Intergenerational Wealth
Expanding family groups
2 min read 4 Dec 23
Our platform allows for family linked groups to combine their portfolios and benefit from a linked discount. With the shape and dynamic of the modern family changing and becoming more blended, we’ve changed too.
We’ve expanded our definition of family groups to include cohabiting partners and step relations, in addition to parents, grandparents, spouses, civil partners, children and grandchildren.
This makes it one of the widest-ranging family linking services available.
The benefits of family linking
Family wealth can be managed easily in one place and still suit each individual’s needs.
Our family linked discount may mean savings on platform charges as these are calculated on the combined value of individual accounts. Family members with smaller portfolios such as children and grandchildren with JISAs may be able to avoid the monthly minimum charge. Savings on charges means more money to invest for the future.
See how family linking could save Anne's family £448
Without family linking each member of this family would pay an individual platform charge. By creating a family group their combined total charge is 0.29%, a total saving of £448 in charges.
Anne
- Assets worth £100,000
- Saving £12
Sam
Anne's Partner
- Assets worth £150,000
- Saving £17
Sally
Anne's Mother
- Assets worth £200,000
- Saving £23
David
Anne's Stepfather
- Assets worth £600,000
- Saving £70
Tom & Sky
Anne's Children
- Assets worth £6000 each
- Saving £163
The above example is for illustrative purposes only to show the discounts possible by linking accounts together. It assumes that the values for each family member remains the same throughout a 12 month period. The discounted platform charge achieved by the family in this example is 0.2883%. The discounts for each family member and the total has been rounded to the nearest £.
We do the hard work so you don’t have to
- If you want to link family groups just let us know and we will set this up. Contact the M&G Wealth Platform support team on platformsupport@mandg.com or 0345 076 6140 and we’ll take it from there. Additional family members can be added at any time.
- Please be aware, linked family members will need to share the same financial adviser.
- The award winning M&G Wealth Technical team can also support you with expert help in relation to gifting and inheritance tax planning (especially when used in combination with our IHT Modeller tool).
For lots more ideas and resources, visit our dedicated M&G Wealth Platform Family Wealth Hub here.
The following are eligible for family linking:
- Spouses, civil partners*, cohabitees, parents, children**, grandparents, grandchildren and step relations of the client.
- Trusts - where the client or the client’s family members listed above are the settlor of the trust.
- A 3rd party SIPP product - where the client or the client’s family members listed above are the SIPP member.
- A 3rd party bond - where the client and/or the client’s family members listed above are the bond holders or settlors of the bonds held in trust.
- Corporate accounts - where all the shareholders in the company are eligible for family linking as above. For example, a Limited company owned solely by a married couple.
- Each client has to have the same financial adviser.
- Our definition of children includes step-children and adopted children.
* as defined by the Civil Partnership Act 2004
* *may also include step children
The information contained in this page is for professional Financial Adviser use only. If you are a private investor, please visit the Private Investor section or contact your Financial Adviser for more information.