The Best Advice Process

For those who have never undertaken a professional financial review before, we thought it might be helpful to describe the normal process:

Initial fact-finding meeting

The advice process normally requires an initial fact-finding meeting, which we are happy to conduct free of any charge or obligation. This would generally last for one hour or more, depending on the complexity of your financial situation. By appointment, it can be held at our offices but most Clients prefer either a home or workplace visit. Home visits are fairly normal, and we find that some documents and information that will be required can be found more easily here. Daytime or early evening visits can be arranged to suit.

Our adviser will present you with a business card and explain our terms of business and our ‘key facts’ guide.

We are required to formally identify you by seeing either your passport or photocard driving licence. In addition, we are required to prove your address by viewing a recent utility bill, mortgage or bank statement, motor or insurance certificate, etc. It is now a requirement that we hold a photocopy of these documents on file, therefore it would help if you could get a copy prepared in advance as we prefer not to take your originals.

We will listen to your requirements, your views and concerns on related matters and take notes. Before giving advice, we are required to gather some information about you and possibly your partner, including occupation, income, outgoings, assets, liabilities and existing arrangements and policies. (If relevant). You do not have to give us this information, of course, but our advice can only be based upon the level of information given.

By the end of this initial meeting, we would normally have agreed the best way forward with you. Remember that this is a ‘getting to know you’ time (cue: The King & I ?), after which you (or we!) may decide either that no further contact is required, or that we may proceed to the next stage.

We will need your written authority in order to gain any necessary up-to-date and technical information from the Providers of any of your existing arrangements, mortgages or policies. We carry a simple form for this purpose, which normally also appoints us as the servicing agent for the policy until further notice, so that any future queries or alterations can be dealt with efficiently.

Research stage

Taking account of the facts gained, your views and aspirations and using his industry knowledge and experience, our adviser will then carry out ‘whole of market’ research in accordance with your specific needs. The length of time this takes will vary, but can sometimes depend on timely receipt of the correct information from the existing Providers. (Unfortunately, we often have to ask more than once before we get the full info.- it seems to be an industry trait!)

We use up-to-date research and specific analysis tools to narrow down the individual solutions for each Client. For example, we could  look at costs and charges, fund performance, fund ratings, the financial strength of the Providers, investment portfolio planning, risk categories, asset allocation, comparison of insurance policy cover, etc…Again, the time taken will vary for each case, until a printed report is produced detailing the research carried out and the reasoning behind it. A recommendation is then produced for the best considered solution.

2nd Meeting

A second meeting would then be arranged in order to present and explain our findings and recommendations.

After full discussion and possibly after further amendments or meetings, the way forward would then normally be agreed, and any necessary action undertaken on your behalf. You would then receive a letter from us summarising the main facts, your requirements, our research and reasons for our recommendations and the action taken. This can form a handy reminder for you in future when you review your situation again.