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Financial summary

Why do I need a personal financial statement or summary?

Once you are in the millionaire asset group, unless you are very financially organised it is unlikely that you have a detailed record of all of your financial policies, savings plans, investments and personal pensions in one easily read document. Although this takes a bit of effort to produce, once done it can just be updated annually giving you and your financial planner a good basis from which to work on your financial plan.

It is also a regulatory requirement as it demonstrates that we “knew our client” before giving you financial advice.

What happens before a personal financial statement can be produced?

After your free financial review we completed a comprehensive financial questionnaire and we would have asked you to sign some disclosure of authority forms to enable us to talk to your existing financial providers to obtain all the required up to date information.

We would also have agreed with you some planning assumptions such as:

  • rate of inflation
  • interest rates on your deposit accounts
  • growth rates on your various investments and pensions
  • growth in value of your home and other assets

How is your personal financial statement produced?

All of your up to date information is entered into our own specially built for purpose database (held securely on our in house computers) as it is received. This can print out the information into a summarised form for checking with you.

What information is contained in your personal financial statement?

The summary contains details of all of the following:

  • personal details – name, contact details, national insurance numbers
  • insurance plans
  • property and other assets
  • loans and liabilities
  • pension plans
  • cash savings (but not bank account numbers)
  • investment portfolio details
  • estate planning information
  • net worth statement
  • income details
  • expenditure details
  • notes on your financial planning

How is your personal financial statement kept up to date?

We use your birthday as a trigger date to update the details that we can from your financial providers. We then send you the document to further update on details like your cash accounts and property which would have changed in value. The document can be provided to you whenever you want.

Any questions on your personal financial statement?

Please call us on 01582 839280 or Email us.