retirement confidence

The Financial Advice Process



Posted on: 22nd May 2019

Seeking financial advice can seem daunting and reserved only for those with hundreds of thousands in the bank, it is not! Allow Haven IFA to clear the mystery and explain the process that we go through with all our clients.

1. The First Chat

This can either be face to face or over the phone and we do not charge for this first appointment. This is just a discussion to see who you are, what you are aiming to do and to get a general idea of where you are currently in achieving those aims. We discuss how the process works, what we will be doing and our charges. We may ask you to bring any recent correspondence and statements you have for your finances to allow us to start our analysis – we
may ask you to sign letters of authority to enable us to get information directly from the providers. It would be useful if you brought an income and expenditure breakdown with you to assist the adviser in their discussion.

At this point, we do not hold the authority to make any amendments to your products, we are only
allowed to get information. This meeting can last up to 2 hours depending on how in depth you would like us to go and how complex your financial position is.

2. The Second Meeting

Once we have completed our analysis, we will arrange a 2 nd meeting to give you a holistic overview of your finances and what we believe is the most appropriate action for you to take to help achieve your aims and aspirations.

Depending on the product providers, the analysis can take several weeks to complete, and can be longer for defined benefit pensions.

Our analysis includes;

  • A breakdown of each of your investments and pensions showing past performance, the charges applicable to the policy and any special considerations such as guaranteed growth/income, how you can access your funds etc
  • A cash flow model – we use Voyant which allows us to enter all your pensions, investments, savings, debts, income and expenditure to map out how things may look if you carried on with your current plans, how it might look after our recommendations, and what may happen in a ‘market crash’ scenario.
  • Our proposed recommendations – we may come with an idea or two to help assist you in your financial planning. We will also describe in pounds and pence what our advice may cost.

As we will impart a lot of information onto you in this meeting, we do not ask or force you to sign on the dotted line to allow us to carry out our recommendations. Considering your financial future requires a lot of thought and space. Haven never pressurises or give deadlines to clients as we only care about you making the right decision for you and your family.

3. The Third Meeting

If you have decided to go ahead with our recommendations, we will arrange a third meeting to go through the illustrations (a document stating how much is being invested, any charges, and how it might perform), the application and any final questions you may have. This is where our fees are confirmed, and you officially become a Haven IFA client. You will receive a copy of our Client Agreement, About Our Services, and a copy of the illustrations that we are basing your application on.

Alternatively, we may arrange a third meeting to further refine our recommendations based on any discussions that have occurred since the last meeting or any new information that has come to our attention.

4. The Application Process

We will submit the relevant applications and be in control of the whole process on your behalf. We will keep you apprised of any progress and any issues that may arise. Depending on the product recommended, this process can be as short as a couple of days or as long as several weeks.

5. Reviewing your finances

Once the application has been completed, we will monitor your plans and policies on your behalf and keep you apprised of any material changes that affect your financial planning. As part of our service, we offer a face-to-face review at an interval of your choosing (this is normally annually) to keep you informed on the progress of your plans towards your financial objectives.

And that is it. The process from start to finish! You should never feel uninformed and ignored as part of the process as it is fundamentally your future that we are looking at and aiming to improve. If you need some help making sense of your pensions and investments, Haven IFA are always ready and able to help you secure your financial future. Get in touch for a no-obligation chat today and see what we can do for you!