The Financial Planning Process (Our Seven-Point Action Plan)
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 that 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 ?
We follow a financial planning process that has been carefully designed with seven important steps. We can then make quite sure that you know exactly what’s happening at every stage as the process develops.
Step 1 – Explaining our services
If you are new to Wellington your initial meeting is at our cost. It is important to us that we meet you face to face either at our office or in your home.
The first step is an initial discussion during which we explain
- Who we are
- What we do
- How we deliver our services to our clients
- The costs involved
This discussion is Upon appointment our first step will be to start to prepare a financial plan tailored to your particular requirements and situation.
Step 2 – Identify your needs and objectives
We will then through careful questioning and listening fully understand your situation and requirements and objectives. We identify your goals over the short, medium and long term.
Step 3 – Gather information
We will find out details about your specific circumstances, by obtaining details of your income, expenditure, assets, liabilities, current policies and contracts, to allow us to build up a comprehensive picture of your situation which we can then analyse.
Step 4 – Complete Personal Risk Profiler
Once we have established your financial profile, we complete your personal risk profile. This comprises a detailed questionnaire which you complete, the answers to which enable us to establish your attitude to risk, for example:
- How would you react to stock market fluctuations
- How would you react to potential losses and gains
- The time scale that you wish to commit to
The resultant risk score will indicate just how much risk you wish to expose your investments or pension fund to.
Step 5 – Plan of Action
We contact providers to gather information about your existing products and plans to enable the production of your personal financial plan. This written report provides the foundation of all your planning needs by reviewing your existing plans, analysing shortfalls and identifying tax planning opportunities. The report sets out specific and realistic recommendations designed to achieve your stated objectives both in the short and longer term
Step 6 – Implement your plan
A further meeting is arranged to present you with your plan and explain each recommendation carefully and answer any questions. It is your decision, whether to implement those recommendations in full or in part. Attainment of your goals will only arise from positive action and your own desire to make this happen.
Step 7 – Ongoing Review and Support
Your financial planning is regularly reviewed to make sure that your plan is working towards achieving your objectives. Each review also takes account of any changes in your personal circumstances, financial market conditions and relevant legislation. We agree the appropriate level of ongoing review and the nature of that ongoing service.
We currently offer three structured support levels for your ongoing advice and reviews.
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Please download and read the following documents which are provided in Adobe Acrobat format.
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IDD Equity Release |
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