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Six steps in the financial planning process

We believe that it is vital to establish & define a long lasting relationship with our clients. With this in mind Consilium Asset Management complies with the British Standards BSI ISO 22222.

The aim is to improve the advice process and continuing commitment to our clients. The standard sets out a six step process that our advisers should follow. These six steps are listed below.

Six Stages of the financial Planning Process

Step One.

To define and establish the relationship between the client and adviser. This may include information about the services offered, planner's qualifications and experience.

Step Two.

Obtaining and gathering information relating to the clients financial circumstances. This part of the process covers income and spending. Assets and liabilities, goals and objectives. Additional information such as existing policy information, wills lasting powers of attorney and tax status may be required.

Step Three.

Analysing the client's current financial situation. A personal financial review report will be produced showing weak areas of financial planning that need to be addressed.

Step Four.

Building and Presenting the plan – Your adviser will provide a written report and recommendation based on the information collated from the previous meetings and discussions.

Step Five.

Implementing the financial planning recommendations – Your adviser will assist in the co-ordination of the implementation if you decide to proceed with the advice.

Step Six.

Review and monitor. Your adviser should conduct regular reviews to ensure you meet your goals and objectives. The frequency of the reviews (for instance 6 or 12 monthly) will be agreed with your financial planner at outset. A report will be produced to cover the progress of the planning.