Financial planning is the process of managing your finances in the best way for you, to help you meet your goals in life. You might want to increase your wealth, or simply preserve what you already have. You might aim to buy a home or save for your children’s education. Or you might dream of a time when work becomes an option rather than a necessity.
You may also simply want us to look at one aspect of your finances for a specific piece of advice, such as structuring your pensions, a lifetime cashflow analysis or a specialist issue such as a divorce.
At Holden & Partners we help you with your personal financial planning by identifying your priorities, and these become the basis of our advice now and in the future.
Financial Planning is therefore effectively a road map to get you from the current position to a future objective. The first stage in the process is based around our initial “strategy” report. This takes into account your current situation, objectives and current resources, your attitude towards investment risk, any ethical & environmental criteria and finally affordability.
Our fees will vary depending on the complexity of your particular case, and the specific work we undertake on your behalf. We will agree a fee for the initial strategy report with you prior to commencing work.
Where you wish to engage us on a longer term basis to ensure your objectives are being met, we charge an annual fee. This covers the review procedure, updates on your strategy and the provision of on-going advice throughout the year. In this way we are able to provide a service that is focused purely around your financial planning goals. It also ensures that all areas of advice are covered and our clients feel they can contact us at their convenience without the ‘clock ticking’.
It is difficult to be prescriptive about our charges as everyone’s circumstances are different. All fees are totally dependent on the time, complexity and values of the situation but are in any event subject to a minimum fee of £750 plus vat. However, as a guide our fees are as follows:
Initial description & scope of work
We will prepare an initial report detailing the overall financial strategy including your objectives, tax consequences and the establishment of an appropriate ‘road map’ of matters to consider immediately and carryout on an annual basis: The fee typically ranges from £750 to £3,000.
On-going financial planning fee
This varies again with the complexity of work, typically from an annual retainer of £500, to £5,000 or more where we agree to work on a fixed fee basis for advising and monitoring of third party Discretionary Fund Managers.
One-off financial planning fees
There are certain instances when you may have a one off event that impacts upon their finances such as divorce, Inheritance Tax Planning or the arrangement of a mortgage. The fee for this will be established before commencement of the work and will be dependent upon personal circumstances.