Spotlight on: Late Financial Bloomers

Sarah and Tom are newly married and have 2 children that have just started school. They have just finished paying for childcare. Sarah has re-entered the workplace full time on a salary of £42K as a PR Manager for a Finance company. Tom is self-employed and runs a recruitment agency taking home a salary of £38K.

Children

• Two children just starting school

Health

• Sarah has had anxiety in the past and been off with stress from work on two separate occasions.

Financial

• Sarah has Group Income Protection with integral wellbeing support

• Mortgage with 22 years left to pay

• More disposable income due to finishing childcare payments and Sarah returning to work

• Interested in making home improvements rather than investment

• Workplace pension

• Combined credit debt of around 16K

Elderly care

• A parent that requires some care and support

Adviser considerations

• Wellbeing support and financial advice for individual and families through Group Protection

• Maximise Pension Contributions on Group pension

• Income Protection cover for self-employed

• Life cover plus Critical Illness cover

• Potential to invest in ISAs or bonds.

• Inheritance tax planning

• Trust planning

• Additional pension