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0121 355 4455
info@oaklandswealth.com
12A Duke Street
Sutton Coldfield
West Midlands
B72 1RJ

Oaklands Wealth Management Ltd

Are wealth management fees tax deductible?

Though Wealth Management Fees are not tax-deductible, there are many tax efficiencies of employing a wealth manager to look after your pensions and investments.

Wealth management adviser fees are usually deducted at source from the investors pension or savings portfolio. Which means in effect they fall beyond the scope of tax.

Clients could choose to pay initial set-up fees and the ongoing fees directly to the adviser and not have them deducted from their plans. However, this does not make any sense as they would be paying fees out of their income which they have already paid tax on.

Just looking at whether fees are tax deductible though is somewhat missing the bigger picture. Aside from the fact a wealth manager can use their knowledge to give you advice on building and managing your pension and savings, there are some important tax breaks everyone should make the most of.

Read on to make sure you’re not missing any:

Look for smart tax-efficient investments

Pension and ISA portfolios grow free of tax. They are smart investments.

Pension contributions have incentives on the way in – An additional 20% added by the Government to personal pension contributions up to your annual allowance (this figure depends on your earnings and tax position).

Where else can you get a guaranteed bonus to your savings like this? My advice is to make hay while the sun shines as this remains a potential target for the Chancellor of the Exchequer to axe in order to recoup much needed money back into the public purse.

ISAs, while they don’t have an incentive on the way in provide everybody the opportunity to save up to £20,000 per annum (at 2021/22 allowances) in a stocks and shares or cash ISA. Your ISA account can become a hugely valuable savings pot, with some people becoming ‘ISA millionaires’ who have fully funded their savings into them since they were first available.

The real benefit of ISAs is on the way out – there is no tax to pay whatsoever, regardless of your earnings or tax position. However much you accumulate you can take out at any time, even in one huge lump sum without any tax due.

Interested in finding out more?

Seeking a second opinion on your financial future costs you nothing.

Simply call our friendly team on 0121 355 4455 or drop us an email to appointments@oaklandswealth.com to arrange a confidential chat.

Oaklands Wealth Management, founded by Helen Blackburn in 2004 advises clients across the UK on retirement planning, pensions & investments.

Her firm holds British Standard BS 8577 for client service & investment process.

Minimum investment is £500,000 (£650,000 for pension transfers).

IMAGINE YOUR PENSION & SAVINGS 100% UNDER CONTROL…
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“Helen is outstanding in her knowledge of the pension ‘minefield’ and immediately gave us a feeling of ease when discussing, what is after all, the rest of our financial lives. From the very first e-mail to the ‘sit down’ you have with her, everything is done in plain English. Helen is a model professional in this field.”

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Tidying up bit and bobs of pensions and putting them neatly in a pot you have full control over.

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