Last week we said goodbye to one of our Directors, Richard Burrows as he begins an exciting new chapter in his life…his retirement. As Richard spent his final few days working, he took some time out to share some thoughts with us.
Working towards an early retirement is a goal many of us have, so we asked Richard to share his top tips that helped him achieve this goal.
Tips for Retirement
- 1. Start to plan as early as you can, preferably as soon as you start work. I was fortunate to be able to join an employer pension scheme from the age of 18.
- 2. Take advice, preferably impartial and independent advice. Even being in financial services almost all of my adult life, I think it would be arrogant of me to believe I knew everything about retirement planning.
- 3. Have a plan. It is important to understand what the goal is – in as much detail as possible. A lot of people don’t get the fact that a pension plan is only a means to an end. A good pension is not the goal, rather how your aims and aspirations can be achieved using pension and other savings vehicles.
- 4. Having a good independent financial adviser who can offer different options is important, ultimately aiming to achieve my retirement goals.
During his time with us, and indeed throughout his career Richard worked closely with Financial Advisers. Having spent years working with them, we asked Richard to again share his top tips for anyone that is considering this career path.
Key Ingredients to Being Successful
- 1. Technical and product knowledge: an adviser should not be seeing clients until they have a sound level of knowledge and to know their limitations of dealing with more complex areas of advice.
- 2. Secondly, attitude: having a resilient attitude is essential. It is an occupational hazard that there will be frustrations, disappointments, ever-changing taxation and legislation, so having a positive attitude and a determination to keep learning and improving is really important.
- 3. Finally, people skills: understanding a client’s situation and their plans sound easy, but to do it effectively is actually quite a skill. Taking a genuine interest, listening and watching for verbal and non-verbal clues, enjoying just being able to help clients and put them in a better position than they were previously.
We wish Richard a very happy and healthy retirement as he starts his new lifestyle, but what does he plan to do with all this new time on his hands?!
Sun, sea and sand…Richard is planning to travel around the world, buy a boat and live by the sea!
He’s also keen to help his two sons establish their own careers and possibly get involved in charity or animal conservation work.
Bon Voyage Richard!
The value of pensions and investments can fall as well as rise, and you could get back less than you invested.