Preparing for your financial review meeting
Please take a few minutes to watch this welcome video before we meet, as it contains some essential information about our advice service.
If you have any questions about anything in this video please contact your adviser, who’ll be more than happy to help.
Welcome to Prudential Financial Planning Limited and thank you for booking a financial review with us.
We’re looking forward to helping you, but before we do, we’d like you to watch this video containing important information about our service. And remember, if you have any questions about the video, you can ask your adviser at any time.
Our advice service
The service we offer is what’s known as a restricted advice service. This means we can recommend on a range of products from Prudential and other carefully selected providers.
- Prudential: Investments, Pensions, Flexible Income Plans (Drawdown)
- Selected panel of providers: Protection products, Guaranteed Income Plans (Annuities)
- Standard life and Link Fund Solutions: ISAs, Open Ended Investment Companies
Our advice is built on a belief in the importance of having a complete understanding of each client’s unique circumstances and requirements. Only when we know what’s important to you, can we provide recommendations that meet your personal needs.
So, we have a comprehensive advice process that allows us to do just that.
And the first step is your personal financial review.
A personal financial review – understanding you and your needs
We start by reviewing your finances, understanding your current circumstances and discussing where you want to be in the future.
By doing that, we’ll be able to provide answers to questions such as these:
- How much will you need during retirement?
- Are you on track to achieve it?
- Are your current savings and investments doing what they should?
- Are your family or loved ones protected if anything happened to you?
- And are you taking advantage of the tax benefits available to you as an investor?
So, it’s really important that we look at your whole financial situation, and we do this by gathering information from you. This lets us see the full picture and can uncover needs you perhaps didn’t realise you had.
Focussing on only one area can leave a significant gap in others. For example, if your adviser looked solely at the best way to access your pension, it might leave your family exposed to large inheritance tax bills.
And the good news is, we can have our full financial review using a video meeting similar to Skype or Facetime. If that’s not possible, simply over a phone call with one of our advisers or in a face to face meeting in the comfort of your own home.
So if you have a partner, we would strongly recommend they also attend. And you’re welcome to invite a friend or relative to join the meeting or the video or phone call from different locations, if you think it would help.
To help us spend more of our meeting focussing on your needs and your review, we’ll ask you to look out some information to share with us before the meeting. And it would also help to have it to hand at the meeting as well.
You’ll find the sort of information we need from your most recent pension statements, any life insurance policies, and recent statements for any savings and investments you have. And we’ll also ask you for some details about your main income and expenditure.
You can share this information with us in a Fact Find on your secure personal Client Hub. The Client Hub is your online space where you can access information and tools you need for our advice service. And you’ll find the login details to the Hub on the Welcome email you received from us.
Having this information will help us achieve our goals of being able to tell you:
- your retirement plans are going to achieve what you want them to
- your savings are working as hard as they can be
- your family and loved ones are protected financially if anything happens to you
- and they aren’t left paying unnecessary Inheritance Tax
Formulating your plan
Ok, so once we’ve got to know you, your circumstances and your needs, the next step is to formulate your plan.
Your adviser will look in more detail at your plans and analyse all the information you provided so they can:
- calculate your income needs and any gaps you may have
- look at what would happen to your finances if your health suffered
- check you’re taking full advantage of changes in regulations
- and consider any actions you could take to reduce the tax you might have to pay
They will then use their financial planning expertise to build a plan that takes all this into account and best meets your needs – and always in a way that is as tax efficient as possible.
Presenting the recommended plan to you
Once your adviser has built your plan, they will then organise a time that suits you to take you through it.
At this meeting, your adviser will provide you with a detailed financial report based on the information you gave us. The report will explain your current financial circumstances, provide a full analysis of your needs and objectives and a recommendation on how best to meet them.
This report is yours to keep, no matter what you decide to do. It can be a very useful document that summarises your finances for future reference.
And the good news is, everything up to this point, including your full detailed financial report, is normally free of charge. Your adviser will let you know when this is not the case.
If you do decide to go ahead with any of the recommendations, the advice charges would range from between 1% to 3% of the investment depending on the product and amount you invest.
Here’s an example of how much it might cost if you invested £40,000 as a lump sum. The charge in this example would be £1,200 and would normally be taken from your investment. So that means £38,800 would be invested
There may be lower charges for higher investment amounts which your adviser will explain in more detail.
And if you decide to make regular payments into a pension, you would be charged 3% per month for the first five years. So for a £100 investment, £3 per month would be charges – a total of £180 over five years – and £97 per month would be invested for the first five years.
There may be different charging structures for some pensions depending on the advice you receive but again, your adviser will talk you through the specific charges that could apply to you.
Putting your plan in place
If you’re happy to proceed with our recommendations, your adviser will discuss the timescales for putting your plan in place. They will then arrange everything for you, another thing you don’t need to worry about.
And of course, you have a certain amount of time to change your mind. The cancellation rights and the refund you may receive vary by product and will be shown in the literature you receive when you purchase the product.
Ongoing advice service
Every financial plan, no matter how carefully structured, is vulnerable to the impact of change.
There are a number of things that can impact your financial plan, as you can see on the screen. The trick is to keep up with the changes.
So, if it’s appropriate, we’ll recommend our Ongoing Advice Service to you. This means that you’ll have regular financial checks to help ensure your plan remains on track and takes advantage of any opportunities that may arise. If you do decide to take this service, your adviser will explain the specific charges that would apply to you.
And to give you an example of what they might be, if your lump sum investment was £40,000, the charge for ongoing advice would be 0.6% of that which would be £240 per year.
And remember, if you don’t see any benefit in it, you can cancel at any time
Important information about our service, can be found in Our Advice Service brochure and The Client Agreement. You’ll find both of these in your online personal Client Hub.
Thank you for choosing Prudential Financial Planning Limited
Ok, so that’s nearly the end of the video. If you need to talk to someone urgently, there are details on screen on how to do this.
And if there’s something you’re not happy about at any stage, you can contact us in writing or by telephone, via the details displayed on screen, and we will try to resolve your complaint as soon as we can.
And you can be sure that all the information we will gather about you is confidential and will be held securely and never shared with any third parties without your permission.
Prudential has been helping people for over 170 years, and we’re looking forward to helping you. So thank you again for choosing Prudential Financial Planning Limited.