FINANCIAL PLANNING SERVICE OFFERING

Transcription

1 FINANCIAL PLANNING SERVICE OFFERING Our financial services section is part of the Trust & Investment section. We have offered financial services to clients (both of Hart Brown and externally) since 1985 We offer a no cost, no obligation first meeting to enable both you and ourselves to determine a tailor-made approach to your financial planning requirements. Meet the team Paul Tobias Head of Trust & Investment Philip Kingscott Financial Planner Brian Martin Financial Planner Ian D Arcy Financial Planner Stephen Wise Compliance & Sandra Howitt Administrator Emma Lamdin Administrator Each individual / family / business has unique requirements and we facilitate the option for you to choose which financial planning area(s) and what service level is suitable to you. We provide independent financial planning advice Authorised and regulated by the Solicitors Regulation Authority (50788). Authorised and regulated by the Financial Conduct Authority.

2 OUR FINANCIAL PLANNING AREAS While we provide comprehensive financial planning enabling a holistic approach to be taken, we do recognise that there may be specific individual financial planning areas you would prefer we focus on. We are able to provide financial planning assistance with regard to pure planning advice, which may or may not result in the implementation of financial product solutions. If you wish to focus on specific areas of advice, we are able to assist with the following: Cash Flow / Scenario Planning An extremely useful financial planning exercise for those who wish to plan medium to long term. This can assist with several of the areas below and enables clients to make informed financial planning decisions Personal Protection Provide financially for you / your family in the event of the unexpected, such as passing away, suffering a critical illness or being unable to work due to an accident or illness Business Protection Provide financially for your business / your family / business partners when the worst happens, such as a partner or key employee passing away or suffering a critical illness. Provide funding solutions for Business Agreements re Partners / Directors / Key People Savings & Investments Strategy and guidance on short, medium and long term investment according to your personal risk tolerance and capacity for loss. Providing appropriate solutions such as investment vehicles (ISA s, Onshore or Offshore Bonds, etc) and underlying holdings (unit trusts, OEIC s, ETF s, investment trusts, etc) Pensions & Retirement Assisting clients to achieve financial independence during retirement. Providing advice on the options available for those coming up to retirement. Reviewing the financial position of those already in retirement Providing advice on the various options including SIPP s, Personal Pensions, Annuities, Enhanced Annuities, Drawdown options, etc. Guidance on tax issues such as the Lifetime Allowance and allowable contributions Risk Profiling & Capacity for Loss This is a vital and key part of all investment strategies and should be checked on a regular basis to ensure suitability Estate / Inheritance Tax (IHT) Planning More of us are being drawn into the IHT net with a tax charge of 40% due on individual estates worth more than 325,000. We advise on various options to reduce or negate IHT such as Gifts, Loans, Trusts, Business Property Relief (BPR) investments, allowable exemptions, insurance, etc

3 OUR FINANCIAL PLANNING PROCESS Financial planning is a vital part of our lives and we believe in a thorough and comprehensive financial planning process Stage 1: Disclosure documents Prepare and send our regulatory disclosure documents to you before meeting Send you our fact find for basic details before the meeting (time permitting) Stage 2: Discuss your requirements & our services Understand your financial circumstances and what you are seeking to achieve Explain our approach and agree suitable financial planning services that suit you Stage 3: Establishing our relationship Prepare and send correspondence to you outlining our understanding of your objectives / needs, the services you have selected and our charges The above 3 stages are completed at our cost, i.e. no cost to you Should you be comfortable to proceed with engaging our services, we will proceed to the next stage on receipt of the signed Letter of Engagement / Estimate Letter. Stage 4: Fact Finding Gathering a thorough understanding of your financial position and detailed information on the financial issues that you want advice / solutions for. This may require the completion of a risk profiling questionnaire and a second meeting Complete Letters of Authority (LOA) to obtain detailed information from institutions Stage 5: Research Consider issues (Taxation, Structures, Cash Flow, Estate Planning, Risk / Return) Utilise specialist software and knowledge as required Research whole of market Stage 6: Strategy Meeting Discuss the research / strategy options with you Do any final adjustments (if proceeding with recommendations / agreed strategy) Provide a detailed meeting note of strategy options discussed if no decisions; or Provide a specific, detailed strategy / suitability letter if implementing the strategy Stage 7: Implementation Draw up required paperwork for implementation of strategy Put in place the agreed financial arrangements and tax planning structures If any financial products are required for the solutions, we would include this in stages 6&7 Stage 8: On-going reviews (should you select this service) Consider any changes including taxation and your personal circumstances Review the strategy and ensure it remains appropriate and on track Report on performance and ensure fund managers are providing the expected service

4 OUR FINANCIAL PLANNING SERVICE OPTIONS We offer a bespoke, tailor-made financial planning service. We all have unique requirements and have arranged our services to enable you to select what suits you best. Focused focused on one or more specific areas of your financial planning requirements identified and agreed by you. The number of areas and complexity of the advice required will determine the service charge, which typically will range between 750 and 2,000 (plus VAT if applicable) for the work up to and including the written report (up to stage 6 as listed in our Financial Planning Process) Comprehensive built around the development of a comprehensive financial plan, which incorporates lifetime cash-flow modelling. This is suited to clients who wish to invest the time to take a holistic view of their current and long term financial planning. The complexity and needs of the advice service required will determine the service charge, which typically will range from 2,000 to 5,000 plus VAT if applicable (up to stage 6 as listed in our ) On-going Review On-going monitoring of your financial circumstances, portfolio performance, risk level and ensuring that the financial planning strategies are on track, is vitally important. The complexity and needs of the service required will determine the annual service charge, which is typically 0.50% (plus VAT if applicable) of funds invested with a minimum annual advisor charge of 500 for the Focused and 2,500 for the Comprehensive. We are able to provide a tailor made financial planning service to facilitate your needs. Our access to a high level of expertise within Hart Brown in areas such as Trusts, Inheritance Planning, Commercial Business Planning, etc, places us in a unique position to provide a comprehensive planning service to you.

