Financial Planning - What is it?
Many people are concerned about whether they are putting enough money away in long term savings such as pensions and investments and whether these will last for their lifetime, which could potentially be to age 100+. They also have concerns about whether they have protected themselves and their family against unexpected eventualities like the death, critical illness or long term disability of their partner. For those in the later stages in life, the problem can sometimes relate to what financial planning is available to protect the estate from inheritance tax or care fees and whether the remaining partner can cope financially with a sudden loss of their partner and a potential fall in income.
We offer a full financial planning service. This will involve the writing of a personally customised financial plan for those who would like to take advantage of this. This type of service is very time consuming for the client as well as for ourselves and will involve the client in a four hour meeting every year to discuss the progress of their plan each year and make the changes necessary. The client is involved at all stages of the plan and the financial planning service is different from many other financial advisors. This is not a service that is offered by any large financial institutions such as banks and building societies.
The plan will include long term cashflow projections to ensure that savings and investments will last for their lifetime and also recommend all of the necessary savings and spending changes that will be needed in order to achieve their dreams and aspirations. The plan will also include many 'what if' scenarios such as what will happen in the event of the death/critical illness/long term disability of a partner and recommend what needs to be done to compensate for such a situation. The plan will be reviewed annually and will require a commitment from the client to give us the full information needed to complete the plan. This service will be fee based via an upfront fee for the initial report and an ongoing monthly retainer to cover the annual review.