Future Planning Wealth Management has expert knowledge and systems in place to work with clients in helping to plan for their future. This client was referred to us by his mother that we currently work with and help with wealth management. He was looking to have a financial review, check whether his strategies were correct, to see if additional growth could be generated and tax could be reduced.
Assets currently held:
Some of the work involved:
Meetings were held to accurately understand full personal details, including a very detailed breakdown of expenditure both regular and one off costs and mortgage figures. Understanding what all of the employer benefits were including company car, nature of annual bonuses, share awards and pension contributions by both employer and employee. It was important to clearly understand the goals so that we could understand the value that we were potentially going to add.
Once this stage had completed, then we ran the number crunching exercises, together with understanding the existing pension scheme, employer benefits including sick pay, death in service and car scheme in a high level of detail, completion of a Risk Questionnaire and an in-depth discussion regarding "capacity and tolerance for loss". Different models were created to show alternative solutions that would improve current situation and the most recommended route, and why. Costs of private school fees, when and the frequency of payments were added to show the effect of these.
We presented a clear picture of both what the current and future position will look like, including answering "will you run out of money in retirement and, if so, when" and also what effect the private school fees would have. There was a shortfall unfortunately however with some alterations, there would be just about enough money available to never run out. These changes included:
As a result, we showed the client how these changes meant that there would be:
The clients were delighted with the improvement in position and having a clear financial picture of understanding what their future would look like. Together with annual forward planning meetings, we continue to keep this family "on track" to achieve their goals.
There are many varying factors to consider, different allowances and vehicles to assist with scenarios similar to the above. No two cases are the same and if you feel you are in a similar position to the above, you are welcome to send an enquiry through whereby we can discuss if we are able to add value to your situation.
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