Why bother digging up old policies?
We have launched our initiative to provide Free Financial Guidance for self-employed individuals this week, and we are extremely pleased with the outcome of a very recent review undertaken by Shabab Gulfraz, our corporate Chartered IFA.
A long-standing client of Simpson Wood Chartered Accountants was referred to Shabab for initial guidance, and a review of corporate financial planning matters related to the business year end.
The initial meeting was to undertake a complimentary health check, and review what corporate actions the business needs to take pre year end with a view to managing the profits in a more tax efficient manner. The second reason for the review was to discuss the director’s personal financial affairs with a view to understanding more about the person behind the business, and what the future looks like in 10 years based on current savings and investments.
The individual highlighted to Shabab he has had pensions, but with very little value. A real concern existed relating to whether there was sufficient time, and ability to make up for lost years. No Financial Adviser had reviewed or talked about the old pension pots in a long time, and the client felt they will not have a real impact on finances going forward. The general consensus was to maximise pension contributions per annum from now until retirement with a view to making up lost time. It was suggested by Shabab that we still try and find these lost pension plans, and agreed to dig deeper before the review is concluded.
Step forward circa three weeks, and those plans with little value turned out to have a value of around £180,000!!! Needless to say, this has had a huge impact on the individual’s retirement plans. To add icing to the cake, step forward another week or so, and our client has found a savings pot, set up when he undertook a mortgage a long time ago with another £14,000 of savings.
No doubt these savings were in the background, but had no action been taken, then they might have been lost forever. A massive congratulations to our client for taking stock, reviewing their financial planning needs and having a further £194,000 of savings to invest and grow for their families future.
We would welcome any individual or business that feels they require advice on their individual circumstances to contact us directly at: firstname.lastname@example.org, or via telephone on: 01484 534431. Please get in touch during Financial Planning Week 5-9 October 2020 to take advantage of this offer.