There is a real opportunity for Private Client 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 Private Client 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 company.

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 issues affecting private clients. Our expertise includes complementary services ranging across estate planning, trusts, 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.

A married working couple in their early 50s went to see their private client lawyer, the wife having recently inherited £500,000 from her father. Their total estate comprised other additional assets of £2.3m and the husband also had five different pension plans from companies he had worked for over the years.

The solicitor advised that she vary her entitlement under her late father’s Will to a discretionary trust under a deed of variation in order to keep those funds outside of her estate for Inheritance Tax purposes, whilst retaining access to the trust’s assets and income.

At the same time, the solicitor reviewed the couple’s Wills to ensure they were as tax-efficient as possible and prepared lasting powers of attorney, both for property and financial affairs and health and welfare.

The couple mentioned to the solicitor that they would like to review their financial affairs more generally, so the solicitor referred them for an initial wealth management consultation.

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.

Recommendations & Solutions

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

• Investment bonds were recommended as appropriate trust assets for tax-efficiency, flexibility and minimising trust administration.
• A review of their existing investment portfolio was undertaken with a view to improving diversification and reducing risk.
• A number of existing pensions schemes were reviewed to help ensure risk and contribution levels were appropriate, utilising unused annual allowances from previous years via the use of pension carry forward.
• With the private client lawyer, a spousal bypass trust* was established for the pension death benefits to minimise inheritance tax on second death.
• A joint life second death whole of life policy was written in trust to provide a lump sum on second death to cover some of the Inheritance Tax liability at that time, and to create a further lump sum inheritance for the children and grandchildren.

The value of an investment with St. James's Place will be directly linked to the performance of the funds selected, 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.

Wills, Trusts and Lasting Powers of Attorney are not regulated by the Financial Conduct Authority.