Here are some examples of the work that we have undertaken for a selection of clients – the names have been changed for reasons of confidentially. These cases demonstrate why we at Haven love what we do. It is hugely satisfying to know that we make a real difference to people’s lives.
Having been retired for a three years a local couple Edward and Valarie thought that now was a good time to review their finances with a view to simplifying matters.
They had increasingly felt the amount of paperwork they had to deal with each year was becoming more and more of a burden. They had built up significant funds over the years with a number of different companies. The financial adviser that they had used in the past had retired and they were now looking for an experienced and reputable firm to review and take charge of their plans.
They contactedafter an existing client gave them our contact details with the primary objective of understanding how they could consolidate their finances into something that was more manageable.
We arranged an initial meeting where we were able to gain a full understanding of Edward and Valarie’s financial situation, their lifestyle and their future plans.
At Haven IFA, we believe that a great financial plan is central to achieving a more certain future. Helping you to understanding your attitude risk and your capacity for loss is a key factor in reachingdecisions, we assess this with a questionnaire which is designed to test your answers for greater accuracy. The results help us balance out the level of risk with the expected returns to ensure the selected portfolio fits you perfectly.
We reviewed Edward and Valarie’s financial and life style goals and produced a cash flow forecast to show how these needs could be achieved and their“nest egg” fund could be maintained.
We were able to simplify their investments by aggregating some of their investments onto a singleplatform and some into a product offering smoothed returns. We also simplified the number of tax wrappers used. This was achieved over a few years to ensure we maximised the tax allowances available to both Edward and Valarie.
Through the process there were also savings in annual charges which was an additional bonus.
Edward and Valarie now have peace of mind that their finances are in good order and can enjoy their retirement doing the things they had planned.
“Since using our adviser we have had complete peace of mind with regards to our financial affairs. His advice to date has been, in our opinion, first class. He has always been available to answer any queries or questions we have submitted regarding our finances.”
Jean and Peter – Manchester 2015
“He takes the time to establish your circumstances and requirements before looking for appropriate options for you to consider. He can explain his thinking behind his proposals and can do this in plain English – not trade jargon! He is more than happy to hold regular reviews and is prepared to change strategies as circumstances change.”
Richard and Janet – Warburton 2015
A young family planning for the future
Andrew and Angela have three children all of school age. Andrew is an IT Consultant and Angela owns a dry cleaning business. They had until recently taken advice regularly from their bank and had accumulated a significant number of different financial products from different providers during their married life. They were unsure how all these fitted together and they did not really have any focus on what they were saving for, and what they were trying to achieve.
Andrew and Angela found one of Haven’s advisers on the “Vouched For” website twelve months after their bank had stopped offering financial advice to its clients. They took advantage of an offer of our initial consultation, which was provided at our expense, to decide whether we were the right firm to help them.
Following the initial meeting we conducted an in-depth analysis of their existing plans. From this exercise we were able to establish that the couple had a number ofproducts with higher than average charges and less than average returns. We also identified that they had in place a number of insurance plans that provided insufficient cover for them and their three financially dependent children, in the event of death, illness or loss of income.
We discussed in detail their short, medium and long term objectives, their risk profile and realistic insurance requirements. A complete financial plan was then produced that enabled Andrew and Angela to understand:
- What age they could reasonably expect to retire with the necessary amount of income needed to meet their lifestyle goals.
- The correct level insurance that they required to ensure their family was financially secure in the event of death, serious disability or illness.
- How they could afford the cost of further education for their children.
- How to best ensure the wealth they had worked hard for could be passed tax efficiently to their family in the event of their death.
The plan is reviewed every year to ensure it remains on track and to take account of any changes to personal circumstances, legislation andreturns.
Andrew and Angela are delighted they have a clear picture of what the future holds for them financially, including when they might retire.
“Our adviser has provided us with friendly and independent financial advice and helped me invest my inheritance wisely and plan for a secure financial future. He is an extremely good listener and carefully evaluates what products best suit me as an individual taking into account any risk factors involved. He is local to my area and very flexible if we need to review my financial needs. As a family man he shares a lot of my values and I have peace of mind that he has our best interests at heart.”
David and Gillian – Timperley 2015
“Need to plan for a financial future. Michael gave us realistic independent advice, he was friendly and professional. Over the long term, I hope I will get the desired results”
Neil and Elizabeth – Romiley 2015
Eddie, a retired business owner and his wife Cathy were referred to Haven IFA by a friend. They had a combined estate worth circa £2.7m and had a number of different conflicting priorities and concerns. So far the advice they had received from various professionals had lacked any cohesion.
They wanted to create a plan that allowed them to help their grandchildren with University fees, getting established in their careers and their first homes.
Additionally they wanted to help their own children by way of loans if required.
They were worried about how to protect the legacy from any unforeseen situations should their children or grandchildren face issues like divorce or bankruptcy.
They were also looking to simplify how they managed their wealth.
The process took a few months to build a complete understanding of Eddie and Cathy’s requirements. It was important to provide them with information enabling them to make informed decisions about their own financial future and their legacy as well as showing them the impact certain decisions would have on their future cash flow and tax status.
We worked with a number of different professionals during this time to ensure the plan was fully aligned to their wishes and delivered the goals that were important to them.
