In each of our case studies, we highlight a specific issue or topic that our advisers have helped clients to manage. 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 and restructure of the client’s pension provision brought about much-needed retirement planning and a change of lifestyle for our client.
What prompted you to seek financial advice?
I’d got to a point in my life where I was ready to take a step back from corporate life and do something else until retirement. But my wife and I felt we didn’t have a clear picture of what we had financially. We wanted to be able to put the money we had already acquired to good use and then make some informed choices about the last part of our working lives.
What, in particular, has your adviser helped you with?
I had a combination of defined contribution and defined benefit pensions from both the civil service and the private sector. We also had a number of other pots of money floating around too.
Our adviser helped us to make sense of it all and work out what we had where, and then what to do with it. He gathered everything together and reorganised our arrangements so that I was able to make changes to my working life.
What was the advice process like?
Initially, it was all about information gathering. Our adviser then spent time looking at our cost base and lifestyle to get a good feel for us, our priorities, and likely future needs.
He took a very broad view of things which worked really well – we weren’t expecting it but it was valuable in working out what we wanted to do next, in the long term, and how to get there.
That was really important to us. I’d thought we were just going to have a fairly narrow discussion based on the various pots of money and what to do with them to get good returns.
(For more information on how we work with clients, visit: How it Works.)
What came next?
After the initial ‘sorting out’ I then needed to free up some money. That was done with minimal hassle and quickly. We’ve since gone on to have some more conversations around cashflow planning, tax efficiency and the like. We’ve also looked at our options when it comes to what kind of funds to invest in, why, and how that needs to match to the level of risk we are prepared to take.
We took real confidence from his level of knowledge around the investments themselves and the time and care he took when working out our risk profile.
What made the whole experience stand out?
We both really liked the face-to-face conversations that we had with him at the outset. We found him very, very personable, very interested in the broader picture of what our lives were about.
He gave us the confidence to make lifestyle changes – I’ve now gone into semi-retirement and changed my career direction too. My wife and I both now feel more in control of our finances and we know what we need to be thinking about and doing over the next few years.
The confidence thing is really important. I went into it with what I thought was a good knowledge of what my situation was but now I feel far more knowledgeable and empowered about it all.
My sense is that behind our adviser lies a good organisation that is well structured, has decent processes and capabilities so that really adds to the whole experience too.
It would have been easy for us to maybe bail out after the first meeting and try to do things ourselves but we quickly saw the value that our adviser was going to add and the personal interest he took in what we were up to. It has proved to be the right decision. He was spot-on approach-wise and advice-wise.
Get in touch
If you’re in a similar situation to Andrew, 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!
