Transfer from an expensive adviser
John was a highly paid professional working in the City with a demanding work and family life and little time to focus on his financial planning. Over the years, he had been serviced by a well-known highly successful planning firm, but the service he received noticeably dropped after the initial investment of assets; the advisers seemed to change constantly and John was a bit ‘at sea’ regarding what he actually had, what it was for, and whether or not it was sufficient.
The pressures of the job, and constraints on time, meant that John made annual contributions and top ups hoping this would help until he got around to looking at it properly and that time never seemed to come. Life just got busier and busier. Which? published a concerning story about John’s financial planning firm and subsequently there were several feature articles in the Sunday Times which did not make for comfortable reading. John realised that he had best grasp the nettle and give his personal financial affairs some attention. But where to start? The existing firm was confusing when asked about account charges and John really didn’t understand the financial jargon or what he was paying.
He asked a colleague who he used, and he recommended VWM Wealth. We met for an initial chat focusing on John and his family and what they wanted their money to do for them. John and his wife Sarah were asked questions about things they had never thought about before and started to see the importance of connecting themselves to their money and talking about how they wanted their financial future to look.
VWM Wealth took care of all of the policies, investments charges, etc and summarised both the current and prospective streamlined recommendations which represented a huge reduction in plan and policy costs as well as a simpler approach. John and Sarah were dismayed to discover layers of charging hidden in small print which were not transparent and that their annual premiums had been used by the existing firm to continually lock them in to their poor service and high fees by way of applying exit charges.
VWM Wealth helped to negate much of this and John and Sarah are now enjoying working in a partnership where their adviser collaborates actively on their plans and makes John and Sarah accountable and aware of their financial decisions and progress every year. John and Sarah now feel in control of their financial future and have the peace of mind that they have delegated the day to day running of it to someone who they trust and who has a vested interest in their financial success. They particularly like the relationship aspect and family ‘feel’ of VWM Wealth’s approach, which is in sharp contrast to the corporate relationship they were previously involved in. This year John and Sarah have used their surplus income and VWM Wealth’s cashflow modelling to make some big decisions around helping their children get started out in life. Being able to do this confidently has pleased the whole family immensely and John and Sarah feel that really good questioning has motivated them to think about their financial priorities in a whole new way.
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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.