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Financial advisers! I need your client turnaround stories

Journalist: Hannah Smith, Freelance

ended 23. January 2023

Hi everyone. I'm looking for a few financial advisers to tell me about the client with the worst financial situation they've ever seen, and how they helped turn it around. You would be named and pictured but I can disguise client details. It's for FE Trustnet Magazine. Thanks!

2 responses from the Newspage community

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Editor
Wes Wilkes
CEO at IronMarket Wealth
Alan wanted to retire in 8 years but had an interest only mortgage with sub-prime lender & no repayment vehicle.
Spending analysis carried out & revealed poor expense management.
Savings of £30k in bank account.
Advised on spending reconfiguration
Additional disposable income freed.
Invested £30k.
Structured mortgage overpayment and pension contributions
Alan Mortgage Free at 64
Retired
Investment portfolio of £160k.
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Steven Rowe
Director at Lucent Financial Planning
A successful business woman came to see me, with four weeks to pay a personal tax bill of £200,000. There was no money in the business and she wasn't able to remortgage. She had already arranged a commercial loan to her business and this was going to be taken as a dividend. Instead, we advised a company loan to her so as not to build up any more tax bills for the future. Then, we had nine months to get that repaid. A sports car was sold, plus other material things that were no longer required and the house was remortgaged to repay. Doing this meant future tax bills were reduced and then paying £80k a year (business income was good) into pensions for several years to use all carry forward. Now, has a clear plan to retire at 55 and the funds are on track to do it. Very Easy!