He and wife, Beth, had a history of poor financial advisers and were understandably sceptical about what we could do for them.
We were recommended by one of Alan’s business associates so we had a window of opportunity. Our initial meeting with Alan and Beth allowed us to understand what they wanted to achieve in retirement. We then gathered information relating to their existing financial arrangements.
The team worked to produce a written financial plan that covered the following:
• sufficient tax efficient income
• available capital
• gifts to children
• inheritance tax planning
• pension planning
One of the key issues was Inheritance Tax (IHT) planning. There were a few options available, such as funding for IHT by either investment or a suitable insurance written in trust or making gifts – this can reduce the estate’s liability to tax. We eventually came up with a solution that suited Alan and Beth’s objectives which was included within their financial plan.
The financial plan was then presented to Alan and Beth and fine-tuned before the initial investments were made. After seeing the work we had undertaken, they asked us to invest further capital as we had changed their perception of financial planners. We look forward to working with them in the future.
Alan and Beth said: “We had a number of potential financial advisers but never gained confidence from our conversations. We felt that when we met Duncan he was someone who understood our requirements and could be trusted. What Mackenzie Investment Strategies Ltd offer is a specific investment strategy, tailored for our requirements as far as investment risk, tax efficient income and inheritance tax are concerned. This is set up around our required income needs, age and plans for the future.”