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How it works

It’s important to make sure you are comfortable that your financial planner has taken the time to understand your needs, goals and preferences before they make any recommendations. Here is what you can expect from the financial planning process.

 

DEFINING THE SCOPE OF ENGAGEMENT

Your financial planner should explain the process they will follow, find out your needs and make sure they can meet them. You can ask them about their background, how they work and how they charge.

IDENTIFYING YOUR GOALS

You work with your financial planner to identify your short and long term financial goals – this stage serves as a foundation for developing your plan.

ASSESSING YOUR FINANCIAL SITUATION

Your financial planner will take a good look at your position – your assets, liabilities, insurance coverage and investment or tax strategies.

PREPARING YOUR FINANCIAL PLAN

Your financial planner recommends suitable strategies, products and services, and answers any questions you have.

IMPLEMENTING THE RECOMMENDATIONS

Once you’re ready to go ahead, your financial plan will be put into action. Where appropriate, your financial planner may work with specialist professionals, such as an accountant or solicitor.

REVIEWING THE PLAN

Your circumstances, lifestyle and financial goals are likely to change over time, so it’s important that your financial plan is regularly reviewed, to make sure you keep on track.

Find a Financial Planner

FPA members represent the highest professional and ethical standards in financial planning. Use our Find a Planner service to find one near you.

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