As businesses compete to recruit and retain executives in the midst of a global skills shortage, the ability of employers to look outside the square with respect to the support they provide key personal is critical.
It is not uncommon to have key executives neglect their own financial affairs, in particular matters with respect to taxation planning, asset protection and succession, as a consequence of their commitment to their employer.
It is generally accepted that with each step up the ladder, not only does one’s income increase, but so does one’s responsibilities, both to the company / business and to outside parties.
Further, the recent changes with respect to taxation (the only certainty in life) and government policy (consider the many election promises made) suggests that a regular review of existing strategies for those who have considered their financial position is essential.
Just as business owners and shareholders consider their own financial position in making decisions, they should also consider the position of their senior executives.
What Does The Executive Health Check Entail?
An Executive Health Check provides the executive with a comprehensive and confidential report on matters such as:
- identification of and advice on tax issues;
- identification of risk exposure;
- suggestions on optimal structuring for wealth protection and tax efficiency;
- advice on the structure of salary sacrifice arrangements; and
- review of and advice on your family’s estate planning position.
Why Should The Business Owner / Company Arrange For This Service To Be Provided To Their Senior Executives?
Providing this service to senior executives provides significant point of differentiation in a competitive employment market. Most importantly an ‘Executive Health Check’ enables executives to maintain their focus on your business by removing the distraction of any concerns they may have in regards to their own financial affairs.
If you would like us to conduct an Executive Health Check on your senior executives, please contact your local Moore Stephens office.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.