Financial planning and why it is matters for you

Personal interview with Oliver Maher, Wealth Manager at United Advisers Marine.

On Tuesday 17th February 2015, I sat down with Oliver Maher to get more information about financial planning. Oliver is an expert in holistic financial planning for yachties, I asked him if he was able to give me some tips regarding personal finance. Oliver has provided me with some important ideas and suggestions that would be helpful for any crew member in the superyacht sector which I have outlined here. However, Oliver did also explain to me that every person is different and unique in their needs regarding financial planning. So, in order to get the best advice tailored to your specific needs, he recommends you contact one of UAM’s advisers to begin the journey.

  • First of all, Oliver told me that it is important to prioritise your financial goals, to achieve where you would like to be in the future. If you know where you are now and your final targeted destination, a financial planner such as Oliver is able to give customised advice accordingly.
  • Oliver also mentioned that it is very important to yachties that your financial planning is tailored to your specific needs.
  • Apart from the above, Oliver highlighted the importance of thinking about your short, medium and long term needs. Short term needs, might arise when you break your leg or when another debilitating event happens unexpectedly. Likewise, you should consider what you will do next if you quit your job next year or what happens to your career when you fall in love?!
  • To cope with these types of “what if’s”, Oliver pointed out the importance of ensuring you have an adequate emergency fund of 6-12 months’ salary to cover any worst case scenarios.
  • Regarding retirement, Oliver emphasised the importance of where and when you would like to go on shore after your yachting career. If you did not think about this yet, Oliver is able to give retirement planning advice to make sure that when you e.g. wish to retire earlier than normal state pension age, your future planned income will allow you to do so.
  • Moreover, I heard that while working on a yacht you should definitely consider tax advantageous options modified to your residency and domicile.
  • Another tip Oliver gave me, is to increase your wealth with a diversified, managed investment portfolio. Yachties are able to choose from the 40,000 separate funds offered through UAM, to ensure that you are getting better growth than that from a standard bank account. UAM have a team of Discretionary Managers actively managing your finances to ensure that your invested in the right place at the right time.

If you find it hard to deal with these topics alone or would rather get help with financial planning, you might consider speaking with a personal financial planner to do the job for you. Oliver from UAM would be happy to assist you and thanks to his enthusiasm for educating yachties about financial planning and also helping them to achieve wealth management in the long run, he is able to give you lots of advice about all of these topics.

So how does it work? You can call or email Oliver to have a no obligation, exploratory chat. Afterwards, Oliver likes to personally sit down and talk with you on a regular basis. Depending on the level of service you require and your needs, the original financial plan will be reviewed accordingly and ongoing decisions made. Typically Oliver likes to meet up with his clients every 6 – 12 months on their yacht or via Skype/ Telco. This can change from client to client of course.

So make sure your income is protected and serves you in the long run!