How We Do It
“If you fail to plan, you are planning to fail!”
Introduction
Financial Planning is an ongoing process which can be defined by the six stages below. Our intention is to help clients build a financial plan to achieve their life goals. This isn’t just about buying products like a pension or an ISA. By following our financial planning process, we create a personal financial plan. This helps clients plan what to do with their money so that they have less stress and greater confidence in what they want to achieve in life. We want clients to feel more in control and have greater peace of mind through knowing that they are on track for the future they want for themselves and their family.
Establish the life goals – we take time to understand the short, medium and long-term goals.
Current financial position – we establish the existing assets and liabilities.
Analysis – we analyse the current position to assess how close the existing arrangements are to achieving the goals.
Financial plan – we develop a financial plan how to achieve the different goals.
Implement the plan – we effect the changes to start the financial plan.
Monitor and review the plan – we meet clients at least annually to review their position and life goals, making adjustments when they are needed and providing additional planning if required.
Getting started
Initial Meeting - We need to understand what a client wants from us so we arrange a meeting to obtain this information and the context for any advice. We may also identify areas of concern that the client may be unaware of.
This meeting also enables the client to understand us and how we work, and for them to decide whether they could work with us in the future. This meeting is at our expense and no charge is made.
Financial Planning Statement – After the initial meeting, we write a Financial Planning Statement that summarises the client’s situation, what they are looking for, what additional areas, if any, we think they need to look at. We explain the work we propose to carry out and how this is linked to the objectives; what that work will cost, and how it can be paid for.
Fees Statement - Along with the Financial Planning Statement, we provide a statement of the initial fees involved with that work, broken down into information gathering, report writing and advice implementation.
A separate schedule details the fees involved with the different ongoing advice services we offer, which are discussed and agreed with the client.
Client Agreement - If the client likes our proposals, and accepts the fee structure, then they sign the Client Agreement and we are engaged; fee charging starts from this point.
A Change of Mind - If a client decides not to go ahead with the advice and recommendations contained in the Report then we charge for the information gathering and report writing carried out up to that point.
The Financial Planning Report
Once we have collated all the information we need, and have considered this against the clients goals and aspirations, we prepare a Financial Planning Report that links each client aim or aspiration to our recommendations.
The report also contains all the technical information needed to back up each recommendation, as well as the risks and rewards of the proposed actions.
The aim of the Report is simple: place the client in a position of knowledge and understanding so that they can make the right decisions.
The Ongoing Relationship
The real value Schaefer provides is in the ongoing support we provide - a farmer can plant a field with seed but the profit comes from how that crop is looked after and nurtured - it is no different with financial planning.
You can find out more about our ongoing support in the Wealth Management Service section of the ‘Our Services’.
Our firm’s moto is “we are with you all the way” and so we are.