FINANCIAL WELLBEING SERVICES

Build Your Financial Resilience

What is Financial Wellbeing?

  • You have a sense of security and control around your day to day finances.
  • You and your family feel protected and have enough money to meet your needs.
  • You feel confident in planning for the future to make choices that allow you to enjoy life.

Our guidance can help you realise your own financial wellbeing and we offer three different levels of service:

1. The Basic Guidance Service helps you understand your own financial situation and explains the key areas relevant to your future decisions.

2. Our Enhanced Guidance Service takes this one step further with the creation of a personalised financial plan, views of alternative future outcomes and a full report. 

3. If following the guidance you would like us to help you further with a solution or recommendation, you can move to our Full Advice Service.

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Basic Financial Guidance Service

  • We will provide you with a 60-minute phone or video call with a Financial Planner.
  • We will send you a short financial questionnaire to complete in advance and you will be invited to send in any pension, investment or other statements you want to discuss (this could include a state pension forecast).
  • We will offer you the opportunity to include your partners details at outset.
  • Our meeting agenda will include:
    • An explanation of your employer’s pension scheme and benefit package.
    • An explanation of current pension landscape i.e. when can you retire, what your tax-free cash could be, how much income you may receive.
    • We will explain Annuities and Income Drawdown.
    • Investment strategy approaching retirement, i.e. life styling and investment pathways.
    • Meeting your income and expenditure objectives.
    • Discussions around whether your current plans are sufficient.
    • Your protection needs.
    • Your savings options.
    • Other financial planning considerations i.e. issues around amalgamating pensions, inheritances, saving tax.
    • Any Wills/Lasting Power of Attorney’s in place.
  • Following the meeting you will be sent a Financial Wellbeing Summary of the discussions covering the important points including an indicative retirement income projection at Normal Retirement Age and any areas of shortfall that have been identified.

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Enhanced Financial Guidance Service

  • We will offer you a more in-depth phone/video call where you will be encouraged to bring your partner (where relevant) if they wish.
  • This will last 60-90 minutes.
  • We will send you an investment risk questionnaire and a request for any further information required to provide a cash flow forecast in advance of the discussions.
  • Cash flow planning tools help users visualise their financial future, test different scenarios and instantly understand the impact of key decisions on life events along the way. Our Financial Adviser will provide and explain the cash flow model and go through different scenarios with you. This will include a Base Plan but will also consider other options such as retiring early, options to make up any shortfall, effect of market falls on your retirement plans, helping your children onto the property ladder. The options examined will be unique to you and your circumstances.
    • This will answer fundamental questions about your plans such as are you on the right track, are you saving enough, should you focus on repaying your mortgage earlier, are you taking too much or too little risk with your savings, are there options to make your pension and savings work harder. Again, this will be unique to you.
    • A final report will then be issued which will summaries the Base Plan and if appropriate one “what if” scenario in the reporting.

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Full Advice Service

  • If, after you have experienced the journey through basic or enhanced guidance, you would like to progress your financial planning, Goddard Perry can provide you with full advice and investment/product recommendations in line with our Private Client proposition.
  • Alternatively, you can choose the full advice option at outset as you may have a known financial need you wish to address (skipping the Guidance options).
  • Our normal Goddard Perry Private Client fees will apply although the cost of the basic and enhanced guidance will be offset against these.

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Costs / Fees 

Basic guidance:

Cost will be £500 plus VAT for this service.

Enhanced Guidance:

Cost is an additional £500 plus VAT for this service.

Full Advice:

Normal Goddard Perry Private Client fees apply (less member discount If applicable) click here to view our T&C’s Disclosure Document.

Any previous fees paid for guidance will be fully offset against further advice costs. (Subject to a minimum overall charge of £2000 if selected post guidance).

Note - It may be possible to use your Pension pot to pay towards the advice. This might be done by utilising your Pension Advice Allowance or an Advice Charge Agreement which most pension providers allow. If you would like to discuss these options further please contact us.

 

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