Who can benefit from wealth management?
You could benefit from wealth management if you are:
- Living in the UK
- Working, living or retiring outside the UK
- Looking to invest outside your home country.
The benefits of wealth management
The main benefits of wealth management include:
- Protecting your assets. Help to guard the elements that make up your wealth, such as your capital or estate against litigation, third-party claims, dissipation or divorce.
- Passing on ownership. Control who inherits what and when, where possible avoid probate and protect ownership of assets for generations to come.
- Tax planning. Maximise returns while operating with legal and political integrity.
- Retirement planning. Plan for your retirement aspirations and successfully manage your pension provisions.
- Discretion. As far as possible maintain privacy in your asset allocation and management.
Trusts are the most common form of structure used to manage and protect wealth. They work by making the legal owner of the assets that exist within the trust separate from the beneficial owner.
The two main types of trust
- Full discretionary trust (FDT). This gives the trustee wide powers to choose how the trust fund should be invested and distributed.
- Partial discretionary trust (PDT). A PDT allows you to retain investment control. This means you can invest in a wider range of investments than an FDT.
When setting up a trust you need to be aware that most discretionary trusts are irrevocable. That is, they cannot be modified or terminated without the consent of the beneficiary.
The advantages of offshore trusts
An offshore trust is a versatile tool that can be put to a number of uses, including:
- Tax planning. A trust can be set up in a tax-free jurisdiction for tax planning opportunities 1 .
- Transfer to heirs. You can pass assets on in a more tax-efficient way than by making a gift outright. This can help to optimise the recipient’s tax position, and help avoid probate.
- Protect from estate taxes. Combining a managed company with a trust structure can reduce the threat of estate taxes that apply in some jurisdictions.
- Flexibility. You can choose to remove assets from one country and place them in another location.
Pensions and retirement
By evaluating your retirement goals, circumstances and projected living costs, wealth planning can help you structure funds appropriately for your retirement.
This process can involve taking control of your existing retirement savings, maximizing your use of tax allowances and adapting to changing circumstances.
It can also include reviewing the potential benefits of pensions for you and bringing together multiple pensions to be more easily managed under one roof.
International tax planning 1
If you are a wealthy individual with complex financial arrangements, wealth management can help with international tax planning issues, including:
- Determination of your residence and domicile status
- Structuring of non-UK investments and banking arrangements to help with tax planning
- Tax treaty claims
- Tax and compensation planning for temporary or permanent relocation.
This would involve working closely with your tax adviser.
Assets and investments
Part of the wealth management process might be selecting and managing the most appropriate assets and investments .
This can be a full service, including research, selection and management. If you prefer, it can be just the provision of an execution-only service for which you make all the decisions and perform all the trades.
Barclays Wealth International offers a range of financial planning services. Select one of the following options to find out more.
Call their team on +44 (0)141 352 3902†.
Request a call back .
Visit their website .
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1 You have sole responsibility for the management of your tax and legal affairs, including making any applicable filings and payments and complying with any applicable laws and regulations. We have not provided and will not provide you with tax or legal advice and recommend that you obtain your own independent tax and legal advice tailored to your individual circumstances.
† Lines are open 7am to 8pm weekdays and 8am to 5pm weekends and UK bank holidays local time. Call charges may vary. Please check with your local telecoms provider. Calls may be recorded for training and security purposes.
The products and services described on this page are provided by the following companies, which are part of Barclays Wealth: Barclays Bank PLC in England and Wales, Barclays Private Clients International (Gibraltar) Limited in Gibraltar and Barclays Private Clients International Limited in the Isle of Man, Jersey and Guernsey. For further information on these companies and Barclays Wealth please read the Important Information .
Products and services on this site may not be available in certain jurisdictions. In particular, these products and services are not being offered in Japan or the United States or to US residents. For full details of exclusions and disclaimers please see the Important Information before proceeding. Each Barclays Wealth company reserves the right to make a final determination on whether or not you are eligible for any particular product or service.