Meet Nick and Adaku

Life for Nick and Adaku feels like it’s moving at 100 miles per hour and their financial affairs are everywhere. With so much on their plate, it’s hard to find the time to get everything in order and plan for their future.

Planning for a brighter future

Nick is in his early 30s and is the co-founder/owner of a fin-tech startup, which is growing rapidly and demands a lot of his time and energy.

Adaku is 30 and is taking a career break from working as a lawyer to take care of
their two young children; Theo is 3 and Isioma is only 6 months old.

Nick and Aduku had been talking about getting their finances in order for a while. Nick was
getting ‘3 am moments’ – worrying about issues that he wanted to get resolved, which could
sometimes keep him awake at night.

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Their main worries included:

  • What is the best way to manage the investment portfolio they have built up over
    the years?
    • What is the best way to save the surplus income they have each month once all
    the bills are paid?
    • How would they cope if anything happened to either of them? Do they have
    enough life insurance and protection if either became seriously ill?
    • Nick has a plan to sell his business in a few years - how would the sale price
    affect his personal finances?
    • What about their mortgage? Is it still a good deal or should they switch
    lender? How will that affect their plans to move in a couple of years?
    • Their wills were written before the children came along and should probably be
    updated - should they speak with a solicitor and how much will they charge?
    • Should they save money for the children? What is the best way to do that?
    • What about pensions? They both have old pensions from previous jobs - what
    should they do with them and should they start new pension plans now?
    • Their friends have bought buy to let properties - is that still a sensible thing to do?

 

Meeting Capital

Whilst Nick and Adaku had made attempts to speak with a few financial advisers, they were told that their assets were too small to advise on and to come back when they had saved more.

Financial advisers usually charge fees as a percentage of the pensions and investment value, which is why they often have large minimum levels. They were delighted when Adaku's father suggested they speak with Capital, as they take a different view on fees. They met with James, one of Capital's Chartered Financial Planners, and were pleased to see that he was the same age as them. They thought he would be more likely to relate to many of their financial challenges.

James explained that he could provide them with comprehensive financial planning on a simple monthly flat fee retainer. He would build them a personal family financial roadmap to give them clarity for their finances over the short, medium, and long term.

 

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James and the team helped them with:

• Creating a financial life plan
• Building a bespoke investment portfolio
• Setting up life insurance plans
• Setting up savings accounts and ISAs suitable for their needs
• Setting up new pensions
• Reviewing their current arrangements and ensuring their money was working
hard for them

 

The Result

Importantly, James now acts as their personal family partner and regularly meets with Nick and Adaku to review, plan, and catch up on their life. Meetings can be held remotely over Skype or Zoom, and all documents can be saved in a secure online portal for easy access. The total fee for the service is £500 per month. James explained that some of the costs could be charged to Nick’s company, and some could be taken from their investment account. They felt this service offered great value to ensure their family was on track and had all angles covered. The peace of mind James and his colleagues provided was priceless and allowed Nick and Aduku to get on with the important matter of raising a family and growing a business.

If you would like to start financially planning for your bright future, contact us today to arrange a meeting with one of our Chartered Financial Planners on 0207 398 6600.