Managing your assets is no easy task in today’s financial climate. You want to preserve what you have now and build for the future. So, how do you go about growing and protecting wealth in a complex financial world? If you’re not sure, don’t worry. At Narrative, we have the expertise required – and we’re going to share it with you.
Setting clear financial goals for the future you want
The first step to balancing wealth growth and security is defining your goals. How much income do you want in retirement? What about your loved ones - what do you want pass on to your children and grandchildren? Once you have these aims in mind, you can start family wealth planning for the future.
Smart ways to start building wealth
The earlier you start to build wealth, the better. So, what strategies can you use? Here’s a breakdown of some of the most popular solutions.
Long-term thinking. Rather than being distracted by short-term gains, try to be patient and aim for long-term goals such as retirement savings. Compound interest will do the hard work for you.
Maximise your pension contributions. Paying consistently into your UK pension is one of the most effective ways to build long-term wealth.
Look for a high-interest account. A high-interest savings account can grow your fund and be part of a well-rounded portfolio.
Lighten your tax burden. Minimise your tax liabilities by talking to an expert financial adviser.
If you want to find out which solutions would be best for your situation, our professionals are ready to help.
Protecting your family’s finances from risk
Accumulating wealth is one side of the coin. Protecting it is the other. There are many strategies you can use when it comes to safeguarding your financial future. With sound family-focused guidance, you can create a resilient legacy for your later years and your loved ones. Here are some of the tactics that could make all the difference:
- Insurance. Mortgage insurance, life insurance, and long-term care insurance can all provide protection if the unexpected happens.
- Monitoring your assets. Keep a close eye on your financial accounts and credit reports. Scams such as imposter scams can reduce your funds before you even realise.
- Critical Illness planning. If you have organised Critical Illness Planning, you can rest assured that you’ll receive financial support if you become poorly.
- Diversify your portfolio. If possible, divide your assets across a variety of financial products, for example property, commodities, stocks and bonds to reduce risk and boost portfolio performance.
Planning your next steps with Narrative
Now that we’ve explored strategies to grow and protect wealth, you’re better prepared to begin intergenerational financial planning. At Narrative, we help families across London and England make confident decisions about wealth management. For advice tailored to your needs, contact our team today.
Ready to balance growth and protection for your family’s future?
Speak to us today.