If you’re reading this, then it’s likely you’re considering financial advice or have already booked an appointment, but you might be wondering what exactly ‘happens’ during the advice process. We thought it might be useful to run through what to expect, the stages involved and some practical tips to help you get the most from your conversation.
Firstly, if you’ve completed the online form to get advice, or are about to, one of our financial advisers will give you a call within two working days.
This will just be to introduce themselves and to find out a little about what you’re looking for. Then you can arrange a time and a place to meet for your financial review. This can be done via video meeting, a simple phone call or in person.
Things to think about before you meet
At your meeting, your adviser will chat to you about your current financial situation, so to make things easier, it’s a good idea to find any recent paperwork to hand, for example:
- Pension statements
- Life Insurance policies
- ISA statements
- Statements from other savings and investments
As well as the above, your adviser will need an idea about your household budget, so for example, your salaries, and any other sources of income you have. And your outgoings such as mortgage payments and other bills.
Having this information to hand means you can spend more time discussing your needs. It’s also a good idea to make a note of any questions you have in advance or specific things you’d like to talk about, for example, maybe you're saving to help your children through university.
Your Personal Review Meeting
When you meet with your adviser, they’ll want to get to know you as a person and what’s important to you both now and for the future.
Your adviser will talk you through the advice process in detail and explain how they can help. You’ll also have a chat about what level of risk you are comfortable with and can afford to take versus the potential investment returns you are aiming for.
It’s important to look at your financial situation as a whole so they have a good understanding of how everything fits together. This could uncover needs you perhaps didn’t realise you had. Concentrating on only one area can leave a significant gap in others. For example, if your adviser looked solely at the best way to access your pension, it might leave your family exposed to large inheritance tax bills.
All of this information helps the adviser work out the best plan for you.
Making your money work harder
Once your financial adviser has all the details they’ll come up with a tailor-made plan that will explain your current financial circumstances, provide a full analysis of your goals and a recommendation on how best to meet them. Covering all the key areas of financial planning:
- Investments and savings
- Retirement planning
- Income in retirement
- Financial protection for you and your family
- Estate planning, Inheritance Tax or IHT
And it’s yours to keep, no matter what you decide to do.
What happens next?
If you are happy with the recommendations, your adviser will discuss the charges and next steps.
You can read more about the charges, but don’t worry they’ll make sure you are comfortable with all the details before putting your plan in place. And they’ll arrange everything for you.
Want to know more?
How much does Financial Advice cost?
Everything you need to know about our costs and charges.
Why advice matters
We can help you maximise tax allowances, choose better investments and find the best way to access your pension.
“M&G Wealth Advice” is a trading name of M&G Wealth Advice Limited which is registered in England and Wales. Registered office at 10 Fenchurch Avenue, London EC3M 5AG. Registered number 5739054. Authorised and regulated by the Financial Conduct Authority.