On receiving an enquiry, we will arrange an initial meeting which can be at our offices, your home or your place of work. The purposes of the initial meeting are to establish whether we are able to assist with your needs and objectives and to discuss the fees for our services should we be instructed to proceed. There is no charge for this initial meeting and no obligation on either side.
We will collate information pertaining to your current situation, along with your financial goals and aspirations for the future. It is important for us to understand where you want to be so we can work out how to get you there.
Depending on your instructions we will carry out a needs analysis based on your current situation, and taking into account any specific plans and/or targets you may have.
We will then advise you on anything from a short term financial objective to a lifetime financial plan, followed up with regular reviews.
You will receive professional advice about where your financial arrangements are already good, and where they're inadequate (or not covered at all).
You'll also have our help to decide how much provision you need to make, and the order of priority in dealing with your finances. And of course it will all be sensibly balanced in relation to your current income and your prospects
In almost all cases we are able to make arrangements which clients would be unable to make for themselves. All our proposals will be fully explained and costed so that you'll know exactly what and why before you agree to anything.
Following our meeting, your adviser will discuss your case with our in-house processing team in order to ensure we all understand what we are doing for you. Your file is then passed over to the processing team to implement the agreed actions.
Firstly, all forms are check for errors or omissions. We check that the illustrations that we have previously provided to you match the eventual product that has been selected. It is very common for there to be changes between recommendation and final application such as a change of funds or amount to be invested. Pension transfers almost always involve a change in the amount invested because in most cases pension transfer values move on a daily basis. If there are any discrepancies, we will provide an updated illustration to include the changes and match the final outcome.
As we are a paperless office, we scan all of the documents and the paperwork will eventually be securely shredded. We also scan and save your most up to date Money Laundering information – documents such as passports, utility bills and so on.
It is rare that a case goes through without some chasing of providers. This is very common for pension or ISA transfers where money is moving from one provider to another. SIPPS (Self Invested Personal Pensions) present their own challenges because there are two layers of provider, the SIPP provider and the provider of the investments held or to be held within the SIPP. Diary entries are checked daily and providers chased as appropriate. We will also keep you updated on a regular basis to let you know what is happening with your transaction.
At the same time, we prepare our suitability document that sets out what we have recommended and why. This is in addition to the discussion document previously received.
You will usually receive a "cooling off notice" from the relevant provider. This gives you the option to change your mind, cancel what you have done and get your money back or stop a pension transfer. In some cases you may suffer any loss in the value of the investment between application and you getting your money back. Therefore, if you may want to change your mind we prefer that you do not proceed with the transaction in the first place.
When the transaction is complete we receive the documents from the provider, check them over and then forward them to you. In some cases, we may arrange a further meeting to go through what you have done and why; to ensure that everything is as it should be and that we have done what you were expecting.
When significant changes happen in your life – such as marriage, birth of a child or grandchild, starting a new business venture or selling your existing business – your investment needs and objectives may also change, and so might your attitude to risk.
You may then wish to change the mix of assets in your portfolio to become more cautious, or perhaps accept a higher level of investment risk. It is therefore important that we regularly review your arrangements (financial and otherwise) so we can provide you with the correct ongoing advice and service.
With that in mind, reviews are scheduled appropriate to your level of service (your service level will have been agreed with you in advance).
In most cases your investments will be updated electronically on our database on at least a weekly basis. In certain cases you will have electronic access to this information by prior arrangement.
Once the above processes are complete we will ask you to complete a client feedback form to make sure that we are meeting your expectations. If this is not the case please always let us know as soon as possible – we can take it! We want to keep you as a client and while we want to get it right first time, we are human – sometimes we make a mistake. If we do we will put it right as promptly and efficiently as possible.
Financial Planning Partners Ltd
19 Wellington Business Park
Tel: 01344 778990
FPP are committed to dealing with clients and prospective clients in a professional and ethical manner and to that end adhere to the principals laid out in the CII Code of Ethics, a copy of which is available on request.