Retail Client Prospectus

Fhoenix Financial Services
Retail Client Prospectus
Head Office and Registered Office
1b Birch Close Farm
Charlton Marshall
Blandford Forum
Dorset
DT11 9AJ
Telephone: 01258 489000
Email: [email protected]
Web: www.fhoenix.com
Planning for an Uncertain World
Welcome to Fhoenix Financial Services
This is our “client prospectus”. In this brochure you will find:
Who we are
The advice we provide
How we work
How we are paid for our services
What you can expect from us
What we expect from you
Personal client prospectus Rev 1.7.2011
Page 2 of 8
Fhoenix Estates Ltd trading as Fhoenix Financial Services is authorised and regulated by the Financial Services Authority. Registered in England No. 5067028
Who are Fhoenix Financial Services?
As Independent Financial Planners the company was originally founded in 2002, by advisers who had been
working together since 1997. In April 2004 we became directly authorised and regulated by the Financial
Services Authority.
We look after the needs of many clients, and aim to provide a level of service, which, coupled with continuity
of advice along with management and monitoring of aims and plans, helps each client to achieve their
objectives. This process and ongoing commitment to customer service has been recognised by the
accreditation of the internationally recognised BS EN ISO 9001:2008 standard.
Chartered Status
The Chartered Insurance Institute has awarded us the exclusive title of Chartered Financial Planners which
is only bestowed on firms which meet rigorous criteria relating to professionalism and capability. All
Chartered Financial Planners commit to the CII’s Code of Ethics, reinforcing the highest standards of
professional practice in their business dealings.
Corporate Memberships
Members of the Personal Finance Society (PFS),
The Association of Independent Financial Advisers (AIFA),
The Institute of Financial Planning (IFP), the Chartered Insurance Institute (CII),
The Federation of Small Businesses,(FSB).
BS EN ISO9001:2008 accreditation
Independent Financial Advice
We consider it essential that every client has access to the widest and the best possible range of products
and services. We are therefore committed to providing independent financial advice in all aspects of
planning. Advice may be paid for by fees or commission.
Specialist Advice
At present, some areas of business (transfer of preserved final salary pension benefits / utilising “pension
fund withdrawal” or “phased retirement” options with pension plans, Long Term Care Planning etc). have
become “specialist” areas of business, requiring advisers to have specialist qualifications to give advice in
these areas.
Our aim is to build our business practice with an increasing number of advisers who will each have the
Advanced Financial Planning Certificate as a basic standard and further attained Certified Financial Planner
or Chartered Financial Planner status, supported by others each of whom, will also have a “specialist
qualification” (such as the areas above). This will ensure that clients have access to in-house advice for all
specialist planning needs.
Technology and “the web”
We have invested heavily in technology and database systems, so that all client data can be maintained and
analysed to ensure that every client gets the best from their planning. Our database solution provider is
developing a system that will enable us to update and value a client’s entire holdings across all plans from all
providers with a single enquiry. This will ensure that our client reports have accurate data at time of
production, not data taken from previous company statements that could be out of date.
We have a website which has a great deal of information about us, the way we work and generic information
on a large range of financial planning instruments, the services we provide, up to date financial news,
several useful calculators and much more.
Website
Email
www.fhoenix.com
[email protected]
Personal client prospectus Rev 1.7.2011
Page 3 of 8
Fhoenix Estates Ltd trading as Fhoenix Financial Services is authorised and regulated by the Financial Services Authority. Registered in England No. 5067028
The advice we provide
We provide independent financial advice in all aspects of financial planning.
Examples of the areas we cover are:
Investments
Retirement Planning
Deposits
Investment Bonds
Unit Trusts
Investment Trusts
OEIC’s
ISA’s
Friendly Society Bonds
Life Assurance
Term Assurance
Whole of Life
Health Insurance
Care Fees Planning
Critical Illness
Private Medical Insurance
Income Replacement Cover (Permanent Health
Insurance)
Savings
Regular savings plans
Friendly Society Savings Plans
National Savings
Bank & Building Society Accounts
Estate Planning
Wills
Inheritance Tax Planning
Trusts
Stakeholder Pension Plans
Personal Pension Plans
Executive Pension Plans
Group Pension Plans
Small Self Administered Schemes (SSAS) & Self
Invested Personal Pensions (SIPP’s)
1
Transfers*
Annuities
2
Retirement planning*
General Insurance
Buildings and Contents
Accident, sickness and unemployment
Income protection
Travel Insurance
Pet Insurance
Car Insurance
Caravan Insurance
Event / Wedding Insurance
Other
School fees planning / education funding
Where it is appropriate for our clients, we work in conjunction with other specialist organisations. We have arrangements
with Solicitors, Accountants, Stockbrokers etc.
