Financial planning for young family | Case study

Background

Thomas and Carla are married and work as a dentist and a doctor.

The couple both have large and sufficient guaranteed Final Salary pensions to provide for their retirement. They sought financial advice due to concerns about tax-efficiency, seeing as both their incomes are over £100,000 per year. They were also concerned about financing their children’s private education and potential university costs.

What did we do?

We got to know Thomas and Carla and discussed their worries, as well as their aspirations for the future.

Seeing as the couple have excess income, we recommended that they both maximise their annual ISA allowance and invest £20,000 each into stocks and shares ISAs, as well as investing in a portfolio of funds for long-term investment growth.

When planning for their son’s education, we recommended that Thomas and Carla invest in a regular premium offshore bond. Offshore bonds grow free of any tax and can be assigned to anyone over the age of 18.

With university fees at £30,000 per year, including living costs, we recommended that Thomas and Carla should invest £300 per month over 15 years. In 15 years’ time, this could be assigned to their son, who can encash segments; the gains should fall within their personal allowance and be tax-free.

The results

Thomas and Carla now feel much more confident after implementing a structured financial plan that focuses very much on preparation for the future.

Seeing as their pension funds are linked to their salary, there was little that could be done in terms of avoiding tax penalties. However, the couple is pleased with their new investment and savings structure; it will ensure that their money is working as hard as possible for them.

We are highly recommended

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My late husband looked after our financial affairs; when I was widowed, I was recommended iWealth. Andrew quickly took on board my changed circumstances and understood my needs and those of my two daughters (aged 25 and 27). He was able to give welcome advice during what has been a very difficult time for our family. I have been able to resolve some complicated issues related to the closure of my late husband's estate. I have also received Inheritance Tax planning advice and recently my youngest daughter received excellent service from Andrew regarding a mortgage application and associated matters following her first house purchase. I can only praise the personal service I received and also want to mention Teresa, the office manager, who is exceptionally well-organised and efficient.

Marian, North Yorkshire

A client since January 2017.

I was looking to retire but was not sure what my options were, or the best way to proceed to get the maximum value on retirement. Upon reviewing what I was trying to achieve, Andrew pointed out the pitfalls and reviewed the best solutions for my current position. When it comes to monies and being able to live after work, things can become very cloudy; Andrew is helpful and patient.

David, Leeds

A client since September 2016.

I would like to take this opportunity to thank Andrew for his help and advice dealing with my mortgage. I would recommend Andrew for his friendliness, truthfulness and his effort to help me and my family. Once again, thank you.

Louise, Sheffield

A client since April 2017.

I have known Andrew for a number of years now and he has always ensured that I am fully clued up on the advice he is issuing and that the products and service are to my requirements. He has never attempted to push me into something that I consider unfavourable for my requirements. He’s a very personable man who I now consider a friend.

Richard, Barnsley

A client since October 2010.

I have seen a couple of financial advisers over the years, so I was a little sceptical. Andrew put me at ease, explained his advice process, how he worked and wrote a proposal for my consideration. This was excellent as I was not under any pressure to proceed and it put me at ease. I knew exactly why Andrew had made his recommendations and what the benefits and outcomes were for me. I cannot recommend Andrew and his service enough. Andrew, you are a credit to your industry.

Norman, Driffield

A client since September 2010.

Andrew is an excellent adviser, very friendly and puts you at ease. He explains everything thoroughly and he is also very flexible with appointments. I will be working with him in the future.

Joyce, Doncaster

A client since December 2013.

Andrew and Teresa have been wonderfully personable and professional in helping my husband and I to secure a mortgage and life insurance. We had slightly unusual employment arrangements and other personal circumstances which made our application unduly complex, but Andrew and Teresa calmly and capably guided us through the process. We are incredibly grateful for their patience and hard work and we would highly recommend iWealth to anyone in need of such services!

Louise, Sheffield

A client since February 2017.

Andrew has helped me to arrange my pension fund to provide a balance of growth and income. He thoroughly investigated my attitude to risk, not only to enable him to make appropriate recommendations but, I dare say, to save me from myself. He has provided me with regular updates and a thoroughly professional friendly service. Ultimately, the performance of my pension fund is what matters and whilst this can never be guaranteed, to date, I am perfectly happy.

George, Tickhill

A client since February 2016.

I wanted to plan for retirement. Andrew reviewed my existing pensions and advised on what to do with them (move, transfer or leave). He also reviewed all our financial investments, savings and tax liabilities, advising us on better products for saving to maximise returns (with an appropriate level of risk) and to minimise tax. As a result of working with Andrew, I am able to retire a couple of years earlier than planned and have paid far less in tax in the years since we started taking advice.

Carol, Petworth

A client since December 2013.

I have used iWealth to help me with my pensions ready for retirement in four years. Andrew has been extremely patient at explaining the complicated variety of pensions I hold (in layman's terms) and the options I have. I would not hesitate to recommend iWealth to friend and family.

Diane, Keighley

A client since November 2016.

Thomas and Carla’s story

Planning for the future of a young family

Background

What did we do?

The results

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