The value of your investments and the income from them may go down as well as up, and you could get back less than you invested.

Mark Endacott

Senior Director, Private Clients

Mark joined 7IM in 2017, bringing with him more than 30 years’ experience in the Wealth Management industry. He understands the importance of building long-term relationships with his clients by taking time to understand what really matters to them. Mark specialises in working with business owners, entrepreneurs and those approaching retirement.

7 Questions with Mark

1. How did you get into Wealth Management?

My uncle, whom I was close to, was a financial adviser so I guess it is in the blood. I went to him for career advice and he pointed me in this direction 30 years ago!

2. What’s the biggest highlight of your career in wealth management?

That’s an easy one: helping people realise their goals and dreams. It sounds corny, but it’s true. I have been providing advice long enough now to see people at the start of their journey, not realising they need to put a financial plan in place, to reaping the benefits in retirement.

The moment I see people realise that they can live the life they want to lead with no compromise is genuinely satisfying.

3. What do you find most rewarding about managing people’s wealth?

It’s really rewarding for me to enable clients to reach a stage where they realise that, following a good simple financial plan, they can support their children/grandchildren with their wedding, or take the grandchildren on holiday, or gift funds for a house purchase without compromising their own retirement plans.

4. What’s the worst non-financial investment you’ve made?

A guitar! I thought I could be the next George Harrison. However, I never had a lesson and it is STILL sitting in the loft after 20 years as good as new. One day I will get around to it.

5. If you could pick one financial habit for everyone to have, what would it be?

It’s important to enjoy your money and do things you want to do – don’t put it off to tomorrow. As my father always reminds me, ‘life isn’t a rehearsal’.

With this in mind, I think it is so important for people to remember to use their annual allowances as much as they can. For example, fund your pensions – retirement can sometimes feel a long way off, but not many investments give you tax relief pensions can offer each year!

6. How important is it to work alongside a wealth manager as a business owner/entrepreneur in the journey towards exiting a business?

This is so important – whilst the business owner/entrepreneur in the early years concentrates on growing their business which hopefully becomes the family nest egg, a wealth manager can make sure they are using those annual allowances that I mentioned above (Capital Gains Tax, ISAs, Pensions, VCTs, and other tools) each year. This can easily be forgotten in the day-to-day running of their business, but utilising the correct tax optimisation strategy can offer them stability and help lead them to their financial freedom without relying solely on their business.

If the business is then a success and leads to an exit, a wealth manager can help put a team together to make sure the business is set up as tax-efficiently as possible for the exit, meaning more funds for the owners and their families.

It’s important to note that some investment products, like VCTs, are higher-risk investments, so it’s important to seek financial advice before making any decision.

7. In an ever-changing regulatory environment, how can having a financial plan in place help individuals?

As a wealth manager, it is important to us that our clients are well informed and make good financial decisions based on the current legislative rules. However, sometimes change in legislation, like we have seen with Capital Gains Tax, can mean a change to the plan. It is important, therefore, that we constantly review the plan.

Flexibility is key. We can, and will, be reactive and proactive in suggesting changes to make the most of the changing environment – these changes can sometimes lead to opportunities.

Tax rules are subject to change and taxation will vary depending on individual circumstances. The value of investments can go down as well as up and you could get back less than you invested.

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