Advice Process
Whilst our advice is always individually tailored to each of our clients we follow a set process so that all our clients are treated fairly and experience the same high level of service we pride ourselves with. Our bespoke advice service has 4 key elements.
1. The initial meeting
Without exception the most important part of the advisory process is the very first meeting. There are two main purposes to this meeting. The first, on a very simple level, is to see if you and your adviser “get on” with each other. If we are to work with you over a number of years both parties need to be comfortable that they are working with somebody they trust, to some extent “like”, and can get along with on a professional level. Although these elements are difficult to quantify they are very important.
The second purpose of the initial meeting is for us to gather as much information about you, and your financial position as possible. The analogy we use is that, for a doctor to diagnose an illness correctly the patient must provide the doctor with as many symptoms as possible. This might include personal information you would normally keep to yourself, such as how much you smoke or drink. The same principle applies for us. The more information you can give us at the first meeting the more focused, accurate and personalised our advice will be. It goes without saying that all information provided is treated in the strictest confidence.
Unless we have for some specific reason agreed a fee with you prior to the first meeting, that first meeting will always be at our expense. This means that you get a “flavour” of what we do without having to commit to our service, and we can decide whether the service we offer is likely to suit you. By the end of the first meeting, if we do decide to work together, you should be comfortable with the professionalism of your adviser, and have a clear idea of what will happen next, as well as how and when you will be charged for any work undertaken.
2. Our recommendation and report
Our recommendations are usually set out in writing. What we recommend, why we have recommended this particular course of action, how it meets your needs and objectives. We will always provide our recommendations in writing, usually in an individual report, as well as proving product literature or illustrations from any companies or products recommended.
In order for you to make the right choices, we aim to relate all the options and relevant information to you in plain English. Your adviser will discuss their advice with you to ensure you are comfortable with all elements.
3. Implementation
If you agree to take our advice we will then help you to make it happen, ensuring that the process is as straightforward and simple as possible. If we advise you to implement your financial plan in stages, we will manage the diary of events in the future to ensure that everything happens when it should.
4. Ongoing Reviews/Continuing support
This by far is the most important of all steps and is often the most overlooked area of the advice process. As mentioned before circumstances change and financial advice should evolve around this, as a result this is the key added value in what we do. You will have the confidence of knowing that someone, who knows your financial circumstances in detail, is looking after your finances and that you have someone to refer to when you have financial concerns. Ongoing reviews are an optional service and we will agree at an early stage how often we need to be in contact with you, and in what format, as well as how often you would like to meet in person.