Welcome to Evolution Financial Planning
Friendly advice from female financial advisers
Life presents us with a series of financial challenges. Some can be planned for – like a wedding or retirement – while others come when we least expect it.
That’s why financial planning is so important. It means you will always feel prepared for the changes ahead while putting you in the best position to achieve your long and short-term goals!
The diagram below shows our ages along the bottom and stages of life across the top. The red line represents our income – starting low and increasing through career peaks before reducing again in retirement – and the lines going across the grid highlight potential areas of need for financial advice.
No matter what your age or life stage, getting financial advice from an adviser you trust is key to your family legacy and personal success.
Work with us
We typically work with
Career Women
You’re aware that you’re working more hours and earning more money, but perhaps you’re concerned about your spending habits and are worried you’re not saving enough. You know that financial planning makes complete sense, but never quite get around to it…
Perhaps you want to move up the property ladder or, if you have children, feel it is time to start saving for school or university fees.
You may also be thinking about organising legal guardianships for your children and want to ensure they’ll receive a lump sum should anything happen to you.
We can help with all these areas of planning. As holistic advisers, we’re able to provide advice around mortgages – which one is best for you and which lenders will offer the most money – and write wills.
We can give advice around guardianship and set up insurance policies with trust work ensuring your family’s future is protected.
We are also able to give investment advice so that your children’s university fees are covered, allowing you to relax in the knowledge they’ll leave higher education with little or no debt.
Plus, we offer advice around investment and retirement plans to ensure you’re in the best possible position later on in life.
Home Makers
With your partner busy working, you’re left juggling all the other plates - including the home finances – and let’s face it, making all those decisions by yourself can be daunting.
Perhaps you’re concerned about your joint retirement plans or how you’ll pay future school or university fees for the children. Maybe your goal is to set up legal guardianship for your children and you want to be able to provide them with a lump sum should anything happen to you?
We are here to offer a second opinion. Think of us as someone to bounce ideas and concerns off. As well as providing you with advice on guardianship we can help set up insurance policies with trust work ensuring your family is protected.
We are also able to give investment advice so that your children’s university fees are covered, meaning you can relax in the knowledge they’ll leave higher education with little or no debt.
We can also offer advice around investment and retirement plans to ensure you’re in the best possible position later on in life.
Business Women
Your business is going well and you’re paying yourself a salary but, now you’ve reached this massive milestone, you know there are other areas of your financial life which need attention.
Now that the business is working and profitable, it’s time to shift your focus to other matters such as sorting out your existing mortgage or reviewing your pension plan. You know you could do more with your earnings and wonder what else you could consider.
We can help you create the financial plans you’ve been putting off and support you in making sure all your finances are in order – after all, you’ve worked hard work to get here and want to make sure your efforts pay off.
Starting Out
For younger couples or individuals just starting out, things are no different to 20 years ago except house prices are much higher!
Making the right decisions about your mortgage - how long the term is and what type you need - is very important. After all, it’s probably the biggest financial commitment you’ll ever make.
You may be wondering where to start or what you should do to put yourself in the strongest possible position. How much can, or should, you borrow? Are there schemes which could help you up the ladder?
We can help you find the right mortgage for your circumstances, ensuring it is financially comfortable for you. We assist with the whole mortgage administration process, so you’ll always have someone to speak to.
Later on, we can advise on any protection needs you may have and even give you support in writing your will.
Near Retirement
Getting your ducks in line in readiness for your retirement is super sensible and worth the time and effort, especially if you haven’t done this on a regular basis over the years.
You could be worried about all the paperwork and have no idea what your projected earnings would be at retirement. Or, you might have spare money and not know what else you should be doing to make the future secure.
We can help you review your pensions and give you advice on which steps to take to ensure you are in the strongest position.
Divorcee
Going through a divorce is a massive time of change and there are so many decisions to be made around where you live and how will you continue to pay the bills.
Everything comes into question - your Wills become invalid, your life insurance policies may need changing and, if you need to apply for a mortgage, you might not know how much you can borrow.
With so much information to deal with, we understand that deciding what to do can be overwhelming.
After getting legal advice, we are able to help you with all these areas. As holistic advisers we don’t just deal with mortgages or pensions, our team is able to give you guidance on all the areas you may be facing, making it easier for you to make decisions.
WHICH SERVICE DO YOU REQUIRE?
Our Service is broken into 5 sections depending if you are taking out a new product, needing to speak to an adviser which has pension and investment knowledge or if you need general advice.
OPTION 1 - Newbie (Specific Product Required Only)
Do you require something new and shiny? This is for you if you want to understand your options and set up a new product:
- New First time Pension
- New First time Investment
- New Insurance Policy
- New Mortgage or review existing mortgage
- New Will
What is the process?
The first meeting will be spent getting to know you, your current financial and personal circumstances as well as your financial aims and objectives over the next few years and long-term. Your advisor will take all the relevant information from you and some paperwork if necessary. They will then search the market for the most suitable financial products for you and your family in order to set you on the right track to fulfil all your goals and ambitions. They will prepare a report explaining all their recommendations. If you agree, they will then put the wheels in motion in order to set your financial plans up on your behalf.
How much does it cost?
New First time Pension - set fee along with ISA set up £850 for a single person and £1200 for a couple (ongoing management fees apply*)
New First time Investment – as above
New Insurance – no initial costs but any commission paid to us by a provider will be clawed back by them if the client cancels the policy. Therefore we wish to give solid long lasting advice.
