You’ve saved the world. Again. Back to reality, and mundane things like your taxes, pension, and what to do with your savings. It’s fair to say that these characters have more pressing concerns than financial planning. However, we’ve looked through their likely financial planning requirements and they could definitely do with the advice of an expert.
James Bond, Live and Let Me Retire
James Bond has had a long and successful career in television, film and even comics. Depending on which version of Bond comes to visit, there are several ways he could benefit from speaking to a financial adviser.
- According to the books James Bond is half-Scottish, half-Swiss. As such, there are instances where English and Scottish law differ, which are most obvious when it comes to Personal Injury Claims, Wills and Probate Law.
- Bond’s job will mean that he needs ‘high risk’ insurance products. As such, he may find his protection and insurance needs are more complex than he would like when looking for Critical Illness Cover or Life Insurance. These policies could be more expensive as he is also a smoker. While he could arrange his protection policies himself, an independent financial adviser could help him find suitable insurance from the whole of the market.
- As a member of MI6, Bond will be entitled to a civil service pension. However, there have been some changes to the civil service scheme recently. If he hasn’t already retired, Mr Bond may want to review his retirement plans with an adviser.
Harry Potter and the Philosopher’s Budget
Harry hasn’t had much experience managing money. Between his school holidays at the Dursleys and the rest of his time spent at Hogwarts, he doesn’t have many good role models but continually inherits vast wealth, property and rare magical artefacts.
- Wizards are known to live longer than Muggles, so Harry might want to talk to an adviser to make sure he doesn’t run out of money. With cashflow planning tools, an adviser can help Harry visualise his spending and saving, and how his financial goals could affect him and his family.
- When Harry inherited Grimmauld Place, no one approached him with an Inheritance tax But not all dwellings are unplottable. If circumstances were to change, Harry may need to talk to a tax specialist to help him understand what he owes.
- With most of his gold sitting in Gringotts gathering dust, Harry could talk to a financial adviser about investing his inheritance. He might even be able to take some time off from saving the world and live off of the proceeds.
Doctor Who and the case of the Time-Traveller’s Will
Doctor Who might have some issues accessing financial advice, as we don’t know any adviser who would accept documents printed on psychic paper. These problems aside, a financial adviser could help him discuss questions about managing his money that he’s been putting off.
- The Doctor always seems to have plenty of money when he visits different worlds, and being a time lord, it’s likely that he has a complicated investment portfolio which spans several galaxies. He may manage these himself, the Doctor could benefit from an adviser to help him make the most of his assets, while ensuring that he can access his funds at short notice.
- Assuming the Doctor retires in the UK, and not on a distant planet, he could benefit from making a Power of Attorney to help him make decisions about his finances and care if he was unable to do so. The Attorney could be a friend (or companion) and would be able to consider the complexities of his situation, and make decisions on his behalf.
- We don’t know how many times the Doctor will be able to regenerate, but just because he can doesn’t mean he should put off estate planning There are likely to be challenges to his will (as many of his companions will want to inherit the TARDIS) and due to his time-travelling habit, it may be difficult to prove he’s married.
When nearing retirement we face the challenge of ensuring our funds will last. Increasing numbers of...