Retirement is now a very different prospect compared with the experience of previous generations. There’s now much greater flexibility and personal choice, on how you use your assets and savings, for the next stages of your life. Today, depending on the choices we make, we can keep our options open throughout our retirement journey and manage our retirement savings effectively to meet specific goals that may change over time. So, what retirement means to each person is much more specific than it once was, and the way we retire is changing.
The previous ‘cliff edge’ retirement has changed to a more phased approach, with the potential to slip into part-time work, self-employment or a new business venture. This glidepath into retirement can go on for many years and as we are living longer than previous generations on average, it means everyone needs to plan how to manage their retirement savings as they gradually give up work. Retiring flexibly on your own terms brings not only freedom and choice, but also the responsibility to ensure your money lasts as long as you do. For some people this can seem a daunting prospect, but our experienced advisers can help answer some of the questions you may have.
There is no ‘one size fits all’ when it comes to retirement now. You choose what to do with your money and retire on your own terms
You don’t have to make all of your decisions on ‘day one.
Retirement is a series of choices and decisions that you can make over time. There’s no need to rush.
Have a plan, and regularly review it.
Whatever your ‘retirement’ looks like, it could last for a very long time. So it’s essential to be organised, to know what you have and to regularly review your situation.
Take financial advice.
Retirement can be complex and everyone is capable of making poor choices. Financial advice means being fully informed to make better decisions.
The value of an investment with St. James’s Place will be directly linked to the performance of the funds you select and the value can therefore go down as well as up. You may get back less than you invested.
Exit strategies may include referrals to products and services separate and distinct to those offered by SJP.
Our first meeting with you is completely without obligation. We view this as a discovery meeting, where we explore your aspirations and understand how we might assist you in achieving your goals. This meeting typically lasts half an hour to an hour.
The aim of the meeting is two-fold:
To determine if you’re on track to meet your goals and objectives, your Financial Planner will need to gather detailed information about your current financial situation. You may also be asked to sign ‘letters of authority’ (LOA), allowing us to liaise directly with your existing product providers to obtain information that may not be available in your regular correspondence.
Before any chargeable work begins, we will arrange a brief follow-up meeting. The purpose of this meeting is to:
This follow-up meeting ensures that you feel comfortable with the advice being provided, understand the reasoning behind it, and have the opportunity to ask any questions before we proceed with a formal recommendation report.
At this meeting, your Financial Planner will present a detailed Financial Planning Report, outlining the reasons for their recommendations and how your financial plan will be implemented.
You will also receive illustrations, documentation, and a reconfirmation of the costs associated with both the initial and ongoing advice and services.
Your Financial Planner will take care of all the necessary paperwork to make you a client of ours and establish your financial plans.
If your plan involves existing arrangements, your Financial Planner will work on your behalf to liaise with third parties, ensuring there are no unnecessary delays in transferring your investments or pension.
Once your investments and pensions are in place, you will receive investment certificates by post. Going forward you will receive quarterly and annual statements of your investments and pensions. You can also access your Wealth Account via the SJP App.
We take pride in building long-term relationships with our clients. Ongoing advice is essential, as your needs and objectives are likely to evolve over time. The ongoing advice fee you pay grants you access to your Financial Planner throughout the year. If your circumstances change or you wish to discuss anything, you can contact your Financial Planner at no additional cost for ad-hoc meetings.
We will reach out to you annually to schedule your formal review meeting. It is important that you engage with your Financial Planner to ensure this crucial review is conducted.
VouchedFor is an independent service which allows individuals to review their financial advisers. Berkshire Financial Planning have been highly recommended by the people we work with.
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