Premier Wealth Management based in Birmingham, UK

FAQs

Answers to your questions

All our FAQs in one place

These FAQs also appear in the relevant areas of the site, but this is where you can find everything you may (or may not) have thought to ask.

Wealth Management FAQs

Legacy Planning FAQs

In our opinion, these are all different things. However, a lot of the time the industry and press use some of these terms interchangeably, which can lead to confusion. At Temple Row we believe that Legacy Planning is planning beyond the generation that is currently alive. Inheritance planning is trying to minimise the tax that will be paid between you and the next two generations (your children and grandchildren). Tax planning can be all of the above but more focused on minimising your current tax liabilities.

This will depend on the products and wrappers that you chose when setting up your portfolio. We recommend considering potential changes when you are building your plan, taking into account the unforeseen as much as possible.

Yes you can. It is entirely up to you who is included in the planning. We have a number of trusts and plans that make use of professionals to help control the investments, plans and future business. This helps to manage the benefits for beneficiaries of the plans.

Charitable Trusts FAQs

If you have built enough wealth that your heirs will be able to live comfortably for generations to come, and you want to make a difference to causes or ideals that are important to you, a trust might be suitable for you. Contact us and we’ll happily talk you through the options.

Not at all. The beauty of designing these types of trusts is that you can choose themes or ideals rather than specific organisations, and leave directives that can be managed by the trustees long after you have gone. Some of the themes that our clients have looked into were homelessness, health, hospices, religious affinities, or even benevolent funds of professions.

Yes there can be. By working with a tax professional, there are a number of inheritance tax benefits you may be able to take advantage of.

No, trusts are essentially a legal structure that protects an amount of money from unnecessary tax liabilities, or people accessing it at the wrong time or for the wrong reasons. Trustees are people appointed to be able to control the money, according to the criteria you specify.

This depends on the structure and type of trust that is set up, and is something to think about when building your plan. Usually either the organisers or beneficiaries pay tax on trusts. It is also worth considering that trusts have a different tax banding than individuals or traditional companies.

Retirement Planning FAQs

There are a number of things to consider when thinking about combining pension pots. Some of the things to consider are internal costs, benefits of each pot, and your personal plan about taking incomes, to name a few. We can help to work these through with you.

There are a number of caveats, but the simple answer is yes. The current tax regime (April 2020) says that there are a number of benefits of passing on a pension to your heirs.

A pension is a long term investment. The fund value may fluctuate and can go down. Your eventual income may depend upon the size of the fund at retirement, future interest rates and tax legislation.

Inheritance Planning FAQs

In our opinion, these are all different things. However, a lot of the time the industry and press use some of these terms interchangeably, which can lead to confusion. At Temple Row we believe that Inheritance planning is trying to minimise the tax that will be paid between you and the next two generations, Legacy Planning is planning beyond the generation that is currently alive (your children and grandchildren) and Tax planning can be all of the above but more focused on minimising your current tax liabilities.

Assuming that you have made the proper declaration of wishes, your heirs will be able to get the benefits from the pension. How they will be able to access it is dependent on their ages and relationship to you.

The simple answer is that, without creating a complex legal framework, you will be subject to the taxes of the country where you held the asset first and your domiciled country next. Our clients are typically UK domiciled and resident. They are subject to the laws of England and Wales.

Inheritance Tax Planning and Taxation Advice is not regulated by the Financial Conduct Authority. Tax treatment is dependent on individual circumstances and may be subject to change in future.

Tax Planning FAQs

We are not accountants, but we do know that Tax Planning is not illegal. Tax Avoidance and Evasion are illegal as defined by HMRC.

Yes, in fact we encourage family meetings for our clients to make sure that there is interaction. We believe that wealth should create conversation and experiences. That being said, some of our clients do want to keep their cards close to their chest. It’s entirely up to you who shares in the plan.

There is no downside to having a plan. Changes in your life and circumstances over the years will determine how effective the plans are.

Inheritance Tax Planning and Taxation Advice is not regulated by the Financial Conduct Authority. Tax treatment is dependent on individual circumstances and may be subject to change in future.

