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What it Means to be Chartered

If you look beneath our logo on this website, you’ll see the by-line ‘Chartered Financial Planners’. But what does being Chartered actually mean? Awarded by the Chartered Insurance Institute (CII), Chartered status stands proud as an indicator of the highest standards of learning and ethical behaviour in the financial services industry. There are currently only around 900 firms in the UK that have achieved Chartered Financial Planners status. So being Chartered is actually relatively rare in our industry and therefore, holding Chartered status is an achievement to be celebrated and recognised. Seen by the industry as ‘the gold standard’ of financial advice, Chartered status can apply to both individuals and firms. Gresham Wealth Management is a Chartered firm, with a number of individuals also holding the status of ‘Chartered Financial Planner’. For individuals, becoming Chartered requires a certain level of qualification and a minimum of five years’ relevant experience. For firms, in order to become Chartered, they must meet a strict set of eligibility criteria, and these must be maintained on an ongoing basis. Additionally, the Chartered logo signifies that an individual or an organisation has committed to:

  • the highest levels of technical and professional knowledge and competence through professional qualifications
  • keeping knowledge and skills up-to-date through continuing professional development
  • ethical conduct through adhering to an industry Code of Ethics enforced through disciplinary sanctions.

What does all of this mean for clients? For existing clients, having your financial affairs managed by a firm that has ‘Chartered Financial Planners’ status means you can be confident you are dealing with one of the UK’s leading firms that is committed to providing you with the best possible advice, service and support. You know that the individuals you are dealing with are amongst the most highly qualified financial advisers in the country and that your financial affairs will be managed with high standards of quality, technical knowledge and client service. New clients looking to engage a financial planner might find the Chartered mark a useful way of making their choice of adviser. Being Chartered isn’t just a badge of honour, it’s an ongoing commitment. By opting to engage a Chartered firm or adviser, you can rest assured that your affairs will be managed professionally and thoroughly. For more information on what it means to be Chartered, you can visit the Chartered Insurance Institute’s (CII) website.  

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Inheritance Tax Reforms – What do you Need to Know?

The Chancellor’s emergency budget back in July brought about many changes that impact future financial planning. One widely welcomed announcement was the introduction of main residence Inheritance Tax relief.

Whilst the changes to Inheritance Tax are positive on the whole, there are a number of key elements that you need to be aware of before you make any decisions.

What is the main residence Inheritance Tax relief and when will it apply from?
The new Main Residence Nil Rate Band (MRNRB) will be introduced in April 2017 at only £100,000. The band will then increase in increments each year until 2020, when the maximum £175,000 will be reached.

What is the maximum allowance?
The changes will allow a potential £1 million maximum Inheritance Tax allowance. For a married couple (or civil partners), this is made up of the existing £325,000 standard nil rate band for both spouses, plus an additional Main Residence Nil Rate Band of £175,000 for both husband and wife (or civil partners).

In order to benefit from the maximum £1 million allowance, the following conditions would need to apply to your circumstances:

  • Be married or in a civil partnership
  • Own a house worth £350,000 or more
  • Have a total estate of less than £2million
  • Die after April 2020, or your spouse must die after that, because on first death any unused nil rate band is transferred to the surviving spouse.

What if my estate is worth over £2 million?
The MRNRB will be means-tested, meaning that overall estates valued above £2million will lose £1 of their MRNRB for every £2 that their estate exceeds £2million.

Who can I pass my property on to under the rules?
The MRNRB will only apply if the property is left to direct decedents – ie. the surviving spouse or children.

As we approach later life, it’s natural to think about how we might pass an inheritance down to our children and/or family members. With the forthcoming changes to Inheritance Tax, along with the radical reforms to pensions that came into place this year, it’s now more essential than ever to seek advice in order to maximise the amount that can passed on to the next generation.

To speak to one of our financial planners about how the changes might affect you, please get in touch.

NB. The information contained within this article does not constitute financial advice.
The Financial Conduct Authority does not regulate tax advice.

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Wingwalk for BASIC

Morven has recently completed a Charity Wingwalk for BASIC (Brain and Spinal Injury Charity) based in Manchester. Morven and Gresham Wealth Management Ltd have supported the Charity for a number of years, and this was the latest event to raise awareness of the great work they do.

Well done Morven!!

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Gresham are on the Move!

The team at Gresham Wealth Management have now move to fantastic new offices in Hale. The business has also undergone a rebrand, so it is really exciting time for Morven, Jonathan and the team!

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2012 North West Chartered Financial Planner of the Year Award Winner

awardpicTRAFFORD-based financial planner Morven Millar has been named Chartered Financial Planner of the North West by local institutes.

Morven, who is a partner at Gresham Wealth Management Ltd in Sale, picked up the accolade at the recent North West Centenary Awards 2012, held to mark the Chartered Insurance Institute’s (CII) centenary anniversary of being granted a Royal Charter. Read More »

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