News

When a new starter begins their employment with #TeamDA they are offered a free financial review, what happens next with one of our people in particular, proves the importance of regular meetings with your financial adviser.  

When a new employee joins David Allen they are offered a meeting with one of our independent financial, protection and mortgage advisers.  David Malin happened to be familiar with an employee scheme that one of our most recent new starters was a member of, offered by their previous employer, and as such arranged a review meeting.

The previous pension scheme had never been reviewed, despite the old financial adviser confirming every year that ‘things were fine’.  David Allen Financial Services obtained information on the pension and David Malin reviewed the plan;  finding that even though the fund used ‘took care of itself’ in terms of its retirement pathway, its performance had been somewhat abysmal, and due to a lazy financial adviser telling him ‘things were fine’ there had been no room for growth with the hard-earned cash.

David therefore reviewed the 180 different fund options available to the old pension scheme, and subsequently carried out a fund switch, whereby the intention is the funds perform better.  But more importantly, our new team member now knows that David Malin will annually review this going forward, to not only ensure that the money continues to work harder, but also that they are invested in the right fund in line with their personal circumstances.

When speaking to David Malin his main comment was that if the previous adviser had done their job properly, our new member of staff would have 100% benefitted from better growth on their money.  We were then glad to receive the following fantastic feedback:

“Thanks for this, much appreciated.  Really pleased I have spoken with you regarding my pension, my previous provider did not explain how my pension was invested or how it could be tweaked to suit my needs.  You have explained everything clearly and I now believe I am on the right track.  Thanks again.”

Although our new starter is only in their mid-30’s and retirement planning may seem a long way off, it is important to know where your pension monies are invested, as one day you will rely on them, so why not ensure that they’re working as hard as possible for you and book in with one of our advisers for your pension review.