Client Story

Steve & Chris

With the help of FPC over the last four years Steve has taken a step back from the day to day pressures of business, significantly improved his family’s financial security and has a clearer plan in place for the future.

In the four years that we have worked with FPC, Moira and the team have enabled us to reach our goals.  We literally couldn't have done it without them.  They deliver much more than a typical IFA, offering a more rounded approach generally and a solution geared to the whole family's needs.    

It was obvious from the start that FPC had extensive expertise of dealing with business owners.  They not only understood that we don't always look after ourselves as well as we should but also were able to empathise with the sacrifices that business owners' families sometimes have to make.  

With FPC, nothing is missing.  They really do offer the complete package.  Their advisers are supported by a team of extremely efficient back room staff and my experience is that when things are promised, they always get delivered on time.  

Above all, I know that Moira is there to support the family when we need her.

 

Setting the Scene

In 2007 Steve and Chris relocated to the Lake District and spent a significant sum renovating their dream home.   At the time Steve owned a successful business and all was progressing well. 

When the financial crisis hit in 2008, Steve re-mortgaged the family home to ensure that sufficient funds were in place to help finance the major projects that the business was investing in at the time.  Thankfully the business flourished and Steve then decided it was time to take stock and develop a strategic plan for his own future as well as the business. 

An accountant that Steve respected suggested that he should get in touch with FPC and he was introduced to Moira, one of FPC's partners in 2014. 

Around the same time Steve and Chris’s eldest daughter was re-diagnosed with a life threatening illness adding further impetus  to Steve’s desire to free himself from the day to day demands of the business and to ensure his family’s financial security. 

 

How did FPC help?

  • FPC began by undertaking a comprehensive review of Steve and Chris’s personal financial position and taking time to understand the business too.  Using the bespoke lifetime cash flow modelling tools they were able to provide a visual context to their planning so they could play 'what if' and assess their options. 
  • Business succession planning was vital and Steve needed his senior team to be incentivised and fully on board to support him. FPC therefore facilitated discussions with his senior management team who are now actively driving the business forward allowing Steve valuable time out. 
  • Estate planning was a priority and FPC took the lead there too but most of all, at a time of uncertainty in their personal lives, we helped Steve and Chris to take control of their planning.   

And now...

FPC put Steve and Chris firmly on the agenda and made sure that their needs were addressed. Steve has been able to reduce his day to day involvement and achieve a better work life balance and take time out out a crucial time.  Sadly Carla passed away in October 2017 leaving a huge gap in everyone's lives.  We continue to support the family.   

Steve is pictured above participating in the Born Survivor event with his family and a group of his daughter's friends to raise money for Stand up to Cancer in honour of his daughter, Carla.

 

Reflection

Personal financial planning and business planning go hand in hand for the successful entrepreneur so we focus on both. Similarly investment, pensions and estate planning are all inter-connected and a decision in one area affects the others so an integrated approach is vital. It’s our role to make sure any financial planning strategy considers all aspects of your affairs, continually evolves and is regularly reviewed so you can adapt as circumstances change and plan ahead with confidence.