3 useful options you may want to consider when passing on assets to your loved ones
The Orchard Practice
by The Orchard Practice
2w ago
There’s more than one way to pass on wealth to your family. Which option is right for you could depend on a range of factors, from whether your loved ones could benefit from support now to the implications of Inheritance Tax (IHT). Read on to find out what you might want to consider when passing on assets using three different methods. 1. Gifting during your lifetime Providing gifts to loved ones during your lifetime is becoming an increasingly popular option. With younger generations often facing financial challenges, a gift now could provide greater security than if they received an inherita ..read more
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Should you wait for interest rates to fall before fixing your mortgage?
The Orchard Practice
by The Orchard Practice
2w ago
Over the last couple of years, rising interest rates have had a huge effect on the cost of borrowing. If your mortgage deal expires soon, you might be wondering if interest rates will return to “normal” and whether you’d benefit from choosing a fixed- or variable-rate mortgage deal. The Bank of England (BoE) sets the base rate, and it’s increased it recently to tackle high inflation. While there’s speculation that the central bank will slash interest rates as the pace of inflation slows, it’ll consider many factors when deciding how to proceed. So, predicting when changes to the base rate migh ..read more
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5 powerful tips that could help women close the investment gap
The Orchard Practice
by The Orchard Practice
2w ago
Women are less likely to invest than men – in fact, more than a third (37%) of women don’t invest at all. There are many reasons for the gender investment gap, and it could widen the wealth gap. According to an Aviva survey, men are almost twice as likely to invest in a Stocks and Shares ISA, self-invested personal pensions, and general investment accounts. The decision not to invest might seem like a small one, but it can have a significant effect on wealth creation over the long term. The research found that women are more likely to use a savings account to hold their money. However, interes ..read more
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How to beat the potential harmful effects of “loss aversion” on your wealth
The Orchard Practice
by The Orchard Practice
2w ago
“Loss aversion” is a type of bias that could affect how you manage your finances. It’s a concept that was developed by renowned psychologist Daniel Kahneman, who won a Nobel Prize for his influential work and sadly passed away in March 2024. To celebrate his life, read on to find out more about loss aversion and how it could impact you. One of Kahneman’s main arguments is that people’s behaviours are rooted in decision-making. He noted that bias and heuristics – the mental shortcuts you make to solve problems – are important for making judgements quickly. However, the downside to quick decisio ..read more
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4 compelling reasons you might want to consolidate your pension
The Orchard Practice
by The Orchard Practice
2w ago
It’s been more than a decade since auto-enrolment was introduced, and now most workers automatically become members of their employer’s pension scheme. While more people saving for retirement is excellent news, it could mean you end up juggling multiple pots. One option is to transfer one pension to another, known as “consolidation”. It’s usually simple to do and there are many reasons why you might want to transfer a pension. However, there are also some potential drawbacks that you may wish to weigh up first. Here are four compelling reasons you might want to transfer one pension to another ..read more
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The value of financial planning: 5 fantastic ways tailored advice may help grow your wealth
The Orchard Practice
by The Orchard Practice
2w ago
Financial planning can help you to reach your life goals, and give you and your loved ones security and peace of mind. Over the next few months, you can read our blog to discover exactly why a financial plan that’s tailored to you can add value – and we’ll start with the financial benefits. When you think about seeking financial advice, one of the first advantages that may come to mind is the opportunity to grow your wealth. Making the most of your assets could be essential for reaching your aspirations, from retiring early to passing on a nest egg to the next generation. There are many reason ..read more
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Complex incomes lead to majority of high net worth borrowers facing mortgage rejection
The Orchard Practice
by The Orchard Practice
1M ago
A lender rejecting your mortgage application can be stressful and time-consuming, and it might even mean you miss out on buying your dream home. A survey has found that most high net worth individuals aren’t securing their preferred mortgage. Read on to find out why and how a mortgage adviser could help you. According to Mortgage Solutions, 90% of corporate executives, finance professionals and entrepreneurs with average earnings of more than £510,000 were rejected for a mortgage. Between 2019 and 2024, 84% of high net worth applicants had to accept a mortgage with a lower loan-to-value (LTV ..read more
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3 valuable ways business owners could extract profits
The Orchard Practice
by The Orchard Practice
1M ago
As a business owner, deciding how to extract profits from your firm could be a crucial decision. It may affect your tax liability and that of your company. Read on to understand three essential ways you could take money from your business and potential tax implications you might want to weigh up before deciding which is the right route for you. Many business owners will use a combination of the three options below to extract profit from their business to fund their day-to-day expenses and create long-term financial security. 1. Taking a salary An obvious way to access profit from your business ..read more
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6 in 10 Brits are unaware their pension is usually outside of their estate
The Orchard Practice
by The Orchard Practice
1M ago
Many people could be omitting a useful way to pass on assets when they die because they aren’t aware that pensions usually fall outside of their estate. It could also mean some have failed to name a beneficiary for their pension. Read on to find out what you need to know about pensions and why they could be a tax-efficient way to pass on wealth. According to a survey carried out by PensionBee, 62% of people are unaware that their pension won’t usually form part of their estate when they die. As your pension may be one of your largest assets, the oversight could mean a significant proportion of ..read more
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Running out of money tops retirement concerns, but financial planning could bring peace of mind
The Orchard Practice
by The Orchard Practice
1M ago
If you’re concerned about running out of money during retirement, you’re not alone. In fact, it’s one of the top financial concerns in the UK. Being proactive and working with a financial planner to create a retirement plan could offer you peace of mind. Read on to find out why. In an Aegon survey, 7 in 10 financial advisers said their clients’ number one concern was outliving their savings. The good news is that by seeking the support of a finance professional, you can understand what income is sustainable for you and the lifestyle it might afford. High inflation is playing a role in fears of ..read more
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