Financial Planning Services

• Pension review and gap analysis. We assess your current pension contributions and projected income to identify any potential shortfalls in meeting your retirement goals. This review will also include the possibility of pension transfers.
• Contribution strategies. We help you develop a plan to optimise your pension contributions, considering factors like salary sacrifice schemes and tax relief opportunities.
• Investment management within pensions. We guide you in selecting suitable investment options within your pension plan based on your risk tolerance and retirement timeline.
• State Pension guidance. We provide information and support regarding the UK State Pension system, including eligibility requirements, contribution history, and claiming benefits.

• Identifying tax-efficient strategies. Prescient Accounting can analyse your income, expenses, and investments to recommend strategies that minimise your tax liability while adhering to regulations.
• Understanding tax allowances and reliefs. We explore various tax allowances and reliefs available, such as personal allowances, capital gains tax exemption, and ISAs, helping you maximise their benefits.
• Retirement tax planning. We offer guidance on tax implications of different retirement income sources, including pension planning and investment withdrawals.
• Liaising with tax authorities. We can assist with any communication with HMRC on your behalf, ensuring accurate tax filings and addressing any potential issues. In essence, we help you handle your finances tax efficiently while remaining compliant.

• Risk assessment. Prescient Accounting can assess your personal circumstances and financial situation to identify potential risks, such as income loss due to illness, disability, or critical illness.
• Recommending suitable insurance products. Based on the identified risks, we can recommend appropriate insurance options like income protection, critical illness cover, and life insurance.
• Comparing insurance plans. We can help you compare different insurance plans from various providers, ensuring you get the right coverage at a competitive price.
• Reviewing existing insurance policies. Prescient Accounting can review your existing insurance policies to ensure they remain adequate and aligned with your evolving needs.

From a non-business perspective, the younger generations need to be taken care of, and we can help here as well:

• Junior ISA (Individual Savings Account) setup and management. We can assist in opening a Junior ISA for your child, allowing tax-efficient saving and investment opportunities for their future.
• Investment selection based on the child's age and goals. We recommend age-appropriate investment options aligned with your child's long-term goals, such as education or a house deposit.
• Regular reviews and adjustments. Prescient Accounting can monitor your child's investment portfolio and recommend adjustments as their needs and circumstances evolve.
• Educational resources. We may provide access to educational resources or workshops to help you understand investment options and strategies for your child's benefit. We can also help you look into ways of managing school fees, if necessary.

• Inheritance tax planning strategies. Prescient Accounting can analyse your estate's value and recommend strategies to minimise the inheritance tax burden on your beneficiaries.
• Tax-efficient investment vehicles. We look into incorporating investment options like pensions or trusts into your estate planning strategy, with tax efficiency in mind.
• Will preparation and review. Our highly qualified team will liaise with legal professionals to ensure a comprehensive and up-to-date will is in place, clearly outlining your wishes for your estate's distribution to future generations.
• Lasting Power of Attorney. We can appoint individuals you trust to manage your financial affairs if you become incapable of doing so yourself.

Cashflow Modelling Services

• Financial situation analysis. Prescient Accounting can assess your current income, expenses, debts, and assets to gain a comprehensive understanding of your cash flow.
• Creating a personalised cash flow model. We develop a customised model that forecasts your future income and expenditure based on realistic assumptions and potential scenarios.
• Identifying areas for optimisation. The cash flow model can help pinpoint areas where you can potentially save money, reduce debt, or increase your income, allowing for better financial management.
• Goal-focused planning. We use the cash flow model to assess the feasibility of your financial goals, such as saving for a house or early retirement.

Dealing with Life-Changing Events

• Financial impact assessment. We analyse the potential financial implications of life-changing events like divorce, redundancy, or inheritance.
• Strategic planning and adjustments. We help you develop a plan to adapt your financial strategy in response to the event, ensuring your financial security remains a priority.
• Debt management guidance. If the event leads to increased financial strain, Prescient Accounting can offer guidance on effective debt management strategies.
• Access to additional resources. We connect you with relevant resources or support services to assist you through the challenges associated with the life-changing event.

Prescient Accounting recognises that wealth management goes beyond simply accumulating assets. If your current financial position is healthy, we offer services designed to help you grow, preserve, and distribute your wealth effectively.

Wealth Management Strategies

• Investment portfolio analysis and diversification. Prescient Accounting can assess your existing investment portfolio and recommend strategies to diversify your holdings, potentially mitigating risk and enhancing potential returns.
• Asset allocation based on risk tolerance and goals. We advise on allocating your assets across different investment classes like shares, bonds, and property, considering how much risk you are comfortable being exposed to, along with your long-term financial goals.

• Tax-efficient investment opportunities. Prescient Accounting can recommend investment options that can help minimise your tax liabilities and maximise your wealth accumulation.
• Regular portfolio monitoring and rebalancing. We monitor your investment portfolio's performance and recommend adjustments to maintain your desired asset allocation and risk profile over time.

