Review of existing arrangements to check suitability
Reviewing a client’s existing plans to check suitability is an essential part of the financial planning process.
The purpose of this review is to ensure that the client’s existing plans are still suitable for their current financial circumstances and goals. Typically, this will involve a review of the plan’s charges, features, penalties, the risk rating and comparable performance of the investment strategy, the tax treatment of the plan and the tax consequences of surrendering.
Reviewing your client’s plans the Parafinity Way means that as well as an objective review of the plan, we will evaluate the plan against the client’s needs and goals. For example, a low cost plan with excellent features and a risk-appropriate investment strategy might be unsuitable for an eco-conscious client seeking a strict ethical investment mandate.
Once we’ve reviewed all of the client’s plans, we can produce a research report, summarising the key details, pros and cons, and the evaluation.
This is a part of the process with a lot of unseen (and sometimes unappreciated) effort. If you are not yet showcasing to your clients the review work you do, we can help. Get in touch here.
