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Planning is about helping people organise and manage their finances in order to meet their personal aims and objectives and then to maintain their long term financial security. It is also about making the best use of available resources, tax breaks and perhaps benefitting the next generation.
It may eventually lead to the recommendation of specific investments, policies or action on pensions, but not before we have carried out a thorough investigation and produced a bespoke plan focussing on strategy and goals.
We are planners and work with our clients to achieve their financial goals. These goals can be straightforward or complex depending on individual circumstances. We will always provide advice in the context of our clients' broader financial situation. Furthermore, we will take great care to assess the level of investment risk that each individual feels comfortable with or needs to take in order to meet their objectives. The two are not necessarily similar and compromise may be necessary.
Another important factor is timescale. On average we are all living longer and this means that our financial arrangements should reflect the fact that retirement can last for 30 years or more and inflation will continue after we stop work. It is no longer appropriate or sensible to move entirely out of growth assets or to lock into a fixed income if this can be avoided. Proper consideration and advice on these issues is vital.
The members of Probity Consulting LLP have considerable exerience in retirement planning and we work predominantly, but not exclusively, with retired people. We enjoy working with mature people but do not discriminate against clients by age!
Key aspects of our advisory service might be summarised as follows:
Before Retirement - Every aspect of financial planning in the time leading up to retirement whether this is measured in weeks, months or years.
On Retirement - Considering consolidation of pension benefits, considering vesting options, annuity selection, implementing annuity purchase, unsecured pension, converting pension funds and other invested assets to income, lump sum investments, portfolio rationalisation, minimising tax, maximising income, protecting a spouse or partner, inheritance tax mitigation.
After Retirement - Continuing tax mitigation and investment strategies, alternatively secured pension, long term care considerations, inheritance tax issues, wills.
Planning is dynamic and a yearly review meeting forms an integral part of our process and service. It also helps foster a long term business relationship based on familiarity and trust.
The pages which follow should help you understand this financial planning process.
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