How financial planning can improve peace of mind for you and your family

Grandfather Giving Granddaughter Ride On Shoulders As They Walk Through Sand Dunes With Grandmother

HGH Wealth Management in York offer bespoke financial advice to help you and your family live the life you want - Credit: Getty Images/iStockphoto

With the ever-changing economic landscape and cost-of-living crisis, it’s never been more important to get your finances in order and start preparing for the future.  

As with most things in life, the key to financial security for you and your family is careful planning.

We spoke to Nick Lawson, director of HGH Wealth Management in York, to find out how managing your money with professional financial advice can help keep you on track to achieving your goals. 

Q: What is wealth management and why is it important? 

A: It’s about planning to ensure financial peace of mind for you and your loved ones so you can live the life you want. As financial advisers, it’s our job to demystify how money works and guide you through the complex world of financial decision making, whether it’s tax-efficient investing, auto enrolment pensions or retirement planning. 

Q: How does financial planning work? 

Cropped shot of a couple using their laptop and going through financial paperwork at home

HGH Wealth Management offer a free initial consultation in their York, Easingwold and Filey offices to discuss how they can help you achieve your financial goals - Credit: Getty Images/iStockphoto

A: During the initial consultation, we take into consideration your priorities and lifestyle and build a plan around that. This could include anything from putting aside money for holidays and hobbies to private schooling fees or care costs for later in life.  

We’ll review the options available to you and offer bespoke wealth management advice with your best interests in mind. Our services also include mitigating risk by monitoring changes in the economy, as well as recommending any new financial opportunities that arise. 

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Q: When is the best time to start financially planning for the future? 

A: Financial planning is for everyone at any stage of life. While the majority of our clients are nearing retirement age, we recommend starting as soon as possible. We offer guidance to younger people about how to save for a deposit on a house or how much they should put into their pension. For older clients, we can advise on the amount of income they might need for a comfortable retirement and to make sure their families are financially secure when they are no longer around.  

Depending on your needs and stage of life, we can discuss short-term (the next five years) middle-term (up to 10 years) and long-term planning (10 plus years).  

Q: What sort of financial decisions can I make to secure my family’s future?

HGH Wealth Management in York can help with pension planning and inheritance tax

For clients who are nearing retirement age, HGH Wealth Management can help with pensions and inheritance tax planning - Credit: Getty Images/iStockphoto

 A: We’ll take the time to get to know you and review your individual circumstances to find the most suitable solutions. The main services we offer include pension planning, ISAs (individual savings accounts) or NISAs, investment bonds, trusts, mortgage and health protection and inheritance tax plans. As independent financial advisers, we’re not tied to a specific provider, which means we can select the best option for you.  

Q: With the current cost-of-living crisis, is it a good idea to review my finances and budget? 

A: During these times of uncertainty, it’s more important than ever to have a plan for the future. It can be difficult to pick up the phone and ask for help, but if you have any worries or concerns, we’re here to support you. We offer anonymous and confidential financial advice, whatever your situation is.  

If you are struggling financially, it’s a good idea to take stock now and make adjustments where possible. There are things you can do to save money such as reducing spending on non-necessities, but we always urge people to avoid cutting back on long-term financial plans such as savings or pensions.  

Q: Why should I choose HGH Wealth Management?  

A: We’re a small, independent firm based in York and have been operating for over 20 years. As well as our many years of experience and expertise, we pride ourselves on our friendly, personable approach and don’t bamboozle people with jargon or recommend services they don’t need.  

Our plain-speaking financial advisers will listen to your wishes and concerns and provide advice tailored to your needs, whether it’s how to start an ISA or assisting with tax queries. We aim to make a genuine difference to the financial wellbeing of our community and are happy to help with any queries, providing free advice where we can.  

For professional and trustworthy financial advice, visit hghwealth.co.uk or call 01904 655202 to book your free initial consultation. 

HGH Wealth Management Ltd is an appointed representative of InvestAcc Ltd which is authorised and regulated by the Financial Conduct Authority. Company No. 3203520. Registered Office: Club Chambers; Museum Street; York; YO1 7DN.