Kirsty

party receiving large divorce settlement

Kirsty is in her 40s, has 2 children and has recently been awarded over £2m cash and £2m property in a divorce settlement. Kirsty had relied mainly on her ex-spouse and confided in us that she was not confident with money and needed help.

AMG Wealth began assisting Kirsty with her financial planning prior to the financial settlement being reached by the Solicitor. A joint meeting was held to ascertain what life for Kirsty would look like post settlement. Taking into account all the financial facts from both herself and her ex-spouse.

our client's concerns were

  • How much income would be needed to maintain a reasonable lifestyle with her children?
  • How much income would she be able to draw on her investments to provide that lifestyle. Also, for her income in her old age?
  • She wanted to ensure that the money was not lost in taxation and in inheritance tax.
  • She wanted to make sure that her children were secure should anything happen to her.
  • She wanted to make sure that her legacy would be protected for her children.

how did amg add value?

  • We embarked on building a foundation knowledge for Kirsty on how wealth management works. We explained the different options and our fees compared to those in the marketplace.
  • We offered a relationship-based service that is not transactional in nature but long term, spanning the generations.
  • We developed an interactive financial model that we could test with various settlement options. This really helped Kirsty and the solicitor to reach a sensible and fair settlement, as we had provided her ex-spouse with a detailed report on how the figure was reached.
  • We were used as a sounding board to verify what the other side were claiming financially.
  • We ensured that we had a family legacy plan that would protect the wealth for the next generation against life's uncertainties.

outcomes

  • We made referrals for setting up several business saving accounts pre-sale to ensure that the funds were gathering interest until the planning was finalised.
  • We engaged a family Solicitor to talk about protecting wealth and keeping it within the family.
  • We utilised a joined-up approach to planning where we would lead but the Accountants and Legal advisers would be working in tandem with us, with the common goal of bettering our clients financial situation.
  • Pre-sale, we introduced the clients to a suite of professionals who were experts in extracting value from companies.
  • We introduced the clients to experienced tax and legal experts who had been long standing trusted professionals.
  • We developed a bespoke financial plan that was interactive and easy to understand by the clients and their team of professionals.
  • We developed an asset protection team that ensured the assets were not exposed to undue risk such as investment, tax, divorce risk, and risk of death.
  • We utilised trusts to shelter wealth before the sale of the business.
  • We helped our clients to create a vision for their family wealth.
  • We helped to communicate the value of their financial planning to the next generation.
  • We put an educational training programme in place that helped the children understand the value of the planning that their parents had carried out.
  • We understood the family dynamics and took the time to understand Surjit and Laura’s journey that had lead them to this juncture.

The value of an investment with St. James's Place will be directly linked to the performance of the funds you select and the value can therefore go down as well as up. You may get back less than you invested.

The levels and bases of taxation and reliefs from taxation can change at any time. The value of any tax relief depends on individual circumstances.

All introductions and engagements, including Solicitors, Accountants and Legal Advisers, involve referral to services that are separate and distinct from the services offered by AMG or St. James's Place (SJP).

Trusts are not regulated by the Financial Conduct Authority

The advice provided to our clients was given after a full evaluation of their specific needs, circumstances and requirements. The solutions provided would not be suitable for most investors and the information provided does not constitute advice.