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managing personal finances case study - Investment Advisory Service

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Denise and Richard Yau - city law partners who used the Investment Advisory Service

Richard and Denise Yau are working professionals in their early 30s who have recently started a family. They came to Bestinvest to learn about how they can best save for themselves and their young daughter.

Sally Merritt, Senior Investment Advisor - Bestinvest
Sally Merritt
Senior Investment Adviser
Our investment adviser Sally Merritt provides an example case study

Their financial situation

Richard is an additional rate taxpayer and Denise is a higher rate taxpayer. They have a young daughter called Amy. They have both been making full use of their Stocks & Shares ISA allowance and have built up a total pot worth around £200,000.

They both have company pension schemes which their employers pay into on their behalf, but explained that they would also like to start drip feeding some personal contributions into SIPPs (Self-Invested Personal Pensions) in order to supplement their pension pots.

Richard has some sizeable cash savings, and when we met, he was also expecting to receive a much larger bonus later that year, which was expected to be well in excess of his ISA allowance, so he asked me whether he could add that to his SIPP too. They also wanted to start investing on behalf of their daughter.

How Bestinvest were able to help

The ISAs were all held across two different fund supermarket platforms, so I provided all the paperwork to transfer the ISAs over to Bestinvest.

Richard and Denise felt there was a possibility that they may need to draw on the ISA pot to fund school fees in a few years' time, so following a full Fact Finding exercise, we agreed to take on a low level of risk with that portfolio. I reviewed all the existing investments against our Growth-Cautious asset allocation model, and also incorporated recommendations for two new ISAs into the review, so that the new ISAs would be suitable in the context of the existing investments.

Since their pensions would not be drawn on for at least 25 years, Richard and Denise wanted me to model their SIPP portfolios against our Growth-Very Adventurous asset allocation model. I made recommendations for regular investments into their SIPPs, and will review those each year.

Richard agreed to inform me as soon as the monetary value of his upcoming bonus was announced, so that I could make bespoke recommendations for the investment of that cash into the SIPP portfolio accordingly. As an additional rate taxpayer, he understood that the tax relief available to him on his SIPP contributions would be particularly attractive, but in order to fully understand the maximum contribution limits available to him, I put him in touch with one of our Chartered Wealth Managers to discuss using the 'carry-forward' rules to make use of the previous three years' contribution limits too.

Richard and Denise will also invest in a Junior ISA for their daughter, and will continue to do this on an annual basis up to the maximum allowance each year.

Important Information

The case study above is based on existing clients of the Bestinvest Investment Advisory Service, and represents actual events; however, the clients' names and some personal and investment details have been changed for purposes of confidentiality. The service and advice by other clients may differ depending on personal and financial circumstances.

This article is not a personal recommendation or advice to invest. Past performance should not be considered indicative of future performance. If you are unsure about the suitability of an investment or if you need advice on your specific requirements, we strongly suggest that you consider professional financial advice.

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