confidential financial planning fact find · registered in england - registered address: 702 vm-2...

The Wealth Management Group Llp is authorised & regulated by the Financial Conduct Authority

Registered in England - Registered Address: 702 VM-2 Victoria Mills, Salts Mill Road, Shipley, West Yorkshire BD17 7DF .

Registration Number OC327376

Members: Bavinton Financial Limited, Wendy Helen Woodward Doverdan Investments Ltd

CONFIDENTIAL

Financial Planning Fact Find

Prepared for :

Meeting Date :

Consultant :

THE WEALTH

MANAGEMENT GROUP





The Fact Find includes personal and financial information which will be treated confidentially. Please inform us if any of the information changes

Initial Purpose/Objectives of today’s Meeting_____________________________________ __________________________________________________________________________________________________________________________________________________

Full Advice In order that we may advise you regarding your financial planning requirements, it is essential that we obtain from you current and relevant information. We therefore need to complete the following details as comprehensively as you are able.

Limited Advice/Non Disclosure If you do not wish to discuss or receive advice in certain areas of financial planning highlighted, we need to inform you that by not addressing any potential needs in these areas could seriously affect

your other financial planning objectives. If you choose to omit various sections you should be aware that our advice will be bases only on the information provided.

Personal Objectives If known, please indicate the relative importance of the following needs/objectives on a scale of 1 to 5. Insert 1 to indicate ‘very important’ and 5 to indicate that you attach ‘little importance to that item.

AFTER COMPLETING THE FACT FIND – your adviser will indicate any areas that he/she believes should be reviewed and you should come back to this section to complete / re-consider your priorities. If you wish to decline / limit advice, the adviser will tick ‘declined advice’ accordingly and then will not review those areas.

Rank in order of Priority

Client Priority Adviser Priority

Declined Client Partner Client Partner

1. The financial security of your family

2. Financial protection should you suffer a critical illness

3. Financial protection should you suffer a long term illness

4. Maintaining your standard of living in retirement

5. Mortgage protection

6. Long term savings/Funding for children’s education

7. Investment planning

8. Mitigation tour estates tax liability to inheritance tax

9. Other specific objectives (details in notes

section)

Notes regarding your priority needs

Are your circumstances likely to change in the foreseeable future? Yes/No

If ‘Yes’ please explain (e.g. employment, moving abroad, inherit wealth, etc)





Personal and Family Details

First Client Second Client

Surname (Mr/Mrs/Miss/Ms) Surname (Mr/Mrs/Miss/Ms)

Forename Forename

Address Address

Postcode Postcode

Telephone: (Home) Telephone: (Home)

(Business) (Business)

(Mobile) (Mobile)

E-Mail Address: E-Mail Address:

Date of Birth Age Date of Birth Age

National Insurance Number

National Insurance Number

Marital Status Marital Status

Primary Occupation Primary Occupation

Secondary Occupation Secondary Occupation

Employed Self-employed Retired Employed Self-employed Retired

Employer/Business Name Employer/Business Name

Length of Service/time self-employed/retired

Length of Service/time self-employed/retired

Country of Residence/Domicility Country of Residence/Domicility

Details of Children and Dependant Relatives

Name Relationship Date of Birth Term of Dependency

Residing with Client(s)

Health Self Spouse/Partner

Are you in good health Yes/No If ‘No’ please give details

Are you in good health Yes/No If ‘No’ please give details

Have you smoked in the past 12 months Have you smoked in the past 12 months





Yes/No Yes/No

Notes

Income and Regular Commitments

Income Self Joint Partner

Employment Basic Salary Gross Self Employed Net Relevant Earnings (P.A)

£ £ £

Regular Overtime/Bonus/Commission

£ £ £

Investment Income (Interest/Dividends/Rents)

£ £ £

Pensions (State/Private)

£ £ £

Other Income (e.g. annuities) £ £ £

TOTAL GROSS/NET P.A £ £ £

MONTHLY INCOME (NET) £ £ £

Is your income likely to change in the foreseeable future? Yes/No (Detail any changes below)

Current Commitments

Mortgage/Rent £ pm

Other Loans/HP (1) £ pm

Other Loans/HP (2) £ pm

Utility Bills £

pm

Household Expenses £ pm

All Insurances/Pensions £ pm

Travel/Motor Expenses £ pm

Credit/Charge Card (1) £ pm

Credit/Charge Card (2) £





pm

Regular Expenses £

pm

Other Expenses £ pm

MONTHLY OUTGOINGS £ pm

APPROX. NET DISPOSABLE INCOME

£ pm

Are your outgoings likely to change in the foreseeable future? Yes/No (Detail any changes below)

