Case study: Mike and Rosina Dickens
Mike and Rosina Dickens live in Hungerford, and have been a client of Geoff’s since 1996 and was introduced to Jonathan in 2004.
We consolidated their investments into a Transact wrapper, did some estate planning, and ensured their wills were up to date. We also hold regular meetings where we draw up a plan that will minimise their Capital Gains Tax and income tax in the most efficient way.
Thanks to Jonathan’s investment advice, the couple has the confidence they can pay their bills, do what they want, and access the cash flow they need.
Mike says, “The meetings are to keep an eye on things. We can also cash in funds from time to time. It does impress me that the money we take out generally doesn’t attract further tax.”
Mike is retired, and always has a ‘project’ on the go. For example, he has recently received 32ft traditional wooden boat that’s that he had built in Fleetwood which is now moored on the south coast.
It’s a family affair
Over the years, Mike has happily recommended Tucana to other members of his family, by convincing them that our investment strategy is slightly different to most.
Two of the couple’s four daughters are already clients, and another might join us next year (we haven’t yet met the fourth).
For example, their youngest daughter inherited some money, and we set it up as a ‘nest egg’ for her to draw on later in life. She even worked with Tucana for a couple of years, doing admin. She is now using her forensic degree in law enforcement community.
She says, “I can’t say too many good things about Tucana – they’re wonderful!”
Another daughter has young children and runs a Post Office and village shop. We organised her finances and ensured she has a valid will with up-to-date estate planning. When she wanted to buy a pub and merge the businesses, we helped calculate what she could afford (although the brewery decided not to sell).
Mike’s sister joined Tucana 2012. She has recently moved to a luxury retirement village in Bristol. To help fund this, we organised her finances to release capital from her portfolio.
Mike says, “Once someone has moved to Tucana, they generally stay. Tucana gives good down-to-earth advice. The funds you invest in are totally separate. They don’t charge the earth, and all fees are transparent.”
How it all began
Mike had been through a series of financial advisers over the years. Previous advisers had told him their advice was “free”, but he realised he was paying commission on the investment products they recommended.
“I got the impression that most financial advisers don’t provide lifetime advice,” he says. “They just take the commission upfront and then disappear.”
In 1996, Mike was introduced to Geoff Matthews (founder of Tucana), who gradually persuaded him there was a better way to invest.
“I used to draw graphs of funds and watch with some consternation as they went up and down,” says Mike. “Geoff explained that stock picking is for ninnies! By the time you read a prospectus or balance sheet, the information is already in the public domain, so the chance of getting in front of the market is impossible without insider knowledge.”
“Rather than the traditional way, I realised it was a good idea to start paying Tucana a fee for financial advice. It’s obvious that Tucana is in it for the long-term. They focus on the low-cost investment route, so we don’t have to pay massive fees to ‘star’ fund managers. The Tucana model makes a lot of sense and seems to be very effective. Trust that, on balance, the market goes up long-term, reduce your costs, and you’ll get 5-6% return. I now realise it’s the obvious way to invest.”