Individual Financial Planning
We have been preparing individual personal financial planning reports now for well over a decade. These are prepared on a fee basis, agreed in advance, with the caveat that if any client genuinely feels we have not earned our fee, when we present the results, then we would not expect them to pay for the report.
Because we have always worked on our client's behalf and are paid for our work by the client, we are motivated by the needs of the client, not the current product that is ‘flavour of the month' or offering the biggest commissions. Our focus is advice led, not product led. We look at the client's needs and look for solutions relevant to them, not by trying to fit the client's financial affairs into specific products.
Our reports are prepared from detailed information gathered from our clients and where needed, from third parties. Often we discover information that clients have forgotten or are simply not aware of, because of the questions we ask of Insurance Companies and other providers.
Some financial institutions have an unfortunate and sadly justified, reputation for inaccuracy, lack of transparency and frankly, sometimes ignorance of the facts or perhaps lack of willingness to recognise the truth about their products, cost and regulations. Indeed we are perhaps not popular for pointing out the real nature of some financial products.
We believe that clients deserve honest frank and relevant advice backed up with technical knowledge, high quality service standards and cost effective solutions that are appropriate for their needs, both now and in the future.
Because of our philosophy, outlined above, we do not always recommend financial products as a solution. We will often advise clients to dispense with existing arrangements where, these do not fit the required criteria, offering replacements that do meet the client's needs only if truly needed.
The initial meetings, where the client's consent to proceed is obtained, focus not only on gathering information, but also understanding a client's objectives, hopes and fears, their feelings towards investment risks, rewards and ethics. By really stepping inside the world our client inhabits, we can help them address their needs fully and provide long term support, in monitoring and developing their financial plan and strategy.
Individual clients planning reports address all areas of a client's financial affairs.
Amongst the areas covered are:
- Investments.
- Pensions.
- Financial protection: Life Assurance, Health and Income protection.
- Personal Tax planning.
- Inheritance Tax planning, estate planning and family arrangements.
Our detailed reports analyse the current arrangements, indentify the strengths and weaknesses, make recommendations for changes and set out the costs of implementation. This may involve working with other professionals where appropriate, for example Solicitors, for drafting wills and trusts or stock brokers on selecting individual shares.
With investments we select asset classes relevant to our client and invest directly, as far as possible and where cost effective, to achieve the best outcome for our clients. By avoiding With Profits, Managed Funds, Fund of Funds products, Hedge Funds, Structured Products, we ensure our clients know where they are invested, how they are performing and the costs incurred. We use both passive and active investment strategies, relevant to the client's needs.
We strongly believe in using tax efficient, cost effective and flexible arrangements, in developing strategies that can adapt to changing circumstances and can be reviewed and amended regularly. We avoid complex costly arrangements and as a result, have avoided many of the pitfalls that have beset other advisers.
Often our pension solutions do not involve insurance companies at all, using Trust based Self-administered, Self invested and Platform based pensions that have freedom of investment and full flexibility on retirement within the legislation.
Our approach to using insured solutions for protection needs is to be focused on doing what is needed, no more and no less. We need to look into the risks and the potential abyss of financial disaster and identify how this might be addressed, using appropriate insured solutions and/or trust based family arrangements.
We understand our role is a highly personal one.
We work to obtain, retain and justify our client's trust and confidence, so that they can be assured their financial affairs will be well looked after, year after year. Our financial solutions are straightforward, flexible, with transparent costs and clear objectives.
Paul Taylor
Managing Director
December 2009
Please read our Privacy Statement before completing any enquiry form or before sending an email to us.
McCarthy Taylor Ltd is authorised and regulated by the Financial Services Authority (http://www.fsa.gov.uk/register/home.do). FSA Registration No: 184658
The Financial Services Authority does not regulate National Savings or some forms of mortgage, tax planning, taxation and trust advice, offshore investments, school fees planning or some types of investment.