Creating a professional financial planning strategy
At Lloyds IFP, we make sure we take the time to understand your needs, goals and preferences before we make any recommendations. This is the process we follow:
1. YOUR INITIAL CONTACT
We arrange a convenient time and place to meet.
We are happy to meet clients at their home or place of business. This is also an opportunity for you to outline the issues that you’d like to discuss. To enable us to develop a clearer picture about your particular situation, we’ll need information on your existing arrangements.
2. INITIAL MEETING
We assess your current financial position and help identify your goals.
At your initial meeting, we provide information about our services and explain how we charge and the type of advice we offer. If there is anything you want to discuss, our initial meeting is the perfect time to consider these other areas. We 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 report 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. We’ll also discuss the cost of any future work, explain how you can check on investment performance, and gain your agreement to implement our recommendations and plan.
5. IMPLEMENTING YOUR PLAN
All the necessary product paperwork is completed and processed.
We make sure that all our recommendations to which you’ve agreed have been implemented. We’ll also liaise with your accountant or solicitor, or introduce you to relevant professionals.
6. REVIEWING YOUR PLAN
At this point, we’ll agree how often you want to review your plans.
The frequency and level of contact you have with us is up to you. If your circumstances change, we also need to know so that we can review what changes your plan may require to keep you on track and financially secure.
This process has to be underpinned by a joint commitment from both Lloyds IFP and our clients in order to ensure the successful completion of their financial goals.