Imagine | Winter 2025
A digital magazine from Irwin Mitchell
Imagine | Winter 2025 A digital magazine from Irwin Mitchell
Imagine | Winter 2025
A digital magazine from Irwin Mitchell
THE IMPORTANCE OF FINANCIAL PLANNING
after a serious injury
We think about financial planning early on when our clients have sustained a serious injury. They are often still in hospital, unable to work, and have concerns about how to pay their mortgage or their bills.
Our in-house financial planners and financial advisers are on hand to help you plan your future. Their support can cover:
A free financial health check
Managing interim payments
Pre-settlement advice
Investment advice to help you manage your settlement
Tax Advice
Our financial planner, John Riley-Dibb, discusses the support he’d typically provide a client after a life-changing injury.
What support would you typically put in place for a client at the very beginning?
Often after an injury, clients worry about their finances. Our initial meeting can provide stability and peace of mind with the client knowing we are looking after their ongoing financial needs. We may provide them with an example of the typical financial structure we arrange for clients, including the use of a Personal Injury Trust if appropriate.
What does an initial financial health check include when you first meet a client after injury?
The Financial Health Check is a service we provide to clients before they receive their settlement. We get a good understanding of their current financial position and identify any potential shortfalls that we may be able to help with. This may include budgeting, managing debt and accessing existing protection policies or pensions.
What support do you offer clients around managing interim payments during their claim, so they have provision for treatment, therapies and additional items they may need to support their rehabilitation or new circumstances?
Working closely with the solicitor, we establish what our clients’ financial needs are to ensure that interim payments are held and used wisely. We also work with Case Managers post settlement. Their input allows us to financially plan, ensuring our client can continue to focus on their rehabilitation.
How do you support clients with managing their settlement when it arrives?
Clients are usually relieved when their claim is over, but it can also be overwhelming. Ideally, we aim to meet our clients before settlement to stop them worrying about what to do next. This helps to build trust and gives our clients confidence that, as financial experts in personal injury claims, we can help them manage their settlement, providing financial stability for the rest of their lifetime.
How do you help clients to plan for bigger purchases, like a new house, and how involved are you in the process?
Understanding our clients’ financial needs in the short and long term allows me to understand how much can be allocated when planning a property purchase. We make sure clients know how much can be spent on the purchase, including the cost of legal fees, Stamp Duty, and adaptations, without it being detrimental to their future.
What conversations do you have with clients around long-term financial security and what things should people think about?
After establishing a client’s income, typical expenditure and one-off expenditure, we can illustrate how long their settlement may last. This is informative and provides peace of mind, whilst also highlighting the impact of excessive spending.
What do clients need to consider around securing their finances for their family and children as well?
We discuss all areas of financial planning. Savings and Investments are usually a client’s financial priority after settlement. We also establish if they need advice in relation to Protection, Pensions and Inheritance Tax. We refer clients to other teams for advice around matters such as Wills, tax returns, cohabitation agreements and conveyancing.
What ongoing support do you provide to clients after their settlement has been invested?
Each year, we meet with clients to review their financial position and make any changes that are needed, ensuring that their financial plan remains suitable for them and their current circumstances
Do you have any top tips for clients who may be seeking financial advice after a serious injury?
When discussing finances, it’s best when clients are open and honest about their thoughts, needs and plans. This allows us to tailor our advice to them now and in the future.
The service we received from John was first class with a family-like, caring attitude.
Michael, our client
Legal support
Whatever stage you’re at in your personal injury claim our financial planners are available to discuss your situation and help you to secure the future for yourself and your loved ones. To find out how they can help you, please reach out to our caring and professional team.