“My property portfolio was my pension plan – until I met my adviser”
With a successful buy-to-let business and a property portfolio, NRLA member Nick Taylor didn’t give his pension a second thought. But working with NRLA recognised supplier, St James's Place has opened up opportunities he didn’t know existed. Nick shares his story.
At a glance
SJP client Nick Taylor has built up a profitable property portfolio – and thought that would eventually be his pension.
His financial adviser, James, helped him see how proper pension planning and diversifying his assets could make a big difference to his future, and that of his two children.
Nick believes that everyone should seek financial advice – so they can make their money work as hard as they do for their future.
In 2013, it seemed that every time Nick Taylor, a successful property renovator and landlord, was up a ladder, or on a high roof, he’d get a call from SJP Partner James. Nick already had a pension with SJP, but James had just joined the practice, and was calling to introduce himself. “Trouble is,” remembers Nick. “James always managed to ring when I was in a slightly perilous situation! Eventually, I called him back, and I’m glad I did.”
Because James was also calling to pass on some good news about that SJP pension. Nick started his investment in the 1990s – but then by his own admission, pretty much forgot about it. To his surprise, the initial investment had grown from £15,000 to over £40,000.
It was a good call to get from his new SJP Partner.
Taking a closer look at pensions
Like many in the building trade or property sector, Nick hadn’t given pensions a second thought, imagining that his property holdings would be his eventual pension. Divorced, with two children, Nick was interested in, and well-informed about money matters – and open minded about financial advice. He thought it worth meeting James face to face. That led to another surprise.
“To be honest, I was expecting a grey-haired, middle-aged ‘insurance salesman’ type,” he says. “But from the start, James made pensions interesting, and he wasn’t trying to sell me any one option. He’s always been very clear and balanced in any conversations we have.”
That conversation made it clear to Nick he should think about his pension arrangements. “Describing my situation to James, I remembered I also had a small Army pension, which I’d also almost forgotten about too. Like many people with employer pensions, it’s easy to sit back and let the pensions provider take care of contributions and where they’re invested. Sometimes, people don’t even realise their pension is an investment (not a savings account)! All they know for sure is they’ll get something when they retire.”
Looking at the bigger picture
“James took the time to understand my current financial situation, how I could improve what I already had, and what I might want life to be like in the future,” he adds. “It’s a perspective that anybody who’d not taking financial advice is missing out on.”
“James does that really well – though I’m still working out what my future looks like!”
James and Nick spent a few months building their relationship as well as building a complete picture of Nick’s finances. “For me, that’s absolutely key, “explains James. “When you’re speaking to people about their money – money they’ve worked hard for – they need to trust you, if they’re going to listen to you.”
It’s clear that the two have a great rapport, checking in with each other often.
“If Nick wants to touch base – he WhatsApps or texts me,” says James. “That’s how life works. Questions or queries can crop up every week – and you don’t need to save them all up for one annual review.”
Learning about money early in life
As a self-made businessman, Nick knows plenty about money management and the importance of stable finances and cash flow. It’s a lesson that he and his brother learned at a very early age.
“My Dad wasn’t very good with money, my Mum didn’t understand money at all, with the result that our house was repossessed in my early teens.”
“We lived in some pretty grim rented accommodation, after that. My parents separated, and my brother, sister, and I, along with my mum, shared one bedroom with mattresses on the floor."
“More than anything else, that taught me that putting a roof over your head is a top priority.”
“We learnt the value of sensible decisions first-hand.”
Getting your own children into good money habits
It’s easy to see why passing on good money skills to the next generation is so important to Nick. With James’s help, he’s organised ISAs and investments for his two children.
“The more they understand about their investments,” Nick says, “and that it’s their money, the more they’re interested.” His son George is already showing promise.
“George was asking James whether investing in Tesla shares was worth it recently” he laughs. “He refers to James as ‘his’ financial adviser already.”
As a self-employed single parent, that relationship is especially reassuring.
“I know that, if anything did happen to me, George will have someone he can speak to that he knows personally and who knows him.”
“I know any number of people who could give him bad financial advice. But I know that he can go to James for sensible advice.”
Making the most of what you’ve got
Nick isn’t up a ladder, or on the roof, quite so much nowadays. He’s still working through what his ‘big picture’ retirement might look like, with James’s help, but he is adamant that everybody should listen to financial advice to help them make the best of what they’ve got.
“I tell my kids – actually I tell anybody who’ll listen – money is 30% what you earn, and 70% the decisions that you make about what you earn,” he says. “My kids are probably tired of hearing me say it! But I’m reassured that they won’t end up in the same situation my parents did.”
“To keep yourself financially secure, you don’t need to earn a fortune. You just need to make good decisions about the money you’ve got.
“That, for me, meant talking – and listening – to James.”
Personalised financial advice
St. James’s Place Partners can support you with personal financial advice, covering all areas of tax planning, pension planning and inheritance tax planning.
You can find a Partner that’s local to you here. We have over 4,800 SJP Partners across the UK.
The value of an investment with St. James's Place will be directly linked to the performance of the funds you select and the value can therefore go down as well as up. You may get back less than you invested. Past performance is not indicative of future performance.
The favourable tax treatment of ISAs may not be maintained in the future and is subject to changes in legislation.
The advice provided to Nick Taylor was given after a full evaluation of their specific needs, circumstances and requirements. The solutions provided would not be suitable for most investors and the information provided does not constitute advice.
The ‘St. James’s Place Partnership’ and the titles ‘Partner’ and ‘Partner Practice’ are marketing terms used to describe St. James’s Place representatives. Members of the St. James’s Place Partnership in the UK represent St. James’s Place Wealth Management plc, which is authorised and regulated by the Financial Services Authority. St. James’s Place Wealth Management plc Registered Office: St. James’s Place House, 1 Tetbury Road, Cirencester, Gloucestershire, GL7 1FP, United Kingdom. Registered in England number 4113955.
SJP Approved 28/10/2024