The key to everything is planning. Everything from a family, a wedding, to a short journey needs planning.
Using the analogy of a car journey:
1. We know the starting point,
2. We know the postcode or address of the desired destination,
3. We usually know the agreed time of arrival.
All quite simple.
Now the Planning:
1. The onboard computer tells you the distance you can travel on the fuel in the car.
2. The satnav will tell you the arrival time.
3. The satnav will recalculate the time and route if you hit traffic.
4. The onboard computer will tell you if and when the car has a flat tyre or needs a service.
Most new clients I meet don't ever put half this amount of planning into their future financial needs or requirements, and rarely do they service them.
Sticking with a car, the onboard computer usually asks to be serviced every 12 months or 20,000 miles. You wouldn't expect a car to run smoothly for 10-15 years without something going wrong, and yet people do with their pensions and investments!
We run a six step client process, from the outset, with nearly all of our clients fitting into a review process to ensure their plans keep in track with their goals.
Step 1 - Discovery Meeting
Establish your current financial position and plans already in place. Discuss your financial objectives/goals, and priorities for the future. This involves lots of questions and is about us learning about you and you about us.
This meeting is without cost or obligation and can take 1 ½ - 2hrs.
Step 2 - Summary & Engagement
Following the initial meeting, we will highlight your shortfalls and explain options, potential timeframes and possible costs and agree with you the route you wish to take.
Once agreed, we then prepare your Financial Planning report.
Step 3 - Financial Planning Report
This consists of your agreed priorities, and once we have analysed the market and products available, we will report this to you which includes our advice and the solutions required to achieve your goals.
Step 4 - Planning Meeting
We meet to answer any questions relating to the report and explain the details. We fully appreciate that although we are fluent in financial talk, you speak English.
Step 5 - Implementation
Once all agreed we then need to implement the advice to focus on your goals, and make the relevant applications and put the structures in place. In summary, a lot of paperwork that we take care of.
Step 6 - Review programme
Each client and financial plan is different, and will evolve differently over the years, as too will objectives and goals. It is therefore important that we agree a review programme to ensure we meet at regular stages to review your circumstances, goals and attitude to risk, and ensure that we all remain on the same path.
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Vita Financial Planning Limited is an appointed representative of Lighthouse Advisory Services Limited, which is authorised and regulated by the Financial Conduct Authority.
The Financial Ombudsman Service was set up by Parliament to sort out individual complaints that consumers and financial businesses aren't able to resolve themselves. Details of how the Financial Ombudsman Service can help can be found on their website at www.financial-ombudsman.org.uk/consumer/complaints.htm or you can ring the consumer help line on 0800 023 4567 or 0300 123 9123.
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