*1 Advice regarding transfers from individual money purchase schemes (excluding section 32 buy-out bonds) is given
“in-house”; transfers from occupational / defined benefit schemes are referred to our in-house Pension Transfer
Specialists.
*2 Advice regarding phased retirement and / or income fund withdrawal (unsecured income) will be referred to our inhouse pension specialists.
Personal client prospectus Rev 1.7.2011
Page 4 of 8
Fhoenix Estates Ltd trading as Fhoenix Financial Services is authorised and regulated by the Financial Services Authority. Registered in England No. 5067028
How we work
At an initial meeting, we will:
Give you a business card
Confirm our status as Independent Financial Advisers
Discuss how we are paid for our services, the scope of advice you require and the level and
frequency of ongoing service you will need ( client with proactive service or a transactional client
with no planned servicing)
Discuss and complete Client Agreements
Complete any Fee Agreements
Assess your attitude to and understanding of, all aspects of “risk”
Establish any time scales for investment and planning
Ask that “letters of authority” are signed for any existing arrangements you have
Agree a planning budget
Assess your current position, needs and objectives through the completion of a Fact Find
Agree an action plan in advance of a second meeting
We will then:
Confirm the details of our first meeting in writing
Write to any providers of existing arrangements for up to date and accurate information.
Complete any research necessary to make recommendations, examining:
Financial Strength
Contract flexibility
Product charges
Past performance
Additional features / benefits
Early transfer / surrender values
Prepare a financial planning report (where appropriate / agreed)
Obtain all necessary information and paperwork necessary to present and implement the
recommendations
At a second meeting, we will:
Confirm the details we obtained at the first meeting remain correct
Confirm the objectives we discussed at the first meeting remain correct
Present a report which covers:The research we have carried out
• How we arrived at the recommendations we have made
• An explanation of the terms and conditions applicable to our recommendations,
including all costs, benefits and risks
• Confirm the cooling off period “your right to change your mind”
Help you to complete any applications necessary to implement the recommendations
After the meeting, we will follow up our recommendations with a “Confirmation of Advice letter”
confirming our recommendations, why we have made them and how they will meet your objectives.
We will submit any applications, and ensure applications are processed so that business completes
promptly and efficiently. We will handle the often complex processes and paperwork involved with
administering your business.
We consider all of the above to be “initial advice”.
Ongoing reviews and monitoring of the business is deemed to be “servicing”. This is a separate issue
from advice, and this will be discussed with you before business is completed, as it will directly affect
the level of service you receive and how you pay for our services.
Personal client prospectus Rev 1.7.2011
Page 5 of 8
Fhoenix Estates Ltd trading as Fhoenix Financial Services is authorised and regulated by the Financial Services Authority. Registered in England No.
5067028
Choices, “Advice” or “Financial Planning”?
Why should you choose to be a Client or a Transactional Customer
A Client will receive
I. Regular Reviews and reports - We undertake to provide category 1 and 2 clients with a regular
review of all of planning arrangements (we consider this to be “planning” rather than just advice),
newsletters, regular statements, and priority response times to enquiries. Whilst we are happy to
provide “advice only”, if requested, it is only through ongoing reviews that you can be assured that
our “advice” becomes truly effective “financial planning” and that your objectives are achieved.
II. Service – if you have any queries, or need to discuss anything with us, we give a guarantee that we
will respond within agreed timescales
III. Concentrating our efforts on you – we will concentrate our efforts on clients choosing to become
category 1 and 2 clients. Those individuals electing to be treated as Transactional Customers will
take on the responsibility themselves to request services when required.
