I first met Keri when my late husband sold his company shares and we turned to Broadway Financial Planning for investment advice. Keri quickly impressed us with her vast knowledge and understanding of the financial marketplace and global economies.
Cashflow Planning Case Study
Broadway Financial Planning helped Ros Smart to assess her financial needs when divorcing, establish a suitable pension sharing order and provide a long-term income strategy and subsequent peace of mind.
Ros had been married for many years and was going through the painful process of divorce when she was introduced to us by a family member. The outline of a financial agreement with her soon to be ex-husband had already been made which included a heavy reliance on a pension sharing order. However, she was unsure whether this would provide her with financial stability in the long term and wanted a second opinion. on this.
Challenges facing Ros
Ros had little experience with financial matters and felt that she was being railroaded into making decisions she neither understood or felt prepared to make.
Whilst she was in employment, she was not enjoying her job particularly and hoped to leave within a three year time horizon assuming she could afford to do so. This would tie in fairly well with the selected retirement ages on the available pensions.
She had no idea of the basis on which she should agree the proposed pension sharing order and what sort of lifestyle she could expect in the years to come.
How BFP helped
We spent some considerable time discussing with Ros what an ideal future would look like both from a personal and financial perspective.
By assessing her current and future expenditure requirements, using specialist software and agreed assumptions, we were then able to forecast her income requirements and the different ways in which these could be met.
We then analysed the proposed financial agreement in detail, paying particular attention to the factors associated with the occupational Defined Benefit pension scheme, and the changes that were being made to this as a result of the austerity measures.
We were able to provide Ros with a clear outline on the amount of money she could realistically spend every month for her lifetime. We were also able to liaise with her lawyer over specific issues relating to pension legislation and provide guidance on how these should be factored into the financial agreement.
Benefits of working with BFP
Ros has a much clearer understanding of her finances and now feels in control of her future.
She was able to negotiate a revised financial agreement at a level higher than previously proposed.
She knows that she can retire in the not too distant future without concern for her finances.
She is happy in the knowledge that her financial future is secure and her lifestyle sustainable.
The name in this case study has been changed to protect our client’s identity.