New Mortgage or review existing mortgage - £199 on application and £199 on offer
Wills – From* £98 single and £168 couple (*meaning a simple Will without too much complexity)
Ongoing management fees for investments/pension – This is where an IFA would support the client with a review of their financial position every year and review the plan set up. This charge can be taken from the plan itself or it can be paid by the client directly. This fee is charged between 0.50%-1.5% of the investment amount.
OPTION 2 - Holistic Financial Review with Investments
Are you looking for the 360-degree financial review?
This is a total review of existing policies and investment (including Pensions) provisions in place and provides overall financial advice.
This can include looking at existing pensions and investments. Providing a holistic review of your finances with a qualified Independent Financial Adviser.
What is the process?
The first meeting will be getting to know you, your current financial and personal circumstances as well as your financial aims and objectives over the next few years and long-term. Your advisor will take all your information and possibly some paperwork from you if necessary and they will search the market for the most suitable financial products for you and your family in order to set you on the right track to fulfil all your goals and ambitions. They will prepare a report explaining all their recommendations. If you agree, they will then put the wheels in motion in order to set your financial plans up on your behalf.
How much does it cost?
There is no charge for this review services. When we write to more than 2 existing Pension or investment companies and advice doesn't proceed, we will charge that client an admin fee of £250.
Where we are doing any product recommendation and you decided to go ahead with that advice, the fees mentioned in Specific Product Required Only apply, apart from Investment and Pensions. The following fees apply:
Between 1% - 3% of the total investment/pension value – for example £100,000 would be between £1,000 - £3,000. This payment can be paid directly by the client themselves via direct payment or via the pension pot, this when the transfer is complete.
As an average, we usually charge around 2% of the amount invested.
Ongoing management fees for investments/pension Apply – This is where an IFA would support the client with a review their financial position every year and review the plan set up. This charge can be taken from the plan itself or it can be paid by the client directly. This fee is charged between 0.50%-1.5% of the investment amount.
Pension note: Defined Benefit Pensions
The review of these pensions are charged on a Non-continent charging bases – this article explains more. This is where the firm charge for the advice on the pension, regardless of the outcome of advice – i.e. if the pension should be moved or not. Meaning that the client needs to pay for the advice upfront even if it is advised to remain with the existing provider.
With advice from the FCA and insurers, we have decided to move to non-continent charging from October 2018 on Defined Benefit Pensions. An example would be: for a £224,000 pension the fee of 1.5% would need to be charge (£3,360) upfront and as a result, the pension would be fully reviewed with independent advice. A full report would be produced and if you wish to go ahead with this advice, there would be no future charge for implementing.
OPTION 3 - Holistic Financial Review without Investments.
Are you looking for the 360-degree financial review? But aren’t so concerned about pensions and investments at this time? Maybe you have mortgages and insurances, know you need a Will but want to ensure everything links up and makes sense together. Ensuring that advice isn’t product driven but getting advice which is holistic.
What is the process?
The first meeting will be getting to know you, your current financial and personal circumstances as well as your financial aims and objectives over the next few years and long-term. Your advisor will take all the relevant information and any necessary paperwork from you. They will search the market for the most suitable financial products for you and your family in order to set you on the right track to fulfil all your goals and ambitions. They will prepare a report from this explaining all their recommendations. If you agree, they will then put the wheels in motion in order to set your financial plans up on your behalf.
How much does it cost?
There is no charge for this review services as a Financial Planner (non-Investment) isn’t allowed to charge an hourly rate under FCA regulation. However, where we are doing any product recommendation and you decided to go ahead with that advice, the fees mentioned in Specific Product Required Only apply. (see option 2)
OPTION 4 - Financial Plan Report
You might have plans in place already but you want to take a step back and put an actionable plan in place to support your objectives. You are wanting the advice on what to do but not at this time wanting to proceed with any changes, your main concern is understanding your position and what to do next.
By putting a full financial plan in place you can understand where you are and what needs to happen to achieve your long-term goals.
What is the process?
The first meeting will be along the lines of getting to know you and your current financial and personal circumstances. Your advisor will take all your information and discuss your concerns. They will then go away to put your plan together. Once ready, they will spend an hour going over the plan to ensure you understand what actions you can take and how to really have an impact with your finances.
How much does it cost?
From £550 for a single person and £850 for a couple plus VAT (vat is refunded if financial products are taken out on the back of the report)
OPTION 5 - Lifestyle Financial planning
Are you someone who has big plans for your future? A lifestyle where you want to have a choice to stop working when you wish to. A lifestyle where you can have clear goals and know when and how you will achieve them.
A Lifestyle Financial Plan is different from a standard financial report (option 4). Your Life and Your Plan is at the forefront of the service. What is it you really want from life? Our Plan buts that question at the core. It’s your life and you only have one of them
What is the process?
The first meeting will be along the lines of getting to know you and your current financial and personal circumstances as well as your financial aims and objectives over the long term. Your Lifestyle advisor will take all your information and spend some time discussing your values around money and why you want to achieve your objectives. They will then go away to put your plan together. Once ready, they will spend an hour going over the plan to ensure you understand what actions you can take and how to really have an impact with your finances. This will include projections and cashflow tools to support any decisions and demonstrate clearly how the plan will be achieved.
How much does it cost?
£1,800 paid annually as part of an ongoing service
£2,500 flat fee
At Evolution Financial Planning, we believe that everyone should have access to financial advice, therefore, we don’t have minimum case sizes, for example, minimum mortgage amounts or minimum investment pots.
We also believe it is very important that our clients feel we're being transparent and open, therefore we have put this information together to help you understand what we can offer and how much it might cost.
If you have any questions regarding our charging structure or how we might be able to help, contact us today for free no obligations review.
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