Financial Services has recently seen the implementation of the Retail Distribution Review, a Financial Services Authority led initiative designed to enhance the service experienced by clients seeking financial advice.
The historic concept of ‘free advice’ was often used by providers to hide the real costs associated with the provision of financial advice.
As we all know advisers do not work for free. It is imperative that you the client understands the relationship between adviser and product provider and more importantly have a clear understanding of the payments being received by your adviser for the provision of advice.
Century Financial Planning provide a clear charging structure that removes any potential for product bias, with a view on building long term client relationships the advice process is broken down into three key elements, Planning, Implementation and Review.
When we meet with a potential client for the first time our initial discussion is at our own expense and without obligation. Our services will not be right for every client and we will not take on a client unless we believe we can add value in the long term.
We look to nurture your aims and aspirations whilst ensuring your plans are not derailed by an unexpected event.
To do this we need to understand what is important to you, how you see your future, what issues are relevant to you.
We believe that unbiased long term planning can only be achieved if the need to “sell a product” is removed from the planning stage. If the planning phase results in a recommended product/service purchase we believe that you should understand exactly how we are paid and by whom.
We believe that this is a key element to the process of building trust with your adviser.
During the planning phase we will complete a breakdown of income and expenditure, review existing plans for continued suitability, and complete an assessment of your attitude to risk as well as your capacity for loss. During this phase we will look to understand what you want, how you can achieve it without any reliance on “product sale” to justify our planning. On conclusion of the planning phase you will receive our detailed assessment and recommendations.
The implementation phase ensures that solutions are only commenced if the reasoning is agreed during the planning phase. Any implementation work undertaken will firstly be agreed in writing, accurately costed before commencement and fully supported by our in house client services team.
At Century Financial Planning we work for you and you only, we are not driven by providers or incentivised by third parties. This removes any potential product bias and ensures that you are receiving whole of market advice.
The aim of this phase is to ensure that your plans remain on track; we will undertake a review of your circumstances to assess the impact of any changes on your plan, including attitude to risk and investment performance.
Please be assured that we treat complaints seriously. For your further protection if you cannot settle your complaint with us, you may be entitled to refer it to the Financial Ombudsman Service (‘FOS’). Full details of the FOS can be found on its website at www.financial-ombudsman.org.uk.