Initial Contact and Fact Find
This is usually up to the client whether this occurs face-to-face or over the phone and consists of a 30 minute introductory conversation to gather needs, objectives and hard facts from the client in order for the adviser to build up an overview of the clients circumstances and offer initial feedback on what potential advice can be given to the client.
Initial Financial Advice Plan
Based on the information provided by the client in Stage 1, an initial financial plan will be compiled to present to the client. The plan will consist of the products that the client will be investing in, any initial and on-going tax benefits the client will gain from using the products and what the investment strategy will be until the next review meeting. Finally, the fees and charges will be fully explained to the client.
Providing an initial advice plan ensures that before any commitment is made by the client they will fully understand the initial advice proposition and how much it will cost to take the advice. This stage will also provide the chance for the client to ask for any amendments to be made to the plan before the final hard-copy is delivered to the client.
Final Advice Plan and Commitment
The final advice plan will be delivered and summarised once more, any amendments asked to be made by the client in Stage 2 will be confirmed and explained and any new questions the client has will be covered by the adviser. Contracts will be explained and then signed by the client on the condition the client is comfortable with moving ahead with the advice.
Shortly after Stage 3 is fully completed the client will receive their HPAM welcome pack and online platform log-in information.
Monitoring and Periodic Review Process
HPAM monitors their client’s investments on a regular basis to ensure the investment management approach remains in-line with the ever changing global investment market and economic background and also in-line with the client’s appetite for risk.
The periodic review process will occur twice a year every 6 months, once with an investment review and once with a full annual review.
The Investment Review will usually be conducted over the phone and consist of a conversation explaining the report that has been sent to the client providing analysis and summary of investment value and performance. Any changes that the adviser wishes to make to the investment management approach or the client wishes to make to their circumstances will also be covered in this meeting.
The Annual Review will cover everything that is included in the semi-annual investment review as well as an updated advice plan for the year ahead, the plan will include the changes to the clients circumstances and/or investment value and performance that have occurred over the preceding 12 months.
Between periodic review dates clients can monitor their investments through the HPAM online investment platform as well as having constant access to their adviser for further advice if required.