During my long career as a financial adviser, I have always periodically reviewed many of my clients’ plans. Sometimes I have advised on the merits of moving their pension, investments or protection plans to an alternative provider. The reasons may have been to reduce costs, to access useful features, or to move into better funds where the capital had better growth potential.
As my client base expanded, this became a much more regular practice, as my clients wanted to make sure they are in the best possible plans. Continued legislation or product changes meant that this has become an increasingly important feature of my business.
However, there was one problem. Once I moved my clients into a new plan, it was a matter of time before the process might need to be repeated. Essentially my clients’ money would be ‘parked up’ in a new plan for the foreseeable future, but with the likelihood that another change in product design or features (such as the introduction of stakeholder pensions) would mean their plans should be reviewed again.
Around 2007, this all began to change. Financial products became available with access to a much wider ranges of funds, accompanied by supporting technology to enable advisers to look after their clients’ pensions and investments in a way that hadn’t been possible before. Access to a wider range of investments had previously been available by some niche providers, but this came at a cost. However, now we now have a wide range of excellent products that offer these important features at a reasonable price.
So, back in 2007, I started offering my clients a bespoke new service, that I called ‘The Pension Review Service’. This provided ongoing monitoring and reviewing of my clients’ pension arrangements. This became so popular that it was logical to extend this to include both pensions and investments. This service has evolved into the ‘Wealth Management Service’.
The benefit to you is the peace of mind in knowing that your plans have been set up in an appropriate way to suit your individual requirements and in keeping with your attitude to investment risk. Also that your plans are being monitored and reviewed on an ongoing basis to ensure that things are kept on track. Under this service, you will receive regular reports on how your pensions and investments are doing. You will also have continued access to your adviser for any ad hoc queries and requirements you may have. Providing ongoing service is an important part of what we do and is highly valued by our clients. We have enjoyed looking after our clients’ interests over the years and remain dedicated to help grow and preserve your wealth.