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The Diary of Financial Planner aged 51 ¾

1st March 2021

Like most of my colleagues my days are very varied. In my dealings with clients, I keep getting reminded about the fragilities of life. It is impossible to keep some conditions at bay, but I am aware that keeping healthy is important (especially for a long retirement), so I start the day with a run.    

Typically, the working day starts by heading into the office to deal with any messages that may have been sent overnight via our portal or email.    

Then onto a meeting with my team – Harriet and Katy setting out the priorities for the day ahead. Harriet is my Paraplanner providing technical information/report construction etc. and Katy deals with the wide ranging administrative tasks (and there are many!).    

Around 11am I may have the first client meeting of the day. Today with new clients who I had met before and wanted to retire but didn’t know if they had enough to do so. Harriet, Katy and I had worked to gather their information, looking at their ‘wish list’ of what they wanted to do in retirement and how much it would cost. The construction of the cashflow reports takes time but is so key in demonstrating what is possible. On this occasion, it was a privilege to let them know that they could retire. You can ‘feel’ the weight almost lift off their shoulders when you say this and the whirring in the brain and excitement of ‘what’s next?’.    

After lunch my second meeting of the day is an Annual Planning Meeting with an existing client. They are in the fortunate position that they have enough income for their lifestyle and have said they don’t want to end up ‘the richest in the graveyard’. During the meeting, we talk about a gifting programme to ensure that the right people get the right money at the right time. Many clients have said that they would far rather gift money now to their family when they need it and get a pleasure out of seeing how the gift can help rather than waiting until they die. This is a good conversation to have and a plan is developed.    

Talking to my colleagues we are all looking forward to getting back to having these meetings face to face.    

I speak with many clients who have been and are going through different stages in life – especially retirement. This has influenced my own thinking of what life after work could look like for me, of course everyone is different. I have many years to continue planning for this as with a 10 year old in tow, I am aware that demands on my wallet will only increase!    

Someone once told me that in terms of travelling I should work from the ‘outside in’ – this means travelling to the furthest countries that I wish to visit during my early years and work my way back closer to the UK, as travel becomes more challenging the older you get.    

Another tip I picked up from a GP whose friend was a Geriatrician – his advice was walking every day (at least 3 mph) and get a dog. That’s the second GP who’s advised getting a dog in retirement, and not just for exercise – there may be something in that as our cat tends to just walk from the sofa to his food bowl.    

You don’t get healthier the older you get – a generalisation I know, but reasonably accurate. In other words, ensure that you do the most physically demanding and fun travel/projects as soon as possible.    

All things to consider and I’m sure many more ideas will be relayed to me over the coming years.    

Have a good weekend and if you have a dog, enjoy exercising in this spring weather and if you don’t, perhaps think about it!      

Neil Pinney

Neil Pinney  
Chartered Financial Planner  

CII

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