Statement of Initial Services
The Personal Financial Planning Cycle and Service Standards
Although each client's circumstances are treated individually, the general approach adopted by your Turris Adviser will normally follow the cycle below:
STEP 1 - DISCLOSURES ABOUT "THE TURRIS PARTNERSHIP LIMITED "
At the beginning of dealings with a client or potential client, full disclosure is made from "Turris" in terms of: "who we are, what we do, how we do it, how it benefits the client, how we are paid and how we update our client's affairs on an ongoing basis".
STEP 2 (A) - DISCLOSURES FROM YOU
This involves obtaining all of the appropriate information from the client to allow us to provide the very best independent advice. The information is recorded on our "Private Client Fact Find" document and is made available to the client to be checked for accuracy, before proceeding with any transactions.
This "information gathering" process also involves agreeing with the client what financial objectives are appropriate both as short term issues and medium/longer term objectives. Common areas of personal financial planning include:
STEP 2 (B) - SUPPLEMENTARY INFORMATION GATHERING
During the first client meeting, not all of the necessary detailed information will normally be available. With a suitable letter of authorisation from the client, Turris can obtain from each product provider, a full technical specification of all of the client's existing arrangements.
STEP 3 - INITIAL ANALYSIS OF CLIENT INFORMATION
Once all of the initial information and supplementary information has been gathered, the client's existing financial circumstances and resources are analysed to determine whether or not they meet the client's financial objectives. Any gaps in the client's financial profile are highlighted as areas necessary for further research.
STEP 4 - RESEARCH OF THE WHOLE MARKETPLACE
Having identified the shortfalls in the client's financial profile, the next step is to create a technical specification of the most appropriate financial solution and then conduct a full research programme of the whole market on behalf of the client. This ensures Turris recommends the very best possible solutions to its clients.
STEP 5 - PREPARE WRITTEN REPORT AND RECOMMENDATIONS
All of the information and research results are summarised in a written report prepared for the client. Within the report are the specific recommendations, which are made with a view to achieving the financial objectives agreed with the client. These recommendations detail what we have recommended and confirm why this is the most appropriate course of action for our client. The report also details in an open and transparent manner the level and basis of our remuneration - as agreed with our client. In the future, this written report helps to act as a reminder for clients as to "what was done and why".
STEP 6 (A) - SECOND CLIENT MEETING
During the second client meeting, the written report is discussed to ensure it properly reflects the client's circumstances and wishes. The specific recommendations are discussed in detail. After full discussion, Turris will take the client's instructions to implement the recommendations and deal with the completion of documentation.
STEP 6 (B) - PROCESSING CLIENT INSTRUCTIONS
Turris will deal with all of the regulatory and company procedures and paperwork necessary to properly and compliantly process the agreed client instructions. The client will receive written confirmation from Turris that the recommendations have been implemented and that they remain suitable for the client.
STEP 7 - ISSUE OF DOCUMENTATION (POST TRANSACTION CONFIRMATION LETTER)
The documentation produced by the Product Providers is checked for accuracy and then collated for issuing to the client.
STEP 8 - AGREE NEXT REVIEW DATE
Once all of the recommendations have been fully implemented, it is important to regularly review the client's circumstances to ensure their financial resources are still "on target" to achieve the client's objectives. This review involves returning to Step 1 and repeating the financial planning process. The nature and frequency of these regular reviews is tailored and agreed with each client on an ongoing basis.