The Great Wealth Transfer: Are You Prepared?

The Great Wealth Transfer: Are You Prepared?

Did you know that £7trillion is about to change hands in the UK? It’s being called The Great Wealth Transfer, as baby boomers pass down an unprecedented amount of wealth to Millennials and Gen Z. While it sounds like a financial dream come true, the reality isn’t quite so simple.

Let’s talk about why this is such a significant moment, and why you might want to consider having a financial planner on your side.

What is The Great Wealth Transfer?

Baby boomers, the wealthiest generation in history, are expected to hand over £1 trillion by the end of this decade alone. This monumental shift represents a once-in-a-lifetime opportunity for wealth to reshape families, businesses, and communities. But it also comes with challenges.

The Challenge of Inheriting Wealth

Inheriting money might seem exciting, but it’s not always straightforward. Two key taxes can reduce the value of what you receive:

  • Inheritance Tax (IHT): In the UK, estates over £325,000 can be taxed at 40%. Without planning, this could mean a large portion of your inheritance goes to the government. For example, inheriting an estate worth £500,000 might leave you with a £70,000 tax bill.
  • Capital Gains Tax (CGT): If you inherit things like property or shares, selling them later could trigger a tax of up to 28% on any increase in value. This can quickly add up and eat into your inheritance.

Proper planning is essential to avoid unnecessary tax costs and make the most of what’s passed on to you.

Why Professional Guidance Matters

This is where having a financial planner can make all the difference. Whether you’re preparing to pass on wealth or you’re on the receiving end, here’s how they can help:

  • Navigate Tax Implications: Financial planners are experts at identifying strategies to reduce tax liabilities through planning tools like trusts, lifetime gifts, and efficient use of allowances.
  • Preserve Generational Wealth: With thoughtful planning, they can help ensure your legacy endures for future generations.
  • Maximize Investment Opportunities: From inheritance to long-term growth, a professional can guide you in making the most of your money.

In short, a financial planner isn’t just about managing money, they’re about giving you confidence and clarity in moments that could otherwise feel overwhelming.

Conclusion

The Great Wealth Transfer presents an incredible opportunity, but it also comes with challenges that shouldn’t be overlooked. By taking the right steps now, you can ensure your family’s financial legacy remains intact and thrives for years to come. 

Whether you’re giving or receiving wealth, professional advice can help make this transition smoother and more efficient. The decisions you make now will shape your family’s financial well-being for years to come. 

With the right guidance, you can turn The Great Wealth Transfer into a legacy of prosperity rather than a burden of taxes.

Who Am I and How Can I Help?

My name is Takura ‘Taks’ Mtandari, and I specialise in providing bespoke financial advice to sports professionals, finance professionals, and entrepreneurs. My mission is to help you achieve financial stability and success through clear, holistic, and personalised advice.

If you’re ready to explore how financial planning can work for you, I’d love to hear from you. Let’s start with a complimentary, no-obligation call. You can connect with me via my socials just reach out, and let’s start the conversation. Together, we can take the first step towards planning for your brighter financial future today!

Please Note – This blog post is for informational purposes only and does not constitute financial advice. Always consult a qualified financial planner to discuss your specific situation and goals.

Mind the Gap: Understanding the Advice Gap in Financial Planning

Mind the Gap: Understanding the Advice Gap in Financial Planning

In the world of financial planning, there’s a term that’s been gaining attention in recent years: The Advice Gap. It’s an issue that impacts countless individuals, from ambitious entrepreneurs to high-achieving professionals in sports and finance. Understanding what the advice gap is and why it matters is the first step toward securing your financial future.

What Is the Advice Gap?

The advice gap refers to the disconnect between people who need financial advice and those who actually receive it. It’s not just about affordability, though cost can be a factor. It’s also about accessibility, trust, and even awareness of the benefits of financial planning.

For example, an athlete nearing the end of their career might not know how to transition their earnings into long-term financial security. An entrepreneur focused on scaling their business might delay retirement planning, assuming it can wait. And finance professionals, despite their expertise, might overlook the value of a fresh perspective on their personal finances.

Why Does the Advice Gap Exist?

Several factors contribute to the advice gap:

  • Cost Perception: Many assume financial advice is only for the ultra-wealthy, but that’s a myth. Quality advice is more accessible than you might think.
  • Complexity: Navigating pensions, investments, and tax planning can feel overwhelming, leading some to avoid seeking help altogether.
  • Trust Issues: There’s a lingering scepticism about financial planners, often fueled by a lack of understanding of what we do and the value we can add.
  • Time Constraints: Busy professionals and entrepreneurs often prioritise immediate tasks over long-term planning, thinking they’ll address it “I’ll get round to it later.”

