How we work

We will help you to review your existing financial situation and reach a realistic assessment of your likely needs. For this, you'll need to set aside some time to talk to us.

The Financial Planning and Review process is comprehensive and you should be prepared to invest time and effort, as well as money into the process. You should be prepared to go through a Financial Road Map which will ask questions to really establish where you want to be later in life.

After the initial meeting we will establish whether you want to work with us, and whether we feel that our service is compatible with your needs.

We will then arrange a fact finding meeting which involves going through a questionnaire to ascertain your personal financial details and what your objectives are.

These details will be used to construct a Financial Plan for you and set out any recommendations that we feel you need.

Further meetings will then be set up to discuss your plan and then to action any of the points raised.

Stage 1: Identify Goals and Objectives

• The starting point is to identify your goals and objectives.

• We do this by asking the questions which really get you thinking about where you what to be financially.

• We discuss with you what aspirations and intentions you have, what concerns you have and how important each of these are.

• Furthermore, we discuss your attitude to investment and other risks which is especially important as it will be critical to investment portfolio construction, a key aspect of your Personal Financial Plan.

• Finally, it is crucial to understand how each of these issues makes you feel, so that we can help you prioritise.

Financial planning is not about selling products. It is about developing a financial game plan.

Stage 2: Collect Data

• Next, we need to collect factual information.

• It is crucial to understand your personal circumstances, current financial situation and how you have arrived there. The more detail the better, because the clearer this picture of you and your finances is, the clearer the starting point of our journey. The best advice cannot be given in isolation.

• We do this by completing our Financial Review document. We will consider your family, your income and expenditure, your employment status, your tax position and your existing financial products so that we can appraise the appropriateness of them in relation to your financial plan.

• It is important to work out your disposable income (net monthly income minus monthly expenditure). We do this using budget planning techniques.

Stage 3: Analyse Information

• The third stage is to for us to analyse your current financial position and to fully review your existing policies (Pensions, ISAs, Bonds, Endowments, Protection policies, Mortgages etc).

• We will request information from any relevant life insurance, pension or investment providers using an authorisation letter.

• We consider your goals and objectives identified in stage 1 to determine the 'gap' between the goal and the reality.

• This 'Gap Analysis' will enable us to clearly understand the journey you will need to travel in order to achieve your goals and we can present this for you in stage 4.

Stage 4: Produce Plan

• Stage four involves the creation of your personal financial plan which communicates the most efficient route to achieve your goals.

• Your personal financial plan will analyse your financial arrangements and make recommendations as to how your existing finances can be utilised.

• This will cover your assets, investments, liabilities and income.

• The way in which you spend your money is also a vital aspect of the analysis. Therefore, a review of your expenditure, in both the short-term and over the long-term will help to establish how robust the overall financial plan is.

• The plan will identify the cost of achieving your objectives, your financial independence and plan for any disasters which may arise.

• Your Financial Plan can be multi-generational and can cover the effective and efficient distribution of assets on death, in accordance with your wishes.

• Every plan is tailored to address the current status and future goals of each individual client.

• Your plan will include a detailed written evaluation of your financial requirements and objectives, as well as a discussion of the financial and investment strategies that would work best for you.

• Plans include illustrations and projections based in part on assumptions and rates mutually selected by clients with our guidance.

• At all times, our clients retain the right to follow all of our recommendations, or choose only those suggestions with which they are most comfortable.

Stage 5: Implement Plan

• The fifth stage of the process is to implement the plan.

• This stage includes an action plan which will be provided once we have both agreed the plan. It could include amalgamating some or all of your existing investments, cancelling unsuitable policies and would list all recommendations.

• Without the implementation stage, the rest of the planning process can be worthless.

• Although we do provide services to help implement newly developed financial plans, our clients are free to put their plans in to action independently. The structure we provide enables our clients to embark on their new financial paths immediately. We can also offer further assistance upon request.

Stage 6: Review Plan & Objectives

• The final stage is to regularly review the plan and make modifications where required. Reviews for the lifestyle financial planning process such as this occur on an annual basis.

• The overall aim of the financial planning process is to help you reach your financial goals and develop or maintain your desired lifestyle in the most efficient way possible.

• Financial planning gives consideration to strategies for the creation, distribution or protection of wealth specifically to meet your financial objectives.

• We always recommend that you consider a review service so that you can be sure that you plan remains up to date and you are on track to meeting your objectives.

• The lifetime cash flow forecast is invaluable to most people as those who feel that they are making sufficient provision can be shocked at how little this really is and of course it can work the other way and you do not need to alter anything.

Either way, you know where you are, and where you are going!

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Stewart Hastie Asset Management Ltd is authorised and regulated by the Financial Conduct Authority (http://www.fsa.gov.uk/register/home.do). Financial Services Register No: 526132