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A great deal more from a Furness Independent Financial Adviser

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  • Committed to your

    financial future Savings and Investments Pensions Retirement Planning Protection for you and your family Estate Planning

    Advice you can trust

    28225 FI Brochure 12p.indd 1 26/01/2012 12:39

  • Welcome to Furness Independent Financial AdvisersFurness Independent is a wholly owned subsidiary of Furness Building Society Group, specialising in the provision of face to face advice to individuals, trustees and businesses. Being part of a mutual society, we believe that we offer the best quality of advice and service delivered by highly qualified professional advisers.

    A relationship with a financial adviser is very important. Being able to speak to a professional who understands your circumstances and can deliver quality advice that will help you develop your own financial plans is a key part of planning for the future.

    We are committed to delivering the highest quality of service to all our clients through the continued professional development of our advisers to ensure that they remain appropriately qualified and technically able.

    The following pages expand on our service proposition and how we can assist you in delivering a long standing financial services proposition.

    Nigel Quinton Chief Executive - Furness Building Society

    28225 FI Brochure 12p.indd 2 26/01/2012 12:39

  • We are committed to delivering the highest

    quality of service to all our clients.

    How can we help you?At Furness Independent Financial Advisers we offer a comprehensive advice service to individuals, businesses and trustees. This is based on working closely with our clients to understand their individual needs before researching the whole of the market to find the most suitable solutions.

    What is Financial Planning?

    Financial Planning is the process of meeting your financial objectives through the professional management of your financial affairs.

    This process involves obtaining a comprehensive understanding of your current financial arrangements, and agreeing with you a strategy that will achieve your future goals. We achieve this through initially discussing with you your aspirations and what plans you currently have in place, and then reviewing all of this information to provide you with recommendations to achieve your future goals.

    The Benefits of Financial Planning

    Planning provides direction and meaning to your finances and financial decisions. Having an appropriate plan in place ensures that you gain the maximum benefit from your savings, investments, retirement plans and protection arrangements.

    Financial planning allows you to understand how each element of your current and future requirements affect your aspirations and needs for the future.

    Through regular reviews these plans can be monitored and amended as your circumstances and needs may change.

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  • What you can expect from our Financial Planning Process?Furness Independent Financial Advisers will clearly explain the service that we provide and how we will be remunerated and by whom.

    To ensure that we provide you with the best possible advice, we will need you to provide us with details about your assets, liabilities, income and expenditure. In addition we will discuss and agree your financial needs and goals.

    We will then analyse all of this information that you have given to us, so that we may assess your current situation and determine what else you may need to meet your goals.

    A personalised financial plan will then be prepared for you outlining the recommendations that we feel will be most appropriate to meeting your future requirements. This report will be discussed thoroughly with you so that you are able to make an informed decision.

    Once reviewed, agreement will be obtained as to how best the recommendations can be implemented. This may involve working closely with other advisers that you may have such as accountants or solicitors.

    As your circumstances may change in the future, it is essential that any financial plan is reviewed regularly to ensure that it continues to meet your goals and objectives.

    Investment PlanningThere are many different types of investments available, and it is

    crucial that the correct recommendations are made to suit your own individual circumstances.

    When selecting an investment solution one of the key areas that needs to be discussed is the level of risk that you are prepared

    to take with your available funds. Risk relates to the capacity for incurring a loss, and this is fundamentally important to you.

    Whether you have existing capital that you have available or have received an inheritance or unexpected receipt of a cash fund, we need to consider the reason for the investment. This may be to achieve a higher income, capital growth or a combination of both. Your objective for the investment provides the foundation of the financial plan.

    Once the above have been agreed, research can be undertaken with regards to your existing investments and potential solutions to meet your goals. These include ensuring that investments are made in the most tax efficient manner.

    Solutions can involve the recommendations of a portfolio of investments, or individual plans that give you the opportunity of tracking the performance via personalised access to a company website.

    With any investment plan the key is to ensure that regular reviews are undertaken.

    28225 FI Brochure 12p.indd 4 26/01/2012 12:39

  • With any investment plan the key is to ensure

    that regular reviews are undertaken.

    Investment PlanningThere are many different types of investments available, and it is

    crucial that the correct recommendations are made to suit your own individual circumstances.

    When selecting an investment solution one of the key areas that needs to be discussed is the level of risk that you are prepared

    to take with your available funds. Risk relates to the capacity for incurring a loss, and this is fundamentally important to you.

    Whether you have existing capital that you have available or have received an inheritance or unexpected receipt of a cash fund, we need to consider the reason for the investment. This may be to achieve a higher income, capital growth or a combination of both. Your objective for the investment provides the foundation of the financial plan.

    Once the above have been agreed, research can be undertaken with regards to your existing investments and potential solutions to meet your goals. These include ensuring that investments are made in the most tax efficient manner.

    Solutions can involve the recommendations of a portfolio of investments, or individual plans that give you the opportunity of tracking the performance via personalised access to a company website.

    With any investment plan the key is to ensure that regular reviews are undertaken.

    28225 FI Brochure 12p.indd 5 26/01/2012 12:39

  • Tax PlanningWith any financial plan, the implications of taxation need to taken into account to ensure a tax efficient solution is provided. There are a number of different taxes that may be relevant to the financial planning process:

    1. Income Tax reducing the impact of Income Tax wherever possible can have a positive effect on an overall financial planning process.

    This may involve reviewing the structure of investments or using tax efficient solutions to take any income received out of the taxation process.

    2. Capital Gains Tax some investments may be subject to Capital Gains Tax when they are realised. As each individual and trust has a Capital Gains Tax allowance, it is important that through the regular review process, any gains made from an investment are realised in the most tax efficient manner.

    3. Corporation Tax this area of taxation applies to Limited companies, and there are ways in which corporate financial planning can assist in reducing the amount of tax payable.

    In all areas of taxation planning we are able to work closely with your accountants to deliver the appropriate solutions to your needs.

    The Financial Services Authority does not regulate and Tenet Connect Ltd are not responsible for advice in this area.

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  • With any estate plan the key is to ensure that regular

    reviews are undertaken.Estate Planning*

    We would all like to protect the value of our estate for the benefit of the next generation. However in many

    cases the main beneficiary is the HM Government, as many people have not made any plans with regards to this area.

    The first step in estate planning is to ensure that you have an up to date Will that meets your requirements and is constructed efficiently from a taxation point of view.

    Over the years there have been many changes to Inheritance tax, and there are likely to be additional changes in the future. Whilst you may have made plans some years ago that were very effective at the time, have these been reviewed recently to make sure that they still have the tax efficiency under current legislation?

    There are a number of possible solutions to Estate Planning that can be considered such as:

    Using the annual gift allowances

    Making larger gifts that can be Potentially Exempt Transfers if you survive a period of seven years

    Placing assets into a trust

    Using a life assurance plan to cover the liability

    Gifting away surplus income

    It is important that the correct solution is taken and that it is regularly reviewed due to the changes in legislation.

    Long Term Care

    With people living longer due to medical advances, so the ne