Long Term Care Planning FAQs

In the UK it seems to be more favourable for a lot of our clients to self-fund. The Long Term Care Insurance market has gone away, and the cost of long-term care on your own terms has become more expensive.

Most Long Term Care plans should address working around the levels of support provided by the government.  The government has a limit on the asset level a client can have before they get fully funded support on long term care and most of our clients are considerably above this level.



Yes, there are a number of asset wrappers that can be used used in a plan that is built far in advance of any Long Term Care requirement that are looked upon more favourably.

Entrepreneur FAQs

Protecting your future FAQs

Most entrepreneurs and businesspeople put their heart and soul into what they do. The things that need to be considered are; loss of income, inability to work and even the untimely death of a key worker or owner. There are a number of solutions for all of these scenarios.

All the entrepreneurs we work with ask this question. It is difficult to do. We have built a system to make sure that owners diversify to compliment the business focus and incorporate a plan to build a foundation in case of unforeseen circumstances.

We typically suggest having a backup executor for any of your instructions in case of this occurrence. This is always handled on a case by case basis.

Planning your exit FAQs

This depends on a lot of factors, including nature of your business, the value of the sale and the buyer. It’s a balancing act. The more prepared you are, the quicker it can occur. However, if the process is too fast, you might not get the offer you hoped for.

Temple Row will focus on delivering the best Wealth Management service we can, but we won’t help you find a buyer. However, we do have connections in the marketplace that can help and are happy to make introductions where appropriate.

Temple Row FAQs

Who are we?

In Partnership provide our compliance arm and are an extension of our team, as well as guidance and oversight on client documents, investments and communications. Russel Investments are our main partners for investment management.

We have a range of contact options, including virtual remote meetings. Choose the one that suits you best on our contact page, or reach out for more information.

We provide a comprehensive range of Wealth Management solutions. You can read all about them on our services page.

We’re based in Central Birmingham at the Colemore Building, if you want to visit us, you can make an appointment and get directions on our contact page.

We take the privacy of our clients and site users incredibly seriously. You can read our privacy policy here.

How it works

This will depend on the products or types of investment in your portfolio, however a good guideline is typically 2-4 weeks from when you make your request.

Review meetings will be held at least annually, but could be more frequent depending on the complexity of your portfolio, or if key life-altering events occur that might affect your investments. Finally, you can request sessions with us as regularly as you want.

We can hold review meetings entirely to suit you. We can do in-home appointments, meetings at your favourite restaurant or coffee shop, host you at our offices, or hold virtual sessions. Whichever is most appropriate.

We have a range of communication options, including telephone, virtual remote meetings and in-person sessions. You can choose the one that suits you best.

We invest for both. It ultimately depends on how you want to take income. There are favourable ways to take income or to get the most efficient growth. We help structure your income to take best advantage of your circumstances.

For the majority of the products we offer, yes. The only exceptions are for specific, longer-term investments or wrappers, which would be made apparent before you commit to them.

Suitability FAQs

Typically you would have a minimum of £ 250,000 available to invest with us.

So much about Wealth Management is looking at your individual circumstances. We will absolutely work with individuals who are likely to reach our criteria within a certain amount of time, if we can work with you to reach the criteria more easily, or if you’ve been referred to us. We assess the suitability of each potential client individually, to protect both them and us.

Pricing FAQs

We keep our annual management fee flat and simple at £180 a year. This includes all the support you need from us over the course of the year. 

 

Your account charge is then calculated as a percentage of your portfolio. Account set-up carries a one-off charge, meaning you pay less in the second and subsequent years. You can see an up-to-date example of this on our pricing page.

No hidden fees. We are an appointed representative of The On-Line Partnership Limited which is authorised and regulated by the Financial Conduct Authority, and adhere to the FCA’s transparency framework. Depending on the makeup of your portfolio, there are certain costs associated with the wrappers and investment decisions you make. These would apply regardless of your wealth manager, and we will always make these clear to you in advance.

Yes, but the process we go through in the lead up to making investments is thorough enough that if you wanted to, you would likely change your mind before any money is invested. It’s still possible to get your money back after investment, however you may get back more or less depending on market movements and the timing of withdrawal.

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