EXAMPLE CASE STUDY
Sudden Wealth – How to secure your future
Sharon & Simon had no clearly developed view of their investment priorities. They needed help to manage a windfall following an inheritance since they had not previously had access to such wealth. They wanted to set up homes in the Northern Ireland and Cyprus, and needed to know that they would have enough income to sustain this lifestyle.
The priorities were to pay off their existing mortgage, to renovate their existing home and to buy a holiday home in Cyprus. After this they wanted to ensure that they had enough money left over to fund their future lifestyle.
They were intending to spend a sizeable period of time living in Cyprus each year although they intended to remain UK residents. We needed to make allowance for the fact that they had a potentially complicated tax situation.
They were keen to take the hassle out of managing their money now and in the future so they could focus on living the retirement they had worked so hard for. They wanted to reduce risk as much as possible since they would not be accumulating significant further assets.
We showed them the amount needed to secure their desired future lifestyle. We examined the implications of making all the changes to their lifestyle such as buying their second home.
Their plan meant they could easily understand their options. This allowed us to examine some scenarios and to explore ways to improve their position. We created an investment plan to generate a flexible income to fund their future in a tax efficient way, whilst taking the least risk necessary to achieve this.
We also helped them to realise that they had enough assets and therefore gave them the chance to improve their situation and also assist their children financially, all while taking less risk with their money. We helped them to arrange low risk investments so that they could achieve income and have the flexibility to withdraw money as needed.
Each year we revise their financial plan so that we can react to any changes and re-assess whether they remain on target to meet their long-term goal of security. We also examine their investment portfolio and aim to keep it on track towards its goals while taking the least risk needed to do so.
As our clients typically demand the utmost confidentiality the information in this case study is not based on any individual and acts only as an example of how we could potentially help.