With summer upon us, many people use the downtime of a well-earned holiday to reconsider their financial goals

For some, it is a stress-free, even cathartic experience, making the most of some additional time and space to step back and consider your immediate and longer-term ambitions.

For others, it can be daunting and nerve-wracking.

For individuals about to come into wealth – like children or grandchildren receiving an inheritance, business owners exiting their life’s work, or professionals expecting a large pay-out - the process can be particularly fraught.

The key is to have a plan in place, that encompasses both your short and long-term goals and to stay on top of that plan once it has been formed.

The earlier you start planning your finances and the impact they could have on your lifestyle, the better prepared you will be for a secure financial future.

Chris Wiltshire, director of Manchester-based private bank Arbuthnot Latham, shares his top considerations to help you plan your finances.

Great British Life: Chris Wiltshire, Director & Head of North West Office, photographed at The Farm Club.Chris Wiltshire, Director & Head of North West Office, photographed at The Farm Club. (Image: Arbuthnot Latham)

1. Do your current plans match your longer-term financial goals?

Financial planning, investing, tax efficiency, and legacy planning are crucial aspects to revisit on a yearly basis. Your own circumstances can change, as can your goals so it is important to regularly check that your plan matches your aspirations.

It is important to seek professional advice to ensure that you are making informed decisions regarding your wealth.

They can also help you consider the implications of taxes and explore ways to maximise tax efficiency. Additionally, think about your legacy and how you want to leave a lasting impact through philanthropy or other means.

2. Don’t forget about the short-term

What do you want to achieve over the next 12 months? How do you evaluate the past year? Were your goals realistic? Did you feel fulfilled?

There are two elements to this. Leisure and work. Many of our clients do not struggle to plan their leisure time, but some struggle to find an outlet for their creative spark, the boundless energy they needed to display while running a business or at a high-performing job.

Just as you have a plan for your finances, it is important to plan your time as well.

3. Find a purpose

When you have achieved financial security, it is important to consider what you want to accomplish personally.

Just as you think about the year ahead, you might want to think longer-term.

Many of our clients eventually apply the expertise gained throughout their career by mentoring or taking formal positions within their chosen field.

For some, taking the opportunity to pursue passion projects can be the way forward.

Philanthropy can give many people a sense of purpose and meaning. Consider supporting charitable causes that resonate with your values and passions. Philanthropy not only benefits the recipients but also provides a sense of purpose and satisfaction, allowing you to derive joy from your wealth by making a positive impact on the world.

Great British Life: Dealing with wealth can be both exciting and overwhelming, a financial planner can help you achieve your vision.Dealing with wealth can be both exciting and overwhelming, a financial planner can help you achieve your vision. (Image: Arbuthnot Latham)

4. Keep talking to your family

Dealing with wealth can seem like a nice problem to have, but it can place undue stresses and strains on relationships.

It is important to have honest and open discussions not just about your expectations, but also the expectations of your close family.

No two individuals are the same, and having a clear, shared plan can help avoid arguments and misunderstandings further down the line.

Ensure that everyone is on the same page and that your financial decisions align with your family's goals and values.

A financial planner can help with this, bringing family together to ensure everyone understands the plans in place and how they help achieve family aspirations.

Dealing with wealth can be both exciting and overwhelming. But with proper planning and guidance, it can also be a rewarding journey and provide you with peace of mind for years to come. Take advantage of expert advice and consult professionals who understand the unique challenges that come with newfound wealth. 

Wealth should enhance your life, not become a burden.

Speak to a member of our team today to start planning for your prosperous future:

Great British Life:


+44 (0)161 413 0030