Statement of Initial Services
The Private Trust Financial Planning Cycle
Although each Trust is 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 Trustees, full disclosure is made from "Turris" in terms of "who we are, what we do, how we do it, how it benefits the Trustees and the beneficiaries, how we are paid and how we update the trust's investments on an ongoing basis".
Step 2 - Information gathering from Trustees
This involves obtaining all of the appropriate information necessary to allow us to provide the appropriate investment and tax advice.
In addition to receiving the appropriate trust documentation, we would normally arrange an initial meeting with the trustees. At this first meeting, we would discuss the trust objectives, the appropriate risk profile for the trust portfolio and the relevant tax treatment of trust investments. With the relatively new legal and taxation changes, common issues for trustees now include:
Step 3 - Researching the Whole Marketplace
Having agreed the key objectives, the appropriate risk profile and the tax treatment of trust investments, the next step is for us to review the whole marketplace for suitable investments to include within the trust portfolio. This ensures we recommend the most suitable investment portfolio to the Trustees.
Step 4 - Prepare Written Report and Recommendations
All of the relevant information and research results are summarised in a written report for the Trustees. This written report helps to evidence the factors which the Trustees have taken into account when considering the suitable and appropriate investment of the trust assets. This helps to evidence the Trustees' compliance with the new legislation and the new tax regime.
Step 5 - Second Trustee Meeting
During the second meeting, the written report is discussed to ensure it properly reflects the Trustees' circumstances and wishes. The specific recommendations are discussed in detail and Turris will then take the Trustees' investment instructions - either at the second meeting or, if appropriate, after the Trustees have discussed the recommendations further.
Step 6 - Issue of Trust Investment Documentation
The investment documentation is collated and checked for accuracy by Turris. Upon receipt of all of the investment documentation we then forward the complete documentation package to the Trustees for their records.
Step 7 - Agree Next Review Date
The last step in the process involves agreeing with the Trustees, the next review date. This is often six monthly but can be more frequent if required. This review involves returning to Step 1 and repeating the financial planning process.