Top four personal financial planning considerations for senior executives

Focus on senior executives: what you need to think about for your long-term plans

Senior executives, members of the corporate “C-suite”, have usually, by definition, done an exceptional job of running a business. But are their personal financial arrangements in as exemplary a condition? They are probably very familiar with planning budgets and projected income forecasts for their company. But, in our experience, are often less confident with their own projected income and how to organise things for the future.

For some, their “what if” planning and financial target-setting are still only boardroom based. There are some straightforward ways of getting in the right mind-set to start the planning process.

Richard Stanwell, Head of UK Teams at Kleinwort Benson talks us through his top four.

  1. Understand where you want to eventually get to: When you are exceptionally busy you don’t stop to think what life will be like once you leave the boardroom for the last time, let alone the lifestyle you may want to achieve. However, by understanding what assets you need to build up, it may help shape your decisions on what roles and opportunities to take depending on how close you are to achieving your financial goals.
  2. Protecting your future earnings: It is a feature of the trajectory of your career path as a senior executive, that when you reach a certain level, you derive a significant amount of your lifetime wealth in those later stages of your career. An untimely injury, poor health or unexpected death can leave you or your family with unfulfilled financial objectives. Taking the time to protect your future earning capacity can leave you more time to focus on what you are good at.
  3. Make sure you use your allowances: With so many allowances available to investors to reduce their tax burdens, it is important to use these when you are busy focussed on driving the business. These include ISAs, Savings Allowances, Savings Rate Bands, Dividend allowances and the CGT Allowance. A trusted financial adviser will be able to take a lot of the leg work out of it for you and come up with a plan that suits your needs.
  4. Plan for retirement: Building up the right investment strategies and solutions during your working lifetime can allow you to replace your income in the most efficient method in the future. Good advice from your financial adviser, at this stage in particular, is invaluable as it not only saves you time by delegating the planning of your financial future to someone you trust, but ensures that you have the time to achieve your goals for retirement.

Richard Stanwell, Kleinwort Benson’s Head of UK Teams

Richard has worked in wealth management for over 18 years and offers a wealth of experience advising individuals, charities, trusts and pension funds in the management of their financial affairs. He is Head of UK Teams and divides his time between our Newbury and London offices.

This article is intended to provide general information it is not intended to be comprehensive nor to provide any specific legal or tax advice and should not be acted or relied upon. Professional advice appropriate to the specific situation should always be obtained


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