The 'At Retirement' Process
Review Circumstances
This will probably be the first meeting with the client. Note that the admin elements from stage one may still be outstanding so make sure these are being completed.
You will need to complete your normal business processes, with regards to fact find etc. So use in addition to this the supplementary fact find. Providing the client with 'homework' prior to this meeting should help save time and ensure that the meeting is 'to the point'.
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Things to be discussed
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Things to be handed over
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Administrative Tasks
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- Client expectations of retirement
- Main Fact find from IFA
- The 12 Critical Factors© – Supplementary fact find
- The 12 Critical factors©
- Valuation and summary of the Retirement Asset Pool
- Attitude to Risk
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- Main IFA fact find
- Supplementary questionnaire
- Summary of Client policies & Retirement Asset Pool
- Attitude to Risk Questionnaire
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- Written Notes to client
- Attitude to risk Questionnaire
As a consequence of this work:
- Review data on FF and SFF
- Research the Market Place
- Draw up potential Solutions
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This may be the first face to face meeting, so continuing to establish rapport and empathy is important. Administrative tasks will be a key part of the meeting. It is time to get into the process and find out more about the client, what their objectives are and how things look from their perspective.
Having listened, and understood it will be time to move onto exposing the issues And beginning to examine some of the solutions available.
Notes
Attitude to Risk: Attitude to risk testing can be done in many ways, and it is assumed that advisers are comfortable with this. Consideration should be given in discussions to the consequences of the conclusion here. Reference should be given to the Retirement asset pool which overall may be very "cautious" allowing the client, say, to be more adventurous on a proportion of their pool in a personal pension.
