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:
- An insurance policy that pays you an income in the event of you sustaining an injury that temporarily prevents you from working, eg broken leg, loss of fingers in a winch
- 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
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.
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.
The levels and bases of taxation, and reliefs from taxation, can change at any time. The value of any tax relief depends on individual circumstances.
*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.