Specialist Financial Planning for Barristers
As a barrister, we know you are busy building and maintaining your practice, which often means that your own financial planning takes a back seat. Our Financial Planning for Barristers Guide delivers some useful information to its readers who are short on time, but keen to get a grasp on their financial health and future. Perhaps now more than ever, in light of the current global uncertainty, getting to grips with your finances has never been more important.
Like other self-employed professionals, you have many financial challenges, but in our experience we often find that the biggest four are:
1. No business to sell
This presents its own challenges because unlike business owners, your financial independence will come solely from making smart, well-informed investment choices with your excess income. At Ifamax, we provide advanced financial planning, allowing you to achieve true financial independence sooner, giving you the power to decide how long you want to work for, and when you want to stop.
2. Fanning the flames
Barristers are often unprepared for unforeseen or unexpected events, such as an illness that leaves you unable to work. We feel so passionately about getting these basics covered properly. So if you come on board with us, we’ll organise your insurance needs, commission and fee-free. In other words, we’ll make sure you’re properly covered, for every eventuality life throws at you.
3. Often time poor
Time is a precious commodity that many of us don’t have. Organising your financial affairs is so important though, which is why we offer a ‘full delegation’ service. We’ll do the analysis and prepare the paperwork, so that all you have to do is make an informed decision with minimal fuss. We’ll even keep your accountant updated on any planning that we do. Our regular review service allows you to drop into our office, when you have the time.
4. Coping with the January tax bill panic
Transitioning from a ‘cash’ basis to a traditional accounting or ‘earnings’ basis, can cause great financial difficulty. We can work with your accountant to implement a solution that reduces your ongoing tax bills - planning for this should be done early, and we’d encourage you to get in touch sooner rather than later.
Supporting you with expert advice
We offer for a free Second-Opinion Consultation for Barristers at any chambers, anywhere. Studies have shown that more than 80 percent of investors would value a second opinion of their finances. You can also read more about our insights into financial planning here.