Working with you on your financial future

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1 Working with you on your financial future

2 The aim of this document is to provide you with an overview of XL Financial Planning and to introduce you to our professional values and the services we offer in more detail. We will discuss every aspect of our work with you in advance so that you fully understand what we are offering, how much it will cost and specifically, how it will benefit you. Stephen Bloomfield Director Andrew is from Framlingham and still lives in the town. He gained his grounding in finance at the Prudential over 12 years. He became an independent financial adviser in 2001 and joined Stephen at XL as a director in XL Financial Planning Philosophy Our philosophy is simply that your needs are the centre of everything we do. We feel that our job is to help you have the life you want by providing financial planning in a highly professional yet friendly manner and to create an atmosphere of mutual trust. Stephen was born locally in Stowmarket and lives in Kesgrave, Ipswich. He started in finance with Lloyds Bank, progressed via management roles in the Beneficial Bank PLC and started financial planning in 1994 at Prudential, where he worked until founding XL. Andrew is not only very active in local community activities he is chair of the Framlingham Scout and Guide Group and on the Framlingham Sports Club Committee, but also personally active indoors on the squash court and outdoors as a keen cyclist and footballer. About us Stephen is known as very much a people person He is indefatigably optimistic [a supporter of Ipswich Town Football Club has to be] belongs to Ipswich Sports Club, and is a member of the association of Christian Financial Planners. Andrew Bullingham Director XL Financial Planning We are a highly regarded financial services company, established for 10 years and experienced at providing professional advice and financial planning solutions to individuals and corporate clients. Our office is based in the thriving market town of Needham Market, Suffolk, in the heart of one of England s fairest counties, with excellent access to the A14/A12 road network and the London mainline train service. Our holistic wealth management services cover a broad array of financial solutions, spanning group and personal pension schemes, income and capital growth strategies and tax mitigation. XL s consultants provide advice on investments, savings, retirement planning, and non-investment protection such as life assurance, private medical insurance and critical illness cover. We hold authorisation from the Financial Services Regulator [The FCA] as independent financial advisers. Our FCA number is The Directors Both directors hold Financial Planning certificates 1, 2, 3, the IFS level 4 Diploma and a Mortgage Advice Certificate. Stephen has qualifications in equity release and long term care. Stephen founded XL in 2001 and Andrew joined as a director in They have a combined 50 years of financial services experience. The XL team Each of our advisers holds a statement of professional standing by the Chartered Insurance Institute, [CII] as required by the Financial Services authority. This annual certificate confirms that the adviser has met the required level of knowledge in all product areas including recent legislation. This is validated though qualifying examinations coupled with an annual study programme of continuous professional development work. Each adviser must be of proven good character, adhere to a set code of ethics and be able to demonstrate this when called upon by the regulator or the CII to do so. Should you need to check any adviser status you can do this via by clicking on the Registered Individuals List and entering the adviser name. The back office is run by Senior Administrator Lynn Jansen and you may meet Christopher Street our paraplanner [research and technical expert] and Tracey Pickering, administrator. My adviser conducted his meeting with me, in a professional manner, explaining everything as he went, giving me the opportunity to ask questions if needed, I was very pleased with everything he has done for me. Mr W, Ipswich