If Self Employed, Accountant Details:

Name:

Address:

Assets

CLIENT/PARTNER DID NOT WISH TO DISCLOSE ASSETS/LIABILITIES – Tick if Applicable

Self Partner Joint

Main Residence

Other Property/Land

Personal Effects/Contents

Business Interests

Owned Cars

Other Assets (identify below)

Total Assets

Other Assets Description:

CURRENT TAX RATE % %

Is your tax position likely to change in the foreseeable future? Yes/No (Detail any changes below)





Liabilities

Self Partner Joint

Mortgages

Loans

Credit Cards

Overdraft

Other (Please Specify)

Total Liabilities

Other Liabilities Description:

Investment Details (Deposits, PEPs, ISAs, Unit Trusts, Insurance Bonds, National Savings

and Shares)

First Client

Company Type of Investment

Start Date

No. of units/shares

Purchase Price

Original Value

Received Income

p.a

Current Value

Total

Second Client


Start Date

No. of units/shares

Purchase Price

Original Value

Received Income

p.a

Current Value

Total

Joint


Start Date

No. of units/shares

Purchase Price

Original

Value

Received Income

p.a

Current Value





Total

Total

Emergency Funds

You have readily accessible (emergency) funds of £

Ideally we would recommend that you have readily accessible funds of 3 times your regular outgoings

which equates to £

If no or small emergency funds what are your contingency plans? (credit cards, overdraft etc)

Individual Savings Account Allowances

Have you utilized your equity ISA allowance this tax year?

Client 1 Yes/No

Client 2 Yes/No

If not used ISA allowance for this tax year, are there any specific reasons?

Have you utilized your Cash ISA allowance this tax year (6 April – 5April) ?

Client 1 Yes/No

Client 2 Yes/No





If not used ISA allowance for this tax year, are there any specific reasons?

ISA Limit - £11520 (2013-2014)

ISA cash component limit - £5720 (2013-2014)

Estate Planning

Self Partner

Have you made a Will? Yes/No Yes/No

Is it up to Date Yes/No Yes/No

Who are the main beneficiaries?

Have you made or received and gifts of cash/investments during the last 7 years (please give details)

Yes/No Yes/No

Solicitors Name and Address

Lasting Power of Attorney (LPA)

An LPA is a legal document that you (the Donor) make using a special form. It allows you to choose someone now (the Attorney) that you trust to make decisions on your behalf about things such as your ‘property and financial affairs’ or ‘health & welfare’ at a time in the future when you no longer wish to make those decisions:

Have you established a LPA? Yes/No Yes/No

If Yes please provide a copy of the LPA: Copy Provided?

Yes/No Yes/No

Names of Attorney(s)





Inheritance Tax Position

Do you have a potential (IHT) inheritance tax

liability?

Yes/No Yes/No

Would you wish to discuss further? Yes/No Yes/No

If ‘no’ is there any particular reason?

Calculation of potential tax: (if required)

Nil rate band – from April 2009 £325,000 – (Since October 2007 a surviving spouse may claim the unused proportion (%) of the deceased spouses nil rate and based on the current rate)

NOTES

Priority to Client 1


1 = High

5= Low

Planning Objectives – Investments

Client/Partner: Do you wish to review/receive advice on your investments at this moment in time? Yes/No

If not is there any particular reason? Yes/No

Investment Objectives First Client Second Client

Generally are you seeking: To increase your income?

To improve capital growth Income and capital appreciation

Yes/No

Yes/No Yes/No

Yes/No

Yes/No Yes/No

Do you have a specific investment goal? Yes/No Yes/No

How much income do you need? £ £

How long are you prepared to commit this for? Years Years

Will you need access to any capital invested? Yes/No Yes/No

Do you require any guarantee with regard to capital? Yes/No Yes/No

Do you have any ethical or moral concerns regarding your investments?

Yes/No Yes/No



1 = High

5= Low

ATTITUDE TO RISK

Free Flow to document discussion for Attitude to Risk:





Having discussed Attitude to Risk and Completed a Risk Profiler – please indicate:


Attitude to risk within category Overall


Attitude to risk within category Specific


Please give reasons for wishing to review your investments at this time (e.g. concerns over performance or changes, change in attitude to risk or investment requirements, need for guarantees, lack of fund choice etc…?)

