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| Case Studies - Case Studies |
Summary:A retired executive needed to work out whether he had enough put aside to continue with his lifestyle in retirement and also whether he could afford to purchase a property abroad. By creating a comprehensive financial plan we were able to show him that he had enough accumulated to afford to fund his lifestyle and buy the property. We also helped him to simplify his financial affairs. Background:We were approached by a retired company executive who was about to leave employment and needed help to both manage his existing portfolio of assets and to work out whether he had enough accumulated to continue with his desire lifestyle in retirement. Problems/Challenges:The client needed to bring clarity to his financial affairs as he had accumulated a wide variety of investments during his working life. These were diverse and reflected decisions made at various points in his life but were no longer an appropriate portfoliofor the new chapter in his life. He wanted to purchase a retirement property in another country and needed help with managing the funds towards this project. Once these challenges had been addressed, he needed a plan to ensure that he would never run out of money and that his wife would be provided for should he pre-decease her. Our approach:Initially we sat down with the client and his wife to establish their current position and understand their plans for the future. This gave us an opportunity to get to grips with the wide range of investments held so that we could help rationalise them. Once we had got to know what motivated the clients, we were able to create a comprehensive financial plan. This analysed their current and future assets together with the income needed to maintain their high standard of living both in the UK and abroad. This gave the clients confidence that they had enough money put aside and enabled them to go ahead with the purchase of their holiday home. We then consolidated their existing assets both to take an income for retirement and also to make best use of the tax advantages of certain investments. Following this we set up a portfolio to manage the risk of their investments while keeping on track towards their ultimate goals. Outcomes and Impact:The clients had the confidence to go ahead with their retirement plans safe in the knowledge that they were well provided for. They were able to make sense of their current financial situation and also examine the impact of possible future ventures. We were also able to use the fact that the wife was a non tax payer to transfer some assets to her name and create an effective income free of tax for the first year. Continuing Support:Each year we schedule two reviews with the clients. The first is to re-evaluate their financial situation and revise their financial plan so that we can take into account any changes to their circumstances and re-assess whether they remain on target to meet their long-term goals. The second meeting reviews the clients’ investment portfolio and aims to keep it on track towards its goals while taking the least risk needed to do so. Further information: |
