The Jones Family

preparing the next generation to deal with complex investment issues

The Jones family own several Care homes in the south of England. They are very keen to ensure that their young adult children will have the financial skills and a team behind them that will help them to grow the business. The family net worth is in excess of £30m. Their planning at the time was rather fragmented and their existing advisers were not consulting with each other or sharing knowledge, leading to difficulties in achieving long-term goals.

what were the family's main goals?

  • To ensure that the family had a vision for their wealth.
  • To ensure that all family members views were respected.
  • To develop a round table of trusted multi disciplined advisers.
  • To have an asset protection team.
  • To ensure that financial education is ongoing.
  • To have a financial plan that would filter through to the next generation.
  • To encourage philanthropy in the family.
  • They had outgrown their existing financial adviser and felt that they needed a firm that could deal with more complex financial issues.
  • The clients wanted a financial planning firm that was more family orientated and less corporate, and demanded a relationship-based service.

how did amg add value?

  • We introduced the family to the concept of family wealth management.
  • We met with the senior family members initially and then formed relationships with the next generation.
  • Our planning was synchronised with tax and legal planning.
  • We had introduced them to a family solicitor who conducted a family law audit.
  • We engaged with their tax advisers and ensured there were regular meetings between us all bi-annually.
  • We created intelligent strategies to deal with inheritance tax.

Legal and family law services are separate and distinct to the services provided by AMG or SJP.

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.