The Hanbury Wealth approach to creating a professional financial planning strategy
We like to take the time to understand your needs, goals and preferences before we make any recommendations.
1. Your initial contact
We contact you to arrange a convenient time and place to meet.
We’ll require you to gather financial information in advance of our meeting. This enables us to develop a clearer picture about your particular situation. To help us do this, we’ll need to see documents, including life assurance, mortgage, pension, savings, investments or bank statements. This is also an opportunity for you to outline the issues that you’d like to discuss.
2. Your review
We assess your current financial position and help identify your goals.
At your bespoke review, we provide clear information about our services and how we can help you, plus we explain the type of advice we offer and how we charge. It’s also the perfect time to discuss anything you want. We also assess your assets and liabilities, discuss your objectives and priorities, and consider your attitude to risk.
3. Preparing our recommendations
Using the information we obtain from you, we develop a detailed financial plan.
We look at whether the financial plan will fit in with your lifetime goals and make sure you are comfortable with the timescale for implementing the plan. We research the market, review different products and providers, and follow up with the preparation of a document outlining a strategy tailored to your individual goals and circumstances.
4. Discussing our recommendations
We take you through our recommendations in detail.
We explain why we’ve chosen specific solutions and outline product features. Our goal is to ensure that you understand why we have recommended certain products or a particular advice strategy. We’ll also discuss the cost of any future work and explain how you can check on investment performance.
5. Implementing your plan
All the necessary product paperwork is completed and processed.
We make sure that all our agreed recommendations have been implemented. We’ll also liaise with your accountant or solicitor if appropriate.
6. Reviewing your plan
At this point, you’ll agree how often you want to review your plans.
The frequency and level of contact you have with us is entirely up to you.
It could be face-to-face meetings, over the phone or by email, whichever suits you best. If your circumstances change, we also need to know so that we can review what further changes your plan may require. These would typically cover life-changing events, including getting married, having a baby, a promotion or buying a new property – all events that may affect your finances and will require you to assess your financial planning strategy.
This process has to be underpinned by a joint commitment from both Hanbury Wealth and our clients in order to ensure the successful completion of their financial goals.
How we are paid
During your review, we’ll explain how we charge. You will be given details on how Hanbury Wealth is regulated by the FCA, the range of products we are authorised to advise on and any information that we’re required to give you.
To explain further, clients pay for advice in three main ways:
Since 31st December 2012, it has been a regulatory requirement that the cost of all investment and pension advice be based on a fee rather than commission. Please contact us if you would like a list of our fees.
We will always tell you about any commission we earn, and the cost of this commission paid out by the provider will normally be factored into the price of your product. These commissions vary with different products and providers but will be documented on the key facts illustration (KFI) you receive from your advisor.
Fees & Commission
By paying a combination of fees and commission, the advisor will rebate back into the financial products, hand to you some or all of the commission, or offset it against the fee.
Whether we take our remuneration by way of commission or fees will be a matter of discussion and agreement, and no charges for fees will be made without prior notification in writing.
Let’s discuss how we can help you
Contact our friendly team today