Investment First Client Second Client

How much do you want to invest?

Where will the funds be paid from?

Where did the funds originate from?

Planning Objectives – Savings

Client/Partner: Do you wish to review/receive advice on your investments at this moment in time? Yes/No If not is there any particular reason? Yes/No

Policy Details – Regular Savings Plans inc. ISA’s, Unit Trusts, Friendly Soc. Plans, Endowments

1 Life Assured/Policy Beneficiary Policy Type Insurance Company Policy Number

Sum Assured/Benefits Premium Frequency Start Date Maturity Date











Priority to Client

Priority to Partner

1 = High 5= Low

ATTITUDE TO RISK








Have you considered funding for children’s future education? Yes / No / Not Applicable For new savings plans:

How many years would you ideally invest for?

Would you need access to the capital during the savings period?

Is there a specific amount you would wish to achieve?

Is there a specific amount you wish to save per month?

Planning objectives – Mortgage

Client/Partner: Do you wish to review/receive advice on your Mortgage at this moment in time? Yes/No If you do wish to review your mortgage we have a separate Mortgage Factfind Questionnaire. We will

arrange for our Mortgage Consultant to contact you.

Planning objectives – Mortgage Protection

Adviser:





Based on the information gathered, does the client/partner have any Yes/No potential needs that you have identified

Client/Partner:

Do you wish to receive advice/review your Mortgage Protection? Yes/No

Are you aware whether or not you have sufficient cover in place Yes/No to protect your mortgage?

Do you Understand the financial implications to you/your family Yes/No if you have inadequate cover?

How would you maintain repayment of your mortgage in the event Yes/No

of the earlier death/contracting a critical illness/or if unable to work due to illness? (Client’s own words):

Home and Mortgages

Outstanding mortgage balance £ Buying A New Home Complete if buying in the next 12 months.

Payment Method Repayment/Interest Only/Both If both then show amounts

£ £

Purchase Price

Do you want the guarantee of your mortgage being paid off at the end of the mortgage term? YES/NO

Current payments per month £

Current interest rate %

Type Fixed/Variable/Discounted/Other Deposit Available

What, if any, penalties are attached to the mortgage for transferring or repaying early?

Repayment term required Yrs

Notes (if you wish to review your mortgage please supply a letter of authority

Is the property held as joint tenancy or tenants in common?

Mortgage Lender

Is mortgage in joint names? Yes/No

Repayment Date / /

What is the current value of the property? £

Priority to Client

Priority to Partner

1 = High 5= Low

Plans Effected to Cover Your Outstanding Mortgage

Life

Assured

Type Company Start

Date

Policy No Sum

Assured for Death

Sum

Assured for critical illness

Mat

date

Premium

Plans Effected to Cover Your Mortgage Premiums

Life Assured

Type Company Start Date

Policy No Level of Cover

Period of Cover

Mat date

Premium





Priority to Client

Priority to Partner

1 = High

5= Low

Do you want to fix your premium or are you willing for it to be reviewed?

Fixed / Reviewable Fixed / Reviewable

Investment element required (if yes complete risk category below)

Yes / No Yes / No

ATTITUDE TO RISK








NOTES

Planning Objectives – Life Assurance

Advisor: Based on the information gathered does the client/ partner have any potential needs that you have identified? Yes/No Client/ Partner:

Do you wish to receive advice/ review your Life Protection? Yes/ No Are you aware of the financial implications of having insufficient life protection and how your dependants would maintain their lifestyle in the event of earlier death?

(Client’s own words): Yes/ No





Policy Details –Life Assurance Plans (including death in service)









Priority to Client

Priority to Partner

1 = High 5= Low

ATTITUDE TO RISK


Having discussed Attitude to Risk and Completed a Risk Profiler –please indicate:


Attitude to risk within

category Overall


category Overall



LIFE COVER CALCULATION CLIENT 1 CLIENT 2

Do you want to fix your premium or are willing for it to be reviewed?


Investment element required (If yes complete risk category below)

Yes / No Yes / No





What is your current income/contribution to household expenses

£ £

How much of your monthly expenses would cease on death e.g. mortgage payments/pensions/travel expenses/ reduction in food/

socialising etc.

-£ -£

Monthly Shortfall

=£ =£

Multiply by 12 to get Annual Shortfall

=£ =£

Add on any additional new Total expenses which may arise e.g. child care/ replacement of company car/ other company benefits etc.

