I used to work with Jon as a paraplanner, but in 2006 I was involved in a hit-and-run accident which put me in a coma for 6 weeks and meant it’s unlikely I’ll be able to work again.
Before the accident I had money invested here, there and everywhere, but once I eventually received compensation, I really needed help to invest this payment. The assumption was that I wasn’t going to be able to work anymore, so I needed the money to last for life. The pressure was therefore on for Jon to create a solution that would give me a long-term financial plan as well as a sense of security
The compensation payment took a long time to come through and, in the meantime, I needed funds. Because I was 50, I could draw out 25% of my pension tax-free but I didn’t know whether to take it as a lump sum or an income.
Jon showed me that if I took it as an income, it would have been seen as a salary, which would have meant I would have lost the benefits I was entitled to. So a lump sum it was.
Working this out on my own would have been impossible!
Once the injury claim eventually came through, Jon restructured my existing pension arrangements and incorporated the compensation payment to create a flexible and tax-efficient investment portfolio.
Receiving a personal injury claim isn’t like a Lottery win, or an unexpected windfall – you have to think in practical terms. You have to consider whether you might need care in the future, and if so, how much do you need to have for that? You have to pay back the benefits you’ve received before getting the payout too.
The first thing I did as soon as I got the money was pay off the mortgage. Then it was a question of knowing I had the security to live off the portfolio for the rest of my life, in a tax efficient way.
Now that that’s all sorted, Jon gives me a regular report showing my outgoings – direct debits, food costs, utility bills etc – and how much money I’ve got to cover it all. This clearly shows that my income requirements are comfortably being met and that my capital resources aren’t exhausted. This gives me the feeling of security I need.
Without Jon’s support I wouldn’t be where I am now – he guided me in the right way, helping me create financial structure, but he also helped to fight my corner when it came to making the claim.
There are people out there who are money grabbing when it comes to legal processes, but Jon made sure I didn’t make any of those mistakes.
I knew of other advisers before choosing to work with Jon, but I didn’t trust them as much as him.
We get on well and I’ve recommended many other people to him. The fact that he supports Arsenal neither here nor there!