Client Journey

At Penney Financial Partners, we stand for something

There are lots of wealth managers around – we believe we are different. At Penney Financial Partners we specialise in providing high quality personal advice on all aspects of wealth management, underpinned by a set of values that have been our guiding principles for more than two decades.

Our Values

Ambition

Ambition is a critical tool in achieving success – both yours and ours. The most important aspect of our approach is working closely with you to really understand what kind of life you want and creating a plan that will help you achieve the genuine fulfilment you desire.

Trust

Without the trust of our clients, we have no business. Trust is earned through building genuine, meaningful relationships with our clients and partners, always being here when they need us and putting their needs above all else.

Integrity

Integrity for us means complete honesty and transparency in everything that we do. We never forget that it is your money that we are managing and so we will ensure you have full visibility and complete understanding of everything that we do.

Accountability

Penney Financial Partners has been awarded the prestigious Chartered Financial Planners status by the Chartered Insurance Institute, and is a Senior Partner Practice of St. James’s Place Wealth Management – one of the UK’s largest wealth management companies. Everything we do for you, is agreed by them.

Passion

In short, we love what we do. Our passion for changing the lives of our clients is what drives us every day. We know that passion alone will not help you achieve your goals, but it’s impossible to achieve without it.

Innovation

The values we hold and the principles that guide our approach won’t change but how we work continues to evolve. By embracing the latest technology, we are now able to stay connected and provide the information and advice you need, when it’s convenient for you.

CREATING A BETTER FUTURE IN A WORLD WORTH LIVING IN

THE FOUR PILLARS OF FINANCIAL FREEDOM

Financial freedom means that you are in control of leading the life that you want, whatever that may be.
Our aim is help you achieve your goals for today, tomorrow and for future generations.

Growing wealth

The desire to grow wealth is often the reason why people first engage with us. We will ask you the important questions, and some that may not seem quite so important, so that we can understand the most important question of all – why? Only then can we develop the right plan for you, one that provides you the funds to meet your financial lifestyle goals today and the security of a long term investment strategy that will provide for you into the future, whatever life may throw your way.

ISAs

Since being introduced in 1999, ISAs have proved to be one of the most popular and tax efficient ways to save and invest for the future. The ISA allowance for the 2020/21 tax year is £20,000.

Tax planning

One of the best ways to protect your wealth is to ensure that your finances are correctly structured to take advantage of the various allowances and reliefs available each year, whether that is through Income Tax, Capital Gains Tax, dividend income or contributions into ISAs, pensions and savings accounts.  

Investment Planning

For those that are investing for income we can help develop a diversified and personally tailored investment portfolio from the St. James's Place range of funds which cover asset classes that could include fixed interest corporate bonds and gilts, equities or commercial property.

Pension Planning

Despite the ever-changing pension landscape, pension planning and saving for your retirement are still as vital as ever. Pensions remain highly tax efficient and there are various factors to consider such as the tapered annual allowance, the carrying forward of unused reliefs and a lifetime allowance to ensure you are maximizing the opportunity your pension presents as part of your overall retirement planning.

Self employed

Being unable to join an occupational pension scheme means that if you are self employed it is essential to make plans for contributing to an individual arrangement to ensure you can work towards retirement with confidence. We have expertise in working with the self-employed and contractors in helping put a plan in place that provides financial security for them and their families.

Corporate services

As a director, it is important to look after your increasingly complex personal financial affairs, where careful planning is essential for your personal financial security over the long term while not neglecting the needs of your business. As well as supporting the induvial, our corporate service also includes advice on employee pensions, corporate planning, shareholders and employee benefits. 

The value of an investment with St. James's Place will be directly linked to the performance of the funds you of an investment with St. James's Place can go down as well as up. An investment in equities does not provide the security of capital associated with a deposit account with a bank or building society.

The levels and bases of taxation, and reliefs from taxation, can change at any time and are generally dependent on individual circumstances.

FAMILY

Providing for our families is a lifelong endeavour. When it comes to ensuring our children have the best possible opportunities, it is never too early to start. Whether it is through a Junior ISA or a trust, we can help make sure you have the right strategy to help your children when they most need it.

However, our approach doesn’t focus only on the current generation – we are committed to helping clients leave their assets to others in exactly the way they intend. We firmly believe in the value of long term thinking and our advice on estate planning and asset protection strategies means that you can transfer your wealth to future generations and create the enduring legacy your endeavours deserve.

