There are many similarities between SME Business Owners from a Medical or Dental background and SME Business Owners from a non-Medical or Dental background. In each case the business owner will have individual needs independent of their business as well as needs specific to their business. 

As a starting point, I believe that it is important to help my clients identify and establish their core financial goals in either or both these areas and then to help them prioritise the order in which I help them to achieve these financial goals.

Examples of Individual Goals would include but are not limited to:

• Protecting the family unit against the financial loss in the event of the death of the main breadwinner
• Protecting a debt such as a mortgage, ensuring it is repaid in the event of death or diagnosis of a critical illness
• Protecting the income(s) of the earners in the home whose loss of income due to illness or accident could have devastating consequences on the finances of the household
• Planning to retire or scale back on work whilst still maintaining a specific standard of living at a certain age that is not dictated by the age at which you receive your state pension
• Saving on a regular basis to provide funds at specific points in the future whether that is to help children get on the property ladder or for a specific birthday/wedding anniversary celebration
• Investing money in a way that gives it the potential for better growth than you can get on deposit, again with the aim of providing the availability of funds in the future for specific events.

I do this in four simple steps:

1. Understand what your life goals are by completing a Life Plan
2. Develop a comprehensive financial plan
3. Manage and deliver your plan
4. Review and update

Examples of Business Goals would include but are not limited to:

• Protecting surviving shareholders in the event of the death of one of the shareholders of the company
• Protecting the business and its profits if an employee who is key to the running of the business dies or is unable to work due to being diagnosed with a Critical Illness
• Looking after and thereby retaining staff by providing group benefits for employees
• Having a Retirement Strategy, sooner rather than later; this could include

1. NHS Benefits
2. Private Benefits (including specialist Pensions Plans if the business owns commercial property)
3. Sale of the business

• Having an Exit Strategy, sooner rather than later

I do this in six simple steps:

1) Understand what your goals are during an initial consultation

2) Invite you to complete our SME Diagnostic Tool*

3) Present the Benchmark Matrix Report which:

• Ranks your company against your competitors on a national and regional level, based on productivity, profitability per employee, profitability for the company overall and growth
• Creates bespoke advice and service specification
• Identifies potential support requirements including prioritised timelines for key events

4) Develop a comprehensive financial plan

5) Manage and deliver your plan

6) Review and update

My clients include:

• Hospital doctors - from Foundation Year 1 through to Consultants
• General Practitioners - Employed & Self-Employed, Practice Principals
• Dentists - Private & NHS, Employed & Self-Employed, Practice Principals
• SME Owners – just starting out, established and looking to grow, considering exiting
• Friends and Family of the above

My advice is never limited to any one area of wealth management but looks at the bigger holistic picture and I am able to use the comprehensive range of solutions offered by St. James's Place, coupled with their distinctive approach to investment management, to complement my experience and provide my clients with an outstanding service.

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. Equities do not provide the security of capital which is characteristic of a deposit with a bank or building society.

Please note that advice with regard to exit strategy planning may involve the referral to a service that is separate and distinct to those offered by St. James's Place.

*This may involve the referral to a service that is separate and distinct from those offered by St. James's Place