Josh and Mandy, a local couple, reconnected with us after Mandy had initially sought advice for her parents' care planning. They were already working with a financial adviser but felt the approach was too investment-heavy and lacked a personal touch. They wanted a financial plan that aligned with their life goals.
Josh, having left a salaried position, now runs a successful consultancy practice, enabling significant pension contributions and wealth building opportunities. Mandy works alongside him in the business.
Meetings – Hybrid of online & Face to Face.
Josh and Mandy had around £750,000 in pensions managed by their previous advisers, but they were unclear about what this meant for their future. Josh wanted to know how much they needed to feel financially secure and to ensure he wouldn't have to work again if he chose not to. They were passionate about travel and wanted to balance their finances to support this passion without compromising their future security. Ultimately, they sought confidence that their financial future was secure and the "wolf" was no longer at the door.
We started by getting clear on their current and future spending needs and identifying how much they could contribute from the business. Together, we created a financial plan aiming to make work optional within the next five years, even though Josh plans to keep working.
Our cashflow modelling showed that with their existing assets, they were on track if they made annual pension contributions of £30,000 each. We also assessed the necessary level of investment risk to achieve their goals. Additionally, we consolidated their various pensions for simplicity and designed a bespoke investment portfolio that aligned with Josh's geographical preferences. We also addressed their protection needs, ensuring Josh's ability to work wasn't a single point of failure in their financial plan.
Josh and Mandy made lump sum pension contributions of £60,000 each from their business, resulting in a corporation tax saving of £31,800. They also contribute £3,000 monthly to their pensions, saving an additional £9,000 annually in corporation tax at a 25% rate. More importantly, they now have peace of mind knowing they are on track for financial security.
They benefit from lower-cost investments, which saves them significantly each year. Understanding their required pension contributions has given them the freedom to increase their travel spending over the next few years, knowing their future is secure. Josh and Mandy now have confidence and clarity over their financial future, empowering them to live the life they truly desire.