3 Our professional values When you choose XL you will have - We believe in: Individual advice for each individual s needs not off the shelf solutions given to everyone. Complete transparency of fees and charges - not hidden commission structures that influence choices. Plain language - not complex financial jargon. Building long term relationships - not sell you a product and move on. Commitment We put the client s needs at the heart of everything we do because we recognise that each and every client has different circumstances and unique objectives. We pride ourselves on the personal nature of our services. You will have an expert financial planner looking after your interests and we will aim to build a long-term relationship based upon understanding and continuity. We are just a phone call away. Reputation & Value Along with our experience, we have a reputation for quality. Our business has been able to prosper in a competitive market place, based on the recommendations of clients who have been happy with the services provided. We will provide you with a fee-based, long-term personal service that deals with your financial planning, investments and administration needs. While many financial planners have been reluctant to address the regulator s insistence that advisers must move away from commission-based remuneration, we have been proactive and have embraced this improvement in practice. Here at XL we have nothing to hide. We offer all our clients solutions that are right for their needs and that are not influenced by any agenda of financial gain, as will be obvious to you from the transparent nature of our charges. How our financial planning can help you The problem with self-managing your financial affairs is twofold. The reality for everyone is that the market goes up and down Peace of Mind Our many years experience of financial planning, investment management and offering impartial open advice, take the guesswork out of your financial decisions. We have access to the entire market and review a wide range of available products in order to produce bespoke solutions to match your aims and objectives. The safety of Professional Accreditation We hold authorisation from the FCA to practice as independent financial advisers. First not having enough of a long perspective rather than a short-term response to the markets. So you tend to move money around and incur unnecessary costs and become anxious when the market fluctuates. Second not knowing enough about the alternatives needed to maximise your outcomes. So for example, a reasonable investment strategy can be let down by a poor tax mitigation plan and your overall plan can take care of all your family issues but also miss some of them completely. So you need help to build a strategy that minimises your risk and maximises your return within your objectives and attitude to risk. This is so well known that it is almost a cliché but it remains the critical problem that you and all our clients have to solve. A financial planner cannot alter the reality but we can build you a strategy that fits you ideally. We can help you to map your financial future. Together we determine your individual needs and your plans for the future. We then provide a tailored financial plan that takes account of your circumstances, matches your objectives in the most tax efficient way and makes your money work harder for you, whatever the markets do. Expert Planning Our investment strategy uses careful asset allocation and global diversification to match your risk profile. It is scientific, logical and completely bespoke. Ongoing Advice We enter into an ongoing advisory relationship with our clients. This enables us to take a holistic approach to your situation. We will meet with you regularly to review your needs, evaluate your portfolio and rebalance your assets to accommodate any changes and keep your investment on track. The frequency of meetings you will want is proportional to the complexity of your portfolio and will be agreed in advance.

4 How we will work with you Whatever you want us to do for you, the process is broadly similar although different aspects of your financial planning need specific action. We are happy to provide single one-off services but our strength lies in how we combine a detailed review of your situation, understanding of your long-term financial goals and non-financial objectives with our professional expertise. Our ideal is to work with you in a long term relationship. Our advice process is summarised below FIRST we get to know each other. We jointly review, monitor, and adapt as necessary. We review your life goals & financial aspirations. We agree an approach and a fee. XL prepares a strategy, lays out the options and shows evidence. After the first meeting Our task is to build you a strategic plan that meets your unique situation. We felt that our adviser had researched the options thoroughly and he gave us a substantial amount of time to discuss everything. We were also impressed by the follow through on the day getting things initialised without delay. Mr & Mrs H, Framlingham Where necessary, we will ask the relevant product providers for information and forward your authorities to them so that they can give us information about your policies and investments. The additional details issued by the provider will be analysed with the information gathered at the initial meeting. We may need to revert to you for further information and ask your permission to liaise with your other professional advisers (accountant, solicitor, investment managers). Using internal and external technical research, we will prepare a report to suit your individual objectives. This will also be assessed against your attitude to risk, time horizon, associated costs, past performance, asset allocation and expected returns. The research and report preparation will typically take 3-6 weeks to complete, as there are usually delays in getting information from your various providers. We will liaise with you during the preparation process to inform you if this time scale might be exceeded. Report presentation and agreement to implement your financial plan We will arrange to meet again to discuss this. The report will comprehensively outline your current position and then detail our professional observations in each area. We will provide the supporting information behind the recommendations including, where applicable, illustrations, key features documents and product brochures. The comprehensive information given by my adviser in such a pleasant and relaxed manner made it easier to make the final decisions. Receiving such detailed paperwork after each meeting was also especially helpful. Mrs J-P, Bury St Edmunds XL implement the plan. We meet to discuss the report. You decide the actions. The diagram shows the process. The light blue events are face to face meetings, the darker blue are our office based inputs. Service and advice is first class. We cannot imagine what would have happened if we had been looking after all this financial complexity ourselves. Mrs M, Colchester The actions we advise will, in our professional opinion, minimise any risks we have identified and maximise the opportunities for achieving your goals. These action points will include both those for immediate implementation and considerations for the future. The report is a starting point for discussion. The final process is that you decide what you want us to do on your behalf. It is critically important that you understand exactly what is being proposed and are clear that it fits your aims and objectives.

