A look at the first year of advice
We follow a clear process to understand your goals and to develop recommendations that meet your aims and close your shortfalls.
What happens after your initial meeting?
After your first meeting, your adviser will develop a financial plan, an investment strategy and construct a cashflow model based on your conversation.
Financial Plan
- Review of existing planning
- Borrowing and Mortgage needs
- Income and Family Protection
- Education funding
- Design Financial Planning structure
- Identify appropriate tax wrappers
Investment Strategy
- Analyse current investment portfolio
- Determine risk level
- Select managers and funds
- Construct portfolio
Your Adviser will create a cashflow model for you which is essentially a personalised financial plan based on your goals and cashflow. You can read more about your goals and personalised financial plan by clicking the button bellow.
Cashflow Model
Read about the initial meeting
What can you expect from the start of your financial journey and what should you bring to your first meeting.
The recommendation meeting.
At your second meeting with your adviser, they will run you through the financial plan, investment strategy and present your personalised cashflow plan.
What can you expect in the recommendation meeting?
- Agree action and fees
- Agree on risk and return profile
- Agree on the investment strategy
- Complete application forms
- Agree ongoing service requirements
- Presentation of cashflow plan, financial plan and investment strategy.
What should you bring to your recommendation meeting? And how can you arrive prepared?
Make sure you review the material which your Adviser sends you prior to the meeting. In addition to this you can browse the relevant section of our SmartMoney Magazines and SmartMoney Guide To for a more in depth idea of the areas relevant to your situation.
What will your adviser do after the recommendation meeting?
To ensure we can give you the best advice possible in the safest format, your Adviser will integrate you as a client into Westminster Wealth Management’s database and set you up with a profile in our client portal. This will provide you and your Adviser with a cyber secure communication channel to exchange confidential documents without any concerns.
What happens after the recommendation meeting?
Commence Financial Plan
- New client integration
- Database administration
- Set up online account access
Commence Investment Strategy
- Initiate transfer of existing assets
- Placement of new assets
- Conduct trades to execute agreed-upon investment strategy
The follow-up meeting.
The third meeting with your Adviser is not a long session. It is merely a chance to give you an update on the initial progress of the financial plan which your Adviser and you have agreed upon and now started. In addition to a general update on the progress, your Adviser might also introduce you to the second planning stage or follow up on any outstanding actions.
What happens now?
If all partners are happy with the initial progress and any outstanding actions have been commenced, you can practically lean back and let your Adviser see to the rest for the large part of the year.
It’s time to focus on your life.
You will have to keep your adviser updated on any big changes or new goals of yours. But you can feel rest assured, that your financial journey is in the best of hands.
Your adviser will keep a close eye on the best options for you to achieve your goals as well as any regulatory changes that might impact your situation.
What will your adviser do throughout the year to keep your financial plan on the right course?
Throughout the year your financial Adviser is just a phone call away. Your Adviser will have an oversight over your investment and each year continually provide:
- Reassessment of risk
- Rebalancing assets
- Advice and an oversight of investments, solutions or discretionary manager
- Quarterly reviews and commentary
- Annual review of discretionary managers and custody platforms if applicable
Regular review meetings
- you’re all set up now!
Once your first year of advice has come to a close, you can expect regular review meetings throughout the year with your Adviser. Typically these review meetings will take place once or twice a year depending on your needs and wishes. During these meetings your Adviser will keep you updated on your investments and do periodic assessment of suitability to ensure your financial strategy continues to fit you and your needs.
What will your regular review meetings include?
- Ongoing monitoring of financial plan and investment strategy
- Continuing shortfall observations
- Ongoing charges data
- Periodic assessment of suitability
The Financial Conduct Authority does not regulate cashflow modelling.
What ongoing services can you expect?
Knowing the full scope of your financial advice journey with us is essential to your peace of mind. Here you can read more about the continued service after the first year of advice.
Do you want to get in touch?
We are happy to answer any questions you may have before starting your finance journey. Feel free to contact us today!