Meet Simon and Harriet
Simon and Harriet were married. They had two daughters, one who was married, and one grandson. Simon was a GP partner.
What did they need help with?
The couple were a few years away from retirement age. Simon had enjoyed his career and had been totally devoted to his family and the medical practice. He was very much part of the local community, but now wanted the option to focus more on the needs of the family; he wanted to spend more with his wife and was tired of the stresses of general practice. However, they were concerned about their financial security in retirement.
Their married daughter was on a relatively low income and their son-in-law was only able to work part-time due to medical issues. Simon and Harriet wanted to be able to help them.
Finally, the couple had limited investment experience. They wanted to invest their wealth for the long term, especially when pension lump sum was to be taken. They were looking for guidance on how to invest to make the most of the tax system and how to ensure real growth against the impact of future inflation.
What we did
We began with a meeting to discuss the couple’s goals and create a clear financial plan. We provided them with a high level, easily understood overall plan to phase them into retirement.
Like many, Simon had always assumed that when taking his employers Final Salary pension, he should wait until the normal retirement date, thereby avoiding a penalty by taking it early. By having a clear financial plan, and therefore a clear idea of financial needs, we were able to show whether the impact of retiring immediately (two years early) was a genuine option. It became very clear that taking it earlier was more than affordable.
After many, many years of working within a GP practice serving the medical needs of the local community, retirement was an opportunity for Simon refocus on himself and his wife. It’s not easy to put yourself first when you’d been looking after others for 35 years. It can come with guilt; the feeling that you may be viewed as being selfish. We helped Simon to navigate this stage and how he approached this new chapter of life. Helping people move into retirement is about so much more than just the financial considerations.
After retiring early, Simon was able to help support his daughter and son-in-law in attending medical appointments and getting the medical care that was needed. The medical issues were not straightforward, and Simon’s input provided much-needed insight. By retiring, Simon and Harriet could also provide help with looking after their grandson, proving respite for the parents and also opportunity for the daughter to work extra hours to help the family finances.
We were then able to construct investment advice that took account protection against Inheritance Tax (IHT). We used ways of investing that would put a ‘cap’ on the IHT risk to the invested monies, meaning that future investment growth avoided IHT. After seven years, the original money itself was also out of their estate. When they come to die, the list of assets HMRC can attack with 40% tax will not include this wealth.
We were able to use a trust structure which allowed Simon and Harriet to benefit from original capital and the growth. This means they feel so much more comfortable that their hard-earnt wealth would be able to provide for all their future needs.
Since meeting James I truly feel that I have a clear financial plan for the future. That is invaluable to me. James really takes the time to understand mine and my family's goals. I have no hesitation in recommending him.
Wealth Harbour is a safe pair of hands. James has a personal interest in your life and helps make the right decisions for your lifestyle. I have used him for several years and my investments have maintained my requirements.
James understands my family and has given advice tailored to protect my personal wealth for many years. I have been impressed with his knowledge and am confident my finances are in the best of hands.
James has set up for me two family trusts. I now have the security of knowing my lifetime financial security is secure and also my children will be able to benefit from the trusts after my death.
James' work has been very positively beneficial to my financial position in retirement. James's strongest ability for me is his constant goal to "do better" for his clients and keep them informed.
Having lost my husband, I was in a mess. James was brilliant! He never pushed me to make any decisions. I have been 100% happy with the service I have received and would definitely recommend Wealth Harbour to a friend.
James shows a genuine interest in our lives and understands our goals. He has a friendly and professional approach. He made the transfer of my pension a stress-free process. I would happily recommend him.