”My first impressions of FPC, were they were much more than how I imagined financial advisors would be. There was no hard sell, indeed they were far more interested in getting to know us personally, and our family background than pushing their services.

Since that first meeting, I feel Chris and I, and sadly just me since August 2016, have become part of their family. Their advice on trust planning has turned out to be vital, following Chris's death and has led to substantial tax savings.

Chris and I were always philanthropic, but following her death I felt I wanted to leave a lasting legacy to her memory, and indeed eventually to my memory. Moira introduced me to the Community Foundation for Lancashire and Merseyside, and through them I established an endowment fund, the Christal Foundation which will support various "good causes" for many years to come.

I have involved my two children, and indeed Moira personally, in the decision making process of the Christal Foundation, and I am pleased that FPC are actively encouraging other companies who deal with more wealthy individuals and families, to engage with the Community Foundation network in the UK, as they are a conduit for increasing philanthropic giving, which in my experience is a very satisfying thing to be involved in.

”

Allan first approached FPC in 2010 having been recommended by a close friend and fellow business owner. An experienced accountant, he came to owning his own business later in life whilst working in Russia. With two business partners he set up a Travel Agency with an office in Moscow, to facilitate the very difficult task of travelling and staying in Russia in the 1980’s. Over the next 30 years they expanded the business into both travel and training, and when it came time to exit they were employing more than 600 people across 17 centres in West and South Yorkshire, turning over more than £350 million per annum.

Allan was clearly more than capable of managing his own financial affairs but was concerned that his wife Chris would struggle without him. He had always tracked his own number but sought reassurance that he had done enough and that the family’s financial security was assured. He had limited knowledge of the world of investment and was looking for a trusted partner to guide him but he wanted to understand it all too.

How did FPC help?

1

AIMS - the first step was to take Allan's spreadsheets and build a detailed balance sheet and lifetime cash flow model so he could interrogate his own numbers and play what if?
2

Estate planning - with financial success comes a burden of tax and a need for asset protection so we worked with Allan and Chris to review their Wills, establish trusts and powers of attorney and gifting strategies were designed to address the inheritance tax positon.
3

Investment and tax planning followed to ensure there was a solid and tax efficient backstop in place to support all future income needs.
4

Working across the generations, FPC involved Allan and Chris's adult children from the outset and they have gone on to become clients in their own right along with their children too.

Coping through tough times

Tragically, in 2014 Chris was diagnosed with a rare cancer and despite undergoing aggressive treatment she passed away in August 2016. Allan lost his best friend and soul mate and we all lost a lovely lady whose memory we cherish to this day.

Allan’s primary motive in appointing us was to support Chris but now our role is to support him and the wider family.

We were privileged to help Allan establish a charitable foundation in Chris’ memory on the first anniversary of her death. The Christal Foundation is dedicated to helping community groups that work to improve the lives of people initially in Burnley, Allan’s home town, where he met and married Chris in 1971. In future years the scope of assistance will be expanded beyond the Burnley area.

As financial advisers we are in the privileged position of often being the first to be called on to help when things go wrong.  The whole team stand ready to step up and provide the emotional support and practical hands on help that can make such a difference at times of stress and trauma.