IV. Investments - should be set up to achieve pre-defined goals, in terms of income, growth, or a
balance between the two. Returns should then be measured against an agreed “benchmark” over
agreed time periods so that the investments can be changed if the desired results are not being
achieved or your attitude to investment risk has altered, (Remaining invested in a fund that has
become a poor performer or does not reflect your risk after buying it as a star performer has cost
many an investor dearly.)
V. Life Assurance - Term assurance is usually suitable for covering a liability such as a loan or
mortgage, whilst “Whole of Life” is usually suitable for family protection. Term Assurance costs
should be monitored regularly to ensure that the lowest premiums are paid for the cover required.
Whole of life cover should be monitored to ensure that it continues to provide the necessary
protection for a family if that family grows or the value of the breadwinner increases.
VI. Health Insurance - If a client suffers a serious illness, they need to ensure that cover is in place to
provide for an appropriate level of replacement income, or an appropriate level of “critical illness
cover” so that they can pay for the care they want, or eliminate any liabilities (worries over which are
often some of the biggest barriers to a swift recovery).
VII. Retirement planning - By regular monitoring, we can ensure that clients remain on target to provide
the level of income required in retirement, whenever they wish to retire. Linking with investments, we
can monitor pension fund returns and ensure clients are invested in the right funds.
VIII. Insurance - Most insurance policies are “premium driven”. By reviewing costs regularly, we can
ensure that clients have the most suitable cover at the lowest cost.
IX. Financial statements – by having regular “financial statements”, you can keep track of your
financial position, and check on progress being made.
X. Make your money work – you work hard for your money, and you should be making your money
work even harder for you!
A transactional Customer will receive
Initial advice and implementation of that advice; but no other service. Transactional Customers will
then take on the responsibility themselves to request services when required and paid for at the then
current rates
Personal client prospectus Rev 1.7.2011
Page 6 of 8
Fhoenix Estates Ltd trading as Fhoenix Financial Services is authorised and regulated by the Financial Services Authority. Registered in England No.
5067028
Expectations
What can you expect from us?
We will:
Ask all relevant questions to enable an accurate assessment of your position to be made
Listen to your objectives, plans, and timescales for planning needs
Maintain confidentiality at all times
Give you an honest appraisal of your position
Act promptly in our dealings with you (within the timescales we set down)
Comply with all rules and regulations for business
Discharge our duties / obligations to you and to our regulatory bodies at all times
Act on your behalf, treating you as we would wish to be treated if we were the client
Maintain accurate records concerning your personal details
Use the best available software systems to maintain your data, to research the marketplace and to
produce information necessary for “best practice”
Review your planning regularly as agreed (Category 1 & 2 only)
We will not:
Disclose your information to any third parties without prior notice / your agreement
Advise you to cancel any arrangements without justifiable reason
Be party to any illegal practices or collude with any clients to commit any offence
What do we expect from you?
Disclosure of all relevant financial information
At all times to be kept informed of all changes:
of address or any contact details
in your income (including pay increases) or expenditure
before taking on any new commitments or liabilities
before changing or cancelling any arrangements
To pay us promptly for the advice we give
Personal client prospectus Rev 1.7.2011
Page 7 of 8
Fhoenix Estates Ltd trading as Fhoenix Financial Services is authorised and regulated by the Financial Services Authority. Registered in England No.
5067028
The Service Process Summary
Our Service Process Summary.
Our service to you can be summarised in the following schematic -
How can you help us?
As time spent looking for new clients is costly and uncreative, you can help us to build our business if
you introduce new clients to us from your family, friends or work colleagues.
A final note
We will always endeavour to ensure that your best interests are served, and that you remain happy
and confident with the services we provide at whatever level you choose. Thank you for entrusting us
with your financial planning.
Fhoenix Financial Estates Ltd trading as Fhoenix Financial Services
Registered Office address
1b Birch Close Farm, Charlton Marshall, Blandford Forum, Dorset. DT11 9AJ
Personal client prospectus Rev 1.7.2011
Page 8 of 8
Fhoenix Estates Ltd trading as Fhoenix Financial Services is authorised and regulated by the Financial Services Authority. Registered in England No.
5067028