1. Define the scope of engagement:
At our initial meeting we will outline our process, get to know you, discuss your broad objectives and then determine the type of advice required. If we both consider that we are the ‘right fit’ to work together, we will proceed to the next step.
2. Identify your goals:
We will identify your goals – short, medium and long term – as this is a foundation for developing our advice to you. Once we have established your goals, we will prioritise them in order of importance to you after consideration of any conflicting goals and/or areas of conflict which may impact on you being able to achieve your goals.
3. Assess your financial situation:
We will then take a look at your position, including – your assets, liabilities, income, expenditure, insurance coverage and investment or tax strategies. We will also discuss your investor risk profile and attitude towards investing to ascertain the level of risk you are prepared to take in meeting your goals.
4. Prepare your financial plan:
We will then research, analyse and recommend suitable strategies, products and services which we think are in your best interest. We will provide written recommendations in a document called a ‘Statement of Advice’ which outlines our advice in detail.
5. Implement the recommendations:
Once you’re happy with our advice and ready to go ahead, we will assist you in implementing the advice. Where appropriate, we may work with other advisers, such as an accountant or solicitor, to help implement our advice.
6. Review your plan:
As your circumstances and goals are likely to change over time, it is important to regularly review your plan to make sure you keep on track. Reviews ascertain whether your goals are still being met, ensure any investments are doing what they were intended to do and making sure the strategy is still relevant in light of any changes in legislation, investment markets or your personal circumstances.