David called Agile after seeing our pages on social media. He is a successful business owner, having managed to build a good amount of capital both within his company and his own personal situation.
He had seen other financial advisers in the past and still had a portfolio of investments and pensions with one of them but was concerned that the relationship was not pro- active, resulting in missed pension and ISA contributions. What he really wanted was a clear strategy for his wealth and an understanding that his financial planner is on hand to actively manage his investments and tax allowances, providing more support for a building portfolio and successful business.
In this case David was busy man and just wanted to initially ‘send us his stuff’ to let us take a look at it. We duly did. Immediately we could see that the investments had no strategy, with a mix of very specific investment funds that had not performed particularly well.
We let him know our thoughts and that we should really look at the whole picture. He found us the time and we held the financial life meeting, looking at his achievements, views on money and plans for the future of his family and business.
It was clear he understood investments, was prepared to take risk and had a vision for the future. We wasted no time in preparing a detailed plan, cash flow model and projected net worth statement. This case was clearly all about helping to build a large amount of wealth in a tax efficient and controlled manner, but required a full review of the existing investments so that we could compare them to what is available from across the market.
We felt that his existing investment platform was absolutely fine. We aren’t in the business of fixing things that aren’t broke, so we kept it. We recommended an investment approach on the platform that reflected an asset allocation strategy in line with his risk profile. As he wanted to be kept informed and make investments changes more quickly than at our annual progress meetings, we recommended our active service with a quarterly investment review.
We also recommended a strategy to ensure that he could make use of the tax efficiency afforded to company pension contributions, including being able to carry forward his unused pension contribution from the last tax year. We agreed to work with his accountant to discuss his personal and company tax situation as well as recommending a strategy to ensure that the company can be managed in the event of his death or illness.
David now feels much more comfortable that his financial affairs are in better order. We discuss things regularly and he feels comfortable using us as his financial sounding board and wealth partner. One of the most assuring things for him is dealing with other business owners, who have the experience of running a company and understanding of the risks involved.