There is a real opportunity for Family Solicitors to complement the advice they offer their clients with a full suite of wealth management solutions. Lamyman & Co Wealth Advisory can help you to do so.

The Family Solicitors 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.

How Lamyman & Co can add value for your clients

We value all clients as individuals who require a distinct and bespoke service, with all advice tailored for each of their specific long-term needs.

Our business draws on a deep knowledge of the financial planning issues arising from divorce or separation. Our expertise includes complementary services ranging across tax efficient investing for both married and divorced clients, post-divorce pension and estate planning, and protection solutions to cover maintenance payments and business restructures.

Case Study

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

Jane, in her mid-40s runs the house and does the school runs, is married to Joe, a business owner.

Jane went to see her solicitor to take advice regarding initiating divorce proceedings on the basis that her marriage had irretrievably broken down. There are three children aged two, four and six. The matrimonial home is valued at £1.5m with no mortgage; there are joint cash savings of £650,000; the business (manufacturing) is valued at £4.5m, with Joe taking a mixture of salary and dividends of £200,000 per annum; and Joe has a defined contribution pension valued at £1m.

As part of the financial settlement under the divorce, the court made an order transferring the matrimonial home to Jane. Maintenance payments are also payable for the benefit of the children until they leave full-time education; and a pensions sharing order was made, transferring half of the value of the existing pension scheme to Jane. Jane received half of the cash savings.

The solicitor referred Jane to her colleague to review and update her Will and powers of attorney, both property and financial affairs and health and welfare.

Jane had never had a financial adviser as Joe had always dealt with the finances; and agreed with her solicitor that she needed to review her financial affairs as part of the divorce proceedings. The Family Solicitor therefore referred them for an initial wealth management consultation.

After a number of meetings and a full confidential financial review having taken place, the following plans were implemented:

• A financial planning review was performed at the outset in order to determine the level of ancillary relief required by Jane and the children.
• Cash flow modelling programmes were used in order to calculate her future income needs.
• A transfer of the pension credit from the existing pension scheme was actioned to a new personal scheme for Jane.
• A Spousal Bypass Trust was established for the pension death benefits to minimise inheritance tax on second death.
• Jane’s current year’s ISA allowance was maximised and investment was made into Unit Trusts to feed future ISA contributions.
• Assistance was given regarding valuation issues with the pension and other jointly owned investments.

The advice provided 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 a 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 generally dependent upon individual circumstances.

Trusts are not regulated by the Financial Conduct Authority.