+£ +£

Annual Shortfall

=£ =£

Deduct any income provisions which will continue e.g. Spouses

pension/ investment income / other ......(specify)

-£ -£

Total Annual shortfall in Income

=£ =£

Over how many years would this level of income be required

yrs Yrs

Why has this term been selected?

Adviser to discuss at this stage the option of having the life protection benefits as an income or lump sum cover to sue as they wish.

Would you prefer Annual Income or a Lump sum payment?

Income / Lump Sum

Income / Lump Sum

Please give your reasons

Do you want to allow for inflation?

YES/ NO YES/ NO

Do you want to protect your premiums in the event of sickness? If no, please give reasons

YES/ NO YES/ NO

Total Existing Life Provision to be taken into account

£ £

Adviser to calculate required level of cover:





Planning Objectives – Critical Illness

Advisor: Based on the information gathered does the client/ partner have any potential needs that you have identified? Yes/No

Client/ Partner: Do you wish to discuss/receive advice on your Critical Illness Protection? Yes/ No Are you aware of the financial implications, how would you or any dependents manage capital liabilities or life style changes that might arise.

(Client’s own words): Yes/ No

Priority to Client

Priority to Partner 1 = HIGH 5 = LOW

Client Partner

ATTITUDE TO RISK

Policy Details –Critical Illness (Existing Plans)

1 Life Assured/ Policy Beneficiary Policy Type Insurance Company

Policy Number

Sum Assured/ Benefits Premium/ Frequency

Start Date Maturity Date


Policy Number



Do you want to fix your premium or are willing for it to be reviewed?


Investment element required (If yes please

specify attitude to Risk below)

Yes / No Yes / No







Planning Objectives – Health (Income Protection)

Advisor: Based on the information gathered does the client/ partner have any potential needs that you have identified? Yes/No Client/ Partner: Do you wish to discuss/receive advice on your Income Protection at this

moment in time? Yes/ No Are you aware of the financial implications, if you were unable to work, you/your family maintaining your life style? (Client’s own words): Yes/ No






Outstanding capital debt (a) = Cover to offset lifestyle changes (b) =

Lump sum available (c) = Total amount of required (a+ b –c) = Term required =

Notes for critical illness cover and life cover issues:

Policy Details –Critical Illness (Existing Plans)


Policy Number

Deferred Period




Policy Number

Deferred Period



Priority to Client


Client Partner

If employed, what entitlement to sick pay do you have?

Do you have alternative options to support your income?

What income do you feel you would require in today’s terms?

£ pa/pm £ pa/pm

To what age / Over what term would cover be required?





ATTITUDE TO RISK


Do you want to fix your premium or are you willing for it to be reviewed?


Investment element required (If yes complete risk category below)

Yes / No Yes / No







Private Medical Insurance (Existing Plans)

1 Life Assured Policy Type Insurance Company Policy Number

Benefits/ restrictions Premium / Frequency


Priority to Client


Do you wish to review existing PMI or arrange New Cover

Yes/ No





Planning Objectives –Occupational Pensions

Client/ Partner: I am a member of an occupational pension, I do not have any deferred or available to me now or in foreseeable future: Client Partner (Tick Box if applicable)

Client Partner Does your Company operate an Yes/No Yes/No Occupational Pension Scheme?

Are you now or will you become eligible for membership? Yes/No Yes/No If yes, when / / / / Have you joined or do you intend to join? Yes/No Yes/No

Occupational Pension Schemes

Normal Scheme Retirement Age

Pensionable service start date

Any early retirement penalties

Is the company scheme contracted

out of State Second Pension Yes/No Yes/No

Your Gross Contribution level £ / % £ / % Death in Service (usually a multiple of salary) £ / % £ / %

Widow(er)’s Pension % %

Final Salary Schemes (only to be completed if you are a member of such a scheme)

Definition of pensionable salary

Pension Basis (e.g. 60th, 80th, other) ths ths

Lump Sum in addition/by commutation £ £ Benefit escalates? % / RPI % / RPI

Estimated pension £ £

Monet Purchase Schemes (only to be completed if you are a member of such a scheme)

Current Fund Value £ £

Employers Contribution £ / % £ / % Estimated pension £ £

Additional Contributions Total contribution to CO AVC £ / % £ / %

Estimated pension @ 5% at age ___ £ £

Do you have a copy of the scheme booklet? Yes/ No Yes/ No





Please Provide Details of any Deferred Occupational Pension Funds

Policyholder Company Date joined Normal Retirement Age

Date left scheme

Fund Value Estimated pension

Planning Objectives –Personal Pensions Advisor:

Based on the information gathered does the client/partner have any potential needs that you have identified? Yes/ No Client/Partner: Do you wish to discuss/receive advice on your Retirement Planning? Yes/ No Are you aware whether you will have sufficient income in retirement to maintain your standard of living? Yes/ No

Personal Pension (including 266, FSAVC,) etc.

