Investment Advice

Our Trustee and Lasting Power of Attorney Services are designed to deliver a well documented, robust process to ensure trustees and/or attorneys meet their many requirements as listed under the Trustee Act.

A lasting power of attorney (LPA) gives another person or persons (known as your “attorney(s)”) the authority to act and make financial decisions for you if you are unable to do so yourself. That authority continues even if you lose the mental capacity to make decisions for yourself.

Being a trustee/attorney especially for a family member is a position of great responsibility. This comes with pressure to make good financial decisions for the benefit of a loved one, normally at a time of increased stress and time pressures. Taking advice is essential, especially in an area where you do not have your own expertise.

Apogee Wealth Management is well placed to assist you in managing trust assets and can give you the peace of mind that you are adhering to your responsibilities and achieving the best possible results for any future beneficiaries.

KEY SERVICES:

Trustee/LPA Services

For trustees/attorneys that require help and guidance on the ongoing management of a family members assets, our service includes:
– An Initial meeting with Trustees/Attorneys to understand current assets and income/capital requirements.
– Agreeing an investment approach and suitable risk parameters.
– Producing an investment policy statement for the trust if applicable.
– Selecting the most appropriate investment vehicle/tax wrapper for the trust investments.
– Investing the assets – Risk rated model portfolios; discretionary managed portfolios; bespoke solutions.
– Online portfolio valuations.
– Periodic updates on legislative changes and ongoing advice where both new and existing arrangements might be affected.
– A Formal annual review covering the performance of the trust investments against agreed benchmarks and the objectives established at outset.

Trust review service

For existing trusts, set up without professional advice or by another adviser you are no longer in contact with. An audit of these trusts ensures compliance with the Trustee Act and highlights any areas for improvement:
– We gather all the relevant background information.
– Analysis of the existing Trust investments with report detailing areas of concern.
– Preparation of all required documents, such as investment policy statement, minutes of meetings, to ensure adherence to the trustee requirements.
– Further report providing investment suggestions for the future management of the trust assets.

CASE STUDY:

Our clients, Mr & Mrs Graham had built up significant assets which we helped them manage. Their portfolio included discretionary trusts set up to help lower any future IHT liability and make available capital to fund the education costs of their only grandchild, Eliza. Mr Graham died suddenly leaving all his assets to his wife.

In the following years, Mrs Graham began suffering from Dementia and as her condition worsened, her family made the difficult decision to move her into a specialist care home. Before Mrs Graham became ill, A&B Solicitors helped Mrs Graham ensure her Will was up to date and ensure a Property and Financial Affairs Lasting Power of Attorney was registered. Her daughter Laura and son Mark, were appointed as her attorneys.

 

WHAT WE DID:

Our initial work involved establishing when capital would be required for Eliza’s education.

We produced detailed cash flow projections for the trustees of the discretionary trust giving them a clear understanding of the investment amount and growth required to achieve the trust’s goals. We advised that investment bonds would be the most tax efficient wrapper to hold the trust assets which we invested via our risk rated portfolios in line with their attitude to risk and expectations for growth.

When Mrs Graham moved into a specialist care home, we worked with the attorneys to establish an accurate record of her financial position. Both Laura and Mark have busy lives and were concerned that they now had to understand their mother’s financial affairs.

They appointed Apogee Wealth Management to help manage their mother’s investments and make sure her significant care bills could be funded for the rest of her life, whilst preserving their parents legacy as much as possible.

We helped Mark and Laura understand what support Mrs Graham could claim towards her care costs. It became clear there was a significant shortfall in her income and her care costs would need to be funded from her assets.


With this in mind, we agreed with the attorneys that Mrs Graham’s existing investments needed restructuring in order to produce a very tax efficient portfolio, that matched the agreed attitude to risk. Apogee Wealth Management meet with Laura and Mark on a regular basis and provide a formal review of the investment portfolios and discretionary trust.

As well as monitoring the returns achieved, we ensure the portfolio is on track to meet its objectives and income requirements when they fall due. Where we feel adjustments are needed to be made, this is clearly set out for Laura and Mark to consider.

Throughout the year, we provide Laura and Mark with access to online valuations at any time and written valuations if required. Laura and Mark, as trustees and attorneys, were provided with copies of our original recommendations, and receive copies of minutes from the annual review meetings, giving them peace of mind that the capital is being managed responsibly and in the best interests of their mother and Eliza.

With our help, Mark and Laura can focus on their own family and work, safe in the knowledge that the assets are being professionally managed and their obligations as trustees and attorneys are met.

Our Service Guide
Our Financial Planning & Divorce
Our Apogee Wealth Owner Managed Business Guide
Our Apogee Wealth Private Clients Guide
Our Apogee Wealth Employee Benefits Guide
Our Apogee Wealth Trustee Investment Guide
If you are interested in learning more about what Apogee has to offer contact us today on:
01565 757 811 or email us at advice@apogeewealth.co.uk

Apogee Wealth Management Ltd,

No. 1 Booths Park, Chelford Road, Knutsford,
Cheshire
WA16 8GS