Wealth Management
An important part of any financial plan is to ensure you have an appropriate spread of assets. These are the main areas where you should allocate your wealth.
Cash
You should always maintain a cash reserve sufficient to cover short term needs and emergencies.
Property
For long term financial security, owning your own home is a priority.
Investments
A well-managed portfolio of ISA investments can provide tax-free growth or income, with easy access to your capital at any time.
Pensions
There are many tax incentives to encourage personal pension planning and you will need additional income beyond the State pension.
Insurance
If you have dependants, you should have enough life assurance to ensure they will be adequately provided for and that any debt will be repaid. A Family Income Plan is important if you have young children.
Critical illness cover could provide a tax-free lump sum if you suffer from, say, a heart attack, stroke,
cancer, etc.
