Alex and Sophie Gain Financial Clarity
Alex and Sophie were referred to Magus by an existing client. They had a significant array of assets including: property, pensions and a complex portfolio of unit trusts and structured products. They both have senior positions and have two young children.
Having worked with the independent financial advisers at Magus, they have achieved a clear sense of direction and alignment between their life aspirations and their financial planning requirements. They feel that they have a path to follow and know their financial goals and aspirations. They know exactly the level of funding required and the level of risk they need to take in order to achieve their goals.
Alex and Sophie now have clarity and confidence in their own decision making process and the freedom to enjoy the journey.
In the initial meeting with Magus it was clear Alex and Sophie were unclear on a number of issues:
They had not aligned their financial and life aspirations so they were investing significant amounts of money without a clear purpose of “why?”
Because there were no clearly defined outcomes they were unsure if they were on their right track and whether they were even pointing in the right direction.
As they were unclear of their desired outcomes they were unsure of the risk they needed to take.
The relationship with their existing adviser was one of financial speculation and not of financial planning and it was clear it was not a relationship in their favour.
To give Alex and Sophie the clarity of their current situation Magus spent time listening to them so we could understand their world. As with most clients: it is not necessarily about the money, but what the money allows them to do.
As a client’s finances are key to so much of their lives, Magus gathered all income and expenditure data and assets and liability data and then created a lifetime cash flow analysis for Alex and Sophie. This demonstrated the exact amount that needed to be saved over their working lives so that they could achieve their life goals. It also showed them that they were exposed in the event a premature death in the family.
Magus spent time to educate the clients on understanding risk and how much risk they needed to take: incidentally this was less than they were previously taking. Magus then greatly simplified their portfolio and reduced the annual portfolio costs by over 60%.
In addition to the above Magus reviewed Alex and Sophie’s legal and accountancy affairs. Their adviser orchestrated meetings with a lawyer to rewrite outdated wills, write enduring power of attorneys and structure their affairs utilising trusts for the benefit of their children and future generations.