John and Linda were initially introduced to after responding to a telesales campaign over 20 years ago.
They had an existing financial adviser through their accountant, who had put in place a number of products over a period of time. However, there was no overall strategy in the client’s financial planning.
As a result, the client had built up a ten-foot-high stack of financial paperwork that they had accumulated over 30 years. Although this was arranged in both alphabetical and date order and beautifully filed in 3 filing cabinets, the client had no idea of exactly what they had in place. We reviewed the whole situation and developed a strategic financial plan that provided a roadmap for their retirement.
The first step was to go through all the paperwork, keeping only up to date and relevant documents – filing what was left in to one easy to read file. We also produced a clear Policies in Force schedule, which detailed all of their finances on one sheet of A4 paper.
We found that they had a large number of deposit investments earning little or no interest – so much that when we invested the funds in competitive interest paying account, the interest received was more than Linda had been earning previously.
We found pensions where the annual charges were more than the amount being paid in, and others where there had been no growth for years and no potential for growth in future years. They were not taking advantage of ISA allowances, their full pension allowances and had no Wills or Lasting Powers of Attorney in place.
We made sure that everything was brought up to date with new Wills and Lasting Powers of Attorney and simplified their pension and investment to providers with lower charges, better potential for future growth and more flexible withdrawal options at retirement.
Since our initial meetings, John and Linda have sold their business and retired – they are now enjoying their financial success by taking holidays, looking after their grandchildren and participating in the hobbies they have never had the time to enjoy. And Foresight’s pro-active approach means that they do not have to bother about the financial side of their life.
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