The advice cycle – Six steps, three stages
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Six Step, Three stage timeline
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* Transactional business / focussed advice can be conducted in less time
The six steps explained
The initial conversation is one of great importance in the advice cycle. It allows us to get to know each other and uncover what is important to you.
The conversation can take place in person, or over the telephone, whichever option suits you. As well as us finding out about you, we want you to take this conversation to get to know us and our services, making sure that we fit with your needs.
During this conversation, we will be collecting basic information to help us assess if our services will be right for you.
The next step of the advice cycle is a Fact-Finding meeting. Unlike the initial conversation, we recommend that this meeting is held in person. We use the time to ask questions that are designed to make you think about what you want to achieve, allowing us to set goals.
It is essential that you are prepared to discuss all aspects of your financial circumstances, as being open and honest helps us to establish your objectives and values.
As with the initial conversation, there is no charge for the discovery meeting. It is only if you proceed to the next stage that charges will begin.
Before proceeding we will provide full details of the services that we offer which we deem to be appropriate for you, together with an estimate of the fees you would be required to pay.
Once you have an understanding of the planning that is needed to achieve your goals, it’s time for us to analyse the financial products that you currently have to assess if these are appropriate. Our understanding of your needs may be as a result of Steps 1 & 2 or a more comprehensive Strategy and Scoping Report, Steps 1,2,3, and 4.
As independent advisers, we have no bias to any specific product or provider and, therefore, will only recommend that a product is changed or a new one established if this is needed to achieve your objectives. This work is completed by us behind the scenes, and it can take some time to collate all the information needed for us to be able to provide you with the most appropriate solution.
On completion of our research and analysis, we will issue you with a recommendation report which will detail the reasons for our recommendations.
This report will be issued in advance of our presentation meeting, to ensure that you have sufficient time to read through it and make a list of any questions that you have.
This report will confirm our payable fees should you wish to proceed with our recommendations.
At this meeting, we will present to you our recommendations as detailed in the report, explain how we believe that these will enable you to achieve your goals, and answer any questions that you might have.
Once we are confident that you understand our advice, should you wish to proceed we will help you to complete all the necessary paperwork to move this forward and re-confirm our fees as detailed in the recommendation report.
We will also take this opportunity to confirm our ongoing review service.
To ensure your financial plans keep on track we recommend reviewing these regularly, at least annually although more frequent reviews might be required depending on your circumstances.
We will take this opportunity to ensure that you are happy with the service that we have provided so far, and to establish a review pattern which meets your requirement moving forwards and enables us to ensure by keeping your financial circumstances under regular review, that these continue to meet your requirements and are moving you closer to your financial & personal goals. This also allows us to be proactive, as you may not be aware of changes in tax or regulation that might impact you, we will discuss these with you and support you to make any necessary changes.
This service enables us to create meaningful long-lasting relationships with our clients, giving you peace of mind that you are being looked after.
* ££ = When fees are charged