IFP and CISI logo giant only

Transcription

1 IFP and CISI logo giant only

2 Logos x2 #CISIconf

3 Step 4 presenting recommendations Marlene Outrim CFP Chartered FCSI, Managing Director, UNIQ Family Wealth

4 The CISI Financial Planning Conference 5 th October 2016 Marlene Outrim CFP tm Managing Director Chartered Wealth manager The 6 Steps of Financial Planning Presenting the Recommendations

5 The Six Step Model of Financial Planning 1. Establishing relationship & gathering data 6. Monitoring and review 2. Determining client objectives 5. Implementati on 3. Analysis and research 4. Financial Plan

6 The UNIQ Family Wealth Programme 1. UNIQ Personal Discovery 6. Annual Strategy meeting 2. Research & Analysis 5. Personal Solution 3. Your UNIQ Personal Strategy 4.The UNIQ Wealth Solution

7 Step 4 The Financial Plan The UNIQ Wealth Solution

8 Components of a Financial Plan Introduction to Financial Planning & brief Assumptions used Analysis & conclusions drawn from cash flow How will the recommendations achieve the objectives? Risk profile & capacity for loss Fees & other costs AOB - Wills, LPAs, etc. Implementation Schedule Appendices

9 6 steps of Financial Planning 6 Steps of Financial Planning

10 6 steps of Financial Planning Requirement for drawings over a lifetime Legacy on death

11 Will the recommendations meet the objectives? Will the recommendations meet the objectives? Objective 1 To XXX XXX Objective 2 To XXX XXX Objective 3 To XXX XXX Objective 4 XXX XXX Objective 5 XXX XXX Objective 6 XXX XXX Objective 7 XXX

12 Fees & Charges Fees & Charges Provider Ongoing % Monthly Cost UNIQ 1.000% Platform % Investment manager & fund charges % Total %

13 Signed, sealed & delivered Signed, Sealed, Delivered Components Layout & style Detail

14 PLANNER By devising strategic solutions that enable clients to achieve the financial aspects of their lifestyle objectives Your Lifestyle Goals PROJECT MANAGER PROJECT MANAGER To assist clients to organise To and assist manage clients their financial to organise and affairs manage with an their overall financial affairs financial with an strategy. overall financial strategy. Possible Solutions CLIENT Possible Barriers & Risks COACH To help your clarify clients financial & lifestyle aspirations and goals via a disciplined process MENTOR Our ongoing care, support and education, Reviewing progress and providing strategic solutions to assist the client journey.

15 Financial Planning for a Life Well Lived

16 Marlene Outrim

17 Monday 8 May - Friday 12 May 2017 Significant opportunities for Accredited Financial Planning Firms TM Financial Planning surgeries individual or regional approach Media campaign examples of great financial planning

18 New Level 4 Exam Financial Planning & Advice The new Financial Planning & Advice exam has been specifically designed for those individuals advising on retail investment products and provides an overview of financial protection, retirement planning and the financial planning process. Pathway to CERTIFIED FINANCIAL PLANNER certification Designed to be RDR compliant and meet the needs Of employees advising on retail investment products and friendly society tax-exempt policies (FCA activities 4 and 6) when taken as part of the IAD, pending FCA Recognition Eligible to apply for ACSI designatory letters upon successful completion of the full qualification Register for this exam today cisi.org/financialplanning

19 Professional Refresher slide Add modules Estate planning Financial planning Financial Promotions Influencing Team Paraplanning Pensions advice

20 Steps 5 & 6 - implementing financial planning recommendations, monitoring and review process John Fachiri CFP Chartered MCSI, Managing Director, John Fachiri

21 Implementing financial planning recommendations, monitoring and review process An overview Questions at the end please. John Fachiri

22 6 Steps of the financial plan 1. Establish Goals short medium long term 2. Work out what assets and liabilities you have 3. Evaluate your current position 4. Develop the plan create a route map 5. Implement the plan 6. Monitor and Review the plan and make adjustments as needed

