With the burden of school fees being removed, John is now reviewing where he wants to take his career, having worked hard to achieve his goal of being able to afford to put his daughters through private education. John and Tabitha have overpaid their mortgage to work towards being almost mortgage free. They have chosen to maintain a nominal mortgage, as there are benefits associated with it that they feel justify its retention.
Given John and Tabitha’s busy professional and family lives they have never taken the time to focus on their financial lives. As John is reviewing what his working life will look like, both he and Tabitha are now inclined to review their personal finances.
John and Tabitha were referred to NW Brown by a family friend, who has been a client of the firm for several years. John likes conducting business in this manner as referrals have been an integral part of his professional career. The couple are looking to complete their review quickly which will enable them to make decisions in other aspects of their life.
After a fact-finding discussion with one of our wealth managers, John and Tabitha were able to gain a greater understanding of their financial position and the options available to them.
We were able to provide John and Tabitha with a long-term investment plan to manage their excess income to generate capital growth through both capital and income return in a tax efficient manner.
This involved reviewing John’s company Defined Benefit pension scheme that he had contributed to since joining his firm 10 years ago and analysing and consolidating a number of smaller schemes John paid into with previous employers. Tabitha’s teacher’s pension was also reviewed as part of this process. Using cash flow modelling, we constructed a plan to show John and Tabitha how long they would need to save in order to have sufficient funds to maintain their chosen standard of living in retirement.
John and Tabitha’s mortgage was also reviewed. We were able to suggest more cost effective life protection products whilst removing the outstanding burden of the mortgage.
Having consolidated their personal finances into one place, John and Tabitha significantly reduced the time and administrative burden that they take up. With regular reporting, access to NW Brown’s online Client Portal and a scheduled annual review meeting, this has put them back in control.
For reasons of client confidentiality some of the information in this case study has been changed.