Client Story

Phil & Geraldine

Following the successful sale of Phil's business, FPC has given him the confidence and security to move to the next phase of his life, with the added benefit of freeing up more time to spend on the golf course...

You hear plenty of horror stories about financial advisors but I really trust the team at FPC.  When you're still actively involved in a business you can afford to take bigger risks but once you've sold your business and no longer have a regular income coming in, you can't afford to take risks.  FPC helped to take the stress away and gave me the confidence to move on to the next phase of my life, without having to worry about the financial impact on my family.  
I really like the way that things are done at FPC.  You can have as much or as little involvement as you like.  My attitude is to leave it to the experts!

 

Setting the Scene

In 2006 age 48, Phil was running a successful transport business in Preston, Lancashire.  He was starting to think about his longer term exit strategy and wanted to understand his options and their impact on the family's lifestyle and future security.
Phil had been sold various investments and pensions along the way but knew that he didn’t have a clear plan in place to achieve financial security. One of Phil's friends, a client of FPC, suggested that he should go and see them to see if they could help out.

How did FPC help?

  • In the early years the focus was on tidying up and getting a proper plan in place for investment and pensions planning.  FPC carried out an audit of Phil's current arrangements, identifying any under-performing accounts and making recommendations for more appropriate alternatives.  
  • FPC helped Phil and Geraldine to draw up new wills and provided estate planning guidance on how to reduce their inheritance tax liability and support their daughters.
  • Business Sale – having introduced Phil to a new accountant, FPC knew that they could help him in a more hands on way so the FPC team worked alongside them to ultimately construct a sale that was beneficial to all, both from a tax and a cash flow perspective.  Any concerns that Phil might have had about overspending once his income from the business ceased were addressed with the aid of AIMS, FPC's bespoke lifetime cashflow models

Where are they now?

The sale of Phil's business was completed successfully two years ago.  For the first 18 months he retained an involvement but he has now been able to step out totally, freeing up valuable time to spend on the golf course.
Phil has a six monthly review to check on the performance of his investments but knows that the FPC team remain on call for him and his family in between scheduled reviews. 

Reflection

Planning to exit from a business and doing it successfully is one of the most challenging transitions that we help our clients to deal with. Post sale, attitudes can shift in terms of loss aversion and the willingness to take on risk as the reality of being responsible for the family’s wealth and the legacy it represents sinks in. We help our clients throughout the process, ensuring that they remain very much in control of their financial future and can enjoy the fruits of their labours, understanding how generous they can afford to be with themselves and others.

Find out how we can do the same for you

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