CASE: Financial Planning Financial Planning

Background

As a self-employed solicitor for fourteen years, I had only ever occasionally paid into a small pension fund on the advice of my accountant. I owned two under-performing investment properties, and had taken out some ad hoc term assurance via a private banking provider. I knew I would benefit from some expert advice to rectify my inadequate financial protection provision and address my need for a structured savings plan.

Solution

LFP advised that using the investment properties as my pension was an expensive and risky strategy, and meant most of my family’s future wealth was dependent on the performance of the property market. Together we looked at how to reduce my mortgage debt, and sell one of the properties. They developed a financial plan to illustrate my cash flow, show how much to save each month, and the insurances required to protect my family in the event of ill-health or my premature death. They also helped me put provision in place to fund my children’s university education.

Resolution

I now have a fresh financial perspective, and am reassured my finances are fully under control. I have built up a healthy pension pot within a SIPP, and we annually assess whether I am still on track for early retirement. Thankfully I have not yet needed my insurance policies, but I appreciate the peace of mind I get from knowing if anything happened to me, my wife would be financially secure, and my children’s university funding would be taken care of.

(For confidentially reasons, names are withheld and some of the information in this case study has been changed.)