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Start Fresh Financially In 2024

Set off the new year as you mean to continue by revisiting and taking stock of your finances to help establish a clear plan and aim to meet your long-term financial goals. Stewart Sanderson from Brooks Macdonald shares his thoughts on starting fresh financially as the new year dawns.

At the start of a new year, our minds often turn to new year’s resolutions and doing our best to keep them. It is also an ideal opportunity for family business owners to engage in crucial and often overlooked conversations around planning your personal affairs. Addressing personal financial plans can help set the stage for a more stable and resilient family business long into the future.

How Could You Benefit From Wealth Management?

The intricacies of managing both personal and business finances can be complex, and a dedicated wealth manager can provide invaluable support in navigating these challenges. We can offer strategic insights to help optimise investments, minimise tax liabilities, and develop long-term financial plans that align with the overall objectives of the family business.

Unlike traditional employees, family business owners often lack the safety net of a workplace pension scheme. We will work with you to develop a long-term retirement plan. We can also put insurance protections in place for you and your business, giving you and your family confidence that you’ve got back-up in case you ever need it.

We can also help you navigate the complexities that are inherently tied to the dynamics of the family unit, such as succession planning and intergenerational wealth transfer. By addressing issues related to inheritance tax and business continuity, we can help ensure a smooth transition to next generation, while ensuring you have the capital available for a comfortable retirement and are not drawing on the business.

When Should You Seek Advice?

Family business owners should consider seeking personal financial advice at various key junctures to help ensure the longevity and success of both your business and personal finances. Getting married or divorced, starting a family or buying a house are life moments where you may want to reassess your finances, but you might just as easily find yourself growing your wealth and wondering what to do with it.

Crucially, advice becomes important during times of transition, such as retirement planning or when contemplating the transfer of the business to the next generation. It can be a relief to have someone to talk you through the available options, particularly as you usually only have one chance to get it right.

Once you’ve retired, you may well be thinking about your own healthcare and preparing to pass wealth on to children, grandchildren or charitable causes. We’ll help you put together a tax-efficient plan by exploring all the options available to you.

How Often Do You Need To Review Your Plan?

Annually is usually sufficient, but our door is always open. With constant political and legislative changes, we do advise reviewing matters regularly, especially in an election year or in response to budgetary announcements or changes. We’re always happy to talk to our clients and they quite often contact us to discuss all manner of questions, including how to manage income in retirement and how to extract money from the business.

Additionally, during economic uncertainties and market fluctuations we are always available to assist with any queries or concerns to help keep your mind at ease.

If you’d like to find out more about wealth management, we can help. Get in touch for a free, impartial conversation.

Important Information

Investors should be aware that the price of investments and the income from them can go down as well as up and that neither is guaranteed. Investors may not get back the amount invested. Past performance is not a reliable indicator of future results. Changes in rates of exchange may have an adverse effect on the value, price or income of an investment.

Brooks Macdonald does not provide tax advice and independent professional advice should be sought. Tax treatment depends on individual circumstances and may be subject to change in the future, so you should seek independent tax advice, as to your own position.

The information in this document does not constitute advice or a recommendation and you should not make any investment decisions on the basis of it.

More information about the Brooks Macdonald Group can be found at


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