23 Route Map The Track Have greater confidence of where you are going in life Reduce stress levels and enjoy life more Older clients tell me they benefit from the organization Gain control and peace of mind through knowing where you are whether you are on track for the future you want for yourself and your family

24 New Clients Nervous or Apprehensive Bought / Invested in odd policies throughout life File or bag of papers / policies They know the monthly cost of their policies but not what benefits they will receive Never brought everything together My job is to help you make sense of what you have

25 Implementing the Plan The importance of Cashflow Planning Two scenarios Too much money Not enough money

26 Implementing the Plan Too much money Complete life ambitions Gift and benefits of Estate Planning Charity

27 Implementing the Plan Not Enough money Reduce their spending either now or in the future Increase their income either now or in the future or Sell Assets or Downsize or Increase the risk within their investment portfolio

28 Review Agenda Call the meeting a Planning Meeting Why? We are looking forward not backwards

29 Planning Meeting A Planning Meeting helps to cement your relationship with the client 2 possible outcomes Bad Planning Meeting Client not satisfied by outcome» Questions Value for money» Not happy with proposals Good Planning Meeting Client delighted by meeting outcomes» Feels valued» Feels confident» Armed with information they can review and satisfy any further questions

30 New Client Nerves More contact needed in the first couple of years. Over Deliver on your service agreement Keep in contact via usual methods Meet after the implementation of an investment Program to discuss the paperwork they have received

31 Annual Update Questionnaire CONFIDENTIAL PERSONAL REVIEW FROM JOHN FACHIRI LTD. This review sheet is part of the contact we wish to maintain with our personal clients within the field of financial planning, life assurance, pensions and savings. Situations change over a very short period which often means that existing plans are insufficient, therefore new arrangements become desirable or even essential. Please mark below if you would like us to contact you with a view to reviewing any of the following areas: Cash Flow and Budget Planning Pension Planning Investment Portfolio Planning Estate Planning and Inheritance Tax Planning Protection Planning If any of the following changes have occurred in your own life over the past year, please mark the items and return the review in the enclosed envelope: Changed Company Received a Promotion Joined a Company Pension Scheme Started a Business Introduced New Directors to your Business Moved House Bought a Second Home Received an Inheritance Got Married/Divorced/Separated Had a Child Had a Grand-child Any Other Changes I WOULD LIKE TO KNOW: How I can Plan for an Early Retirement How I can Save Money How I can Invest a Lump Sum of Money How I can Protect my Family s Income How I can ensure I have a Good Retirement Income More about Special Plans for Spouses More about Protecting Against Inheritance Tax FROM: NAME ADDRESS TELEPHONE

32 Vista print etc Card Contact

33 The 12 Point Financial Health Check The 12 Point Financial Health Check 1. Your Issues An Update By You On Issues Requiring Attention 2. Strategic Review An Update By John Fachiri Ltd On Recommended Changes To Strategy 3. Investment Review Looking Back On The Last 12 Months Performance 4. Investment Action Plan Looking Forward & Implementing Any Changes To Investment Strategy 5. Debt Review Reviewing Your Interest Rates & Debt Structuring Arrangements 6. Taxation Update Reviewing Opportunities & Threats Created By Changes To Taxation Law 7. Pensions Update Reviewing Opportunities & Threats Created By Changes To Pension Law. 8. Insurance Review Providing A Check Of Current Levels Of Cover & Policy Wording 9. Estate Planning Review Ensuring Your Estate Planning Wishes Are Current & Legally Valid 10. The Remove The Hassle Service Sorting Through Any Paperwork Received That Confuses You 11. Family Review Discussing Any Financial Issues Affecting Your Family 12. Professional Update Providing Professional Updates To Your Accountant & Other Advisers

