Client story: So much more than just pensions advice

Allan & Zoe’s problem

Allan and Zoe had recently moved to Christchurch from Yorkshire and were looking for advice on their pensions and investments for retirement. They’d previously used a large high street bank but had become increasingly disappointed as they never seemed to see the same adviser twice. This lack of continuity meant they hadn’t built up much of a relationship, and they were keen to find someone local they could properly trust, who would give them a more personal service. Their estate agent recommended speaking with Justin.

There was also another issue, which came to light at their first meeting with Justin. At 16 years younger than Allan, Zoe was likely to outlive her husband and felt vulnerable not having a clear picture of what the future looked like. Allan wanted to provide for his adult sons from his previous marriage but the couple weren’t sure what impact dividing Allan’s estate would have upon Zoe’s financial security. This had been weighing heavily on their minds and they were anxious to ensure that everyone would be provided for.

How Justin helped them

“We had an exceptionally good meeting early doors,” says Allan, who recalls their first chat with Justin where he listened carefully to the couple’s concerns and helped give them a greater understanding of their ‘big picture’. By building a financial plan, Justin showed Allan and Zoe that they had excess wealth which needed to be invested wisely, but also highlighted potential issues with their estate planning. If not addressed this could lead to Zoe having to move out of their home in the event of Allan’s death. 

Justin began by making sure that Allan and Zoe’s wealth was structured well to deliver the best returns for them. He set up pensions and investments that made use of their tax-free allowances, taking into account the level of risk they felt comfortable with. 

At the same time, Justin arranged meetings with his trusted tax and legal advisers to get expert help on the estate planning problem. Through a series of actions (including setting up a Life Interest Trust; putting some rental properties in Zoe’s name, and re-writing their wills) he helped Allan and Zoe with substantial tax savings, and created a plan that allowed both Zoe to keep her home and Allan’s boys to potentially inherit tax-free. “Because he looked at everything as a whole – not just the money side – he made sure everything was covered” says Zoe. “It’s made us feel much more secure.”

And now…?

Allan and Zoe have been clients for many years and their strong relationship with Justin and the team gives them the reassurance they wanted. Knowing their affairs are in order allows them to confidently enjoy their bi-annual world cruises, which take them out of the country for several months at a time.

Their regular meetings with Justin have raised other issues they needed help with, from gifting money to one of Allan’s sons, to advising Zoe on whether to defer her pension as she approached 60. Having Justin to chat through these decisions has helped them make better, informed choices. “When you’re not earning anymore, trusting someone to help you with your money is more important” says Zoe. “In the past, if anything went wrong we could replace it, but now it’s all we’ve got.” 

Allan takes particular comfort from knowing that Zoe will be well provided for, while also ensuring his sons and four grandchildren are taken care of. He aims to leave enough for his sons to each own their homes mortgage-free. 

“We’ve now got a plan, and that’s such a comfort factor.  I know that Zoe and the boys will be alright.”

— Allan McDougall, Christchurch