Experts from different professions working together says Derek Baptist, a chartered Financial Planner, can provide excellent client outcomes
Ihave spent most of my career as an Independent Financial Adviser working with solicitors and accountants, as well as other professionals, to provide professional impartial financial advice to their clients.
One case I worked on was an introduction from a solicitor whose clients had sold their business.
We will call them Chris and Julie and they had built up a substantial business and were about to retire.
The solicitor contacted me regarding a tricky situation with Chris and Julie’s company pension scheme. Their Financial Adviser had explained to them, and the solicitor, that they should transfer their pensions to a different arrangement after the sale of the company.
The solicitor completed the sale, but before completion both Chris and Julie reached the normal retirement age for their pensions. The Financial Adviser was not a pension expert and did not fully consider the potential pitfalls.
Following the business sale, the relationship between Chris and Julie and the new owner deteriorated. The solicitor informed Chris and Julie that the new owners were now the new Sponsoring Employer for their pension and were putting obstacles in the way of Chris and Julie’s transfer. Chris and Julie were deeply unhappy about this and decided to get advice from a pension expert.
At this point, I was introduced to
Chris and Julie and I found out they had set up a Cricket Club for the benefit of local residents. As the club was a limited company, working with a Consulting Actuary we made the Cricket Club the Sponsoring Employer of Chris and Julie’s pension scheme, which gave them back control of their retirement.
As their pensions included enhanced tax-free cash as an additional benefit, it made perfect sense to keep their pensions where they were.
As this case study shows, the benefit of professionals, with expertise in their respective areas, working together can lead to excellent client outcomes.
DEREK BAPTIST MCSI APFS
Chartered Financial Planner and Managing Director for Perspective (Midlands and Cheshire) Ltd. Recognized Expert Witness by the Court in Matrimonial Matters. firstname.lastname@example.org