Expert financial advice needed!!!
Discussion
There is a massive long convoluted back story, BUT....
...the bottom line is a retired client has a bill to pay. £260k.
A first payment - £60k. - will be getting made on 01/11/18. He then has 12 months to pay the rest. The question is, how does he conjure up £200k by 01/11/19 ?
So, O experts, the client's fact find elucidates but one need......the need to raise £200k by 01/11/19. Starting now.
About £10k can be made available to effect any plan. Borrowing is not possible.
The price of failure is that the client will have to sell assets to pay the bill if the payment can't be raised any other way, and the client has no wish to do this.
So, o experts, how does the client raise £200k over the next 13 months?
The "fee" on offer is straightforward. The adviser can keep any amount over £200k that their advice raises without limit.
...the bottom line is a retired client has a bill to pay. £260k.
A first payment - £60k. - will be getting made on 01/11/18. He then has 12 months to pay the rest. The question is, how does he conjure up £200k by 01/11/19 ?
So, O experts, the client's fact find elucidates but one need......the need to raise £200k by 01/11/19. Starting now.
About £10k can be made available to effect any plan. Borrowing is not possible.
The price of failure is that the client will have to sell assets to pay the bill if the payment can't be raised any other way, and the client has no wish to do this.
So, o experts, how does the client raise £200k over the next 13 months?
The "fee" on offer is straightforward. The adviser can keep any amount over £200k that their advice raises without limit.
mikeiow said:
Kickstarter. What could possibly go wrong.....
As he has no feet (or legs) kickstarting (or indeed kicking) anything presents an almost insurmountable difficulty. Although, in fairness, 'kickstarting' a return to work from retirement is currently what he believes to be his only option - hence the search for potential expert financial advice for an optional solution.
Condi said:
If anyone has a surefire way to turn 10k into 200k within 15 months can they let me know too.
Isn't how to make money one core essential aim when seeking financial advice? What's needed here is an expert in making money to advise on how to make £200k. Not £2billion. £200k. And whilst suggesting criminality is possibly viable, it isn't in this instance acceptable.
Make no mistake, this HAS to be done, or assets will have to be sold, which is not acceptable either.
desolate said:
If you have a wide business network set up an insurance broker, get them to transfer their business in to you. You will need about 15k a month in commission and you should get 200k in a quick sale.
That's a version of the "go back to work" option, but a reasonable one. Although including all the additional costs it would require about double that in commissions I'd guess. From start that would definitely take more than a year to sort, although there are other more viable versions of this idea that probably will end up being how the 200 is generated in reality - unless there's an adviser who can preclude the need to bother.desolate said:
No need to be so negative.
You could be trading tomorrow - the 200k cash flow generated will cover the costs (if you are as clever as you appear to be) and the sale will generate that capital needed)
You would probably only need one person as by transferring your mate's Exisitng portfolios someone else has already done the heavy lifting.
Yes. The one-client route is indeed one of the 'more viable' ways which (assuming 'back to work' is the only route) may very well be what happens here.And I can think of 2, possibly 3 individuals I'm pally with whose annual insurances probably generate £200kpa commissions and possibly much more. However I have at least one other and possibly very much easier option if I've to "work" for it. You could be trading tomorrow - the 200k cash flow generated will cover the costs (if you are as clever as you appear to be) and the sale will generate that capital needed)
You would probably only need one person as by transferring your mate's Exisitng portfolios someone else has already done the heavy lifting.
I'm friendly with a chap who very much wants to buy a business whose owner I'm also very friendly with and who wants to sell it. They really don't like each other and I've already been asked by one of them to act as go-between with a £100k finessing fee on the table. He also wants to buy a business whose seller I know but who is asking a bit too much for it. I can easily finesse this one too and the seller will gladly pay me £100k. That leaves me to cover tax payable on these fees. Which isn't a problem. I'd hoped this little bit of dealing would end up with me making regular income benefit rather than lump sum payments but if 'back to work' is the only way to get my bill paid then that's that.
JulianPH said:
If you are relatively confident in a position you could leverage using a spread bet. In normal circumstances this would be very high risk, but given the consequences of not hitting the target by the due date the risk becomes non-existent.
PM me if you want to share further info (that you would not wish to post here) for further thoughts.
O I DO like a bet! I do 3 kinds. PM me if you want to share further info (that you would not wish to post here) for further thoughts.
1) "Fun" bets. My mate and I did 'double or quits' on almost every match one by one in the recent World Cup. The highest anyone got to was £160 (then dam' Neymar scores in the 97th minute!) and the final took it back to zero. Immense fun. No gain.
2) Punts. Usually getting carried away in a conversation and just 'going for it'. Put a grand into a £5k pot on tripleG last night. Over the years these 'punts' have almost certainly proved a loser. Like GGG did this morning.
3) Serious gambling. I do high stakes ultra low odds football bets. 90% successful. Over the years definitely net gain.
