Paul asks Paul

When it comes to expert advice, we know that two Paul’s are better than one!  The first in a series of conversations, managing partner Paul Crichton sits down with Paul Lothian, director at Verus Wealth, to explore how financial planning can complement the work we do as  accountants.

 

Here’s what they had to say:

 

Paul Crichton (PC): Hi Paul, thanks for taking time out to tell me more about how your services can be of help to our clients. Can you tell us a little about what a financial planner can do for a business?

Paul Lothian (PL): Sure, Paul. A financial planner can help protect a business in many ways. First, we can analyse the business’s financial health and identify potential risks and opportunities. Then, we can create a customised plan to achieve the business’s financial goals.

 

PC: And how can a financial planner help a business manage risk?

PL: We can help a business identify and mitigate financial risks. For example, we risk management strategies to protect the business from unexpected events like the illness or death of a key individual and arrange the appropriate insurance covers.

 

PC: That’s definitely valuable advice. How can a financial planner help with investment strategies?

PL: We can help a business make informed investment decisions. For example, we can recommend ways to invest excess cash to achieve the business’s long-term goals. We can also help the business understand the risks and rewards of different investment options.

 

PC: And what about tax planning?

PL: We can help a business minimise its tax liability. We’ll work with the team at MMG to analyse the business’s financial situation and recommend strategies to reduce taxes. For example, we might recommend tax-efficient investment strategies or pension funding options for the business  owners.

 

PC:  Ah, pensions. Retirement planning is an important area. How can a financial planner help with that?

PL: We can help a business plan for its owners’ retirement. We’ll analyse the business’s financial situation and recommend strategies to ensure that the owners can retire comfortably. This might include setting up retirement plans or helping the owners make other investments that will provide them with a steady stream of income in retirement.

 

PC: It sounds like a financial planner can be a valuable asset for any business owner. Thanks for taking time out today, Paul.

PL: Not a problem, the pleasure was mine.