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School Fees Planning

School fee planning is a niche area of advice that we offer at Banner Jones Wealth Management, however it is incredibly sought after.

Those that send children to private school realise the significance of covering these costs in the most efficient way. They can become a huge burden without proper advice, if they are not properly planned and managed.

Here are the top three questions parents ask about private school fees:-

  1. Can we afford it? (Average school fees are now approx. £300,000*)
  2. Is there a more efficient way to pay?
  3. What impact will school fees have on our lifestyle?

Without definitively answering these questions school fees could seriously damage your wealth!
The Telegraph reported that 4 in 10 parents fear that they could run out of money before their children’s’ education is complete**

 

Why Is This Important?

We like to think of school fees planning like architecture. Without an Architect and a good design plan a building may be ugly and inefficient, it may even collapse altogether. In the same way, without a school fees plan you will probably lose out on substantial benefits and efficiencies and at worst your life could end up in financial turmoil.

What’s in it for me?
1. Make school fees more affordable
2. Protect against life’s big pitfalls
3. Improve cost and tax efficiencies
4. Build school fees into your overall financial life plan
5. Manage cash flow
6. Peace of mind

In reality our clients often save thousands, improve their long-term lifestyles and often significantly reduce their tax liabilities! If any of these would appeal to you, get in touch today.

* Based on the Independent School Council Census 2013, a 4 year old child going into Reception in Autumn 2013 would incur the following fees throughout his/her education, allowing for the 3.9% annual inflation rate from 2012 - 13 (the lowest since 1994). We have taken the average fees by category for this year applying the annual inflation rate for 2012/13 from the Census.

Primary School (4 – 10) - £76,965
Secondary School (11 - 15) - £111,834
Sixth Form College (16 – 17) - £61,650
University Tuition Fees (18 – 21) - £46,152

Total - £296,601

**http://www.telegraph.co.uk

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Frequently Asked Questions

Can I switch my investments over to Banner Jones if I’m not happy with my current adviser?

Yes, after an initial meeting we will be able to assess how we can help you, and outline what, if any charges we would need to levy to look after your financial planning needs.  We would then help you to transfer over your plans.

How often do you check and review my investments?

This depends on how you wish to engage us.  Most of our clients wish to benefit an annual review, where others wish us to establish the transaction, and then come back to us when/if they choose they need further assistance.  This will be discussed at the initial discovery meeting and confirmed in the client engagement letter and the suitability report.

I am due to retire next year and don’t have a financial plan in place, is it too late?

It is never too late – make an appointment we would be delighted to help you.

I have a few different pension plans, I’ve heard they can be combined, is that right?

In some circumstances that maybe the correct option, but before a decision is made a full review would need to be undertaken.  This review would amongst other things look at the type of pension it is, you’re financial planning objectives, the death benefit requirements, charges and your attitude to risk/ability for loss.  Only when this review had been undertaken would any recommendations be made to you in writing.

I own a business; can you look after my business investments as well as my personal ones?

We provide a generic advice service, with most of our clients asking us to look after all their financial affairs.  This means that we can oversee all aspects of the planning.

If I invest all of my funds I am able to access them should I ever need to?

This depends on the type of investment you put the money into – it is important to set aside a level of emergency fund, say 3 to 6 month income on deposit, and then consider a manner to vest additional monies which take account of your financial needs.  Part of the initial fact finding processes are to assess which styles of invests are appropriate to your needs.

I’m going through a divorce and am worried about my pension, is this something you can help with?

Yes, we are able to offer you support and advice, and provide backing to your solicitor on you gaining the right outcome.  There are several option available to you, and all these will be explained.  It is important to not only consider what is relevant today, but also into your retirement.  Just a thought, don’t forget your State Pension when looking at this aspect, you can get a forecast here www.gov.uk/government/publications/application-for-a-state-pension-statement

I’m not sure how I feel about risk, can you help me decide?

This is one of the most important aspects of financial planning.   We will assist you in determining your appropriate attitude to risk, and as important your ability for loss.  For example you may wish to have a higher risk tolerance for regular contributions to take account of ‘pound cost averaging’, and/or phase lump sums out of higher risk funds coming up to retirement.

I’ve accumulated various investments and pensions over the years. How can I be sure they are all tax efficient?

There are many taxes, for example income tax, capital gains tac, corporation tax, inheritance tax etc.  Investment tax wrappers work in different ways, and it is important to establish a linked up investment structures which work together to establish the outcome you need from your financial plan.  We will review these for you, and at the same time make sure that the charges are the most competitive you can access and that the funds you are investing into are appropriate to your attitude to risk and ability for loss.

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Jillian Thomas  DipPFS
Jillian Thomas DipPFS
Head of Wealth Management
Banner Jones Wealth Management is:
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