Specialist Financial Planning and Wealth Management for Barristers

As a barrister, your time is spent building and maintaining your practice, often leaving little room to focus on your financial future. At Ifamax Wealth Management, we specialise in working with barristers across Bristol and the UK, providing independent, tax-efficient financial planning designed to save you time and help you achieve financial independence.

Our Financial Planning for Barristers Guide provides practical insights for those short on time who want to take control of their financial wellbeing, especially in today’s uncertain economic climate.

The Four Key Financial Challenges Barristers Face — and How We Help

1. No business to sell

Unlike many business owners, barristers typically cannot sell their practice to fund retirement. Your financial independence relies on making smart, well-informed investment decisions with your earnings. We design advanced investment strategies to help you achieve your goals sooner, giving you the freedom to choose when and how you retire.

2. Protecting your income and lifestyle

Unexpected events such as illness or injury can disrupt your income. We ensure you have the right insurance in place, commission and fee-free, so you’re covered for life’s uncertainties.

3. Time is your most limited resource

We offer a comprehensive delegation service that handles analysis, paperwork, and communication with your accountant. Our regular review process means you can drop in when it suits you, confident that your finances are on track.

4. Managing the January tax bill panic

Switching from a cash basis to an earnings basis can create significant tax strain. We work alongside your accountant to plan early, smooth cash flow, and reduce future tax liabilities.

Supporting You with Expert Advice

We offer a free Second-Opinion Consultation for barristers at any chambers, anywhere in the UK. Independent studies show that more than 80% of investors value a second opinion on their finances. It’s an opportunity to confirm you’re on track or identify ways to improve your strategy.

Book your free consultation today and let us help you save time, reduce stress, and secure your financial future.

Frequently Asked Questions

  • While often high-earning, barristers are typically self-employed or sole practitioners within chambers. With self-employment comes variable income, cashflow challenges, and the need to manage retirement savings without an employer scheme. A financial planner can help you smooth income, reduce tax liabilities, and plan for a secure future.

    Book your free initial consultation to discuss how we can help you as a barrister. Contact us here.

  • Pension planning can be particularly complex for barristers. While pension contributions benefit from valuable tax relief, the capital is locked away until later in life. This means careful planning is needed to balance tax advantages with access to funds when you need them. We can help you weigh the pros and cons and choose the most suitable approach for your circumstances.

  • Retirement planning for self-employed barristers is about more than just pension contributions; it involves managing your entire financial position, including:

    • Capital Gains Tax planning

    • Maximising ISA allowances

    • Using VCTs, EIS, and SEIS for tax-efficient investment opportunities

    • Cashflow and savings management to ensure liquidity for emergencies

    • Charitable giving in a tax-efficient way

  • The Lifetime Allowance was the maximum amount you could build up in pension savings without incurring an extra tax charge. It was abolished on 6 April 2024, but tax-free cash withdrawals remain capped at £268,275. This makes it an important factor to consider when planning how and when to access your pension.

Take the Next Step

If you’re a barrister with £400,000 or more in investable assets and want expert, independent advice on retirement, pensions, and tax-efficient wealth management, contact us today to arrange your free consultation.