Medics Wealth Management

Medics Wealth Management: financial planning for medical professionals and other clients

Medics Wealth Management is a trading name of Medics Financial Services Limited, a firm authorised and regulated by the Financial Conduct Authority (FCA) and entered on the Financial Services Register under number 131216. The company is registered in England & Wales with registration number 1723058, and its registered address is Tamworth Enterprise Centre, Corporation Street, Tamworth, B79 7DN.

The firm describes itself as Chartered Financial Planners providing independent financial advice. It has been providing tailored financial advice for almost 40 years and was established in 1983. Since 2014 it has held Chartered Financial Planner status, awarded by the Chartered Insurance Institute (CII). According to the firm, this title is granted by the Privy Council and is only awarded to firms committed to developing and maintaining the knowledge and capability of their people, as well as following a demanding code of ethical practice.

Specialisation in the medical profession

As the name suggests, the firm has particular expertise in the needs of doctors and other medical professionals. It states that it has more than 30 years of experience advising medical professionals. However, it also works with people from all backgrounds who are looking to achieve their financial goals through a financial planner.

The financial planning approach

The firm's financial planning service begins with understanding the client's situation before tailoring advice to their needs. It describes financial planning as an ongoing relationship rather than a one-off piece of advice, and works with clients on a continuing basis to help them define what they want to accomplish with their financial assets, manage them effectively and keep their goals on track.

The firm emphasises that everyone's circumstances and aims are different, and that financial decisions are often driven by emotion. It positions the adviser as a trusted partner whose expertise and objectivity can be relied upon over time.

Areas of advice

The firm's financial planning service covers several situations that commonly lead people to seek advice:

• Planning toward retirement: assessing current retirement provision alongside retirement goals, using cashflow modelling and detailed analysis to help clients understand what level of income they might need in retirement and how to achieve it. The firm helps construct a plan to address any gaps and reviews progress regularly.
• Planning at retirement: helping clients navigate the increased choices and options available at retirement, including tax considerations, releasing funds when needed and avoiding running out of money. Cashflow modelling is used to show what is likely to happen to income over time and to help choose the right option. The firm continues to work with clients throughout retirement to maintain the plan and adapt to changing legislation.
• Wealth and inheritance planning: helping clients accumulate, preserve, manage or pass on wealth, with a focus on maximising tax-efficiency and tailoring the financial plan to the client's needs. This includes understanding the client's feelings about investment risk and helping them plan to pass on money tax-efficiently while retaining funds needed for their own security. The firm also reviews the plan regularly to keep it on track.

Additional services through Money in Person

The firm's sister brand, Money in Person, offers a suite of additional services including mortgages, life and health insurances, and equity release.

Regulatory information

Medics Wealth Management is a trading name of Medics Financial Services Limited, which is authorised and regulated by the Financial Conduct Authority. The firm is entered on the Financial Services Register under number 131216. The company is registered in England & Wales with registration number 1723058.

The firm notes that tax treatment depends on individual circumstances and tax rules may be subject to change. Not all areas of estate planning or tax planning are regulated by the Financial Conduct Authority. Cashflow modelling is not regulated by the Financial Conduct Authority. The firm also notes that some models utilise historical data, which does not indicate what will occur in the future, and assumptions may not be borne out in practice. The value of investments and any income from them may go down as well as up, and clients may not get back the original amount invested.