We met with Laura and Charles, who had been referred to us through their friends who had just completed a mortgage with our team.
What were their aims?
Laura and Charles came to see us because they wanted advice on funding for education – specifically, how to fund their son’s school fees.
It transpired, when talking with them, that they had not seen a financial adviser since they got married and had arranged their mortgage over 10 years ago.
How Fairstone NI helped
Because it had been so long since they had seen a financial adviser, when we met with Laura and Charles we carried out a full financial review.
This helped us to gain an in-depth understanding of their current financial situation, whilst also allowing us an insight into their long term financial aims.
We also took copies of all their paperwork and obtained information from all the companies for each policy they held, including their mortgage.
When we got the information back from the companies, we realised that Laura and Charles did not have the amount of life cover in place that they had initially thought.
We also discovered that their mortgage was on a variable rate and that they were saving into a joint savings account which was paying them virtually no interest, despite the fact that they had saved over £30,000.00 into this account.
As independent financial advisers, we were able to carry out considerable research of the whole of the financial market, which enabled us to design a financial plan that would reflect the dreams and aspirations that Laura and Charles had discussed with us at our first meeting – primarily to help secure enough funding for their child’s education.
We were able to set up new plans to protect Laura and Charles’ income should either of them be unable to work, and were also able to set up new life assurance plans which matched their needs.
Their mortgage was switched to a lower interest rate, allowing Laura and Charles to reduce the term of their mortgage by 5 years.
With the lump sum of savings that had been accrued, Laura and Charles were able to set up tax efficient savings plans and save on a regular basis. We gave Laura and Charles the facility to look at their plans online through our app, and this gave them the confidence that they had full control over their savings.
Each year we meet with Laura and Charles to ensure their investment is performing well, all with the aim of achieving their long term goal to be able to fund their son, Toby’s, education.
Get in touch
To find out more about how our financial advisers can help you to achieve your financial objectives – be it saving to fund your child’s education, or otherwise – don’t hesitate to get in touch for an informal discussion with one of our team.