A financial plan for Alastair and Wendy. You should make a judgement about the timescale of this plan, taking into consideration the financial milestones and factors mentioned in the case study.
It should include:
a. A clear breakdown of the couple’s objectives over the short, medium and long term. You should clearly show a financial plan that models the likely changes in the couple’s financial situation from now until the years to retirement, taking into account all of the information in the scenario (you may use excel for this and include as an appendices). You need to determine the key milestones that will change the couple’s income and expenditure between now and retirement and model how these will change their overall financial position. You should consider at least two alternative scenarios you judge possible given the ages of both Alastair and Wendy and their possible retirement ages. (Please note you are not required to re calculate the current net pay of the couple).
b. Specific advice regarding the 2014/15 pension reforms. You should make clear to the couple to which pensions they are relevant and what options the couple have as a result. You must provide specific recommendations for Alastair as to the final salary scheme transfer, including the advantages and disadvantages of transferring his defined benefit scheme to a defined contribution scheme
c. Advice regarding any issues mentioned in the case study in relation to capital gains and inheritance taxation, estate planning and care planning. You are expected to use 2018/19 tax year in any calculations. 16 marks
d. Based upon the couple’s risk profile, recommend two separate investment portfolios of for Alastair and Wendy. You should consider the funds available, clearly showing where these funds have come from (exclude pensions from this). You should also attempt to model the performance of the portfolio and whether or not it is likely to achieve the goals you stated in part a (you must state and justify your assumptions with regards to growth rates and inflation). 16 marks
e. Provide mortgage advice to Harry. You should identify appropriate mortgage options and comment on their affordability as well as advising Harry about other costs (both one off and continuing) of buying a property. You should calculate Harry’s net pay and suggest a possible monthly budget that may help Harry manage his money in the first year
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