I recently highlighted to Robin Melley, our MD, a very good article published by STEP – Advising Families Across Generations on immediate needs annuities (INAs) which is the only method of paying for care that guarantees fees will be paid for the life of the person needing care. I particularly drew his attention to the closing observation that lawyers should seek the advice of specialist financial services professionals. The article inspired this response from Robin on LinkedIn:
“A new client we recently advised is a very good example of an affluent client needing to make sure they never run out of money and wanting to live well in later life, whilst wanting to protect wealth and maximise the legacy they leave behind. …and there’s the rub, particularly where the client has lost mental capacity. The word limit on LinkedIn posts does not allow me to cover this situation in detail, but suffice to say, it required:
- Specialist technical knowledge.
- A holistic approach to financial planning.
- A collaborative approach to advice.
- Being a safe pair of hands for someone in vulnerable circumstances.
All four of these components were evident in the package of advice that my team at Matrix Capital Limited delivered for this client. A very gratifying piece of work undertaken for a fixed fee agreed at outset, with a tailored ongoing service in return for a fixed retainer fee, tailored to the service needed by the client, supported by attorneys. Care fees guaranteed for life, inheritance tax mitigated, living life to the full, family supported, a valuable legacy to pass on – a safe pair of hands provided for a person in highly vulnerable circumstances.”
Clients like the one Robin described will be the type of client you have advised, perhaps in isolation, or will seek your help in the future.
Clients like this deserve the collaborative approach of a specialist solicitor and financial planner, as Robin so succinctly outlined.
Matrix Capital will only work with qualified solicitors, so please reach out to Robin and the team.
