The clients had been successful in South Africa, and had worked with a Financial Planner there.
Over time, their children had moved to the UK, so they traveled to be near the grandchildren, initially on a ‘Swallow’ lifestyle basis, but eventually making the move completely.
Apart from a step change in the underlying cost basis of their lives, (!) it was time to reorganise their finances.
Whilst all liabilities were now in Sterling, their assets – and resultant income – were in both Rands and Dollars, with the additional resulting uncertainty and income fluctuations caused by currency fluctuations. And more of the income was taxable as normal UK tax allowances were not being used.
As is unfortunately normal in these situations, the offshore investments were more expensive and more opaque than the ‘onshore’ versions that were now available.
Our role was to get things into the right accounts, in the right asset mix, and simplify the situation to reduce tax, reduce cost and reduce uncertainty of income.
The outcome? The clients now describe themselves as ‘Settled’. Exactly as they should be with grandchildren on their doorsteps