At Price Ferguson, we believe there are four distinct stages to wealth management:
There are thousands of investment choices. Our role is to develop a strategy for your wealth that is right for you, and then manage it so that you don't have to worry about it.
In this example, Sally came to us when her husband Ben died. Ben had always been the one to take care of their finances.
Sally still had one son at home, so as well as managing her husband's investments, she also needed to provide an income for her for the rest of her life.
Ben had held a number of existing investments with a variety of investment management companies. None of these had been altered since the original investments were made. Sally also had a small number of shares that had been inherited from a parent many years ago and had never been looked at. Following Ben's death, there was also a death in service payment of £220,000 from his employer, as well as some other personal life assurance policies.
Our starting point was to reassure Sally that her financial position was secure.
We also helped to collect all the life assurance that was payable on Ben's death.
We soon established that Sally was most comfortable with a cautious approach to investment, so we rebalanced the investment portfolio to reflect this. In doing so, we also took account of the fact that Sally wanted the investments to be administratively easy for her to look after going forward.
While Sally's son was still dependant on her, we created sufficient income for the family's needs as well as planning for her income needs over the longer term.
Importantly, Sally knows precisely where she stands at any time, which is very reassuring for her. We also made sure we did everything as tax-efficiently as possible.