The financial planning process
Every client is different and the process will vary to take account of this. However we do work within a proven advice process, using a wealth of personal experience and the very latest technology. This enables us to deliver a service to our clients that has ensured 98% of new clients come from existing client recommendations. We will always listen to ensure that the process you experience is fulfilling your requirements, if it is not, we will change it!
We seek to use modern methods of communication and document delivery wherever possible. This means electronic format.
First Contact with the firm
Usually from a referral, but can be from other sources. During the first contact you will agree an initial appointment time and place with the adviser or his PA/Paraplanner.
Initial Information
You will receive a letter confirming the appointment. This will be accompanied by documents that will provide you with basic information about the firm, what we do, our ongoing service levels and payment options. We call this an IDD pack (Initial Disclosure Document) If you receive this letter by e mail it will contain links so you can acess the IDD pack on our website.
First Appointment
This appointment is free of charge. The objective of this appointment is to establish your current financial situation and your future financial objectives. We call this meeting a fact find meeting. All of the facts of your situation will be gathered. If we cannot obtain all the information required at this meeting we will ask you to sign letters of authority to enable us to gather all the information. We may need for example to speak to an insurance company, investment house or your employer to fill in any gaps in the information. It is paramount that we establish all the facts of your situation, soft facts as well as hard facts, so we are able to fully understand what it is you wish to achieve and help you to do so. If as a result of this meeting you wish to work with your adviser you will agree how you both feel comfortable working together as per the service agreement and payment options.
Research & Analysis
Once we have all the hard facts of your situation, what do you earn, what you spend, policy and investment details etc, plus most importantly the soft facts, what are your objectives and how do you feel about certain elements of financial planning, we can start the analysis and research process.
We use very sophisticated software packages to assist us with research, analysis and ongoing servicing.
We always acess the whole of the market and Aequos software ensures we can do this.
One of our most powerfull tools is the lifetime cash flow planning software that captures all of the data we store on our main database with regards to you and your financial situation and enables us to analyse it. In simple terms it will show us if you will have enough money throughout your working life to live the lifestyle you want and succinctly report on when you can achieve financial security, stop work and live off your investments. It also clearly shows what would happen to your finances if you were to die or become ill.
We use stochastic modelling software to illustrates if specific savings goals are possible, such as second homes, school fees planning etc.
We can fully analyse your current investment portfolio via Analytics. This software enables us to establish if you are invested correctly and also enables us to fully research the investment market.
We always look to assess fully the level of investment risk you wish to take via risk profiling software. We do not beleive in terms such as low/medium/high when describing investment risk but believe in a full discussion about what investment risk is and how certain investments and mix's of investments are likely to behave so there are no shocks.
We can fully analyse your current pension plans via pension profiler. This software helps us decide if your pensions are in the right place or should they be transferred to a provider that will fulfil your objectives better. We can also advise here on your retirement options. Should you use your hard earned pension fund to buy an annuity, invest in an unsecured pension (Drawdown) or phase your retirement.
We can obtain fully independent quotes for life assurance, critical illness cover and sickness insurance via the Exchange. This software tells us who is providing the most competitive policies.
We are able to obtain fully independent quotes for all your mortgage needs via Orbiter. This software tells us who will provide the most suitable mortgage for you.
Once we have established an initial plan we will arrange a second appointment.
Second Appointment
At this meeting we will review our research and analysis of your situation and discuss what action we feel needs to be taken. We will present our findings and advice in the manner we feel is most suitable for you. This will usually also involve a graphical presentation of your current situation and our proposals. If you are agreed we will complete application forms or move to the next phase. Depending on the level of service and remuneration you have agreed we will then continue to review and monitor your financial planning.
Full written report
We always finalise any advice actioned by providing you with a full written report. We call this the ‘Reason Why Report’. This report explains the ‘reason why’ advice to take certain action has been given and provides key information on the process and products.
Reviews
These are extremely important and we highly recommend all clients agree a service level allows for at least one review a year. Clients situations change all the time. It is paramount that to keep your objectives on track you meet with your adviser on a regular basis. Which service level you choose will dictate how often your situation is reviewed.