Seated couple looking over gorge

Setting a foundation

Stage one


Life events

  • Paul and Susan met when they were both working at the same law firm at age 23 and 25 respectively. 
  • They got married when Paul was 25 and Susan was 27.
  • They purchased their first home together. The house was worth £75,000 (mortgage of £70,000).
  • They had two children, Louise and David.
  • Paul took an extended career break to look after the children.


  • Budgeting income and outgoings.
  • Saving for a house deposit.
  • Borrowing to purchase a home.
  • Joining an employer’s pension scheme (auto-enrolment). 
  • Protecting income and debt for dependants.

How did we build a foundation for Paul and Susan?

Paul and Susan are building their career and are looking to start a family. They would like to take some qualified financial planning advice to help them on the right path. They need a strategy to begin their savings journey to support them in achieving their future goals in a tax efficient manner, and protect their family in the event of unforeseen circumstances.

Getting into the savings habit

Under pension Auto-Enrolment legislation, they will be offered the chance to join their company pension scheme and they should certainly take the opportunity. Their employer will pay in money on their behalf; a minimum of 3% of qualifying earnings with 8% being contributed overall between employer and employee. They will also benefit from Income Tax relief on their personal contributions. Basic rate taxpayers receive £20 tax relief on every £100 invested into a pension and a higher rate taxpayer £40 for every £100. Thanks to compound interest, money invested early can grow significantly over the years and decades. Saving into a pension from early on in their careers could have a big impact on their future. A contribution made in their 20’s is likely to be invested for 40 years plus.

Any extra savings Paul and Susan wish to put aside can be placed in flexible and tax-efficient Individual Savings Accounts (ISAs). They can save regularly or with lump sums and can invest up to £20,000 each into an ISA every tax year. They can invest into cash or stocks and shares ISAs with tax free access to the funds should they need them.

At this stage of their lives, Paul and Susan have a specific goal of saving for a house and therefore saving in a Lifetime ISA would now be appropriate. A Lifetime ISA has an annual limit of £4,000 and the government will add a 25% bonus to the savings, effectively offering them a ‘free’ £1,000 if they use the proceeds towards buying their first home.

Putting financial protection in place

Protecting Paul and Susan and their children is the cornerstone of the financial advice process. Paul and Susan will have commitments such as a mortgage and raising a young family, or have future plans and essential costs to maintain. Ensuring that these obligations can be met in unfortunate circumstances is vital and will also provide peace of mind, whether that be recovering from an illness or adjusting their lifestyle to the loss of a loved one.

While Paul and Susan remain young and in good health they are insurable and the premiums for life insurance and critical illness cover are relatively inexpensive. Purchasing insurances later in life may prove expensive and any medical ailments or conditions could make them uninsurable at a time when they most need the cover.

Crowe Financial Planning advised Paul and Susan on a wide range of protection products through the whole of the market to find the most suitable plans for their current circumstances such as:

  • Life Assurance
  • Permanent Health Insurance
  • Critical Illness
  • Family Income Benefit
  • Income Protection.

After taking advice from their Crowe Financial Planning consultant they have decided to protect their mortgage with a life and critical illness policy which will clear the mortgage debt in the event either of them dies or suffers a serious illness such as a heart attack, stroke or cancer. In addition, they both take out income protection plans to replace some of their earned income in the event of being unable to work due to long-term sickness or disability.

What does this mean for the Wells family?

Financial planning is about understanding dreams and life goals, knowing the resources they have available, and what plans Paul and Susan need to make to help achieve them. The sooner Paul and Susan start their financial plan, the better the chance they will have to get to where they want to be in 10, 20 or 40 years’ time. It’s the old adage – it’s easier to achieve something that you are aiming for than to drift without having any goals.

After speaking with Crowe Financial Planning, Paul and Susan have peace of mind that they are on their way with an appropriate financial plan to carry them through the accumulation phase of their lives, whilst being financially protected and secure in the event of any unforeseen circumstances.

Financial support throughout your life

Find out what each stage for Paul and Susan Wells brings ...


Changes to the pensions annual allowance and impact of COVID-19 on partners in professional firms.
Successful investing requires patience and taking a long-term view, and being comfortable riding out the short-term ups and downs.
Changes to the pensions annual allowance and impact of COVID-19 on partners in professional firms.
Successful investing requires patience and taking a long-term view, and being comfortable riding out the short-term ups and downs.

Crowe Financial Planning UK Limited is authorised and regulated by the Financial Conduct Authority (‘FCA’) to provide independent financial advice.

The information set out above is for information purposes only and does not constitute advice to undertake a particular transaction. Appropriate professional advice should be taken on specific issues before any course of action is pursued.  Any advice provided by a Crowe Consultant will follow only after consideration of all aspects of our internal advice guidance.

Past performance is not a guide to future performance, nor a reliable indicator of future results or performance. The value of investments, and the income or capital entitlement which may derive from them, if any, may go down as well as up and is not guaranteed; therefore investors may not get back the amount originally invested.

The Financial Conduct Authority does not regulate estate planning or tax advice. 

Our Financial Planning team

Our Financial Planning team, are independent financial advisors that, provides whole of market solutions advising high net worth individuals and families on their UK financial interests.

Our approach is to develop long-standing relationships with our clients built on trust and understanding. We invest significant time in understanding your financial affairs, your future objectives and aspirations.

Phil Smithyes
0118 959 7222
Thames Valley
Miles Clarke
0118 959 7222
Thames Valley
Richard Dean
01242 234421
Aron Gunningham
0118 959 7222
Thames Valley
Julian Hanrahan
Julian Hanrahan
01622 767676
Chris Maguire 600x600
0118 959 7222
Thames Valley
0121 543 1916


Dharmesh Upadhyaya
020 7842 7325
Nasiba Vaiya 
Nasiba Vaiya
020 7842 7325