Our Exeter based Adviser Partner, Ian Noon, tells the story of how sensible planning and regular financial reviews generated £100k for one of his clients to invest.
Ian is renowned in our firm for being a prolific tweeter. In fact, we think he may send more tweets than any of us. So it was no surprise when Ian received a call from one of his previous clients he hadn’t seen in over 6 years.
Ian shared our update about pensions freedoms via Twitter and that prompted a call from a client he hadn’t spoken to since 2009. We’ll call our client Gordon. Gordon was shown the post by a friend, he immediately recognised Ian’s name and got in touch.
Ian helped Gordon and his wife, Jennifer, to update their insurance to protect their lifestyle in the event of their premature death. He moved their Equity ISA portfolio into a better performing investment strategy and carried out a pension transfer. He also enhanced their existing protection to cover an increased amount of Critical Illness benefit. A type of insurance that pays out a tax-free lump sum in the event that you are diagnosed with a specified illness or medical condition during the term of the policy.
Both Jennifer and Gordon were pleased they had renewed their relationship with Ian and agreed to stay in touch.
Ian duly contacted Gordon this summer to review Gordon and Jennifer’s situation to make sure the work he had had done was still appropriate. Annual reviews are a standard step in the Continuum client process.
However, when Ian met Gordon and Jennifer, he discovered everything hadn’t been entirely straightforward over the last year. Gordon casually dropped into their conversation that a melanoma had been discovered on his back by his doctor. He had been seen swiftly by a consultant and had the mole removed during half term. As the whole thing had taken no time at all and he hadn’t lost any time from work, he didn’t think it was much of an issue.
Ian explained that Gordon could claim on his Critical Illness Cover and arranged for the insurer to follow up with him directly. A fortnight later Gordon called Ian to tell him that he wanted to meet; the insurer had sent Gordon £100k from the policy and he wanted to know how to invest it.
Today, Gordon and Jennifer have put a sizeable amount of the capital in their savings accounts and are looking for a buy to let property. Gordon has also made a further single premium contribution to his new pension scheme. Gordon had no recurring symptoms and his doctor doesn’t expect the melanoma to return.As Ian says “If the last few years have taught us anything, we all need to prepare for the unexpected. As Gordon’s case shows, having a good policy and regular reviews can pay off when life changing events affect us.”
Would you like to know more about retirement planning or talk to us about protecting your loved ones in case you are too ill to work? Contact Ian if you are close to Exeter, or any of our team around Britain by clicking here today.