Working with a financial planner can help your clients make sense of their wealth and plan for the future more effectively. Ultimately, it could mean that they are better able to achieve their goals in life and enjoy the retirement they want.
However, your clients may be apprehensive about taking the first step as they don’t know how the process works.
Read on to learn what your clients can expect from their first meeting with a financial planner.
We aim to build lasting relationships with our clients
People often expect their first meeting with a financial planner to focus on their assets and their investment strategies. However, at Ardent, we aim to build lasting relationships with our clients. So, during our first meeting, we want to get to know them.
We will discuss their general priorities in life and what some of their big goals are now and in the future. It is crucial that we understand what is important to them and what kind of lifestyle they hope to lead.
Using this information, we can then create a tailored financial plan to help them achieve their aims in all areas of life. Getting to know them better also helps us build strong relationships with our clients.
We may ask about their dream retirement
Many clients come to us to discuss their retirement plan. To ensure that we create a strategy that works for them, we will often start by asking what their dream retirement looks like. This includes their:
- General lifestyle
- Travel plans
- Plans to financially support family members
- Ideal retirement age.
The aim of the initial meeting is not necessarily to talk about pension contributions or investment strategies. Instead, we want to build a clear picture of what the client’s ideal retirement looks like.
This gives us an end goal to aim for when creating their unique financial plan. Any recommendations we make about their pensions and other savings will be made with their priorities in mind.
We may ask about their estate plan
Estate planning is a key aspect of financial planning that your clients may overlook. As such, we often ask some basic questions in our early meetings to establish what measures they have put in place, if any.
This may include:
- Whether they have created a will to outline what they want to happen to their estate on their death
- If they have appointed a Lasting Power of Attorney (LPA) to make important decisions on their behalf if they are unable to
- Planning for the transfer of their wealth.
While these conversations can be challenging, they are necessary to ensure that your clients’ families are protected and their estate is distributed according to their wishes when they die.
Clients can share their concerns with us
The first meeting is an opportunity for us to learn more about your clients, but it’s also a chance for them to share their concerns with us.
For instance, it’s likely that a lot of people are worried about high inflation and rising living costs, and how this could affect their finances in the future. Many people are also apprehensive about market volatility and whether their investments are likely to bounce back.
Fortunately, following a robust financial plan can help to alleviate a lot of these worries. Yet, in some cases, there are specific actions that your clients can take to protect their wealth such as making investments that could potentially beat inflation, or rethinking their budget.
We can discuss these solutions with them and learn more about the main issues that your clients want to focus on when creating their financial plan.
We will explain our process and billing structure
Once we have a good understanding of a client’s wants and needs, and some basic information about their current situation, we can begin developing a plan. Clients likely want to know how we will proceed, so we may discuss our financial planning process.
Typically, we follow these steps with each client:
- Design your future – This step involves understanding the client’s goals and aspirations, including their dream retirement. Much of this is covered during the initial meeting.
- Protect your present – We discuss protection options for your client and their family to ensure they are prepared for the unexpected.
- Grow your wealth – This step explores ways for clients to invest and grow their wealth, so they are better able to meet the financial goals discussed in the first step.
- Review your plan – Once your client’s plan is in place, we will regularly revisit it to ensure that it is still suitable.
- Enjoy the journey – Finally, your client can enjoy the journey, safe in the knowledge that their wealth is working for them.
We will outline this process during our initial meetings with your client, so they understand how our relationship with them will develop in the coming months and years.
Naturally, your clients will also want to know about the cost of financial planning. During our first meeting, we can explain how our pricing structure works so clients know what they are likely to pay.
Get in touch
Our first meeting with your client is an excellent opportunity for us to get to know them and understand their priorities in life.
They can contact us at hello@ardentuk.com or call 01904 655 330. As an award-winning financial advice company that was a 2023 VouchedFor Top Rated firm, you can be sure that we’re a bona fide company providing excellent advice and high-quality service.
Please note
This blog is for general information only and does not constitute advice. The information is aimed at retail clients only.
A pension is a long-term investment not normally accessible until 55 (57 from April 2028). The fund value may fluctuate and can go down, which would have an impact on the level of pension benefits available. Past performance is not a reliable indicator of future results.
The tax implications of pension withdrawals will be based on your individual circumstances. Thresholds, percentage rates and tax legislation may change in subsequent Finance Acts.
The value of your investments (and any income from them) can go down as well as up and you may not get back the full amount you invested. Past performance is not a reliable indicator of future performance. Investments should be considered over the longer term and should fit in with your overall attitude to risk and financial circumstances.
The Financial Conduct Authority does not regulate estate planning, tax planning or will writing.