5 OUR FINANCIAL PLANNING CHARGES Initial Advice Focused Comprehensive Focused Comprehensive Stages Stages 4-6* 750-2,000 2,000-5,000 Stage 7 Kindly Note: Should implementation not involve investments, then separate costs will be discussed and agreed before implementation Tiered Charge structure First 100, % 100,000 to 250, % 250,000 to 500, % 500,000 to 750, % 750,000 to 1m 0.50% + 1m 0.00% **Total family investments *Stages 4 6: The Comprehensive option includes a holistic financial approach, which requires significantly more detail than the Focused option. **Linear family, i.e. clients, parents, children and trusts On-going Annual Review meeting* 6 monthly meeting Cash Flow update Telephone access Meetings on request Market Commentary Focused Comprehensive Focused Comprehensive By agreement 0.50% per annum of funds invested (minimum 500) 0.50% per annum of funds invested (minimum 2,500) *See detailed description in the On-going Review section on page 7 Should any other fee arrangements be agreed such as an hourly fee, a fixed fee or fees being generated by products such as Protection products, these will be discussed. All advisor charges in this document may be subject to VAT being added depending on the advice process and products used Please see an example of advisor charges and our team details overleaf

6 ADVISOR CHARGE EXAMPLE AND TEAM DETAILS Example of Advisor Charges Client wishes to receive focused advice on placing a single premium investment of 350,000, wishes to proceed through the implementation stage and engages our on-going service. Step 1: Agree the advisor charge / fee for stages 4 6, depending on the complexity of the research and work involved. This will range between 750 and 2,000 (plus VAT if applicable), as this is based on focused advice being provided Step 2: Implementation is based on the tiered percentage advisor charge applied to the amount being invested. In this case, it would be 4,375 (plus VAT if applicable), which equates to 1.25% of 350,000. Step 3: On-going Review service: In this case, 0.50% per annum of 350,000 equals 1,750 (plus VAT is applicable) per annum (this will fluctuate in line with the performance of the investments held), which is above the minimum required for the focused service. Our team details and hourly charges are as follows (the hourly charge option is available as an alternative to the Our Charges contained in this document and not in addition): Name Role Direct dial Hourly charge (ex VAT) Philip Kingscott Senior Financial Planner Brian Martin Financial Planner Ian D Arcy Financial Planner Stephen Wise Paraplanner Sandra Howitt Administration Emma Lamdin Administrator Paul Tobias Supervising partner and head of department pyk@hartbrown.co.uk 235 bjm@hartbrown.co.uk 210 igd@hartbrown.co.uk 210 sxw@hartbrown.co.uk 155 sdh@hartbrown.co.uk 105 exl@hartbrown.co.uk 105 pat@hartbrown.co.uk 280

7 ON-GOING REVIEW SERVICE FINANCIAL HEALTH CHECK Our typical annual meeting review includes the following (the below may change according to the level of service agreed and your financial planning portfolio held with us): 1. Your circumstances and requirements An update by you on new developments and issues of concern requiring attention Any changes such as Income & Expenditure, Asset & Liabilities, employment details, etc 2. Strategic Review An update by your adviser on any recommended changes to strategy- Keeping the plan on track. 3. Advice Areas Confirming the financial planning areas advice is being provided on and reviewed Checking if you require advice in any additional areas 4. Portfolio Review 4.1. Protection planning Discuss your requirements and ensure any cover in place is relevant and appropriate 4.2. Savings & Investments Discuss your goals / update your risk profile to ensure any investments remain suitable Review your portfolio to ensure it is as tax efficient as possible, typically this will include ISA allowances, income & capital gains tax, etc Pensions & Retirement Discuss your objectives, any income requirements and update your risk profile Discuss maximizing the use of annual allowances, should it be appropriate 4.4. Underlying investments held in all investment structures Looking forward and implementing any required changes to investment strategy, asset allocation and investments. Taking account of your need for income and/or lump sums from your investments 4.5. Debt Review Reviewing your interest rates / debt arrangements (we do not provide mortgage advice) 4.6. Estate Planning Reviewing your estate planning to ensure the use of reliefs and allowances, where appropriate 4.7. Family Review Discussing any financial issues affecting your family 4.8. Assistance with paperwork Sorting through any paperwork received. Filing or discarding as appropriate Professional Update Providing professional updates to your accountant and other advisers (if applicable)

8 HART BROWN OFFICES Guildford Office Resolution House Riverview Guildford GU1 4UX Reception: (01483) Cranleigh Office 2 Bank Buildings 147 High Street Cranleigh GU6 8BE Reception: (01483) Cobham Office 33 High Street Cobham KT11 3ES Reception: (01932) Woking Office 7 Guildford Road Woking GU22 7PX Reception: (01483) Godalming Office 1 Lower South Street Godalming GU7 1BZ Reception: (01483) Wimbledon Office 58 High Street Wimbledon Village London SW19 5EE Reception: (020) Please feel free to contact us on or visit our website Thank you for your enquiry and we look forward to working with you. Authorised and regulated by the Solicitors Regulation Authority (50788). Authorised and regulated by the Financial Conduct Authority.