ASSET CLASSES:

Jonathan is 60 years old and married to Anna, 58. They have two children, Ian and Lee, who have both started their own families and are financially independent.

Jonathan is working as an IT consultant (self-employed) while Anna is a housewife. They have fully repaid the mortgage on the house they live in in Surrey.

Jonathan will soon receive a lump sum inheritance from an uncle who was living in Canada. The amount will be CAD (Canadian Dollars) 450,000.

This will top up his existing pension portfolio which is currently valued at GBP 400,000 and will be accessible once he reaches 65 years of age. The couple also has accumulated ISA holdings of GBP 110,000.

Their monthly living expenses is GBP 7,500.

The couple arranges to meet with a new financial advisor to help them with their financial planning. 1. Discuss the information that the wealth manager will need to get from the clients on top of the information already outlined above. (25 marks, 250 words)

After the meeting, Jonathan and Anna realise that, as was confirmed by their advisor, they have accumulated enough savings to be able to switch to a more relaxed lifestyle. Over dinner, they decide they would like to spend 6 months in England and 6 months in Spain.

2. Discuss the various aspects that must be assessed for such a move and the actions that need to be taken to minimise any risks associated with the change in their lifestyle and partial relocation. (25 marks, 250 words)