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Case study: what advice for retirement planning can do

How financial advice helped HL client, Mr Young prepare for retirement.

Important notes

This article isn’t personal advice. If you’re not sure whether an investment is right for you please seek advice. If you choose to invest the value of your investment will rise and fall, so you could get back less than you put in.

Mr Young on holiday in the Galapagos Islands

After being an HL client for over 20 years, Mr Young reached a stage in his life when he felt he needed to review his financial situation to make sure he was on track to achieve everything he wanted in retirement. To do this, he decided to take financial advice from us in 2016.

Since receiving this advice, Mr Young decided to go back to monitoring things by himself. And we check in with him to find out if the recommendations his adviser gave him stood the test of time.

This article is not personal advice, and these recommendations were made for the circumstances of this client. If you’re unsure on the suitability of an investment for your circumstances, please seek advice.

Advice at a financial crossroads

Like many of our clients reaching retirement, Mr Young had realised having a strong strategy is essential. “Although I would consider myself a confident investor, when I reached my 60s, I realised how dependent I would be on my investments to fund my retirement. As my father lived well into his 90s and I am currently in good health, I wanted to make sure I had an investment strategy which would last me 30 years or more.

When I took advice, my adviser [Paul Buckett] helped me see my portfolio in a different light. I was invested in a lot of different funds with a view to diversifying my portfolio. But Paul explained my approach wasn’t optimal and that fewer funds would still give me the diversification I needed without being quite so unwieldy. Overall, despite periods of economic uncertainty, my portfolio has been quite resilient and I’m generally pleased with its performance.”

Read more about diversification

“In terms of financial planning, Paul gave me confidence that the investment strategy I’d set out was appropriate and robust. That reassurance and comfort was one of the most important outcomes I wanted from the review and advice.”

Boosting your children’s future

Mr Young’s motivation to review his strategy also extended to helping his children become financially stable. He told us, “I had already helped my two daughters get on the property ladder and I have buy to let properties myself. Although I had made these decisions myself, by reviewing my equity portfolio in context with my property investments I gained confidence that I had diversified my investments across asset classes to make sure I wasn’t unduly over exposed to risk.”

Further to this, Mr Young discussed inheritance tax with us. “I had given inheritance some thought but I had a moment of truth when Paul outlined the potential inheritance tax liability my daughters would face should my wife and I pass away with my estate in its current form. Since then, I have been more mindful of inheritance tax planning regarding my equities and property portfolio.”

Remember, the value of all investments can fall as well as rise so you could get back less than you invest. Once held in a pension, money is not usually accessible until age 55 (rising to 57 in 2028). Tax rules can change and benefits depend on individual circumstances.

Could you benefit from advice?

If, like Mr Young, you need to regain confidence in your strategy, speak to our advisory helpdesk about taking financial advice.

They can help you find out:

  • How advice could create a bespoke financial plan for the next stage(s) of your life.
  • Which of our advisory services might suit you.
  • Our advice charges and further support from HL.

When you speak to our advisory helpdesk no personal advice can be given but we feel it is an essential step towards making sure you get the most out of our service.

If you decide advice is right for you, an adviser will contact you within two working days. Plus, if you contact our advisory helpdesk by 31 March and go on to receive and pay for advice by 30 September, you’ll get a free Virgin Experience Days gift voucher worth £200. Terms apply.

Find out more

Important notes

This article isn’t personal advice. If you’re not sure whether an investment is right for you please seek advice. If you choose to invest the value of your investment will rise and fall, so you could get back less than you put in.

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