Business Owner & Executive Case Study
Clients in mid 30s. Combined income of over £200,000 a year. Minimal existing assets. Current savings rate of £2,000 p.m.
Problem
The client referred by their accountant because she runs her own business with significant amounts of cash. Her partner works for a big corporate and both are happy in their roles but want to ensure that they are taking steps towards financial security in the future.
They want to ensure they are maximising their money to build up assets to create financial freedom. The client wants to minimise tax and worrying less about money. They want to be able to make work a choice at 55 and maintain an amazing lifestyle
Both extremely busy with business so doesnt have time to deal with this, and want to outsource this area of life to a financial expert.
Solution
We have produced a financial plan for each client, targeting retirement age of 55 for each.
We have increased savings, investments and pensions each month and put in place keyperson, executive income protection and relevant life insurance policies for them both.
We have also simplified an existing pension, made a lump sum payment from the businesses into their pension fund using carry forward rules and monthly contributions from the businesses into pensions for them both.
We have also had all investments and pensions in one place with a diversified portfolio focused on their goals.
Outcomes
Corporation tax saving over the next 12 months of £19,760, plus personal tax savings on top .
Increase monthly savings from £2,000 to over £6,000 a month, building their assets.
We also created an actionable long term plan for building wealth at age 55 estimated at £3 million.
On target to achieve their goal of financial freedom at 55.
Peace of mind that their earnings are protected so the financial plan will not be derailed by illness, and that the business is protected.
Freeing up their time to focus on the business and their lives by outsourcing their wealth management to an expert.