The financial planning process
Financial Planning is a very personal matter. No two people have identical circumstances, ambitions and needs. What's more, needs often change over time and everyones financial situation is different. The financial plan we produce for you is also unique and individually tailored to suit your particular needs.
So how do we develop a financial plan especifically for you?
Step 1: Identify your needs and objectives
As a first step, we will arrange an introductory meeting. We will explain fully how the service works, discuss your primary needs and objectives and then answer your initial questions. By hearin how we work with our clients, you'll have the opportunity to make sure that the service will be of value to you.
Step 2: Gathering Information
If it is agreed that you could benefit from our service, we will go into much greater detail with you, looking at your objectives and developing them into well defined goals. At the same time we will gather detailed financial information to give you a comprehensive picture of your finances and commitments.
Step 3: Identify your risk profile
One key element in the financial planning process is to identify your confort level when we talk about investment risk. We will ask you to complete a scientifically developed questionnaire to help create your investment risk profile. We will then discuss the outcome with you to ensure that you are confident it reflects your real views.
Step 4: Prepare an analysis
Once these details have been agreed with you, the information is used to complete a personal financial plan. This includes a complex analysis of your current financial position, cash flow forecast, and looks to identify any areas where it is felt your existing financial arrangements could be more effective, or where you have no plans in place, to achieve your stated objectives.
Step 5: Develop a plan of action
Now, with a full understanding of your circumstances and priorities, we construct your financial plan. This report sets out specific and realistic recommendations designed to achieve your objectives, both in the short and longer term.
Step 6: Implement your plan
We will then present you with your own plan. At this meeting each recommendation will be carefully explained and all your questions answered. It is, of course, your decision whether you implement those strategies in full, or in part. Attainment of your goals, whether it be some or all of the recommendations will only arise from positive action and your own desire to make this happen.
Step 7: Monitoring your progress
As a client of ours, your financial plan is regularly reviewed. We make sure that your plan is working towards achieving its objectives. Each review also takes account of any changes in your personal circumstances, market conditions and relevant legislation.