Historically financial planning was a transaction-based process that revolved around a "Sales process" which was, in short, someone selling you a product. By contrast, we believe that it should be an on-going process because your circumstances change, as does the world in which you live, with legislation, tax changes and investment markets being just a few variables from a much longer list. However, alongside this ongoing process, there will be times where additional advice will be required, either to address a significant change in circumstances or because you have a new goal or vulnerability that needs to be addressed.
The most obvious example of these larger pieces of advice is at outset when we first take on a client and set up the initial structure of their financial planning. As a result, we have always referred to such advice as "Initial advice" whereas, in reality, it can occur on many occasions during our relationship with a client, sometimes if there are significant changes to their circumstances or they need to investigate a new part of their planning for the first time, perhaps Estate Planning as an example.
The best way to illustrate the difference between the two is to provide examples.
Essentially advice not covered by our on-going services can incur an advice fee in most cases. This fee is set on a case by case basis and will always be provided to you in advance of you making any commitment in a written document called a Services & Payment Agreement but which is more commonly known as a Fee Agreement.
Examples of work that can incur such fees are listed below but is not claimed to be exhaustive, as every client is different:
Creating a Financial Plan and Investment Strategy.
Investment of additional funds.
Estate planning advice.
Advice on how best to structure your financial planning now that you have reached retirement.
Review of existing arrangements to take into account a significant change of circumstances, for example when moving or retiring abroad.
Long Term Care needs
Certain aspects of financial planning are common to all situations but experience tells us that a "one size fits all" approach to financial planning is ineffective and does not always offer true value for money. Therefore we offer a range of service levels and, whilst they are designed to match the increased needs of clients as their funds under management increase, they are flexible enough to allow us to accommodate the needs of clients in more unusual circumstances or who demand a higher level of service than would normally be the case.
Below are links to the 3 main Service Propositions, which are named after the plumage of the mythical Phoenix, Gold, Crimson & Purple, along with the charges for each service.
Phoenix Wealth Management Ltd. is Authorised and Regulated by the Financial Conduct Authority No 190353
Registered in England & Wales No.03605826