Financial Planning Process

WHAT IS FINANCIAL PLANNING?

We consider our role is to help provide the financial framework so that individuals, families and businesses can carry on their lives with the confidence that their protection and medium to long term financial needs are being looked after.

 

This is the result of a full examination of the current situation and then drawing on our knowledge and experience to select the most appropriate solutions to meet the agreed objectives. We will consider a wide range of options from across the financial and investment spectrum, whilst also seeking to make the most of current legislation to optimise tax efficiency.

 

We seek investments that are top performers. The investments are primarily in collective investments that are selected from the main asset types such as stocks and shares, fixed interest securities, commercial property, alternative investments and deposits. The process we use is to select products and investments that have been researched and assessed by us and where appropriate we pay particular attention to fund manager tenure, the investment objective, and discrete performance records when compared to specific performance benchmarks. We operate a monitoring programme so that under performance can be identified and dealt with at an early opportunity.

HOW WE WORK

Our aim is to deliver a high quality and competitively priced service to clients with whom we can establish a long term relationship.

 

Our approach therefore is to develop long term plans for clients that we can see through to fruition, making all necessary adjustments along the way to react to changing personal circumstances and prevailing conditions.

 

Fundamentally our aim is to advise, and the service is principally a fee remunerated model. The arrangement of financial products is an outcome of the advice process, and when products are arranged the option of paying for our services through the product by adviser charging becomes an option.

 

We always bear the cost of our initial meeting with prospective clients. This approach means that we have no interest in “selling” particular products. Whatever the preferred method of paying for our services is, we will be independent and impartial in recommending what we believe is the right solution for your individual circumstances.

OUR PROCESS

First Appointment

Upon appointment our first step will be to start to prepare a financial plan tailored to your particular requirements and situation.

Setting Goals

We will spend some time talking with you to identify your goals over the short, medium and long term.  After that we will find out details about your specific circumstances, and build up a comprehensive picture of your situation which we can then analyse.

Action Plan

This leads on to the formation of an action plan on how you can best reach your stated goals. Our report will explain the approach we have taken and why.

Implement

The next stage is to implement that plan step by step, and we will give guidance on the most suitable way to go about this, which can include recommending products available from the market at the current time.

Regular Reviews

Progress needs to be revised at regular intervals which we will agree with you, and adjustments made as necessary, depending on changes in circumstances or your initial goals.

HOW WE ARE PAID

We aim to provide a high quality service at a competitive price.

 

On receiving an enquiry we invite a prospective client to come to our offices or other convenient location for a preliminary meeting. The purpose of the meeting is firstly to establish whether we are able to assist with the prospective clients need’s and objectives and secondly to discuss how we would be paid for our services should we be instructed to proceed. We bear the cost of this preliminary meeting and there is no obligation on either side.

 

After the initial consultation, if we are to provide a service, we will agree with you whether you pay us a fee, or we are paid through any financial product you arrange – called adviser charges. We will always tell you about any adviser charges or commission we earn, and it will be taken into account in working out our fee.

 

Fees for pure financial planning work will usually be based on time spent and evaluated at a rate per hour calculated to recover our costs. Fees for investment work and for the arrangement of financial products are generally based on the amount of the investment being made or placed under our advice.

 

Fees for all services where the outcome is the establishment of a financial product do not suffer a VAT charge (even if the anticipated product arrangement does not proceed). Fees for pure financial advice can be liable for VAT although at the current time we do not have to levy VAT.

 

We will always tell you about any commission we earn, and it will be taken into account in working out our fee.

 

We can offer a commission based service for insurance products such as life assurance, disability cover and for mortgage services.

 

Whether we take our remuneration by way of fees from you or adviser charges from your investment products will be a matter of discussion and agreement, and no charges will be asked for without your prior agreement.

 

Your home may be repossessed if you do not keep up repayments on your mortgage.