Process
Our strategic financial planning process is broken down into five steps:
Discovery meeting
The aims of the discovery meeting are as follows:
- it allows you to meet us, ask us questions and see first hand the services that we offer to our clients.
- it allows us to establish whether we feel our services will be appropriate for you.
- it provides us with an opportunity build a detailed picture of your current financial situation.
- it provides us with an opportunity to explore your short, medium and long-term goals, and to begin the process of establishing your attitude towards financial risk.
In order for us to build a detailed picture of your finances we will ask that you make available statements / schedules / policy details for the investments and insurance policies you may currently have in place.
After the discovery meeting we will have most of the information we need to start building your investment plan. To complete the picture of your financial situation and outlook, we will ask you to provide us with details of your regular expenditure, and to complete a short questionnaire. The questionnaire is used by us as an aid in determining your attitude to risk.
Often the discovery meeting takes place at our offices, as it gives you an opportunity to meet more members of the team and it is the best environment for us to demonstrate the various elements of our service. However we can meet with clients either in their offices or at their home if this is more convenient.
Investment Plan meeting
The investment plan meeting is usually scheduled to take place two weeks after the discovery meeting. At this meeting we will present you with:
- a detailed analysis of your current investment holdings - covering the performance, cost and potential volatility of your existing portfolio.
- the results of any preliminary cash flow forecasts that we have built for you (click here for more information on cashflow forecasting).
- Our recommendations for the structure of your financial affairs going forward.
- We will also discuss any assumptions we have made, and re-confirm your goals and objectives.
At this meeting we may also discuss issues such as the structure of your estate planning (for inheritance tax purposes), or any protection issues that need addressing immediately.
The objective is that by the end of this meeting we will have together agreed on a broad strategy that addresses your goals and objectives.
Mutual Commitment meeting
The mutual commitment meeting is usually scheduled to take place one week after the investment plan meeting. This meeting is the point at which we formally agree that Fensham Howes will act as your financial adviser, with a view to working together over the long term. Provided we agree to move forward together, we will then complete the documentation necessary to put your investment plan into action.
If, for any reason, either party decides not to proceed then we will not make any charge for the work we have undertaken on your behalf up to this point.
Follow Up meting
The follow up meeting usually takes place 45 - 60 days after the mutual commitment meeting. The reason for the extended gap between these two meetings is that it generally takes this long for any restructuring within your financial affairs to be completed. At the meeting we will provide you with a summary of the action that has been taken, and check that you remain comfortable with the arrangements that have been put in place.
Regular Progress meetings
In order to keep you on track to achieve your goals it is essential that we review your progress towards them on a regular basis. We recommend that we review your plan at least annually.
Approximately one month before your review is due we will contact you to arrange a convenient time and date for the review meeting.