Background
Robert and Linda have three children. Robert is a busy IT Consultant and Linda owns a florist. They had taken advice regularly from their bank and as such had accumulated a significant number of different financial products and were unsure whether it all amounted to a plan or not.
Our approach
Robert & Linda came to us on a personal recommendation from a friend and took advantage of our initial consultation which is at our expense. Following this meeting we conducted a full review of their existing products. This showed that the couple had a number of investment products with high charges and modest returns as well as a number of insurance contracts that provided insufficient cover for them and their three children in the event of illness, loss of income or death.
We discussed in detail their short, medium and long term objectives, their risk profile and realistic insurance requirements. A complete financial plan was then produced that enabled the couple to understand:
- What age they could retire at and define the income required to meet their lifestyle goals
- What the correct level of insurance was to ensure their family was financially secure in the event of death, serious disability or illness
- How they could afford the cost of further education for their children
- How to best ensure the wealth they had worked for could be passed tax efficiently to their family in the event of their death
The plan is reviewed every year to ensure it remains on track and to take account of any changes to personal circumstances, legislation and investment returns.
The outcome
Robert and Linda are delighted they have a clear picture of what the future holds for them financially, including when they might retire.
