Why did I become an over 55s’ finance specialist?

Why did I become an over 55s’ finance specialist?

Hi all! I had a few people ask me this specific question. They said, “Andy, After 20 years in the industry why are you now specializing in over 55’s finance?”

Well, one of the obvious answers is because that’s the peer group I’m now in. I’m a member of that demographic. I get asked a lot more of the financial questions that come up for an over 55 year old (whether it be to do with mortgages or insurances or estate planning, wills, all that sort of stuff).

20 years ago, when I first got involved in this industry, the conversations I was having with most people were about buying their first homes or moving homes. I was making sure those things were set up correctly, they got the most suitable deals available and obviously protected the mortgage payments, et cetera.

As time has moved on lots of those clients are still with me – virtually all of our business is from referrals or existing clients. So the conversations I’m having have definitely progressed and as I said I’m now talking more with people that have either got certainly smaller mortgages or, maybe in some cases, mortgages that are paid off or soon to be paid off. People have got more assets than when we were talking first of all and maybe there are children around or sometimes grandchildren too. Nowadays it’s more common for my clients to be thinking; “Well, I’ve managed to accumulate some of these things, how best do I protect them to make sure that they end up where I want these assets to end up?”

I got qualified in will writing a little while ago because amazingly when I started finding out the implications of not having a will set up or certainly not having a will set up properly; I was quite concerned. To be honest with you, what I thought would happen to my estate, in reality, that’s not what was going to happen. So I very quickly started finding out all the details on that and I worked very closely with a specialist to make sure it was looked after and that my and my wife’s estate will end up where we want it to end up and not in somebody else’s estate or going unnecessarily to the government, or Prince Charles or anything like that. So that’s just a good example of what can happen without over 55s’ finance.

Another thing was that a lot of my peers have got more active lifestyles. I can remember when I was younger looking at my grandparents in their mid-60s and thinking; “Cor blimey, they look old.” But in reality, when you get closer to those sort of timeframes you realize that actually there’s still a lot of living to do. A lot of clients that we sit down with want to enjoy their retirement better, or maybe their pension pots are not quite as big as they thought they were going to be.

So, because quite often people are living longer and their pension pots are smaller, this doesn’t always help for a nice, long, enjoyable, fun retirement. Certainly in some cases, even being able to help children and grandchildren out with getting onto property ladders and so on is something people really want to do.

So that’s really the main things; the conversations have changed a little bit, it has evolved into, like I said, different types of later life lending, different types of protecting assets, distributing assets and so on and so forth.

I really enjoy it. It’s a great conversation to have. And finally, people can also understand my sense of humor a little bit more as well in the over 55s’ age group. They can remember some of the programs or some of the sports or some of the things that we did when we were growing up as well. So yeah, a bit of fun anyway, but thank you very much for reading, and hope to speak to you soon. Take care.

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