An interview with Matt Jones, 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 couple with no children. She worked in accounts; he was a medical professional.
What were their main concerns?
They were existing clients of ours and I had recently taken over as their adviser. I noted during their annual review that they had cash ISAs. These were losing money in real terms, as the rate of interest on these accounts was significantly lower than the rate of inflation. Shortly before I was to present my financial plan to them, the husband was unexpectedly made redundant. At 56, this came as a shock and he was concerned he would not find alternative employment.
Sometime after this he had a car accident, broke several ribs and had quite serious cuts and bruises. Mercifully, it was nothing permanent. But the couple were becoming increasingly anxious about their financial situation.
How did you help them?
I went to visit them at home to talk through the situation and ensure they were in the right frame of mind to make financial decisions. Following this meeting, they transferred their cash ISAs into their SPW portfolios. I showed them that, with the husband’s redundancy package and their cash reserves, current investments and pension, he didn’t need to return to work. They could comfortably maintain their lifestyle without his regular income.
How did this help change their lives?
They digested my advice and were hugely relieved. Several months on, he is thoroughly enjoying retirement. The husband is now involved in community activities, has undertaken voluntary work and joined a choir.
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