How We Do It >>
- The value of pensions and investments and the income they produce can fall as well as rise. You may get back less than you invested.
- The Financial Conduct Authority does not regulate on Will Writing, Estate Planning or on the Grant of Power of Attorney .
The Six Stage Financial Planning Process
The International Organisation for Standardisation of the Financial Planning Process is ISO 22222 and within this standard it describes financial planning as essentially a six step process.
1. Initial consultation
2. Fact finding
4. Report of recommendations
5. Implementation: arranging products and related actions
6. Ongoing review and monitoring
1. Initial consultation:
At our expense, the purpose of this initial discovery meeting is to explain our services, fees and working practices and to identify your personal needs and objectives, establish what benefits would result from using our services, outline our associated costs and give you the opportunity to appoint us. We can use this time to complete a client engagement letter and letters of authority for any existing provisions you have made and apply for a state pension forecast.
2. Fact Finding:
The advisory process often begins in response to particular issues. A fact find could involve your entire financial situation or any or all of the following issues and we would agree this at the initial consultation.
· Protection Review - An assessment of any life or health protection policies in place, the level of cover provided the type of trust needed and any identified shortfalls.
· Lifestyle Financial Planning - Creation and implementation of a strategy to enable you to achieve your objectives, which may include solutions for repayment of borrowing/mortgages, saving for school/university fees or investing for other specified goals.
· Estate Planning Review - A review and assessment of the impact of Inheritance Tax on your estate and possible mitigation solutions. A recommendation is also included to write a will and grant a lasting power of attorney.
· Pensions Review & Retirement Planning - A review of existing pension arrangements, guidance on generating income in retirement, including conventional annuity purchase, investment linked annuities, capital protected annuities, impaired life annuities & alternative strategies such as income drawdown.
· Investment Review - An objective assessment of your risk tolerance and complete review of existing investments held, including the interest rates applicable on cash deposits.
Using the results of our review process we will then carry out product and any other necessary research to enable us to identify the most suitable recommendations to help you to achieve your personal financial needs & objectives.
We will present back to you our report detailing the results of our research & personal recommendations including strategies and specific product solutions that will support you in achieving your personal needs & objectives.
This process only begins once we have your agreement on the arrangements to be put in place. This involves arranging investments or other products on your behalf, as required, and may extend to implementing a specific financial planning process, such as estate planning. We will act as the intermediary between the product provider(s) and you with a view to arranging the purchase of the Retail Investment Products as we have agreed.
6. Ongoing review service:
Once we have plans in place it is important to make sure they are performing and continue to meet your needs, year on year. An ongoing relationship with our clients has always been integral to our business, as we believe that it can add significant value to both individuals and businesses.
Through regular reviews we can also develop our planning strategies over time to take into account your changing circumstances and objectives as well as developments in economic conditions, legislation (taxation etc), new ideas and financial products.
Depending upon the complexity of your situation or the amount of hands on work that is required, elements of ongoing service can include the following:
Financial Planning Checklists
Please download and make use of our free checklists designed to help you focus and identify potential gaps in your financial planning
Coming soon further checklists ....
Attitude Towards Investment Risk
To read the documents you may need to Download Adobe Reader .
Research & Resources
Information below is provided by a third party for which neither Jill Turner Associates nor Intrinsic Financial Services is responsible.
Manulife Risk Calculator - from across the pond, this web tool helps you put into context the chances of a serious illness or other life challenge according to your age, sex and smoking status.
Take me there.
State Pension calculator - with changes to the state retirement age you can use these web tools to find out when you will be eligible for your state pension and whether you are on target to receive full benefits. Take me there.
Intrinsic Guide to Investing - offers a step by step guide to the investment process and provides an initial resource to help define your goals and priorities. Download a copy here.
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