What you're suggesting is a highish risk version of 2) with, I'd guess, a 1 in 5 chance of profit and a 4 in 5 chance of loss. It isn't the likelihood of loss that puts me off, it's the Unlikelihood of making the required gain.
desolate said:
Seriously - if he gets his 2 or 3 mates who each pay in excess of 200k a year to transfer their insurances he will piss it and have money left for beer, tags and tax.
Equally seriously - when first forced into retirement I considered becoming an introducer but for strange and fateful reasons the plan died at birth. Fortunately. Because the entity I almost started introducing to turned out to be a sham which would have been very embarrassing. Not now (because I really do have to get this bill sorted) but in the not too distant future - say springtime next year - if you're still up for it I would possibly like to take this further. What say you?
Downward said:
So if you owe tax and wont sell your assets but need to magically turn 10k into 200k without working why the hell would anyone here want to help ?
Well there's a 50/50 that someone already has. Why? I suppose because he sees some gain for himself. Isn't that usually how things work?James_B said:
No, making money doesn’t tend to be one of the essential aims.
As others have pointed out, with more polite language, this is a ridiculous question. No legal enterprise will do what you are asking.
If you mean raise the money as opposed to making it then he needs to withdraw from his rainy day fund.
Well, apart from one chap here who's suggested something realistic which whilst involving "work" doesn't involve very much (on the face of it tho' in reality involves quite a bit), my accountant suggested I invest a fairly modest amount in someone I also know whose startup is 90-95% certain to grow big legs pretty quickly. As others have pointed out, with more polite language, this is a ridiculous question. No legal enterprise will do what you are asking.
If you mean raise the money as opposed to making it then he needs to withdraw from his rainy day fund.
So you're wrong James. It's not ridiculous at all.
As to whether or not people seek financial advice with making/gaining/adding to/raising money for themselves as a core aim, you're entitled to your opinion but mine is that it's probably THE main inspiration behind seeking advice.
JulianPH said:
No. What I was stating was an immediate solution as an initial remedy to ensure continued home ownership.
Obviously I was incredibly misguided in my intentions. I thank you for highlighting this at such an early stage.
No problem and thanks for opening a route to resolution. Obviously I was incredibly misguided in my intentions. I thank you for highlighting this at such an early stage.
Home ownership isn't an issue here, most especially because I don't own my home, the wife does.
But the long stop does involve sale of assets which are really all of 2 grades. Investment assets which in my case are almost entirely income producing which income I'm not keen to decrease. And personal assets many of which I could live without but would understandably prefer to keep.
Pretty clearly, unless there's a realistic 'invest in something' route all that's left is 'back to work' and after almost 3 years out of it I've a few reasons why I'd really rather not.
WindyCommon said:
Basically: try roulette
I've enjoyed a good few nights at the tables both here and abroad. The old Chevalier casino in 1960's Glasgow was definitely the most exciting. And that crazy casino in El Gouna near Hurghada was definitely the funniest.But I've never once gone in with any intention of coming out with anything other than the memory of a good night out. And that (without exception) is how it's worked out.
JQ said:
As has already been stated, I'm quite certain that if someone knew a sensible way to legally turn £10,000 into £200,000 through investment in 12 months they'd be keeping it to themselves whilst sunning themselves on their super yacht moored outside their 25,000 sq ft home on their private island in the Maldives.
There are a colossal number of ideas and plans looking for private input of either energy or capital or both. A healthy number of these only require very little capital or sweat. And while perhaps 90% of them are a waste of time, 10% aren't. And perhaps 10% of that 10% become anything from reasonably to spectacularly successful. Can you visualise a scenario where someone might advise you to invest in one of these?
desolate said:
Jockman said:
James_B said:
desolate said:
Seriously - if he gets his 2 or 3 mates who each pay in excess of 200k a year to transfer their insurances he will piss it and have money left for beer, tags and tax.
How so, and why would he need the £10k?You seem to be I plying that a very large fraction of Insurance premium is profit, which it isn’t.
Commercial broker would get between 15 and 30 percent margin so somewhere just north of a million quid premium.
Package that up and flog it. Easily get 250k.
If the OP has five mates who pay over 250k a year in premiums the Bob's year uncle.
That isn't the difficult bit. The difficult bit is raising their desire to move, especially in an environment where LTAs are commonplace.
But this is called "work". And I don't have the slightest doubt I can do it.
I planned to never retire. To be honest it wouldn't be realistic to call what I used to do "work" at all. I basically spent the day f
king about with my mates. But sometimes I had to interact with people who I respected but didn't much like. And worse, sometimes I had to interact with people I neither liked nor respected.Thats the main (perhaps ONLY) positive benefit I've found retirement has brought in a largely unchanged existence. Now the only people in my life are the people I enjoy having in it. Actually there's probably not enough time left in my life to spend any of it interacting with people who I need to interact with purely for some business benefit. And tbh I'm not sure I can be arsed with it, or them. Maybe for a while.
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