Understanding Your Plan

One of the keys to good advice is a deep understanding of the client, their goals, aspirations and ultimately their vision for the future.

Establishing what our clients are trying to achieve must form the basis of any financial plan.

Without objectives it is very difficult to talk about risk and investments.

High on this list will be the concept of capital preservation for those clients who are coming to the end of their ‘accumulation’ period and are looking to the next phase of life.

In most circumstances the client will have a perceived need that they want to address, it is the advisers job to take a step back and get to the root of the clients requirements.

Gaining an understanding of our client’s background, what motivates them and what is important to them in their life all contribute to the overall picture.

Clients will benefit from a clear vision followed by a detailed roadmap to guide them through their life stage by stage.

This becomes particularly important as client start to focus on what they would like their lifestyle to look like in retirement.

A number of scenarios are likely to be addressed at this point. These will range from sale of a business to pension plans through to getting the best from their savings and ultimately how this will influence their Inheritance Tax plan.

There are a myriad of investment solutions out there and everyone has their own opinion on what is best for their clients, but there are several key principles that cannot be ignored.

As I mention the clients objectives are absolutely central to this.

Cash-flow modeling has also become an essential tool to really give the client a clear idea of what is required to get to where they want to be.

This has to be a frank and honest conversation about not only investment growth but also regular savings.

The adviser must understand the investments he is recommending and how they relate back to the risk the client is willing/needs to take.

If all of this can be achieved, then monitoring the client’s progress is the final piece of the jigsaw, following the roadmap through their life.

It could be an informative and assuring chat about how you are on track to meet your goals, and if you aren’t then we can look to address it.

We are happy to discuss this or any other matter in more detail and please feel free to share our blogs with friends, family and colleagues.

Latest news

Contact Us