THE PROBLEM
Greg is 55 and his wife, Anna is already retired from her career as a teacher. Greg has been a commercial airline pilot for many years, a job he loves but is finding elements of the role tiring now. Greg was previously in the RAF and always has a story to tell!
Greg, his wife and their four nearly grown up children aged between 16 and 25, enjoy a comfortable lifestyle with a lovely home on the South Coast and a holiday place in Italy too. The problem is that they live to their means, and always have!
Greg came to see Blue Sky after finding us through ‘Vouched For’, prompted by the desire to retire and the belief that he needed to work for perhaps the next 5 – 8 years but maybe on a part-time basis. Uncertainty and a need to understand their options is what drove their need for professional advice.
With an eclectic mix of pensions, investments and assets accumulated over time, and with a little inheritance from Anna’s mum, there was disjointed wealth but no real plan as to when Greg could step off the corporate treadmill, reduce the daily stress associated with the pressures of work and transition into a different pace of life.
THE SOLUTION
Here at Blue Sky, we understand that people are often driven by their experiences, peer discussions and even media influences. Very quickly Greg and Anna were building rapport with our advisors Martin and Tammy – to the point were they felt comfortable sharing their greatest fear; running out of money or not being ready for unforeseen situations like care fees.
To alleviate these fears, Greg and his wife needed to understand their options fully so invested in our Comprehensive Financial Planning. This began with some really key questions to help clarify how Greg and his family wanted to live the rest of their lives. In harmony with their financial information we set about creating a stronger emotional connection to their financial position and what was possible in the future. The team at Blue Sky mapped out several scenarios to help Greg and Anna understand the realities of the situation and how the planning is the springboard for greater fulfilment.
Comprehensive Financial Planning created understanding, choice and motivation. It also:
Created an active discussion about their options and by mapping out various scenarios. Greg and Anna were able to see how particular big decisions would affect their financial future and well-being
Allowed us to review spending patterns and to map how relatively small changes can make a huge difference over time, allowing them to enjoy their money whilst they have their health…importantly, with confidence
Helped us evaluate their investment portfolio and lower the risk they thought they had to take
Enabled us to discuss their pension plans in the context of how they wanted to live their lives. We were then able to construct a strategy as to how and when benefits were taken
Aided our considerations around the needs of the children over the next 10 years and into the future so that the big-ticket items such as weddings and house deposits were planned for – for Greg and Anna it was vital to be able to gift money at the right time.
The Comprehensive Financial Planning experience was the first time they had ever fully reviewed every aspect of their finances in their entirety. They admitted that previously they didn’t understand a lot of the terminology, particularly around pensions and as they say “they were wondering around in a fog!” The results of Comprehensive Planning were astonishing to them. They embraced the various scenarios and chose to implement some of the suggested changes. They now feel confident and relaxed enough for Greg retire next year.
FULFILLING FOR ALL CONCERNED.
This client scenario is designed to assist you in developing your own strategy where appropriate. Among other things, you will need to consider eligibility and timings of any financial changes, and also the impact of charges (i.e. initial fee and ongoing fees, including administration fee and an annual management charge), as relevant to the product(s). This case study does not constitute financial advice or guidance. If you would like to discuss your personal situation, please contact us.
