The Financial Planning Process – How it works
Step 1 – Initial consultation (free of charge)
It is often the case that most clients we see are first-time advice seekers. Clients can be anxious when dealing with their finances, and this can be exasperated by the fact that they are delving into the unknown and putting their trust in ‘strangers’.
The role of the initial consultation is not only to for you to tell us about your circumstances, and aims and objectives which is known as “fact-finding”, but more importantly, we design it around letting you feel comfortable before committing yourself to receiving any advice. The first appointment is at our own cost and can last up to an hour. We will introduce ourselves and the company, and give you a short summary of how we operate on an Independent whole of market basis and explain how we are regulated by the Financial Conduct Authority.
This ultimately helps the client be 100% comfortable with who they are dealing with, and know exactly what the cost for the work involved is, before making any decisions to proceed.
Step 2 – Proceed with Advice
If it is that after the initial consultation the client wishes to proceed with our advice service we will then create a new case for the client. The adviser will begin their research and produce a report that explains and justifies the recommendations being made.
Once the report and research has been completed a second meeting will then be arranged with the client. The purpose of this meeting is to go through the recommendations with the client in a way that the client fully understands. Rather than just hand the suitability report over for the client to read through it is the advisers job to check understanding and ensure the client is happy with the recommendations made. The application forms will be completed at this point.
Step 3 – Arrangement
Following the client accepting the recommendations made, and the adviser feeling confident the client fully understands those recommendations, the next step is to arrange what has been recommended.
Whether it’s a new investment plan being set up, or an existing pension plan being transferred, or any other of the different services we offer we now send the application forms off to the product provider, along with any client cheques if it is that a new investment is being arranged.
Our administrative team will then chase the provider every week to ensure the product has been set up successfully. They will also update the client every week to ensure they are aware of the time frame for completion. On completion, a welcome letter will be sent from us confirming that the product has now successfully been arranged along with a note of the plan number. The product provider will also send the client the policy documents for safe keeping.
Step 4 – Optional on-going service
If the client has opted for our on-going advice service then we will continue to monitor the performance, risk exposure, and overall suitability of the invested funds for the client. A formal review meeting will take place at least once a year with the client and adviser.
If you would like to start you 4 step financial plan, speak to the team at Giliker Flynn. Our team have years in the industry and provide impartial and independent financial advice in Stoke on Trent and Newcastle under Lyme.