EXAMPLE CASE STUDY
Planning For Retirement
Alan & Laura came to Welby & Associates due to a recommendation from their accountant who had suggested they make a pension contribution as their business had been profitable.
Previous financial planning had been sporadic and both Alan & Laura described themselves as being ‘overwhelmed’ with pensions, investments and their private and commercial mortgages. Having no idea where to start, they had avoided any financial planning altogether. They had two main objectives: to clear their mortgage by the time Alan attained fifty years of age, and pass over the day to day running of the business so they could spend more time in the west country.
Glenn dealt with our initial query promptly and efficiently; we only had a few days to make the pension contribution as we needed to close our year end. With this initial time sensitive matter out of the way, Glenn took the time to learn more about what we wanted to achieve in our lives.
We run a jewellery business that specialises in exporting to the Middle East. Our income can vary widely, as our materials are expensive, and we rely on a small number of high value contracts which arise inconsistently.
We do not consider ourselves to be wealthy people, but Glenn showed that based on cautious assumptions we were well on track to achieve our financial goals. He consolidated the information on our various plans and overall financial position into a single sheet of paper. This level of simplicity was really valuable, and a huge comfort.
In addition, Glenn made several recommendations to help us increase the efficiency of our plans. Firstly, recommended that we offset our mortgage which reduced our outgoings but retained the necessary liquidity for stock and materials. He helped us to understand our pension and retirement savings, recommending a lower cost plan with a far simpler and understandable investment strategy. His analysis showed that by stopping regular pension contributions, and only making these in our best years we could retire earlier, and at lower total cost to us.
Overall, the advice has been invaluable. It has given us the confidence to focus on our business affairs knowing that once a year Glenn will help us to do the things we need to do to stay on track of our long term financial plans.
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.