A Financial Planner is for the long term….not just for Christmas….or a transaction

Some seven or so years ago, an elderly retired client was referred to me by their accountant to undertake financial, pension and investment planning. They had taken an active stance to investing, running various types of investment, including direct equity holdings, and had enjoyed the process. However, they were beginning to find the complexities of investment overwhelming and realised that as they were not getting any younger, their ability to manage their finances, both for themselves and for their spouse and family into the future was likely to diminish. We were pleased to help them at this time to clarify their position and where appropriate to simplify this as they grew older.

Regular financial reviews have been undertaken over the years and the process of ensuring that everything is tied down and in order has continued.

Now, as they have moved into later life, their short-term memory is becoming a significant issue and the family are now involved to ensure that they understand where all of the assets are held, what benefits and income they can provide and most importantly that their parents are protected in their later life to ensure that they are happy, financially secure and have the ability to have some fun.

With the written authorities in place, I received a call from one of the children to ask a few investment related questions with regards to the taxation of plans. They noted that they, along with the family, were so pleased that Chapters Financial took over the financial affairs of their parents some seven or eight years ago because everything is now running smoothly and that they are able to concentrate on the most important point of financial planning, which is looking after the owner of the assets for their needs. The striking point of the conversation was that the clients were happy. We have noted that the clients’ lifestyle is unlikely to allow them to ‘outspend’ their assets (even if long term care is needed) and they can afford to purchase luxuries to make their life more comfortable as they become less mobile. This is not an uncommon occurrence when dealing with those who grew up in a thrifty society in the 1940s and 1950s and maintain a long-held savings mentality.

They referred to the purchase of a new additional TV as a “Chapters moment” where they can hear me suggesting that if they have a need, go and purchase the item that they need to meet their objectives. A new vacuum cleaner was purchased and that was quite heavy, so when it was taken upstairs they struggled to get it down the stairs. I suggested that they may want to purchase another one for downstairs leaving the heavier one upstairs to ensure that they don't have the physical burden of moving such machines around the property when they really don't need to.

Above all, the client was happy and secure and it is the longevity of advice that has been provided over the years that gives both the client and their children the security of knowing that there is a third party that has been involved in the financial planning for many years and understands the intricacies of the situation and has solutions to meet needs when required.

No individual advice is provided during the course of this blog.

As suggested in the title, a Financial Planner is for the longer term, not just for Christmas…..or just a financial transaction.

If you would like advice on long-term financial planning and all of its aspects including a provision of long-term care, then please do speak to the team at Chapters Financial Limited in either Guildford or Woking.

We wish all our clients, enquirers and professional contacts a peaceful Christmas and a prosperous 2015. Thank you for your support during 2014.

Keith Churchouse BA Hons FPFS
Director, Chapters Financial Limited
Chartered Financial Planner
Certified Financial Planner
ISO22222 Personal Financial Planner

Chapters Financial Limited is authorised and regulated by the Financial Conduct Authority, number 402899.