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What does it mean to be a high-net-worth individual?

A high net worth individual has no precise definition. In the United Kingdom, Her Majesty's Revenue and Customs (HMRC) changed the definition of a High Net Worth Individual in 2016 to include anyone with assets worth more than £10 million.

The previous ceiling was set at £20 million. A native benchmark for determining an Ultra High Net Worth Individual does not exist in the United Kingdom. The widely accepted ultra high net worth definition has been adopted from the United States, which defines an Ultra High Net Worth individual as having investable assets of at least $30 million (£23.4 million) excluding their primary residence and personal effects.

Is there a requirement for Private Wealth Management to have a certain amount of net worth?

There is no universal minimum net worth for Private Wealth Management, and each wealth management service provider will determine the entry point for accessing wealth management services.

The services that will be given, as well as the costs associated with those services, will differ greatly from one company to the next.

We offer four levels of continuous services at The Private Office, ranging from a basic service for novice investors to a fully tailored service for clients who require professional help due to their level of investable wealth and the need for more sophisticated tax planning methods.

What does it mean to have a “Tax Minimization Strategy”?

Your personal financial plan will be created after your financial adviser or wealth planner has identified your unique financial situation and financial goals. Your wealth planner will assess how best to invest your capital to minimise the impact of tax, as well as your appetite for investment risk and ability to endure investment volatility and absorb losses.

A solid tax minimisation strategy will guarantee that you're taking advantage of all available tax planning allowances and exemptions to improve your portfolio's overall tax efficiency. This is a valid way to lower your tax bill.

Are you seeking someone to help you with your accounting and tax issues? Then come to CruseBurke, where we have a staff of highly trained accountants and tax professionals who can help you with all of your business challenges!


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