34 Prior to Meeting Prior to meeting- send out last years Networth Statement Income and Expenditure Statement Agenda

35 At the Meeting Fee Each meeting is carried out as a full initial meeting Following the 12 point health check Client receives updated Cashflow Networth Historic Networth Statement Updated Plan Summary Sheet

36 Check Areas Look at Capital Gains Ask about clients Cash Requirement What needs to happen for you to increase your income? Re- balancing

37 Rebalancing The Importance of Rebalancing The Intelligent Asset Allocator by William Bernstein At the end of each year you should rebalance the portfolio back to the target compositions. If a particular asset has done extraordinarily well, its portfolio weighting will increase; consequently, enough of it must be sold and reinvested in the poorly performing assets to return to the target composition. This target composition I refer to as the plan allocation. You cannot underestimate the amount of discipline and patience required for this process, because it means doing exactly the opposite of what most of the investment world, almost all of whom are professionals and experts, is doing. A psychologist would say that this is an effective way of becoming a contrarian, always moving in the opposite direction of the crowd. You will, of necessity, be selling what everybody loves and buying what they dislike.

38 Questions to ask New Goals or Objectives? How are your children? What are their plans? Do you want to gift? Charity Gifts What is keeping you awake at night? What one thing can I do to improve what I do for you?

39 Client Summary Sheet This is a spreadsheet format detailing: Provider Policy No Policy Type Life Assured Sum Assured Premium In Trust Cash Values

40 Planning Meeting is a Great Opportunity Allows opportunity to : Deliver on what was promised or your Service Agreement Allows you to cement your client relationship It reassures the client Each client wants to go away knowing that they made the right decision when they appointed you Next Meeting Date Referral

41 Questions?

42 New Level 4 Exam Financial Planning & Advice The new Financial Planning & Advice exam has been specifically designed for those individuals advising on retail investment products and provides an overview of financial protection, retirement planning and the financial planning process. Pathway to CERTIFIED FINANCIAL PLANNER certification Designed to be RDR compliant and meet the needs Of employees advising on retail investment products and friendly society tax-exempt policies (FCA activities 4 and 6) when taken as part of the IAD, pending FCA Recognition Eligible to apply for ACSI designatory letters upon successful completion of the full qualification Register for this exam today cisi.org/financialplanning

43 Due diligence of platforms Heather Tracey, Report Writing Expert

44 How to help your clients read your reports- fully. HEATHER TRACEY

45 Today s objectives Understand people How they communicate How much they matter How they take in information Understand reports How we read How we want to read HT /10/ 2016

46 How do CLIENTS read your reports? COMMUNICATIVE NOISE WHO WE ARE PROCESS INFORMATION

47 Shannon s Model of Communication communication channel encoding decoding sender noise noise noise HT /10/ 2016

48 Consider the person reduce the noise What? Who? How? Why? HT /10/2016

49 Perception and HT /10/ 2016

50 plan Create imagine Bloom s Taxonomy judge infer Evaluate Analyse appraise distinguish of Learning generalise Apply organise relate Understand classify define Know HT /10/ 2016

51 The tick list Create plans Evaluate you HT 2016 How does this apply to me? What do I understand? What do I already know/ need to know? client 05/10/ 2016

52 Why important? expectations pride habit prejudgement HT 2016 receiver sender 05/10/ 2016

53 How do clients read your REPORTS? NOISE: VISUAL AND VERBAL COMPLEXITY

54 Complexity is in the eye of the beholder. Information The communication channel Layout Language HT /10/ 2016

55 Visual complexity noise Mental maps HT /10/ 2016

56 @ HT /10/ 2016

57 Think like an HT /10/ 2016

58 How we read Read the following text. What is it HT /10/ 2016

59 It s a source of great interest and intrigue how certain writers have an unparalleled mastery of the English language. In every sentence they craft, they never waste words, and still manage to communicate their point with a succinct grace. Their prose is nothing short of amazing. It s economical, to the point and most of all, clear. This concise style of writing is a joy to read, it instils confidence in the reader not just by being useful, but by also managing to communicating the primary benefit and message in a very short period of time. This short and clear approach to writing attracts a lot of attention from the readers at large. Although all audiences are different and require differing approaches to produce texts that appeal to them, effective communication across the board always shares one common element. In short, regardless of industry, audience or approach, all successful writing exercises extreme HT /10/ 2016

