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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.  

Client scenario:

  • Husband aged 38, wife aged 39 
  • Married with two young children 
  • Employed in a senior function with large company and wife not working as raising children full time 
  • Annual salary £142,000 with annual discretionary bonus of £16,000 

Assets currently held: 

  • Company shares £60,000 (equivalent as shares are in dollars) 
  • Employer provided pension scheme current value £150,000 
  • Home valued at £500,000 
  • Mortgage of £240,000 owing 
  • Personal savings of £20,000 in Santander 123 account at 3% 
  • £140,000 total NISAs held between husband and wife 

Client concerns:

  • Amount of tax paying on income - can this be reduced?  
  • Whether private school for children is affordable 
  • What does future look like and will there be enough in retirement
  • If passed away will family be financially stable

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: 

  • Moving money from Santander 123 account in sole name of wife to benefit from no income tax paid on the interest = over £250 tax saved.  
  • Scheduling amendments to current investments, whereby alternative investments were made and not NISAs to allow for income tax to be reduced for husband, and increased growth potential of money.  
  • An explanation of why not recommending an increase to pension funding, due to accessibility requirements and also various limits.
  • Increasing protection arrangements to ensure that in event of being unable to work due to ill health or death, the family would remain financially solvent using various income replacement policies and placing under the correct type of trust to ensure that Inheritance Tax (IHT) would not apply.  
  • Making sure right amount of cash was available for when required and the excess balance was altered to allow for increased growth potential to help achieve school fees planning.  

As a result, we showed the client how these changes meant that there would be:

  • Increased growth potential for the long term goals with careful risk managed investments 
  • Income Tax savings made in excess of £6,000 per year meaning keeping more of what is being earned 
  • Peace of mind that family are covered in event of anything happening to husband and they would not have to sell the family home 
  • Awareness of when to cease pension funding based on current legislation
  • Enough money to retire at 60, to allow more time to enjoy desired lifestyle without the fear of running out of money
  • Reducing any possible Inheritance Tax (IHT) as an added benefit for family 
  • The ability to send children to private school 

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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We first met Sanjay 7 years ago and since, Sanjay has done a great job of looking after our mortgage, protection, savings and pension planning. We consider him more so a friend now, such is our trust in him, rather than just our adviser. Sanjay was happy

Pete & Jo Wiltshire

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