As a corporate lawyer, achieving the best outcome for your client is a key priority. However, for a holistic service, ensuring that the client takes advice on areas outside of your immediate professional expertise, is also important.

Often, the personal financial implications of a corporate transaction are left unattended to the client’s detriment. Lamyman & Co Wealth Advisory can help you make this a value added differentiator.

The Corporate Lawyers we work with enjoy referring their clients to a tailored & personalised advisory approach, backed by the scale, security & infrastructure of St. James's Place, one of the UKs market leading Wealth Management companies. We value all clients and fully understand their needs as entrepreneurs who require a distinct and bespoke service.

How Lamyman & Co can add value for your clients

The financial needs of entrepreneurs who have exited their business through sale or retirement can be complex and demanding, so ensuring the right bespoke financial structures are in place before or after retirement, or the sale of the business, should be of equal importance as the sale itself.

Our business draws on a deep knowledge of the needs of entrepreneurs and wealth management. Our expertise includes advice on tax-efficient profit extraction as well as complementary services including trust and estate planning, pensions, investments and protection.

Case Study

A full review of individual circumstances, needs, requirements and risk profile are obtained prior to any advice being provided.

Harvey, Peter and James are directors and shareholders in a window manufacturing company. The business was established ten years ago and has done fairly well during that time. The directors have been giving some thought to reviewing their level of life cover given the continued growth of the business. When the business was first set up, the directors took out life cover of £500,000 each on the advice of a corporate adviser who they no longer had a relationship with. The policies have never been reviewed. The shareholders’ agreement specifies that, in the event of the death of any of the directors, a buy/sell agreement incorporated into the shareholders’ agreement will take effect, to ensure the remaining directors secure control of the company.

Peter has been the driving force behind the business but since his divorce, the business has slowed down. The directors have not been overly concerned as they have managed to build up significant cash reserves of £10m, currently on deposit. The company has also, in the last five years, invested in properties. In the last 12 months, no new contracts have been signed and most of the income being generated is largely from the company investments and the property portfolio.

While each of the directors is a member of a pension scheme, contributions have been irregular over the last four years.

With a number of meetings and a full fact find having taken place, the following planning was implemented:

• The business succession plans were fully reviewed.
• Existing shareholder protection policies were updated, taking into account an updated valuation Harvey, Peter and James had obtained for the business. Their solicitor was informed to ensure this was correctly executed with a cross option agreement.
• It was identified that some policies were not in trust, so a fundamental review of all their arrangements was carried out, ensuring the appropriate trust structures were in place and the cross option agreement tied in with their personal Wills.*
• The existing pension arrangements were reviewed and contributions increased, making use of unused annual allowances from the previous 3 years.
• An Asset Preservation Trust was established for the pension death benefits (a spousal bypass trust) and the directors referred to their personal solicitor to update their Wills and lasting powers of attorney.

The advice provided her was given after a full evaluation of their specific needs, circumstances and requirements. The solutions provided would not be suitable for most investors and the information provided does not constitute advice.

The value of an investment with St. James's Place will be directly linked to the performance of the funds you select, and the value can therefore go down as well as up. You may get back less than the amount invested.

The levels and bases of taxation, and reliefs from taxation, can change at any time and are dependent upon individual circumstances.

*Cross option agreements, Wills and Lasting Powers of Attorney involve referral to a service that is separate and distinct to those offered by St. James's Place they, together with Trusts are not regulated by the Financial Conduct Authority.