Creating a professional financial plan
Creating your financial plan and the provision of any ongoing service involves five separate stages. An overview of these is provided below:
Stage 1: Initial Consultation
This will allow your consultant to establish your current financial position, identify your objectives and answer any questions where appropriate.
If we can be of assistance to you at this stage, and should you wish to proceed, your consultant will discuss which financial planning areas need to be addressed and the recommendations to be included within your personal written report.
Stage 2: Research and recommendations
Should it be necessary to obtain information in relation to your existing investments and policies, your consultant will, after obtaining your signed authority, be able to arrange this for you.
Your consultant, in association with our Paraplanning team, will conduct the appropriate research and obtain any relevant illustrations and documentation. A report will be created by our in-house team which will then be checked and signed by your consultant. This would then usually be sent to you in advance of your second meeting.
It is likely that your financial plan may involve specialists within our Estate Planning department. Your consultant will, where appropriate, ensure that any necessary documentation is forwarded on your behalf.
Stage 3: Second meeting
Your consultant will revisit your agreed objectives from the initial meeting and discuss the contents of your report. At this stage, the necessary arrangements can be made to put any agreed recommendations in place.
Prior to leaving this meeting, a future contact date should be agreed between you and your consultant.
Stage 4: Administration
Your consultant will pass your file through to our administration team who will ensure that all application forms are checked, recorded onto our client management system and sent to the relevant providers. They will then liaise with your consultant to ensure that the process goes smoothly and your policy documents arrive safely.
Stage 5: Review
A financial review will take place in line with any dates agreed during your second meeting. Should the need for a review arise beforehand, you can either contact us at the office or get in touch with your consultant.
Preparing for your appointment
This area of our website is designed to help you get the best from your appointment. Our experience shows that any prior preparation will be invaluable, as this allows your meeting to focus on the important issues to be discussed rather than having to locate documents and information.
It will greatly assist your consultation if you could have to hand the following:
- Gross and net income (a recent payslip will suffice)
- Current monthly expenditure Click here to use our planner
- Monthly lifestyle expenditure in retirement Click here to use our planner
- Any planned capital expenditure, particularly within the next five years
- National Insurance number and current tax code
- Life insurance and protection policies
- Savings and investments
- Pension arrangements Click here to obtain a state pension forecast
- Click here to obtain a Teachers Pension forecast
- Mortgages (including type and duration)
- Details of any personal loans and credit card balances
- A copy of your current Will
- Your parents' situation (if to be discussed)
Should you wish to print this off as a checklist click here
Your monthly expenditure is a personal figure and something that can only be calculated by you. Of course, your consultant will help you arrive at an accurate figure should you be having difficulty. For your convenience, we have provided an expenditure calculator which you can access by clicking here
If you are planning for retirement, you will find it useful to complete one calculation of your current expenditure and compare it with one based on your anticipated retirement expenditure, taking account of any planned changes in circumstances.
After taking time to consider the savings which can be made by restructuring expenses and identifying which costs are no longer incurred when retired, many clients are pleasantly surprised by the results!