Services
What I can do for you!
Brian M Dick Financial Planning is an Independent Financial Adviser.
I am not tied to one or any group of companies.
This means that I work for you and not for any company or group of companies. I will look at the whole of the market and select the most appropriate companies for your needs.
At our initial meeting, I will explain the way in which my business operates and who regulates and authorises me. You will be given two documents - the Key Facts: "About our services" and "About our costs".
I will then complete a full "fact find" document at our first meeting. This covers all areas of your financial affairs and will assist me in assessing your needs. The information supplied by you will let me know if I can help you.
There is no charge for this meeting.
Once the Fact Find Document has been completed and signed by you, I will be able to let you know if I can help you with your financial planning. I will then explain what commission may be paid to me or, if you prefer, the approximate fee that I would charge.
At that stage, if you wish me to arrange your financial planning, I will undertake to prepare a detailed report setting out your objectives and the solutions that I recommend for you. The report gives full information on my research and the reasons why I feel certain products would be suitable to you.
I will forward a letter to you within 2 days of our meeting, confirming that you have appointed me to go ahead and prepare the report, with my remuneration being agreed at the first meeting. When you have signed and returned one copy of the letter, I will prepare your report and forward it to you, by mail or e-mail, if you prefer, within 7 working days.
I would expect to arrange the various plans within 10 working days of your receipt of the report. If you decide not to proceed with the recommendations, you will be charged a fee for the work carried out on your behalf.
We all have different goals and objectives. My view on financial planning is to understand fully what each client hopes to achieve from life and of course, what is expected from any financial plans that would be arranged.
The Fact Find helps me with information about your family, finances, age and existing financial arrangements, but our conversation tells me more about what your plans are, with regard to timescale, risk etc.
It is important to have goals and it is my job to provide the framework, in terms of financial planning, to help you achieve them.
The process I use to prepare recommendations begins with a draft which summarises the points discussed at our first meeting. Your hopes and aspirations in a financial sense are listed. Within this list I will have noted your attitude to risk, timescale and views on the types of products that have been discussed. I will usually complete a "risk assessment" form.
I then take account of your income and look at your tax rate, to consider whether or not there is scope to use the tax shelters provided by the Government.
I would normally ask you to sign a mandate allowing me to obtain information directly from companies where you already hold investments. If you are engaging me as your financial adviser, I would expect that mandate to be one where any future renewal commissions would be payable to me. Although renewal commissions are generally very small, they can help offset the ongoing costs of future meetings.
The area of planning that you are concerned with will depend on the next stage of my planning. If you are concerned with a lack of protection, I will be contacting all relevant companies to obtain the most beneficial plan for you. General health and social habits do have an impact on the choice of company. Once I have all the information from the various companies, I will filter this and make my recommendation of company for you.
It may be that you are concerned about retirement and the level of income you are hoping to have. If that is the case, then I will search the market for the type of scheme that would suit you best. Additionally I will suggest how much you will need to save in order that achieve your desired standard of living. Investment returns will have to be taken into consideration, as well as inflation and ongoing charges. Any existing arrangements must also be included in order to maximise on trying to achieve your goals. Although there are many calculations to be made and many variables between different companies, it is always possible to find a satisfactory solution.
Many people are concerned with old age and the potential problems they may face, if nursing care is required. This is an ever growing area of interest as our life expectancy increases. But, with careful planning, early on, it is quite feasible to move forward with peace of mind, knowing that this will not be a worry when the care is required.
With any type of planning, the amount of analysis that needs to be carried out is quite substantial. It is one thing looking at costs, but every company will have their own individual charging structure. The financial strength of a company is important when one looks at long term investing. Past performance must be looked at when one is looking at investment returns. Although it is not a guarantee to future returns, it is something that must be borne in mind. The fund manager responsible for the investment fund holds the key to your investment returns. It is my job to know how that person carries out their job and it is critical when considering an investment of any kind. The length of experience and the success of the fund manager is critical when they have to be entrusted with your money. Is that individual someone who has staying power or have they worked for five companies in ten years? If they have moved frequently, it is likely that they are chasing their own income and not really concerned about the benefits to their investors.