Case Studies

Case Study: Comprehensive Wealth Planning for a Business Owner

February 19, 2024
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Comprehensive Wealth Planning – Business Owner

We worked with Liam to create a comprehensive financial plan that included his business interests, his personal wealth and the estate planning needs of his family.

Comprehensive Wealth Advice

Liam is a self-made and successful businessman aged 56, he has been a client of Thomond Asset Management for over ten years. He runs a thriving engineering company which he has built up over the years through hard work and dedication. This has allowed him to accumulate substantial wealth within his company and in personal assets over the years.

Liam recognised the importance of long-term financial planning to ensure the continued success of his business and his family’s financial well-being.

What guides him?

Liam values honesty and transparency and places great trust in our expertise and guidance. Although he already possesses a great deal of financial knowledge, Liam values the time spent working with us to navigate him through the intricacies of financial planning. His forward-thinking mindset and appreciation for innovation aligns well with our values at Thomond Asset Management.

Navigating his financial future

When we first met Liam, he had already built an extremely successful and profitable business. Liam was looking for an advisor to deliver expert advice, tailored to his unique needs, particularly around his diverse portfolio of personal assets which was complicated and time consuming to manage. He also wanted a firm that would work seamlessly with his other advisers [legal and accountants].

During our early meetings with Liam, we established a list of financial goals to achieve together including unravelling the complexities of his investment portfolio, managing the wealth within his business, creating a robust retirement strategy, and devising a tax-efficient estate plan.

Financial Planning for His Business

Liam’s goals and objectives are not without its challenges. As the principal of his business, he is has little time and has to deal with multiple factors within the business day to day. Balancing the company’s needs and retaining key team members has always proved to be a challenge. Additionally, he was seeking tailored guidance to help him transition his business to the next generation.

With our guidance, Liam delivered a comprehensive staff benefits package that included a director’s pension plan. This not only helped him to retain and reward his existing team but also made his company an attractive prospect for future employees.

Personal Wealth Planning Advice

We’ve worked with Liam over the last 10 years to put a clear path to retirement in place for him and his wife. His investment strategy has become more streamlined, tax efficient and manageable.

We assisted Liam and his solicitor in creating a clear succession plan and planning for transitioning his business to his children in the future. This has not only given Liam peace of mind but brings an opportunity to share his financial skills and knowledge with his family and prepare them for managing their own finances in the future.

Peace of Mind from a Unique & Comprehensive Financial Plan

Liam’s journey is a testament to the power of visionary thinking. While steering his business towards further success, he now has peace of mind that he is on a secure and successful path to retirement and that his family will also have financial security in the future. The hours he invested in establishing his financial plan with our advisors, means he can now spend his precious free time enjoying his success with his family.

Liam's journey stands as a true testament to the remarkable impact of visionary thinking. With unwavering dedication, he charted the course of his business towards greater success, and the genuine sense of financial security and success he now experiences is palpable. He carries the confidence that he's treading a path to retirement that's not just secure, but also prosperous, ensuring a bright financial future for his family.

 

The time and dedication Liam put into developing his financial plan with our trusted advisors reflect his commitment to securing his family's well-being. Today, he can feel confidence in knowing that his hard-earned success allows him more time with his family and friends.

Pedlars Lake

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