Wednesday, 10 October 2018 09:55

Financial Planner tackles challenging expat case

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Chris Daems Chris Daems

Experienced Financial Planner Chris Daems, director of Financial Planning firm Cervello, has written about how he dealt with a tricky situation brought about by an affluent expat’s fast-changing retirement plans. 

In an exclusive article in the latest issue of Financial Planning Today magazine, Mr Daems revealed how came up with the right Financial Plan for the client. 

Mr Daems said his client initially came to Cervello to “organise his financial affairs” but it later emerged that he was an architect who loved what he did at the time, which involved travelling around the Middle East and designing large sports arenas.

Mr Daems said: “He loved his work, he had a firm bunch of friends who were also part of the expatriate community living and working in the capital of Qatar, Doha.

“He felt he had a nice lifestyle and he was still healthy enough to do his work well.

"He’d been working internationally for six years and prior to this he’d been based in the UK for most of his career.

"He was single with no children and owned a flat in London valued at £440,000.

“He had two defined benefit pension schemes with previous employers which had a ‘retirement age’ of 65 but he’d currently deferred any decisions.

“They were due to pay him an income of £34,000 per annum.

“He had also accumulated £428,000 in cash and owned shares worth £87,000.

“He also had a personal pension pot of worth £100,000.

 

Mr Daems built three ‘what if’ scenarios for his client…

1. ‘What if ’ Roger continued his current lifestyle until 72 and then retired and moved back to the UK.
2. ‘What if’ Roger was more selective with the projects he’d taken on, stayed in Doha for the next four years and then ‘retired’ back in the UK.
3. ‘What if ’ Roger retired today and only took on architectural projects for non-financial reasons (Roger loved working on iconic architectural projects he could be proud of being involved with)

 

To find out more read the full article in the latest edition of Financial Planning Today magazine.

 

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Last modified on Thursday, 11 October 2018 08:26
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