We Change Lives Series

An interview with Michael Cox, Personal Wealth Adviser at Schroders Personal Wealth

  • Shunil Roy-Chaudhuri
  • 15 May 2022
  • 5 mins reading time

Can you tell me a bit about your clients?

They are a married professional couple in their mid-50s. They own their own home outright and have two children. The wife was working in financial services, the husband was working in the manufacturing industry.

What were their main concerns?

They wanted to retire early but maintain a comfortable lifestyle. They didn’t know if this was financially viable.

How did you help them?

I reviewed their position and used SPW’s financial planning software to better understand the couple’s prospects. During a meeting with them, it became clear they could afford to retire, but that the husband’s pension arrangements could be improved. First, his workplace pension didn’t suit his needs. Second, his private pension, which was more significant, held investments that had become high risk. It was also subject to ongoing advice charges, even though no ongoing advice was being given. His pensions have now been consolidated into an SPW Sipp. The wife’s final salary pension scheme was left untouched.

How did this help change their lives?

The husband handed in his notice the following month, three years earlier than anticipated. The wife has also now retired. The couple gain comfort from knowing their money is being looked after, that their financial position is regularly reviewed and that they receive ongoing advice.

Indeed I spoke with the husband a couple of days ago, because he had concerns about the tragic events in Ukraine and how these might impact his retirement plans. Following our conversation he said he ‘feels much better as [he] had been worried’.

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