In each of our case studies, we highlight how our advisers have helped clients to attain their financial goals and achieve their ‘whys’ for retirement. We also show how working with a trusted financial adviser provides continuity and peace of mind for our clients.
In this case study, we look at how a review of both clients’ pension provision brought reassurance and support during and after the transition into retirement.
I was in a good job, but there had been a lot of change. I thought maybe it was time to retire. I knew I had a reasonable amount in various pensions – seven in total – but I had no idea how that all added up and how best to manage my affairs.
What was your ‘why’ in seeking financial advice?
Shirley: I was in a good job, but there had been a lot of change. I thought maybe it was time to retire. I knew I had a reasonable amount in various pensions – seven in total – but I had no idea how that all added up and how best to manage my affairs.
I knew I needed help.
What made you choose Flying Colours?
Shirley: I was specifically looking for a smaller firm with a personal and non-salesy approach. I did a lot of online searching to look for the right sort of company that could provide what I needed and was also friendly. There were some really nice comments and reviews about Flying Colours, and so I contacted them.
What, in particular, has your adviser helped you with?
Shirley: Our adviser looked at both our situations. Mine initially, and then Dave’s too. We ended up both retiring at the same time in June 2022. We still haven’t drawn any pension because we had a lot in cash and savings, therefore, we were advised to live off those first. She also suggested that we keep existing Premium Bonds as a rainy-day fund.
Dave: She reassured us that there was no rush in needing to drawdown from pensions and that we really just needed some sort of plan on what to do and how to make the most of what we have got in terms of optimal taxation, interest rates and so on.
The advice process was very rewarding. It’s hard to actually lay yourself bare and tell someone exactly what you have got – you have to be very honest. But in the end, that works to your favour.
What was the advice process like?
Dave: The advice process was very rewarding. It’s hard to actually lay yourself bare and tell someone exactly what you have got – you have to be very honest. But in the end, that works to your favour because you can optimise everything and work out a realistic spending budget and just go through a financial housekeeping exercise.
Shirley: The advice process also made me realise that I know much more than I thought I did. For example, I had already been dealing well with my share options that I had been given at work and am well aware of how markets work and what to look out for. I know more than I thought I did, and that gave me a lot of confidence.
How has the relationship between you and your adviser evolved?
Shirley: The initial contact was to do with my retirement. In the end, we both retired at the same time, and it was relatively easy to incorporate Dave into the process as a lot of the initial work had already been done. His pensions were also a bit easier than mine.
Dave: We’re now starting to look at whether we will be able to leave our two children any money and whether we need any help with IHT and making sure we are aware of the issues around those sorts of things.
Our adviser always makes herself available to us. One of the things we like about her is that she is very good at cutting through the unnecessary bits of detail and getting to the point, defining what is and isn’t relevant to us.
What made the whole experience stand out?
Shirley: Our adviser always makes herself available to us. One of the things we like about her is that she is very good at cutting through the unnecessary bits of detail and getting to the point, defining what is and isn’t relevant to us. We like that she takes the time to go through seemingly little things like the fact that the pension providers will now deal with the tax man, meaning I don’t have to.
She is also good at keeping us up to date with more general stuff like the changes announced in the latest budget and what it could mean for us.
Dave: I feel like we now have peace of mind in terms of knowing that we have enough to live a comfortable retirement and that we have made the most of our pensions and savings. I also like the fact that, were our situation to change, our adviser would know what to do for us.
Get in touch
If you’re in a similar situation to Dave & Shirley, find out how Flying Colours can help you achieve your retirement goals. Book a no-obligation consultation with one of our retirement planning experts today. It’s free and there’s no pressure to work with us afterwards, but after 45 minutes you’ll come away with:
- A clear picture of where you stand with your retirement planning from a qualified financial adviser
- Guidance on potential tax-saving opportunities you might be missing
- An understanding of your retirement income options and drawdown strategies
- An initial assessment of your pension arrangements
- Professional insight on whether you’re on track for the retirement you want and what you may be missing
So what have you got to lose? Book a consultation today!