Trusts 

Trusts are legal entities that allow someone to benefit from an asset without being the legal owner. Establishing trusts can give you an element of control over assets that you may not have if you gave them away outright. There can also be tax advantages but not always so we can help navigate what can be complex structures and advise on the tax implications.

JISA

The younger generation are facing new and difficult financial challenges as they grow up in the modern world. For the 2020/21 tax year the Government raised the maximum allowance up to £9,000.

Gifts

Making a gift of certain amounts of money or assets can be a valuable exemption from Inheritance Tax. There are various ways to use your gift allowance, from an annual exemption for gifting to an individual up to £3,000 per tax year to gifting up to £5,000 to your child and their spouse when they get married.

Estate planning

Our comprehensive estate planning service ensures that the necessary tasks are undertaken to manage an individual’s asset base in the event of their incapacitation or death.

Inheritance Tax

Without the right advice and careful financial planning, HM Revenues & Customs could be the largest beneficiary of your estate when you die. The first £325,000 of an estate is taxed at 0% and for married couples and registered civil partners the allowance is £650,000. With anything in excess of this generally taxed at 40% it is important to look at the opportunities such as a properly drafted will, the transfer of assets through the prudent use of lifetime gifts and the creation of a tax-efficient fund to meet any future tax liabilities. 

Estate administration

As a Senior Partner Practice of St. James's Place we have access to a service that can help with Estate Administration. This is the process of dealing with a person’s legal, financial and personal tax affairs once they have died. Obtaining grant of probate is just one element of the process and will also include dealing with all the deceased’s assets and liabilities before transferring whatever is left to the beneficiaries and the settlement of estate taxes.

The value of an investment with St. James's Place will be directly linked to the performance of the funds you select and the value can therefore go down as well as up. You may get back less than you invested.

The levels and bases of taxation, and reliefs from taxation, can change at any time and are generally dependent on individual circumstances.

Will writing involves the referral to a service that is separate and distinct to those offered by St. James's Place and along with Trusts are not regulated by the Financial Conduct Authority.

WELLBEING

Wealth is nothing without health. The very act of engaging with us and ensuring you have a sound financial plan is an important step towards alleviating the anxiety, often associated with money matters.

But if the worst should happen we can help ensure you and your family have the protection you need, whether through private health insurance, critical illness cover or the right life insurance, all designed to lessen the impact of those most challenging moments we will all eventually face.

Insurance

Protection may not be the most exciting of subjects but is absolutely fundamental in answering one of our most basic desires – to keep safe those that we hold dear. We can help you decide what kinds of insurance should be a priority for you so that you know that you can access medical treatment when you need it or pay off the mortgage and allow your family to be able to maintain the lifestyle you want for them should the worst happen.

Long-term care

With a rapidly aging population, paying for care will be an expensive and long-term commitment for many. There are pros and cons to the various funding options available and so we can help you find the right solution to meet your individual needs. 

COMMUNITY

Creating a better world worth living in is an important part of the Penney Financial Partners philosophy. For our part, we are committed to providing financial education to young people in our community and St. James’s Place is committed to sustainable and ethical investing. We also understand that fulfilment for many individuals means giving something back and we can help you understand how you can effectively and efficiently support the causes and communities you believe in.

Philanthropy

The St. James’s Place Philanthropy Service offers a tailored advisory service through the Charities Said Foundation (CAF) to help ensure your philanthropy is effective and rewarding. We want to help you so you can give easily, when you want and to whom you want, whilst at the same time ensuring you receive the best advice, so your gifts have the best impact.

Charitable giving

We believe your charitable giving should be exciting and rewarding and should evolve to keep pace with growth in your ambition and generosity. From defining and refining your goals and developing an effective strategy, to measuring the impact of your giving, our insight and expertise will help translate ideas into tangible results, transforming the lives of those being supported.

Volunteering

Volunteering offers vital help to people in need, worthwhile causes and the community around you. However, the benefits can be even greater for you as the volunteer, helping you connect with your community and learn new skills. The network we have developed over two decades means we can support you on your volunteering journey and make connections that can ultimately change lives. 

The value of an investment with St. James's Place will be directly linked to the performance of the funds you select and the value can therefore go down as well as up. You may get back less than you invested.

The levels and bases of taxation, and reliefs from taxation, can change at any time and are generally dependent on individual circumstances.

Trusts are not regulated by the Financial Conduct Authority.

PENNEYTALKS

When it comes to relationships, we believe communication is everything.

