Mr Client: 44, Business Owner, married with 2 children, aged 4 & 7
Background (at outset)
Home: €400.000
Various Pensions: €160,000
Cash: €20,000
Shares: €15,000
Challenges:
1.
Working increasingly long hours which is affecting my family life
2.
Concerned about the current economic difficulties and how they will affect my family’s future.
3.
Concerns about the performance of my investments and the impact this will have on my retirement. Frustration due to the lack of communication from providers.
Solution:
1.
By building a Financial Plan with the client we established the ‘Number’ required to fund his desired lifestyle.
2.
By having a Financial Plan based on agreed assumptions, which is reviewed annually, the client could make informed choices regarding his finances.
3.
We reviewed the clients existing arrangements in terms of costs and benefits including investment performance. We consolidated three existing pension arrangements into a Self Directed Personal Pension.
The Results:
1.
In identifying this ‘Number’, the client then realized this was very achievable with the right strategy in place, thus allowing him to reduce his hours to a normal working week.
2.
The client felt in control of his financial affairs for the first time.
3.
This fee-based transparent arrangement reduced investment costs and returned control of the investments to the client, whilst taking account of his risk profile.
