Given Gerald’s professional background, he has always been comfortable managing his and Margot’s financial affairs. However, following their recent move away from the hustle and bustle of the city and the more relaxed pace of life that living in a smaller property brings, Gerald no longer has the enthusiasm he once had for managing their finances.
Margot is also concerned that whilst Gerald has managed their personal finances well, she is not fully confident in her understanding of their finances and is concerned about the financial impact on her should Gerald die before her. Gerald and Margot are both in good health, however they are realistic about the potential problems as they get older.
Both of their children are financially independent and have their own successful careers, however Gerald and Margot would like to make gifts to them to help with their mortgages. They would also like to help their grandchildren with university fees.
As Gerald and Margot are new to the area, and have not previously sought financial advice, they were intrigued to find an advert for NW Brown in their new Parish Magazine. They like the idea of working with a company that is local to them and were pleased to be able to arrange a meeting at a convenient time and location.
After an initial meeting and factfinding session with one of our wealth managers, we were able to provide Gerald and Margot with an overview of their investments and their income position so that they have a greater understanding of their financial affairs. We provided a financial planning report which created an investment strategy and outlined how Gerald and Margot could draw a regular income from their portfolio in a tax efficient manner and manage their inheritance tax liability.
Additionally, we discussed with Gerald his potential lifetime allowance and tax-free cash entitlement with respect to his Self-Invested Personal Pension (SIPP) and his upcoming 75th birthday. We outlined how Gerald could gift his-tax free cash to his children and grandchildren.
By managing the funds within Gerald’s SIPP and their ISAs, we were able to take away the administrative burden from Gerald and the uncertainty from Margot.
With regular reporting, access to NW Brown’s online Client Portal and a scheduled regular review meeting, Margot and Gerald now have the confidence that should anything happen to either of them their finances are secure and there is a dedicated wealth manager who can help.
For reasons of client confidentiality some of the information in this case study has been changed.