Financial Planning For Sailors
Although we give holistic financial planning advice to individuals, families and companies, at Tilikum Wealth Management we also specialise in giving financial planning advice to sailors.
In some personal situations the advice given may not seem niche, but the difference is that you are dealing with a financial adviser who is also a fellow sailor, someone who knows and understands dinghies and keelboats, cruising and racing, inshore waters and tides.
In other personal situations, for example professional sailors (whose earnings are mostly, or all, derived from sailing), this is definitely a niche area of financial planning. For example, some life insurance providers exclude ‘dangerous’ activities such as offshore yacht racing, and at Tilikum Wealth Management we help professional sailors find the right providers, the right policies and the right solutions.
In our experience, we have come across three types of sailors:
Amateur sailors, passionate about the sport, who lead a normal life by day but love to race their dinghy or yacht at the weekend or who enjoy extended yacht cruises, perhaps in the UK or overseas with a charter company.
Professional sailors who skipper on a freelance basis, perhaps with a UK charter company or as an instructor. These sailors may have more than half their earnings derived from professional sailing and may even own their own sailing school.
Professional sailors who race permanently, within a highly renowned and reputable institution such as Volvo Ocean, Vendee Globe, Clipper, or as a professional crew on a racing yacht. These sailors may work on many different yachts in a specialist position, mono and multi-hulls, and may have experience of winning national, European or world titles, Olympic medals and/or been involved with America’s Cup campaigns.
At a high level, the types of service we provide are:
In all stages of life, seeking professional financial advice is a smart move that can put you ahead of the game and set you up for success.
An insurance policy that pays a lump sum to your surviving spouse and/or children in the event of death (regardless of whether you are at sea or on land)
A personal pension plan that pays you an income at retirement (regardless of whether you work in the sailing industry or not)
A second opinion on whether any historic, pension plans with previous employers are still working as hard as they can for you
Advice on how best to start taking your pension benefits if you are approaching retirement
For owners and managers of businesses, auto-enrolment pension provision for staff, including other staff benefits, shareholder protection and keyman protection
For individuals and families whose total assets exceed £1m, advice on how to potentially mitigate any inheritance tax (how to pass the yacht on to the next generation whilst mitigating the potential tax due)
Tax efficient investment plans which could be used to help you purchase your dream yacht
Mortgages and equity release* – which could be used to help you fund the purchase of your dream yacht.
Your home may be repossessed if you do not keep up repayments on your mortgage.
*This is a lifetime mortgage or home reversion plan. To understand the features and risks associated with such products, please ask for a personalised illustration
The value of an investment wit St. James’s Place will be directly linked to the performance of the funds selected and may fall as well as rise. You may get back less than the amount invested.
The levels and bases of taxation and reliefs from taxation can change at any time and are dependent on individual circumstances.
Why do people use Tilikum Wealth
Management?
Additional services offered through an independent third-party expert
A will writing** service, or review of your current will
For business owners, corporate advisory consultancy on investment for growth through private equity or how to prepare for aspects of business exit strategies, Management Buy Out or merger aiming to attain the highest value of your company
Marine finance to help you to purchase a sailing or motor yacht, or other marine vessel.
Personal liability cover
An insurance policy that helps pay medical expenses and any repatriation costs
The services listed above involve the referral to a service that is separate and distinct to those offered by St. James’s Place. **Wills are not regulated by the Financial Conduct Authority.
Auto-Enrolment products are not regulated by the Financial Conduct Authority.