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It is now six years since Brian set up the business with his partners. In the intervening period he taken advise from a number of advisers, and has changed some of the arrangements we know about.

A week after Brian's 40th birthday his mother died, leaving Brian and his eldest sister as executors. He inherits the house to the value of £180,000 whilst his sisters inherit the rest of the estate. The total value is approximately £240,000. Brian does not need the house as they only moved 2-3 years ago to their current family home.

Andrew is now 11 and the twins, Stephen and Phylis, are 6. Judith is back at work full time as a lecturer earning £16,000. The children go to a local school and are looked after each day by a nanny.

The original partnership set up by Brian, Simon and Jack is now a limited company, Greenpipes Ltd. All three are Directors and take a salary of £50,000. Their shareholding is in the same proportions as their original investments. The company is growing and they now have a work force of eighty, with work orders at home and abroad which should cover them for the next three years.

This year's total dividends are likely to be in the order of £40,000, split between the three of them in proportion to their share holding. Brian intends to invest his share in his new "hobby" - long term saving for retirement. He hasn't previously considered retirement seriously. Judith plans to retire from the University in 10 years time, when she will be 47, so that she can write full time. She believes that with a pension from the University, plus some part-time tutoring from home, she will have sufficient income.

As Brian and his family are going through a period of comparative stability, now would be a good time to look at their financial situation as laid out in a typical financial advisers confidential fact find report. Task:

1. How do you think previous advice is holding up?

2. It is easy to make errors on forms, but this particular form is quite vital if correct advice is to be offered.

   1. What errors or inconsistencies can you spot in the fact find?

   2. What questions would you ask to clarify these areas?

3. Do you think Brian needs to do anything about his pension? If so, what?

4. Do you think Judith needs to do anything about her pension? If so, what?
   

Review of previous planning

Errors and Inconsistencies (Actual and Potential)

Questions to Clarify

Considerations

REMEMBER You should not use any information contained on this page as the basis of any action until you have discussed matters with your financial adviser.