As a leading firm of financial advisers, Select Investment Managers developed an admired and respected reputation for providing practical advice to clients of all backgrounds and circumstances. Trading in the legal sector as Select Estates the business has an enviable reputation for the development of Asset search and indentation in the legal and accountancy sectors.
Our focus is now on ensuring that as a management consultancy the firms and individual clients we work with continue to enjoy similar levels of success.
Based in Central Scotland, the advisers we work with have offices throughout the UK. We work closely with Accountants Lawyers and other professionals who look after thousands individual and corporate clients. Many of these firms have worked with our advisers for decades. Our Key connections include Select Wealth management, who look after clients in Scotland and are authorised and regulated by the financial regulator. As consultants our aim is to ensure that all the advisers we work with enjoy continued success in developing excellent client relationships.
We are backed by a skilled and highly-trained team of support staff and outsourced specialists, who share the collective aim of ensuring excellence in business standards.
Financial and Legal planning is a hugely important part of life. Over 4000 legal firms now use the asset identification process introduced to the industry by Derek Crooks whilst in his role at partner at Rutland Investment Manages and developed into a market leading tool for financial advisers whilst Derek was managing director at Select. We intend to continue our work on asset identification and valuation for both probate and divorce lawyers extending the service to assist advisers clients to identify all client assets using our financial asset identification process From minimising inheritance tax to effective management of pension plans and Investments we believe it is critical that all plans are identified and valued correctly before key decisions are made with regard to investment and legal planning.
These are some of the areas where assets should be identified before effective financial planning can be beneficial:
- Savings. With many savings accounts paying negligible interest, and with each having different rules about labelling accounts as dormant it is essential that clients’ money is identified and evaluated during life as well as specifically on death or divorce. Expert Professional advisers can ensure that accounts are evaluated and that the returns are balanced between high-yield (but limited-access) savings accounts, and instant-access vehicles like ISAs.
- Income. From salary and dividends to inheritances and trusts, income can take many forms. Each brings its own tax implications, and it’s easy to overlook the significance of issues like savings interest or taxable benefits like company cars. Your income can be retrospectively taxed years later, so it’s important to get this right at the time. Select have an in house accountancy service that assists the advisory firms we work with to ensure tax is minimised.
- Family security. This involves more than merely having life insurance. Is your life assurance written under the correct type of trust to minimise inheritance ta and/or income tax. Will your next of kin incur tax liabilities on their inheritances? Do you have relevant and appropriate policies in place? Are there any particularly tax-efficient ways to dispose of your estate? Select Investment Managers have access to legal and accountancy services to assist with these issues.
- Investments. Many advisers clients lose track of their savings and Investments . Our reunification system is available to the advisers we work with to ensure that all assets are found and correctly evaluated before any financial or legal advice is completed. The taxation on Investments can vary according to each product and individual circumstances. The advisers we work with use our expertise and experience to ensure product identification and taxation are correct..
- Retirement planning. Pension planning and valuation is a complex matter. All of the advisers we use rely on input from Select to ensure a client’s pension history is complete. We all dream of a comfortable retirement, but the state pension is only modest and the age at which people can claim it is gradually rising. Ensuring all Pensions are identified and managed effectively can be critical to an individual’s retirement planning. In particular the adviser should have access to an evaluation system to ensure the plan charges and performance are monitored regularly. All our advisers have access to the whole of the market and are not restricted to certain providers who may favour their own in house funds which are often expensive. Select ‘s accountancy and legal teams team also work with our advisers to ensure appropriate tax relief is claimed and that the pensions are subject to the correct trust policy to ensure each clients beneficiaries benefit as intended.
HM Revenue and Customs practice and the law relating to taxation are complex and subject to individual circumstances and changes which cannot be foreseen.