Do high earners need financial advice?

The Chancellor of the Exchequer, Jeremy Hunt, received some backlash when he said £100,000 is “not a huge salary” for people in his Surrey constituency. Naturally, this led to criticism, with some arguing that there are people on much lower incomes who are struggling with the cost of living.

Furthermore, figures from the Office for National Statistics (ONS) show that the median gross annual salary for full-time employees in April 2023 was just £34,963, and that anyone earning more than £81,357 a year is in the top 5% bracket.

Politics aside, even if you are earning what most would consider a “high salary”, you can still find yourself under financial pressure.

Regardless of how comfortable you may be, your situation and circumstances can change over time. House prices, mortgage rates and the cost of borrowing, are all factors beyond your control, but they can have a huge impact on your finances and investments.

If you are a higher earner, it is vital that you regularly carry out a financial review. It will help you to establish where your money is working hard for you and where you can make any changes. Once you have taken an overarching look at your finances, you can see whether you are missing opportunities to grow your wealth and taking advantage of any allowances you are eligible for.

It is important to look at everything from your household budget and outstanding debts to your investments, savings, estate/inheritance plans and insurance policies.

Of course, getting to grips with every aspect of your finances can be a daunting task, especially as the financial world is constantly changing. So, a good starting point would be to speak to one of our specialist financial planners.

Our team will help you create clear and realistic goals. We will look at your specific circumstances, risk appetite and tax liabilities and advise you accordingly. Our dedicated Investment team will continually monitor your investments, so that they get the attention they deserve and are invested in the right place at the right time.

Our advisers are up to date with the latest market developments, regulations, product offerings and investment opportunities, so we can steer you the right way when market conditions change. You can be safe in the knowledge that you’re making informed financial decisions that align with your ambitions and goals.