60 @ HT /10/ 2016

61 Distraction and attention noise Average attention span in 2015 Average attention span in seconds 12 seconds National Center for Biotechnology Information, U.S. National Library of Medicine, The Associated HT /10/ 2016

62 Writing concisely improves understanding It s a source of great interest and intrigue how certain writers have an unparalleled mastery of the English language. In every sentence they craft, they never waste words, and still manage to communicate their point with a succinct grace. Their prose is nothing short of amazing. It s economical, to the point and most of all, clear. This concise style of writing is a joy to read, it instils confidence in the reader not just by being useful, but by also managing to communicating the primary benefit and message in a very short period of time. This short and clear approach to writing attracts a lot of attention from the readers at large. Although all audiences are different and require differing approaches to produce texts that appeal to them, effective communication across the board always shares one common element. In short, regardless of industry, audience or approach, all successful content exercises extreme HT /10/ 2016

63 @ HT /10/ 2016

64 Signposts Logical: Segments Sequences Power of HT /10/ 2016

65 How we want to to read Preview Breakdown Review Know Understand HT /10/ 2016

66 Verbal complexity noise Readability Plain English HT /10/ 2016

67 Readability... A journalist once said that the two longest words he had ever tried to get into the Sun were marmalade and corrugated iron. When he looked at the paper next day they had been changed to jam and HT /10/ 2016

68 Write for your audience Be personal Be direct Define unavoidable jargon Keep sentences short > 8 = 100% 14 = 90% 43= HT /10/ 2016

69 K.I.S.S. Keep It Short (and) HT /10/ 2016

70 Writing concisely improves understanding. It s a source of great interest and intrigue how certain writers have an unparalleled mastery of the English language. In every sentence they craft, they never waste words, and still manage to communicate their point with a succinct grace. Their prose is nothing short of amazing. It s economical, to the point and most of all, clear. This concise style of writing is a joy to read, it instils confidence in the reader not just by being useful, but by also managing to communicating the primary benefit and message in a very short period of time. This short and clear approach to writing attracts a lot of attention from the readers at large. Although all audiences are different and require differing approaches to produce texts that appeal to them, effective communication across the board always shares one common element. In short, regardless of industry, audience or approach, all successful content exercises extreme HT /10/ 2016

71 Writing concisely improves understanding. It s a source of great interest and intrigue how certain writers have an unparalleled mastery of the English language. In every sentence they craft, they never waste words, and still manage to communicate their point with a succinct grace. Their prose is nothing short of amazing. It s economical, to the point and most of all, clear. This concise style of writing is a joy to read, it instils confidence in the reader not just by being useful, but by also managing to communicating the primary benefit and message in a very short period of time. This short and clear approach to writing attracts a lot of attention from the readers at large. Although all audiences are different and require differing approaches to produce texts that appeal to them, effective communication across the board always shares one common element. In short, regardless of industry, audience or approach, all successful writing exercises extreme HT /10/ 2016

72 Writing concisely improves understanding. Certain writers have a unparalleled mastery of the English language. They never waste words and still communicate their point. Their prose is economical, to the point and clear. This concise style instils confidence in the reader by communicating the primary benefit and message in a short time. All effective communication shares one common element. Regardless of industry, audience or approach, all successful writing exercises extreme HT /10/ 2016

73 How do clients read reports? Help your clients get beyond regulatory HT 2016 Reducing the noise Knowing, understanding and applying information personally Mapping and signposting K.I.S.S.ing 05/10/ 2016

74 Thank you

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