We were introduced to a retired GP and his wife by an accountant about three years ago. Over many years the GP had taken it upon himself to handle all manner of investments on their behalf. He had some small-ish amounts invested, some larger and they were spread all over the place. Stocks and shares, bonds, building society accounts, national savings, premium bonds – their investments were in a whole range of places.
This gentleman was terminally ill and had only a short while to live. He didn’t want to leave his wife with the burden and potential hassle of having to deal with all of these investments after he passed away. There was a mountain of paperwork – shares, self-assessments and all manner of things. His wife hadn’t been involved in any of the investments and he didn’t want her to have wade through numerous files and then have to manage it all at a later date.
The GP came to see us.
“I want you to start the process of simplifying everything for my wife. I want to get all of these investments, and everything pulled together under just one roof. I want to simplify things for her – so she only has to look at one statement or talk to one company or contact.”
We talked to a few companies before choosing one that we thought would best suit our client’s needs. We were recommended a product that would enable us to do what our client wanted while retaining a safer investment structure.
We then talked to our client who was happy with the proposal and what it would achieve for his wife. So we then started the process of dismantling his portfolio with the various investments they had with different companies and getting everything into the one pot, under the same roof, consolidated or however you want to look at it.
Our client, the gentleman GP, has since passed away but we’re still working through that consolidation process. Some of his investments had fixed terms attached and we can’t get them out before the end of this year or at some other future time. But we’re gradually pulling everything together for the GP’s wife and we’re about 90% of the way there.
Our involvement has taken a potentially large headache away from the gentleman’s widow. She has no self-assessment worries, no accountancy bills, no dividend tax, no stocks and shares to worry about. It’s (nearly) all under one roof now and invested with a very well-established company who have a solid reputation and track record.
The GP’s widow now has the time and peace of mind to carry on and do what she wants to do. Not only does she have increased peace of mind now but the cumulative value of the investments – being brought together – has increased significantly.
Risk Warning.
The information contained in this article is provided in good faith and is provided for information purposes only.
Whilst every care has been taken in the preparation of the information, no responsibility is accepted for any errors which, despite our precautions, it may contain.
No individual investment advice is given, nor intended to be given, in this article and no liability will be accepted in respect of any action you may take as a result of reading this material.
If you are unsure whether any particular investment or any specific course of action may be suitable for you, you are urged to take independent investment advice.
