Age: 64 & 64. Profession: Director and Co-owner of a Pharma Co & Home keeper. Primary Goal: To know if their financial future was dependent on the proceeds of the sale of the business or not.
They owned several homes for work and leisure, one they rented out. George liked to collect supercars.
George & Angela had a son, Paul, aged 32, who was an LBGTQ environmentalist. George was not expecting to have grandkids.
George was referred to his planner by Mary's stockbroker (see case study 3). The stockbroker ran half of George and Angela's financial assets. The other half had been run by an IFA who had lost significant sums in what turned out to be rather a reckless attempt to correct a risk anomaly and time the market, switching from stocks to bonds at the foot of a market crash.
George was in negotiations with his business partner about retiring, and potentially his partner buying him out. The conversation was tense, sensitive, and protracted. George and Angela had substantial financial assets and property assets. For the negotiation, George wanted to know how important his business assets were in supporting the sumptuous lifestyle they were both accustomed to.
Retirement appeared to be a cliff edge for George. He was worried about spending all his time with Angela. Their marriage wouldn't survive it. Especially if Angela knew how much they had in savings. He was worried that she might do as other friends had done and filed for a divorce. George wanted to exclude Angela from the financial planning meetings.
George told his planner, "I'm not going to take matrimonial advice from my financial adviser."
George's questions were:
The first step is I insisted that Angela join us for the goal-setting sessions. Both George and Angela described their values, talents, and what their favourite future looked like, while the other listened without interruption. Later commenting on their thoughts. At the end of the goals session, we could piece together a common favourite future that was inspiring for both in retirement.
The critical component of the favourite future was purchasing a holiday home in Florida and a new build project of their ideal forever home in the UK. George was unsure if he'd like to spend time playing golf with Americans but was willing to give it a go.
Another plan component was to set money aside for George to pursue a meaningful project with Paul.
Working together with their financial planner, George and Angela wanted to explore:
Being able to see and understand all options removed a lot of worries. They could move forward with their plans, confident they would be well looked after.
The solution adopted by George and Angela helped them in many ways:
Today, George and Angela are having the time of their lives. They travel between their home in the UK and their house in Florida, visit new golf courses, and spend time with their son every chance they get.
They are confident that their financial plan is sustainable and that they can both relax and enjoy life on their terms.
Note: The above case studies are hypothetical and do not involve an actual Advice-only Financial Planning client. A client or prospective client should construe no portion of the content to guarantee they will experience the same or a specific level of results or satisfaction if Advice-only Financial Planning provides financial planning services.