Bridging the Gap

The good news? The advice gap can be closed, and it starts with understanding the value of financial planning. It’s not just about creating wealth; it’s about building stability, achieving life goals, and protecting what matters most.

For sports professionals, this might mean planning for life after sport. For entrepreneurs, it’s about ensuring financial protection for both personal and business interests. And for finance professionals, it’s about getting a tailored plan to understand how to manage your personal finances.

The Power of Taking Action

Closing the advice gap doesn’t require a huge leap, just a step in the right direction. Asking questions, exploring your options, and seeking advice from a trusted professional can make all the difference. It’s about taking control of your financial story and shaping the future you want.

Who Am I and How Can I Help?

My name is Takura ‘Taks’ Mtandari, and I specialise in providing bespoke financial advice to sports professionals, finance professionals, and entrepreneurs. My mission is to help you achieve financial stability and success through clear, holistic, and personalised advice.

If you’re ready to explore how financial planning can work for you, I’d love to hear from you. Let’s start with a complimentary, no-obligation call. You can connect with me via my socials just reach out, and let’s start the conversation. Together, we can take the first step toward bridging your advice gap and building a brighter financial future.

Please note – This post is for informational purposes only and does not constitute financial advice. Always consult a qualified financial adviser to discuss your specific situation and goals.

Why Financial Planning is for Everyone

Why Financial Planning is for Everyone

When you hear the words “financial planning,” you might picture someone in a sharp suit, managing vast amounts of wealth. It can feel like financial planning is only for the wealthy or business executives. But here’s the truth: financial planning is for everyone. Yes, you too.

No matter where you are in life. Whether you’re just starting your career, raising a family, running a business, or approaching retirement; a solid financial plan can help you achieve your goals and bring peace of mind. Let me show you how.

What is Financial Planning, Really?

Financial planning is about more than just tax, investments and pensions. It’s about creating a roadmap for your money to work for you. Becoming financially better organised and working together to make sure you are on track to achieve your financial and lifestyle goals and objective.

It’s setting goals, understanding your current situation, and putting strategies in place to reach your individual goals. Think of it as dreaming of the future you want and giving yourself the tools to make it happen.

Why It Matters to Everyone

Here’s the thing: money touches every part of our lives. From the roof over our heads to the dreams we have for our families, finances play a key role. Yet, many people avoid financial planning because it feels overwhelming or because they don’t think they earn “enough” to warrant it.

But financial planning isn’t about how much you earn. It’s about how you use what you have. It’s about making informed decisions so you can:

  • Prepare for the unexpected: Life is full of surprises, some good, some bad. A good plan can act as your safety net.
  • Work toward your dreams: Want to travel the world, start your own business, or send your kids to university? Financial planning helps turn dreams into actionable goals.
  • Reduce stress: Knowing you have a plan in place can give you confidence, even when things get tough.

My Journey and Why I’m Here to Help

Let me introduce myself. My name is Takura Mtandari, though most people call me Taks (fitting, right? Like I was destined for this career 😅) and I’ve dedicated my career to helping people like you take control of their finances. I specialise in providing personal financial advice to sports professionals, finance professionals, and entrepreneurs, but my passion is helping anyone who wants to create a brighter financial future.

I’ll go into more detail about who am I in another post, but in short, my journey to this point hasn’t been a straight line. Like many, I’ve faced challenges and learned the importance of having a plan in place. A key turning point for me was the unexpected loss of a family member which forced me to realise how vital financial protection and preparation are. It’s not just about numbers, it’s about protecting the people and moments that matter most.

Let’s Take the First Step Together

This platform is here to provide you with tips, financial education, and insights into personal finance. My goal is to empower you with knowledge so you can feel confident about your financial journey. Whether you’re curious about budgeting, saving, or simply understanding the basics, you’ll find resources and ideas to inspire you. From practical advice on managing day-to-day expenses to strategies for planning long-term goals, I aim to make financial concepts accessible and relevant to your life.

If you’re ready to take the next step or just want to explore your options, I’d love to hear from you. I offer complimentary, no-obligation calls to discuss your needs and how I can help. You can connect with me via my socials just reach out, and let’s start the conversation.

Financial planning isn’t just about money; it’s about creating a life you love. Let’s work together to turn your goals into plans and your plans into reality.

Please note – This post is for informational purposes only and does not constitute financial advice. Always consult a qualified financial adviser to discuss your specific situation and goals.