10/05/2024

Ongoing Suitability and Planning Meetings

Ongoing Suitability and Planning Meetings

(That’s annual reviews to you and me)

Virtually all Brooks Wealth clients with some form of investment (Pensions, ISAs etc.) take advantage of our ongoing advice provision. The industry jargon for these meetings is ‘annual reviews’, so why have we changed the name to Ongoing Suitability and Planning Meetings (OSAPM)?

Well we believe the new name better explains what these meetings are designed to do and better explains why they are important. And they don’t have to just be annual!

So, you may ask, what is the value in these meetings? And what can you expect from them?

  • Ongoing Suitability – a full assessment to check if you still have the best possible solution
  • Objectives – a check to see if there have been any changes to the original objectives that suggest new opportunities or does the existing plan still work best
  • Future Planning – what’s new on the horizon or have there been any changes to circumstances or needs that require attention
  • Re-visit – are there areas of need not previously addressed that now need working on such as estate or legal needs or family protection?
  • Opportunities – can existing plans be made better? For example more tax efficient
  • Changing World – what changes in the world bring threats (or opportunities)
  • Client satisfaction – is the client happy with the original recommendation and subsequent reviews or can we do better?
  • Communication – are we communicating in the best way for the client both in terms of how we keep in touch and the frequency of communication
  • Vulnerabilities – does the client have vulnerabilities that mean we need to provide additional support or help (please ask if we can)?
  • Information Update – is the information we hold is still timely and accurate?
  • Risk Update – is any risk associated with the investment still at the right level and of the best type for the client?
  • Holistic – has the adviser taken everything into account for the benefit of the client?
  • One and done – or do we need more than one meeting per year or an interim meeting because of changing needs or new funds?

So when your adviser comes to do your review, sorry Ongoing Suitability and Planning Meeting, these are the areas you can expect to be discussed and addressed. You will, of course, have a follow up report to consider at your leisure.

If your adviser does not provide ongoing advice and you would like to discuss this further please get in touch.

info@brookswealth.co.uk                       01733 314553                  www.brookswealth.co.uk