Your journey with us begins with a full review of your current situation and financial landscape. We never focus on selling products, preferring to spend time with you so that we can understand and define your financial goals and aspirations and ultimately what you would like your financial future to look like. To this end, Juno Wealth Management has developed a unique six step financial planning process, our WealthWheel.
You will find our approach refreshingly different and uncomplicated.
Using the six interconnecting steps of the WealthWheel, we focus on you, your approach to risk and how you want your finances to work for you – not just now, but in the years to come. That’s why we never focus on selling products.
We believe that a holistic and tailored approach should be at the heart of every single one of our client relationships.
We hope that you find this six step explanation of the WealthWheel helpful and that it gets you thinking about how it could apply to you.
Starting at the very beginning with discovery and moving right through to implementation and ongoing review, the WealthWheel is a powerful six step financial planning process.
Step 1. Discovery
At this first stage clients contact us because they are interested in finding out more about our services and how we can help them, so we arrange an informal first meeting. It’s informal because at this stage you have not asked us to be your financial adviser and the cost of this meeting is covered by us. The meeting usually lasts an hour, sometimes a little longer. We ask questions about your financial goals, any financial challenges that you currently face and we explore your overall financial situation. We explain the range of services we offer, disclose our status and explain how we charge for our services.
Step 2. Definition
The next step is to formalise our understanding of your situation, requirements, hopes and aspirations. We ask you to complete a financial questionnaire and you will also be required to sign a Client Agreement before we commence work.
Our questionnaire is designed to discover and collate all relevant details about your circumstances. We will review this information together and it’s at this stage we seek to really understand your objectives in detail and record both hard and soft facts.
The fact finding document you complete, along with any notes we take, are kept for formal record keeping purposes and it is important that they are accurate and complete. If you choose not to disclose certain information regarding your personal financial situation we will explain the ramifications.
We will also work with you to complete an interactive risk profile analysis which seeks to explore your attitude to risk and capacity for loss. A key part of this process will also be to fully understand your levels of knowledge and experience of investments, including your attitude to risk and your feelings towards any risks of losing money and whether this will impact significantly on any advice we give.
It is a requirement that all our clients sign a Client Agreement before we commence work. Our Client Agreement is formed of three documents: our ‘Client Agreement (Part 1) General Responsibilities’, Client Agreement (Part 2) Services & Charges‘ and an ‘Authority to Proceed’.
Whilst we will meet with clients at our expense to explain our services and philosophy, no further work, including the discovery process onwards, will commence without a written Client Agreement.
Your Client Agreement confirms amongst other things:
- What services you can expect now and in the future.
- How much you will pay for those services.
- Frequency and nature of payments to be made and how they will be paid.
- We always describe our charges in £ terms as well as in percentage terms for clarity.
The ‘Authority to Proceed’ formalises the work we will carry out for you and clearly sets out our charges. You will always understand our fees and charges before you make a decision to proceed.
Step 3. Analysis
At this stage we analyse the information previously collated and build a financial solution to address your specific needs and objectives. Using market leading technical research tools we will prepare a formal written financial planning report containing recommendations to address your individual objectives. At all times, any recommendations will be assessed against your attitude to risk, time horizon, associated costs, past performance, asset allocation and expected returns. We use a range of independent research tools to underpin the solutions we develop, the products and investment portfolios we recommend and where appropriate, we use cash flow planning tools that bring to life the financial plans we develop for you.
Whilst we consider each client’s circumstances in their own right, we do have some guidelines around which investment solutions we use. Our approach to investment solutions is governed by our Investment Committee.
Step 4. Recommendation
We will always look to present our financial planning report (known as a suitability report) to you in a face to face meeting. The report will comprehensively outline your current position, your objectives and will explain the solutions we are recommending. The report will also contain the supporting information behind our recommendations including where applicable, illustrations and product brochures (including key features documents).
We will encourage you to ask questions and to ask us to clarify anything you are unsure of. We may make changes to some of the elements of the report in the light of this meeting but you will be issued with a final version with all supporting documentation.
Lifetime Cash Flow Financial Planning
We believe that the production of a Lifetime Cash Flow Forecast is fundamental to the construction of a financial plan. By demonstrating how your current financial situation impacts on your future goals, it is possible to understand what action must be taken now to realise those goals. As investment is a long term commitment, it is important that we can put some perspective against a backdrop of negative publicity and uncertainty to ensure our clients remain committed to the right course of action, rather than responding to short term market sentiment. Lifetime Cash Flow Financial Planning allows us to do this in a very visual way and this presentation is best delivered at our office where we have a large presentation screen and we can explain in detail our observations, bringing your plan to life.
Step 5. Implementation
This part of the process only begins once we have your agreement to go ahead with the arrangements we have recommended. This may involve arranging investments or other products on your behalf and may extend to implementing a specific financial planning solution, such as estate planning. We will act as the intermediary between the product provider(s) and you, with a view to arranging the purchase of any retail investment products that we have agreed. We complete, check and manage the documentation required for you to put ‘Your Plan’ into action.
There is no obligation for clients to accept our recommendations or to use us for the fulfilment of them. We do anticipate that this will happen when giving advice and this is factored into our charges. However, should you decide not to proceed, you will be charged a specific amount for the advice received to date in accordance with the terms of your Client Agreement documents.
Step 6. Review & Ongoing Services
It is important to review investments to ensure that they remain suitable for your purposes and take account of your circumstances, which will evolve over the years. Through regular reviews we can also develop our planning strategies to take into account changing circumstances and objectives as well as developments in economic conditions, legislation, taxation, new ideas and financial products. This is a vital part of your financial plan – getting together on a regular basis to ensure that you remain on track to achieve your financial goals and objectives.
Each of our clients is an individual and no two reviews are ever the same. Most of our clients like to meet up once a year to ensure they do not miss out on valuable allowances or are unnecessarily impacted by any of the UK Government policy changes. We will update our understanding of your personal circumstances and review your goals & objectives which may change over time. We will also reassess your attitude to investment risk and capacity to withstand the potential for investment loss. And we will review your investment performance and holdings and provide valuations. If required and where appropriate we will make recommendations in order to keep your plans in line with your changing situation.
You do not have to choose an ongoing service, although we believe all our clients benefit from an enduring relationship with us. The style and frequency of our service is decided by you and is often dictated by where you are on your life stage and your particular needs.
In between these regular face-to-face meetings, we will of course be providing you with our regular email newsletter and we encourage you to contact us either by phone or e-mail at any time to discuss any aspect of your financial affairs.
Please contact us if you would like to discuss the WealthWheel and how our ethical approach to independent financial planning can benefit you.