Policyholder Insurance Company

Type Selected Retirement

Age

Prem

Policy Number

Fund Value

Trans Value

Estimated pension (at

5%)*

£

£

£

£

£

Group Pension Plans/Company Stakeholder Policy

holder

Insurance

Company

Type Retirement

Age

Employer

Premium

Employee

Premium

Policy

Number

Fund

Value

Estimated

pension (at 5%)

Do any of these schemes have any forms of guarantee built in? Yes/ No Yes/ No (If yes give details in the notes section)

Are you contracted out of State Second Pension? Yes/ No Yes/ No

Are happy to remain contracted out even though the Yes/No/N/a Yes/No/N/a state benefits have guarantee built into them. If you wish to commence or maintain contracted out

please read the FSA fact sheet on this subject, which I can provide. If not in an occupational scheme

Does your employer offer a Company Stakeholder/Personal Pension? Yes/ No Yes/ No

Will your employer contribute if you joined the scheme? Yes/ No Yes/ No If ‘Yes’ then how much £ £

Does the employer offer any benefits on a group basis e.g. ‘Income Yes/ No Yes/ No





Protection’, ‘Critical Illness Cover’ or Private Medical Insurance?

Self Partner

At what age would you expect to retire?

It would be helpful if you could supply the following Self Partner

The Amount of income you feel that you would realistically need/like at your estimated retirement age ‘in today’s terms’

£ pa

£ pa

Would you need/like a specific amount of cash at this date? £

ATTITUDE TO RISK


PREMIUM PROTECTION : Do you wish to protect your pension premiums in the event of an illness?

Yes / No Yes / No

Retirement Section Miscellaneous notes: Possible concerns (charges, performance, servicing, fund links financial strength of company etc…)

Options at Retirement

Are you wishing to review your retirement options? Yes / No Yes / No

IF YES: PLEASE COMPLETE THE “OPTIONS IN RETIREMENT FACT FIND”

General Financial Objectives

How much of your total disposable income would you wish to utilize towards your financial goals

Protection £ pm (Client one / jointly) Protection £ pm (Client two) Savings £ pm (Client one / jointly) Savings £ pm (Client two)

Priority to Client





category Overall


category Overall







Retirement £ pm (Client one / jointly) Retirement £ pm (Client two)

Declaration

PLEASE READ AND CHECK THIS ENTIRE FORM BEFORE SIGNING. (For I/my please also read we/our)

I confirm that the information I have provided is to the best of my knowledge correct. I have provided this information understanding that it is used to form the basis of any advice and recommendations made to me that I am not under any obligation to take up any recommendations made.

I understand that recommendations may be made which involve a regular financial commitment or the investment of capital. Accordingly, I understand that I must be sure of my ability to meet that commitment having given consideration to all other expenditure, and the provision of any emergencies, which may require access to funds.

I confirm I have received a Business Card and a Client Agreement and understand that the Agreement must be read carefully and signed prior to any advice or recommendation. ADDITIONAL CLIENT DECLARATION (tick if applicable)

I further declare that I did not wish to disclose certain personal/financial/company information and I am aware that this may prevent the Adviser from being able to identify areas where it might have been appropriate to make recommendations, or, which could have an on any recommendations made. NB: Please be aware that where full information is not provided we reserve the right to decline to give advice; and where advice is given with limited information that our advice may have differed had full information been provided. The Wealth Management Group LLP will store the information from this form in paper and electronic format in the course of providing our services, and maintaining our records, in accordance with our

regulators requirements. The WMG Llp Limited has certain obligations under privacy laws, including the Data Protection Act, to notify individuals how it will process any personal information it collects about them.

I / We confirm that we have been provided with, and have signed, a separate Data Protection Notice; and I / we consent to the recording, storing and processing of my / our information.

Client 1 Signature Client 2 Signature

Date Date

Adviser Name Adviser Signature





Additional Fact Find Notes:

NOTE: If any amendments, alterations or additions are made to the fact find after if has

been signed; these must also subsequently be signed by the client




Notes Date / Signature

confidential financial planning fact find · registered in england - registered address: 702 vm-2...

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