Michael

Background

Michael, introduced to us through our partners at DJH Chester, sought financial advice regarding his pension. Michael was approaching a stage in life where securing a stable, supplementary income was becoming increasingly important. He needed a reliable financial plan that would provide additional income on top of his current earnings whilst offering longer-term security.

Client goals

Initially, Michael’s objective was to put a little bit more money into his pocket every month so he could enjoy the earlier years pre-retirement.

Michael had heard about annuities and their growing popularity due to the rise in interest rates, which seemed like an appealing option for him. The main appeal of an annuity for Michael was the extra layer of financial security it promised, converting a portion of his pension into a known and regular income stream.

Initial strategy: Using a pension to supplement income

We initially recommended that Michael converts part of his pension to provide him with a regular and secure income via an annuity, whilst taking into account the effect our recommendation could have on his financial plan in the future. Not only is it important to consider Michael’s objectives and needs now, but the position he could be in, in the future.

Revisiting the strategy: Adapting to changing circumstances

Due to a change in his personal circumstances, Michael returned to us for additional advice. The benefit of the Wealth Experts approach to financial planning is that we like to understand the full picture, so when Michael came back to us for further advice, we already had everything we needed to quickly provide our advice following his change in circumstances.

He needed to access income from the remaining portion of his pension pot. Given his new situation, we evaluated the same annuity route as it was still suitable for his needs.

Real value delivered

The true value we provided to Michael extended beyond just financial advice. We handled the administrative tasks and communications with the pension providers. Michael had four pensions across two providers. One of these providers was particularly challenging to work with, creating potential stress and confusion for Michael if he had to handle it alone.

Our team took on the responsibility of completing forms and managing all administrative tasks. This relieved Michael of the associated stress and ensured a smooth process. He appreciated the professional handling of the complex paperwork (most of which were 50 page documents) and the dedicated follow-up with the providers. This support was crucial in making sure he received the right recommendations tailored to his circumstances.

What did Michael think?

“Jack made himself available and approachable at all times which allowed us to work through issues presented. He also recalled conversations we had which made me feel valued, understood and that my finances were important to him.

Thank you to Jack Farmer and Emma Minton for their exceptional support and guidance. They made the entire process seamless and stress-free, ensuring I got the right financial advice for my needs. Simply put, I couldn’t have asked for more”.