Throughout our series of blogs, we cover the important topics such as investment updates, legislation changes, tax efficient opportunities including pensions, ISA’s, EIS’s, VCT’s and plenty more. Make sure you catch up on our latest blogs to avoid missing any golden nuggets of information that could bolster your financial plan.

However, I thought it would be useful for you reading, to see what the financial journey looks like at WKM as a client, the step-by-step process from the initial conversation, all the way to achieving your financial objectives, and ultimately financial freedom.

Step 1 – Getting in touch

Whether in person, over the phone or by email, the initial conversation will be all about getting to know your rough circumstances and organising to meet, whether this is online through a Teams/Zoom call or in person (at the office or in the comfort of your own home).

Step 2 – Fact finding

During the first meeting, this is where we complete our fact-finding process.

• What are your financial goals & objectives?
• Establish attitude to risk and capacity for loss.
• What other savings and investments do you own?
• Have you got any liabilities that need to be considered?
• Have you got sufficient protection in place?

We will need to know the information above and much more to provide you with the most suitable advice.

Step 3 – Analyse & Evaluate

• Adviser will use their expertise to research into your policies and investments to ensure decisions can be made to make changes where required.
• Assess the suitability of existing arrangements in relation to attitude to risk and objectives.
• Analysis of cash flow both now and in the future, to identify peaks, troughs and most importantly, any shortfalls that need to be addressed.

Step 4 – Develop and present financial plan

Our adviser will then make recommendations to create a long-term financial plan to meet your objectives. Making sure all assets are working together effectively.

• Tax wrapper opportunities can be explained, e.g. ISA/Pensions.
• Tax allowances can be maximised, such as starter rate band, personal savings and dividend allowances.
• Tax saving in general can improve income and capital values for the future.
• Jargon free! We will make sure to break things down in simple terms, to help you understand your options/solutions.

Step 5 – Implementation

If you are happy to proceed with the recommendations given, our adviser will arrange paperwork to facilitate smooth transactions, ensuring speed and reducing the likelihood of administration issues.

Step 6 – Monitoring your financial plan

Financial planning is never set in stone. Changes can come from all angles.

• Changes in income/expenditure.
• Change of job.
• Moving home.
• Objectives could differ over your lifetime.

Those are some personal changes that could occur, but there are also changes that will be completely out of your control.

• Market performance.
• Political changes.
• Inflation.
• New products introduced.
• Changes in taxation regime.

We make sure to have regular reviews will all clients to ensure your financial plan stays on track. Alongside these reviews, you will be given access to WKM app which gives you full visibility of your assets being managed by us, including up-to date valuations.

Ultimately, we are here to give you peace of mind, knowing your finances are being managed by an expert.

Thank you for reading, enjoy the journey.