I often find that when I speak with new clients, the main concerns on their mind are: ‘Do I have enough?’ and ‘Will I always have enough?’
You may have worked and saved for years to provide a comfortable life for your family, but how do you know if you’re on the right path? How much is enough? What is the magic number you need to retire on?
Difficult questions to answer
These are difficult questions to answer as there are many variables; how much do I save, what income will I need, what can I afford to do, when can I retire, the rising cost of living, the impact of investment returns, what if I want to help my children, the list goes on…
The good news is, this is where Brewin Dolphin can help to provide you with clarity. We use sophisticated cashflow forecasting software to show visually whether you can achieve your dream life.
The starting point is to find out where you want to get to and what that dream life looks like, whilst at the same time building a full picture of where you are now. This allows us to show you visually the path you are currently on.
The following chart provides a snapshot of someone’s plan, pinpointing where they are going to run out of money and therefore not meet their goals.
The real benefit to this planning is that once we have built that initial picture, we can then look at different futures, or ‘rehearse your future’ as we call it.
Using the scenario above, we obviously want to improve the situation, so would look at whether all reliefs, exemptions and other benefits are being used. Also, we would review what could be changed such as saving more, working longer, or reducing spending in retirement.
As the below shows, an alternative to the above is that we often find there is more wealth than needed, possibly due to a business sale or inheritance.
In this instance we may ‘rehearse futures’ where the individual spends more, retires earlier and / or makes gifts. There are unlimited possible scenarios to explore and I have never yet found one person’s situation is the same as another.
Make sure you have personal goals
Having personal goals is essential, but without a carefully managed plan they are less likely to happen. So, now is the time to get organised, identify what you and your family want, and design a financial road map to get there.
Brewin Dolphin is one of the UK’s leading wealth managers and we place great emphasis on our relationships with our clients and believe in a personal approach to wealth management. Through our local expertise, personalised financial planning and investment management, we are here to help you achieve your ambitions.
To speak to Brewin Dolphin about reviewing your financial future, contact Ainsley Bowyer on T: 01473 267200 E: Ainsley.Bowyer@brewin.co.uk or visit: brewin.co.uk/individuals/our-offices/ipswich to find out more.
The value of investments can fall, and you may get back less than you invested. Past performance is not a reliable guide to future performance.