This guide describes Taylor Patterson s approach to Strategic Planning, ensuring that our goal is always to focus on what really matters to you.

Transcription

1

2 Taylor Patterson is a leading financial advisory group helping businesses and individuals to understand, build and preserve their wealth, allowing them to take control of their future. This guide describes Taylor Patterson s approach to Strategic Planning, ensuring that our goal is always to focus on what really matters to you.

3 Stop imagining, start living! Over decades of working with high net worth clients, we have come to understand that wealth can create opportunity and complexity in equal measure. Are you planning and organising your wealth to achieve your life goals? Do you need help to consider more deeply, your goals and identify issues you may not have even considered? Would you like support in order to make more informed decisions?

4 At Taylor Patterson we have built up a wealth of experience in seeking to evaluate these and many other questions with our clients and develop a Strategic Financial Plan to help answer them. We believe one of our key roles as advisers is to help clients understand, build and preserve their wealth. Common thoughts that roam around our clients minds are: Control I ve been in control of my business since the start. Now we have wealth I will need to put more decisions in the hands of my advisers and I don t want to lose control. Do I have the right people in place? Confusion The options for managing my wealth are overwhelming. I am so busy and don t have the time to deal with it. Knowledge There is too much I don t know about taxes, risk, investment and planning. I don t know how to work out how much we actually need and I m not even sure what questions I need to ask. Family We want to make sure our wealth is a positive force in our family. How do we make sure our children are grounded enough to handle the responsibilities and opportunities? How do we share our good fortune with other family members without creating problems?

5 How much do I need to sell my business for to be able to achieve my life goals? How much can we afford to pass to the family and still achieve all of our own objectives? What rate of investment growth do I need to achieve each year to be able to achieve my long-term goals? What level of cover do I need in the event of death or serious ill-health? What level of expenditure can I realistically support based on my wealth? The Strategic Financial Plan is not a one size fits all process; it is unique to you and your own goals. We can bring a wealth of experience from dealing with many different client situations to develop a plan that is tailored and works for you. This planning service can be completed on a stand-alone basis. However, our experience shows that once we have completed the Strategic Financial Plan, it is almost inevitable that we move on to consider how we would look to put that plan into action, which includes consideration of your existing investment and pension portfolios, as well as considering your protection needs.

6 The Strategic Financial Planning Process The Strategic Financial Plan focuses on understanding your wealth. The resulting financial plan will often involve the investment and consideration of the underlying investments and pensions. Through the Strategic Financial Plan we develop a personal strategy for your wealth, which models your needs and objectives, is simple and clear to understand and is flexible enough to adjust to changing circumstances. An initial meeting is held where we discuss your hopes and objectives, consider your longer-term expenditure requirements and capital objectives and your thoughts regarding the level of risk you are prepared to accept. These discussions will often prompt further thought that you will consider in terms of your family, your business and even your philanthropic desires. Following this initial meeting we will produce a Strategic Financial Planning report, which considers the points raised and aims to provide meaningful conclusions that we can discuss and implement within the plan. Once you have a clear understanding of your goals and aspirations for your long-term future, the financial planning process will be much more relevant and likely to achieve your goals. The key is to look at your wealth as a whole, not simply how much money you have, but what that money can do for you. The service is designed to address some of the more fundamental questions regarding your lifestyle and future. By taking this approach we will have a clear understanding of the goals we need to work towards. It means that this, and not pushing a certain product, is our goal.

7 Traditional financial planning models have been too keen to fit an investment portfolio specifically to an investor s perceived attitude toward investment risk. In turn, little or no consideration is given to whether the portfolio is suitable given the client s overall financial planning needs and whether it will achieve the required level of growth or income. We turn the traditional approach on its head as illustrated below. The traditional approach Agree RISK Profile Select ASSET ALLOCATION and Product The result is a product driven sales approach which is more suitable to satisfy a particular need. Our approach Is RETURN Sufficient? Hope GOALS are Achieved Understand GOALS Fully Understand RETURN Required Ensure ASSET ALLOCATION is Meaningful and Understood Evaluate RISK Knowing all the Facts At Taylor Patterson, our approach is to begin with an investigation of your financial goals. It puts you, the client, not the product, at the centre of the picture and sets a clear strategy for the future in order to meet these objectives. Stop imagining, start living!

8 Lanson House, Winckley Gardens, Mount Street, Preston PR1 8RY Tel: Fax: Web: Authorised and Regulated by the Financial Conduct Authority