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GENERATION TO GENERATION®

Maintaining family wealth across generations can be a difficult process. For a multitude of reasons, family wealth can diminish over time and without proper consideration and careful planning, that long term legacy may be lost. At Penney Financial Partners we work with families to ensure that not only are the financial practicalities properly considered but also to help empower future generations so that they have the knowledge and understanding to successfully protect the family wealth for today and into the future.

What is succession planning?

Succession planning is the consideration of wealth transfer from one generation of a family to another. At the most basic level, an effective intergenerational plan can not only protect your family’s wealth today, but it can also significantly reduce inheritance tax, probate fees and other related costs.

Why is succession planning important?

Almost without exception, people feel that their family is the most important thing in life. Creating a succession plan not only provides for the next generation and beyond but also creates a legacy for all the hard work and wealth creation by the generations that have gone before. The next generation is also likely to be the first that will be less wealthy than the one before so there is an increased importance in protecting what the family already has.

So, is succession planning about saving money?

Our aspiration is about achieving a more rounded beneficial outcome for all the family but ensuring that families takes steps to ensure they a fully tax efficient is incredibly important as Inheritance Tax can be the harshest of taxes. This is a really important consideration, but we don’t believe this is what should drive the process.

What should drive the process when developing a succession plan?

We believe a successful plan is about the transition, not just of money but also wisdom. A plan is not just financially but also behaviorally led. History is littered with examples of wealthy families that have seen their fortunes disappear as money was passed from one generation to the next with no purpose and no understanding of the responsibility that comes with it. 

How can a successful succession plan be achieved?

The most important aspect is to talk about succession as early as possible. Families are complicated and it often takes a crisis before these things are considered and then it may be too late. By bringing in a third-party adviser, we are able to ask better and potentially tougher questions and often that will mean reaching a much better outcome.

Who should be involved in this process?

It is never too soon to involve all family members in these conversations – we have had four generations in the same room before now including a crying babe in arms! Including executors is also advisable as often we don’t meet them until point of need and again, that can mean that the outcomes are less favourable.

The levels and bases of taxation, and reliefs from taxation, can change at any time and are generally dependent on individual circumstances.

WHAT OUR CLIENTS SAY

  • “We didn’t feel that our financial investments were being managed as diligently as we would have liked and so approached Penney Financial Partners after seeing an advert in The Daily Telegraph. We only wish we had spoken to them sooner.”

    Val and John Williams, Llangollen

  • “I have greatly valued the knowledge and financial advice given to me by David since the loss of my husband. From a personal and business perspective, I have complete trust that they have my best interests at heart.”

    Noreen Maddox, Shrewsbury

  • “The most important aspect of our relationship with Penney Financial Partners is that it is about so much more than financial advice.”

    Jean and Cyril Baynton, Wolverhampton

  • “Penney Financial Partners solved the minefield of my personal pension in a simple and efficient manner. I feel confident they are handling it in my best interests and if I now have any queries they can be contacted quickly and will deal with it.”

    Peter Booth, Shrewsbury

  • “Will has a great understanding of the interplays between my business and personal circumstances. His technical competence and willingness to engage with my other professional advisers has created some great financial outcomes for me and my family.”

    John Bell, Cheshire

FINANCIAL EDUCATION

From piggy banks to pensions, money is a significant part of everyday life – at any age. In fact, according to the Money Advice Service, our saving habits can be formed by the age of seven and yet financial education (FE) is not currently on the curriculum until secondary school and even then it is not compulsory. That is why at Penney Financial Partners we are committed to delivering financial education to young people.

As an Accredited Financial Education Specialist, sanctioned by St. James’s Place Wealth Management, David Penney works alongside his wife Bev with schools to help deliver important money workshops to young people of any age.

If you would like to find out more about our recent experiences delivering financial education in the local community and think we may be able to help you and your school, then please contact us.

The Partner Practice is an Appointed Representative of and represents only St. James's Place Wealth Management plc (which is authorised and regulated by the Financial Conduct Authority) for the purpose of advising solely on the group's wealth management products and services, more details of which are set out on the group's website www.sjp.co.uk/products The 'St. James's Place Partnership' and the title 'Partner' are marketing terms used to describe St. James's Place representatives.

Penney Financial Partners is a trading name of Penney Financial Partners Ltd. Penney Financial Partners Limited is registered in England and Wales, Number 09964340. Registered Office: Kensington House, Knights Way, Battlefield, Shrewsbury, Shropshire, SY1 3AB, UK