Financial Planning Case Studies
We first met X in 2008 as a young working Mum, struggling to make ends meet. She was highly leveraged and struggling to look after her finances. We put a robust financial plan into place for her which incorporated reducing the cost of her borrowing; ensuring that she was as tax efficient as possible (as a partner in her business, she had some control over her earnings); she had sufficient life assurance to provide her and her husband with peace of mind and her modest pension savings were invested wisely.
Over the years, we have met annually with her and her husband to ensure that they remain on track with her financial plan. Their assets have grown – she now lives in a bigger family home having rented out her original home; their pensions are beginning to look decent and she is on her way to becoming a successful business woman! Addidi has helped her with business strategy too.
We met Y soon after he became MD of a business where we had been advising the previous MD. Being an accountant, he was well used to managing his finances but he needed to plan ahead – he wanted to make provision for school fees, buy a bigger family home and build up his savings (pension and non pensions). We have constructed a detailed financial plan which includes doubling his asset base over time, tax efficiency, converting some of his cash savings into a more medium term savings for the school fees and restructuring his pensions into more diversified portfolio.
The Financial Planning process has helped him make some key decisions as it has allowed him to look ahead and see what the outcomes of decisions might look like, the risks involved and how hard he might have to work!