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 everyone’s 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 specifically for you?

(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 financial needs and objectives then answer your initial questions. Be hearing how we work with our clients, you’ll have the opportunity to make sure that our service will be of value to you.

(2) Gather 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.

(3) Identify your risk profile

One key element in the financial planning process is to identify your comfort level when we talk about your 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 you are confident it reflects your real views.

(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 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.

(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 stated objectives, both in the short and longer term.

(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 to 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.

(7) Monitor your progress

As a client of ours, your financial plan is regularly reviewed. We make sure your plan is working towards achieving its objectives. Each review also takes into account of any changes in your personal circumstances, finance market conditions and relevant legislation.

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