5 The value and importance of professional advice Is your financial well-being really an area where you should opt out of professional advice? When it comes to something as important as your financial future, the value of dealing with a professional adviser extends far beyond help in selecting suitable investment funds. You take professional advice from dentists, doctors, lawyers and even from auto technicians without question. Strangely some people baulk at listening to advice on financial matters. In the past there was a risk that financial advice was tempered by the best interests of the messenger but this is no longer the case and in particular not the situation we allow with XL. Professional financial advice is a value-based service that provides you with: Access to the expertise of a highly qualified, authorised and experienced adviser. Help identifying the most suitable product or service providers to best meet your needs. Holistic planning at no extra cost: the important interactions and planning opportunities of all aspects of your wealth are fully considered and utilised. Proactive tax and estate planning to help mitigate against inadvertently paying more tax than necessary. Expert understanding of the whole of the market not just a restricted offering. Professional indemnity cover so that you are protected fully for the advice you receive. A personalised financial plan, not a onesize-fits-all, off the shelf offering. Many execution only services attempt to trivialise the value of advice. Although they promote their services as discounted offerings suitable for purchase without advice, in reality, if you look more closely, this is not an accurate representation. Many of the investments they promote are far from discounted when the cost of the overall package is considered. More importantly, execution only transactions provide no recourse against the vendor if things go wrong. The client takes full and sole responsibility for the transaction. What does your adviser actually do for you? Beyond the face to face meetings and continuing contact that you have with your adviser he is spending time behind the scenes keeping up to date with financial and tax matters and as far as your financial plan is concerned spending several hours in preparation, strategic thinking and research. So key things the advisor is doing include: Tax Mitigation Suitable wrappers and help with returns Research for investment solutions Monitoring your investment s performance, rebalancing as markets change. Risk Assessing your tolerance Choosing investments accordingly Summary of our service offerings Explanation of the different types of service plan ongoing or one-off Our clients may choose services with ongoing review such as a comprehensive holistic financial package, or advice about a specific single entity such as a pension that will need regular review. Alternatively they may choose a one-off solution where we provide them with a financial solution but they do not purchase ongoing advisory services. The tables below illustrate the completeness of protection and how the initial meeting varies according to whether there is an ongoing commitment or not. Protection - for all clients Independent Financial Advice from a qualified adviser Menu of services for different service plans Your Protection Holistic ongoing Specific ongoing One-off Comprehensive Professional Indemnity insurance Financial services compensation scheme Clients categorised as Retail Client for full investor protection The initial meeting At the first meeting we will explain our way of working and fee structure. If this is a single transaction then we shall focus on this element of your financial affairs. If we are taking a holistic approach then we shall be looking at your affairs in detail. Initial meeting Fact find to establish your objectives and attitude to risk Limited Analyse your requirements and research bespoke solutions Limited Develop and present financial recommendations Limited Implement agreed solutions Limited

6 Holistic and ongoing services We offer this range of services: Frequency of review of circumstances: Annually up to quarterly depending on the complexity of your portfolio and the fee structure we have agreed Review of relevant legislative changes Appraisal of existing investment performance & benchmarking Investment performance benchmarking Tax planning and ISA utilisation Implementation of agreed changes Comprehensive meeting notes documenting your discussion Investment forum meetings Online valuation Discretionary fund management services Model portfolio Fees We always agree fees in advance of beginning any work. Our charges depend on the type of service you are buying and we will clarify if you have to pay any VAT [usually no VAT is required]. Our fees are totally transparent and paid for our professional services, access to our wealth of experience, advice, implementation and back office administration and where agreed, ongoing review. We will give you a document of terms and conditions which details how our fees and charges are calculated at your first meeting with an adviser. I am pleased to say that I have been very pleased with the advice and information I have received from you. You returned my calls so promptly. I felt that if I was unsure about anything I could be completely at ease contacting you, at any time. Mr C L, Woodbridge From the Directors We look forward to the opportunity of welcoming you as a client of XL Financial Services and building a long-term relationship as your professional adviser. Stephen Bloomfield & Andrew Bullingham Directors XL Telephone: enquiries@xlifa.co.uk Additional Services We can introduce you to recommended, suitably qualified third party professionals to help you with: Will writing and setting up Lasting Powers of Attorney Accountancy and tax planning whether personal or corporate Residential & Commercial borrowing Norfolk House, Lion Barn Estate, Needham Market, Ipswich, IP6 8NZ.

7 Norfolk House, Lion Barn Estate, Needham Market, Ipswich, IP6 8NZ