Additional Wealth Management Services

• Retirement planning. Prescient Accounting can collaborate with you to develop a comprehensive retirement plan, ensuring your financial security throughout your golden years.
• Estate planning. We provide guidance on strategies to minimise inheritance tax liabilities and ensure your assets are distributed as per your wishes.
• Philanthropic planning. If charitable giving is important to you, Prescient Accounting can help you establish a strategy to support your chosen causes in a tax-efficient manner.

Effective cash flow management ensures you have sufficient funds to:

• Meet your obligations. This includes paying bills to suppliers, employees, and creditors on time. A healthy cash flow prevents late payments and potential penalties.
• Seize opportunities. Unexpected opportunities for growth may arise, such as bulk discounts on inventory or the chance to acquire a competitor. Having a strong cash flow reserve allows you to take advantage of these situations without financial strain.

Prescient Accounting can help you:

• Develop accurate cash flow forecasts. We'll analyse your historical data, sales trends, and payment terms to predict future cash inflows and outflows.
• Implement strategies to optimise your cash flow. This might involve negotiating extended payment terms with suppliers, collecting receivables faster, assessing product fees, or managing inventory levels more efficiently.
• Maintain a buffer for unforeseen circumstances. Unexpected expenses can arise. We'll help you establish a cash reserve to handle these situations without disrupting your operations.

Understanding profitability is essential for long-term success. Profitability analysis involves examining your income statement and key metrics to reveal how efficiently your business is converting revenue into profit.

Prescient Accounting can assist you in:

• Identifying areas for improvement. We'll examine your financial data to pinpoint areas where you might be losing money, such as excessive waste in production or high overheads.
• Developing cost-cutting strategies. Based on our analysis, we can recommend strategies to reduce expenses, streamline operations, and improve your overall efficiency.
• Benchmarking your performance. We'll compare your profitability metrics to industry standards to identify areas where your business might excel or require improvement.

Surplus funds represent an opportunity to invest in the future of your business. We can help you develop a sound investment strategy that aligns with your risk tolerance and long-term goals.

Prescient Accounting can guide you on:

• Selecting appropriate investment vehicles. We'll consider your risk tolerance and investment goals to recommend suitable options like stocks, bonds, or mutual funds.
• Diversifying your portfolio. Spreading your investments across different asset classes helps mitigate risk and improve your portfolio's overall stability.
• Maximising returns. We'll explore strategies to optimise your investment returns while keeping risk under control.

By investing surplus funds wisely, you can generate future wealth for your business. This wealth can be used to:

• Fuel growth initiatives. Reinvesting profits back into your business allows you to expand operations, develop new products or services, and pursue strategic acquisitions.
• Enhance financial security. A strong investment portfolio provides a financial safety net, allowing you to weather economic downturns or unforeseen circumstances.
• Plan for succession. Building wealth through investments can help secure the future of your business if you're considering selling or passing it on.

Financial planners offer a more holistic approach, focusing on the entire financial picture of an individual.

They create a comprehensive financial plan that encompasses various aspects, such as budgeting, saving, investing, retirement planning, tax strategies, and estate planning.

Acting as a financial coach, they guide individuals towards achieving their long-term financial goals.

There is no single governing body, and a financial planner can be qualified under designations like Certified Financial Planner (CF Chartered Financial Planners) or Chartered Wealth Manager.

Financial planners are regulated by the Financial Conduct Authority (FCA) and must abide by the Conduct Rules, which require them to act in a "fair, clear and professional way".

Finally, they may or may not act as a fiduciary - A fiduciary has a legal obligation to act in the client's best interests (even if it means lower commissions for themselves).

A financial adviser (or advisor) tends to be investment-focused, primarily concentrating on investment advice and managing investment portfolios. Some can only offer restricted advice, meaning that they are bound to only recommend products from particular providers.

They might offer recommendations on specific financial products like stocks, bonds, or mutual funds, although they may not delve as deeply into other areas of personal finance like budgeting or tax planning.

Independent financial advisers are regulated by the FCA and must be authorised to provide specific financial advice based on their qualifications and experience.

Financial advisers are bound by the FCA's Conduct Rules, including the duty to act in the client's best interests (fiduciary duty).

At Prescient Accounting, we provide personal financial planning that puts you back in full control of your finances and gives you much-needed peace of mind.

Financial planning services encompass a comprehensive evaluation of an individual’s current pay and future financial state to strategise for future goals and needs.

Financial planning can help achieve financial goals by providing a tailored strategy that considers your financial situation, goals, and risk tolerance.

The difference lies in the scope; financial planning covers a broad range of financial needs, while investment advice is specifically about building and managing your investment portfolio.

Choosing the right financial planner involves checking their qualifications, understanding their fee structure, and ensuring they have experience relevant to your financial needs.

It's advisable to start financial planning early in your career to maximise the benefits of compounding and to establish solid financial habits.

During a financial planning session, expect to discuss your financial goals, current financial situation, and receive advice on how to achieve your financial objectives.