The role of deputy can often present time constraints, important reporting requirements and the need to provide support to vulnerable individuals. Similarly, the Court of Protection process can be a challenging one, however, from our experience, many law firms find that having access to specialist financial planners to support them can help with overcoming unexpected hurdles and managing the process more efficiently.
Why would you need the support of a financial planner in Court of Protection matters?
At PM+M, our investment proposition, financial planning advice process, tax expertise and Court of Protection specialism has enabled us to develop a unique Court of Protection service. We aim to enable a more efficient process, whilst offering a caring and holistic approach. Plus, our tax planners will also submit any necessary tax returns.
We have developed a specialism within this field and understand the sensitive nature of the work involved. We recognise the breadth of work that the appointed deputy must do for their client, managing spending sustainably, dealing with periodic payments, benefit assessments, supporting everyday care and housing needs and making submissions to the Court of Protection. We aim to support legal teams in the best way possible to ensure they are able to spend valuable time where it really matters.
We care about managing finances in a sustainable manner and we always prioritise safeguarding. We understand the importance of short, medium and long-term planning and will consider client retirement needs. We can work alongside legal teams for the duration of the court order and continue to offer a client support thereafter, if deemed to have the capacity to act for themselves by the CoP.
How can a financial planner assist with Court of Protection matters?
As part of the service, every client is provided with a dedicated financial planner, someone from our client relationship team, a technical paraplanner and tax adviser. In addition, we offer a wide range of financial support to cover various matters, including:
- Annual performance reporting and review meetings in line with Court of Protection reporting periods
- An annual assessment of the agreed investment risk profile to ensure that we meet ongoing client objectives and court order requirements
- Annual financial planning report in line with Court of Protection submission, which can be tailored to suit individual requirements and the needs of clients
- Annual tax returns (included as part of our ongoing service), plus the opportunity to receive wider tax advice, such as, capital gains tax, income tax, dividend tax, inheritance tax planning and any other required tax advice (subject to agreed fee)
- Tailored lifetime cashflow planning to satisfy court order requirements whilst managing wealth in a sustainable manner
- Access to valuations anytime using an online portal and mobile phone application
- Client cash management and income planning advice
- Access to our in-house discretionary managed portfolio service, advisory or ESG (environmental, social and corporate governance) investment offerings
- An AI transcribed file note of our meetings to help with your file.
Our Court of Protection services are cost effective, inclusive of a robust investment due diligence process, not subject to any exit fees, fully tailored to suit individual requirements and are ultimately designed to save time.
What makes PM+M’s Court of Protection service different?
Our approach and services are fully joined up across our firm, allowing us to support in all areas of financial planning, tax, private client work and accounting. Our core values (Quality, Achievement, Fun and Doing the Right Thing) underpin everything we do and align closely with our Court of Protection services – providing you with the reassurance that we’ll deliver a knowledgeable approach, whilst maintaining compassion, respect and sensitivity at all times.
In addition to our strong roots in Lancashire and across the North West, we also have excellent remote working capabilities – meaning we can support you and deliver a dedicated service regardless of where you are based.
What do others say about our Court of Protection service?
“We have no hesitation in recommending PM+M’s Court of Protection services. We have found that the services save us time and improve our processes, and we have found that PM+M’s approach with our clients is professional and knowledgeable, whilst maintaining sensitivity. It’s great to work with a company you can trust!” Stephen Greenwood, Farleys Solicitors.
How do I find out more?
We tailor the service to suit the individual needs, requirements, and processes of each law firm we work with. If you would like to understand more about the service and how it can help support legal teams in streamlining the Court of Protection process, please get in touch with a member of our financial planning team by emailing financialplanning@pmm.co.uk or call 01254 679131.
PM&M Financial Planning Ltd is authorised and regulated by the Financial Conduct Authority.
The information contained within this article is for guidance only and does not constitute advice which should be sought before taking any action or inaction.