We were able to meet all of their objectives, significantly reducing Eddie’s and Cathy’s income tax liabilities in the process. A number of trusts were established andportfolios built to reduce both the amount of risk and cost in achieving their objectives.
As they had surplus income we advised them to regularly gift into one of the trusts. They were delighted with the results. Not only was there an immediate reduction in Inheritance tax of over £200,000, but a further reduction of over £10,000 each year through the ongoing gifting. We were also able to cap the Inheritance tax liability on a further substantial portion of their wealth.
Our advice enabled Eddie and Cathy to have peace of mind that their money was being well looked after and that they had provided the legacy they wanted to for their family.
“I can’t really fault my adviser to be honest. He always gets back to me when I call & agrees times days to suit even offering his time on a Saturday. He’s always professional with a good sense of humour. He simplifies financial the jargon by explaining things in simple terms.”
Steven – Manchester 2015
“There is a general air of friendliness and helpfulness with the firm, with a very positive “vibe” to the office. I have known, my financial adviser, for some years and he has seem me through some difficult and emotional times with empathy, sensitivity and support. He even attended my mother’s funeral, which really touched me, and later, when sorting out her affairs, my solicitor commented that I had received “excellent financial advice” from him”
Pamela – Altrincham 2015
Maximising income in retirement
As Mike and Jane approached retirement they were keen to ensure they maximised their income and made the most tax efficient use of the assets they had accumulated. They held a number of, investments and buy to let properties they planned to use to fund their retirement. They were however not too sure what all their assets could deliver in terms of income and how long they would be able to fund their retirement for. They found Haven IFA after conducting an internet search for local Independent advisers and came across the “unbiased website” where Haven had a prominent listing.
After our initial meeting we sat down with Mike and Jane and agreed some goals around their lifestyle in retirement before drawing up a cash flow forecast which focused on their long term retirement plans. This helped demonstrate how different levels of income impacted the amount of legacy they may leave their family.
The result was that Mike and Jane were able take their dream six month round the world holiday by utilising some of Mike’s tax free cash from hisplans. By then reassigning some of their assets both were able to enjoy retirement incomes of over £20,000 each whilst still remaining basic rate tax payers.
Mike and Jane now have annual meetings with us where we update and review their lifetime cash flow forecast and their financial plan, providing them with the peace of mind they need to live the life they want, secure in the knowledge that they won’t run out of money.
“My Adviser is always very clear in his explanation and reasoning behind any suggestions that he may be putting forward. The results achieved by working with Haven have been outstanding and I would have no hesitation in recommending him to friends and family”.
John – Wigan 2015
“I can honestly say the outcome is far more than I expected. I received my lump sum and I am was to retire with a comfortable income.”
Tom – Helsby 2015
Brian had recently left his last employed position and was now actively looking for another role that would see him through the next five years until his intended retirement. He and his wife Sheila had come across Haven IFA’s website by performing an internet search for local independent financially advisers. They completed the “contact me” form on the website and had received a call from one of the advisers the same day.
Brain (55) and had been a higher rate tax payer for as long as he could remember. His wife Sheila (48) worked part time as a shop assistant for a large national company Brian had 9 and Sheila had 3 different pension plans from previous and existing employments respectively. They had no idea what these plans were now worth and how they could be used if Brain was unable to secure another suitable full time position in the short-term. They did not know where to start and had become confused by the complexity and volume of the paperwork relating to the schemes.
We arranged an initial meeting where we were able to gain a full understanding of Brian and Sheila’s financial situation, attitude to risk, their lifestyle and their plans for the future. Letters of authority were obtained for all of their existing plans and these were sent to the relevant companies requesting a breakdown of the terms, benefits and charges. By obtaining this information we were able to fully understand what the plans offered and if there was anything special about them that it was necessary to protect.
We were able to consolidate seven of Brian’s pensions into one new plan without incurring any financial loss. The new plan allowed him to take withdrawals flexibly and as tax efficiently as possible without him attaining the retirement ages of individual schemes which ranged between 55-65. We were also able to increase the death benefits that would be payable to Shelia in the event of Brian’s death – ensuring that her future financial security would be maintained for the remainder of her life. Brain’s pension monies were invested in a managed portfolio that was matched to his attitude to risk. The cash flow model we use demonstrated that they would have sufficient income to meet their needs for the remainder of their lives and an extra bonus was that any undrawn pension funds on their death could be passed on to their children without being subject to an inheritance tax charge.
“X has been my financial adviser for over 10 years during which time he has guided me successfully through what to me is the mysterious world of pensions. My last employer ceased to trade which signalled the end of my final salary pension scheme. My adviser, in his friendly and efficient manner, was able to explain the various options available to me, with a very acceptable end result. His ongoing advice has been instrumental in growing the underlying pension fund notwithstanding the vagaries of the stock market and my own low to medium attitude to risk. Any queries raised are always responded to promptly and efficiently.”
John – Warrington 2015
“Recommendations have been supported with robust written plans and images; using language which is appropriate to my understanding of the financial markets. I am informed, in writing, of the charge for his services, so that I can compare this with other providers in the market place. This has enabled me to check and ensure that I am getting good value for money.”
Caroline – Worsley 2015
All of testimonials given above have been published on the internet and are attributed to different individual advisers currently practising at Haven IFA ltd. We will we happy to direct you to these independent reviews should you wish to verify them personally.