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How we can help with your personal financial planning

Here are some examples of how we can help:

Holistic planning for a young family

Steve and Clare are in their 30s and purchased their home five years ago. Steve is in full-time employment and Clare works part-time. They have two young children. Steve is a member of his company's contributory pension scheme, and Clare contributes through an auto-enrolment scheme with work.

Our analysis included a review of:

  • Current income and expenditure
  • Future anticipated earnings and expenditure (including potential university fees)
  • Target income in retirement

Our evaluation

Additional savings will need to be made in order for Steve and Clare to achieve the capital required for their future outgoings and in order for them to retire at age 60.

Their main priority at the moment is providing for their family should something happen to them. Steve has life insurance through work of 4 x salary, but will only be entitled to statutory minimum benefits should he fall ill while at work. Clare has no protection.

We discussed with them to different types of insurances and cost of contracts and we were able to implement a cost-effective contract for them to provide a level of on-going income and a lump sum should something happen to them.

We have agreed to review their income and outgoings with the objective of saving to achieve a capital sum with capital growth in the near future.

Saving for the future

Tony and Karen are in their 40s and have two children aged 10 and 12. Tony and Karen expect to pay off their mortgage in 7 years.

Tony is a member of his employers defined contribution pension scheme which matches Tony’s pension contributions of 5% of his salary.

We discussed with Tony and Karen their income requirements in retirement and also their cash flow requirements over the next few years, as both their children will be looking to go to university.

However, Tony and Karen are keen to increase their pension savings (maximising the tax relief available) and we have built into the financial plan increased pension contributions once the mortgage is paid off.

They have built up ISAs over a number of years, however, the majority of these are in cash ISAs.

Following our review, it became apparent that these funds were to be used for their long-term saving, not short-term saving, and therefore a diversified portfolio was compiled in order to provide for the potential for long-term growth.

Retirement and Inheritance

Simon and Liz are in their 60s.

Their objectives are:

  • passing their assets to their children in the event of their death
  • retaining control of the assets to make sure they do not run out of money themselves!

They are in receipt of a number of private and company pensions and when we met with them, we discussed their income needs and also lump sum requirements - they have a daughter who is looking to get married in the next year or so and they will be putting some money towards this, as well as helping their son buy his first home.

Therefore, they are keen to ensure that they protect themselves and their income. We helped structure their assets in such a way as to provide them with tax-efficient income, while at the same time providing them with the flexibility to draw further funds if they need to, while providing inheritance tax mitigation.

Simon had elected for drawdown on his private pensions to provide him with flexibility and to also provide income for Liz should something happen to him, and by reducing the income drawn from these and by increasing the income from his capital portfolio, we were able to reduce his income tax bill and also provide greater flexibility for his beneficiaries should something happen to him.

We mapped out their likely income requirements over the next few years.

Simon and Liz are also planning to take the family on a holiday for their 40th wedding anniversary in a couple of years and once we had compiled a comprehensive financial plan for them, they realised that this could be built into the financial plan and it should not have a detrimental effect on their long-term savings or income.