your adviser, you can continuously analyse your plan to make sure it’s suited to your circumstance. As certain factors change, you can effectively navigate the impacts with important adjustments to your approach.

Therefore, as you and your family’s financial situation evolves, so can your expert’s advice.

With the right modern wealth management service, you can begin building a firm foundation for your children’s future to help them achieve a successful financial outcome.

Contact your modern wealth manager now to get started!

Please note, the value of your investments can go down as well as up.

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