Future Planning Wealth Management has expert knowledge and systems in place to work with clients in helping to exit their business. This lady was referred to us by a client that we currently work with.
Having worked in her business for 30 years, she had built up these assets:
Some of the work involved:
Meetings were held to accurately obtain both personal and company figures in full, and to clearly understand goals. Once this process had completed we ran the number crunching exercises, together with understanding the existing pension schemes 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 approaches and the recommended route.
It was important to write to the existing SIPP pension provider to understand what the money was invested in. It was important to have a high level of knowledge of both company and personal figures, which by liaising with the Company Accountant sped up this part considerably to then begin to formulate exit strategies.
We presented a clear picture of both what the current position looked like and future position will look like, including answering "is there enough money to live the lifestyle desired at retirement". There was not unfortunately however with some recommended alterations to the current scenario, she would have more than enough money available. These changes included:
As a result, we showed the client how these changes meant that there would be:
We recommended the client check a couple of the income figure variations with the Company Accountant to provide additional peace of mind and the changes were implemented shortly afterwards, with the Accountant fully backing the changes. 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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