Partner NewsSkipton and our Financial Advice Introducers: A Pension Planning Case Study

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  • Fahad, a 52-year old office worker, from Coventry, was referred to us by one of our introducers for advice and support with his pension plans.
  • After paying into his current workplace pension scheme, Fahad became increasingly unhappy with its poor fund performance. He’s also not sure if he is taking the right level of risk with these pension savings.
  • Now retirement is edging closer, he wants peace of mind his money is in the right place – working hard for him. And ultimately, helping him build an income he can rely on in the future.
Meeting with a financial adviser

First, Fahad had a free initial consultation over the phone – to see if financial advice was right for him. Fahad decided financial advice could help him further with his pension plans – and met with Skipton financial adviser, Katy, at his local branch.

The start of the meeting was a perfect time for Fahad to talk about his retirement – and carefully consider what he wanted from it. This included any key ambitions he had in mind, the lifestyle he wanted to lead – and when he planned to stop working.

By building a clear picture of Fahad’s plans for retirement, Katy was able to calculate the amount of income he is likely to need in the future. And whether his existing plans were on track to help him achieve the retirement he wanted.

Together, they then looked through Fahad’s plans – his current workplace pension scheme, other schemes he’d paid into over his career. And the other savings and investments he had.

Choosing the right level of risk to suit a customer’s circumstances is vital when it comes to investing. Katy helped Fahad understand his own personal attitude to risk and reward

Personalised recommendations

After the initial meeting, Katy gathered all the information – and worked closely with a range of experts from our in-house customer research and technical teams.

First, with Fahad’s permission, our customer research team conducted a full analysis of his current workplace pension, and other schemes he’d paid into. We also checked older pensions from earlier in his career – including how much he was still paying in charges.

After contacting all relevant providers, Katy was able to analyse the strengths and weaknesses of each pension plan Fahad held. From this information, Katy looked at pension options that better suited the needs of Fahad. After that, we developed a strategy – based around Fahad’s personal goals, situation and attitude to risk and reward.

No pressure to act

In a further appointment, Katy presented Fahad with the detailed pension report and personalised recommendations. She provided clear explanations and answered any questions he had – so he could think carefully about whether to take up the advice or not.

At this stage, Fahad didn’t need to pay any upfront charges to hear our advice. A fee would only apply if he decided to act on a recommendation, and the amount to pay was outlined before he made that decision. It’s all part of our no pressure promise.

Our recommendations are likely to include stock market-linked investments. These aren’t like bank and building society savings accounts as your capital is at risk and you might get back less than you originally invested.

The above case study is for illustrative purposes only, to demonstrate how we could work with your clients.

 

Get in touch

If you want further information about Skipton Financial Advice and becoming an Introducer, don’t hesitate to get in touch today.

Contact: James Webb, Business Development Manager for Skipton

Email: [email protected]

Tel: 07800770353

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