Looking Forward to Life after Work?
Martin had enjoyed rising to the top in his profession, but with his workload increasing dramatically after his firm’s takeover coinciding with minor concerns about his health, he was finding that he no longer enjoyed the job as much as he used to.
Leisure and family time were also becoming increasingly precious due to time constraints placed on him by work. Seeing a close friend retire, his thoughts turned to his own retirement, but this was almost 4 years away and he was still working hard to accumulate wealth. Holding a plethora of investments and some pensions, the result of relationships with past financial advisers with whom he had lost trust, he admittedly felt at odds with his finances and felt a degree of trepidation about the future. In his own words, he found it difficult to envisage life in retirement for himself and his wife Julie. Although financially astute, he could not put the ‘jigsaw’ pieces together and translate his arrangements into any meaningful income plan and he was in no rush to strike up a relationship with a new adviser based on experience.
A colleague of Martin’s recommended that he and Julie meet with us. So, armed with a list of their arrangements, they came to meet us expecting the conversation to focus on investments but, as Martin explained later, he was rather taken aback, but pleasantly surprised, by the ensuing discussion.
We were interested in Martin and Julie’s lives; how they had got to where they were, what was important to them, who was important to them, what their dreams were, and how they envisaged their life moving forward. We linked our discussions to VWM Wealth’s “Thrive” process (https://vwmwealth.com/thrive-wp/ ), to help them realise what they wanted life to look like in the future and to start thinking about how this could be achieved.
Following a comprehensive audit of their existing arrangements, a bespoke lifetime cashflow model was built and presented to Martin and Julie within a Strategy Meeting. Having never seen cashflow modelling, both clients commented on how this brought their finances to life and how refreshing it was to be able to ‘see into the future’ and not simply talk about the numbers on excel spreadsheets. We explained, and pictorially showed them, how their existing arrangements could meet their retirement plans. We demonstrated that by making some changes to their assets and improving tax efficiencies they would be better placed to achieve the retirement life they wanted. This specifically included a much longed-for holiday home in Spain adjacent to a golf course; being achievable even if Martin retired in a year and a half which he was overjoyed to hear.
We connected Martin and Julie’s hard–earned wealth to their lifestyle and brought this to life for them through cashflow modelling. A comprehensive report followed, and we handled the changes to their assets. Martin chose to retire early and is enjoying life. He has peace of mind knowing that they will not run out of money and that they will enjoy an active life doing those things they had always wanted to do but were too busy to do. We continue to meet at least once a year to hear how their lives are changing and to listen to their plans for the future and ensure that their financial plans stay on track.
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Names, as well as any details which could be used to identify, have been changed in order to protect our clients’ identities.