Case study: Jim & Trish Styles, Guildford
When Jim and Trish Styles first met Geoff Matthews, their money was held in various building society accounts.
Geoff advised them to invest their savings into a wrapper instead, and opened a Transact account for them in 2002.
“We accept that our capital may go down as well as up, but we’d rather be on the safe side than take a gamble,” explains Jim.
The following year, Geoff met Lance Baron. As part of succession planning, Lance started ‘shadowing’ him, and was introduced to Jim and Trish in 2006/7.
By then, the couple had retired, and were drawing a regular income from their investment to supplement their pensions.
Jim says: “Oldies like us don’t want to have to go into town to withdraw money from a building society! Over the years, we’ve made quite a lot of money. Apart from the regular income, we haven’t had to dip into the capital.”
Geoff went on to found Tucana in 2010, with Lance and Jonathan Mapp as business partners.
Fast forward to today.
Geoff has long since retired, and Lance has been looking after the Styles’ investments for ten years. Trish’s mother was also a client, and he invested her money for about 12 years.
Jim said: “My mother-in-law’s money was here, there, and in various places. Lance sorted it all out and invested it in one wrapper, which worked very well.”
Lance also advised Mr and Mrs Styles on estate planning, wills, trusts and inheritance tax. He’s currently helping with probate for Trish’s mother, who died recently, aged 104.
Jim admitted: “Lance has helped all the family. I’m not a great money-man, so I need an expert to talk to. It’s good to know that the grandchildren will do alright – unless we spend it all!”
Each year, Lance visits the couple (now in their 70s) for tea, biscuits, and an annual review. He also sends six-monthly reports, regular emails, and responds quickly to enquiries.
“Lance is amazingly helpful,” says Jim. “Especially for people who aren’t used to dealing with money. It’s worked very well, and we feel safe and confident. In fact, we can’t praise him enough.”