Annual Planning Reviews – a golden opportunity

We know that you like to keep in touch with your clients all year round – and that’s great.

 

However, as you will no doubt know, the Financial Conduct Authority (FCA) also requires advisers who supply investment advice to “agree with a client whether a periodic assessment of suitability will be performed. If periodic assessment is to be performed it must be at least annually and the continued suitability confirmed in writing”.

 

These annual planning reviews (which we can help with, more of which anon), are a valuable opportunity to have a really in-depth check-in with your client – and the best ones focus on the person, as well as the products.

 

So, while it is possible to include everything on one page, at Paraplanning Hub we believe APRs should become a document of your client’s annual financial planning journey – not just a snapshot.

 

For example, while obviously you need to include details of all current investments, their performance and any recommendations you would make, a good APR will also appraise your customer’s circumstances – what are they investing for, how they are planning on making it work and any worries they may have.

 

Clearly, this is considerably more time consuming for an IFA – which is where the Paraplanning Hub team come in.

 

We will work with you to develop a document which is personal to each client, while also ensuring it truly represents your brand. We will undertake all necessary research to emphasise the value you have provided during the previous 12 months – and how you will continue to do so in the future.

 

We can also access all the necessary information on your system, such as products, planning and risk profile, and add these to the APR document, giving an overall review that provides a truly detailed view of your client’s financial year.

 

Paraplanning Hub believes that, if you are required to provide an annual written report for each client, then it would be a wasted opportunity not to take the change to engage positively with them.

 

Our APR service typically costs £100 per report, although we must add that if we are asked to obtain up to date valuations and further client information, then this extra time will add to the cost.

 

Once we have all the details we need, we go ahead and prepare the review, and typically produce reports in five to seven working days.

 

For more information about our APR service, and how it can benefit you and your clients, visit https://paraplanninghub.co.uk/end-to-end-support/paraplanning/annual-planning-reviews