ABOUT US
What we doWhat we do
As an independent financial services company, Mitchell Prockter prides itself on delivering comprehensive and impartial advice. A long-standing family run business we aim to develop personal relationships providing holistic financial advice for individuals, businesses and trusts.
We are authorised and regulated by the Financial Conduct Authority (FCA) and provide advice on investments, savings, retirement planning (private and corporate) and non-investment insurance (e.g. life assurance, private medical insurance and critical illness cover)
Limited Advice
If you specifically instruct us that you do not wish to discuss a particular aspect of your financial affairs, and that area should not form part of any advice given, this will be considered Limited Advice. In this case, the five steps detailed below will be followed but specifically in relation to the area requested. You must be aware that if you limit the information provided it may detract from the completeness of the advice given. Any information not disclosed could effect how appropriate the advice is to your circumstances.
Full Advice
Where a financial review is undertaken we will follow the steps detailed below. Under these circumstances we will consider all aspects of your financial position and make full recommendations on all areas that we feel should be addressed or reviewed.
The Financial Planning Process
Five steps to ensure clarity on progress being made towards your initial plan and its ongoing maintenance:
We offer an initial consultation with no obligation on your part to proceed further. We will listen to what you want from a professional adviser, help you articulate your financial goals and ask about your current arrangements. This will establish whether we can be of service and whether you feel we are right for you. If we believe we can deliver value for money, we will explain how we can help you and the costs of our services. So long as we all agree the terms and conditions under which we are to be engaged, we proceed to step 2.
We will need to gather as much information as possible about your current financial arrangements, personal circumstances and your attitude to investment risks. This often involves us contacting the providers of your plans and
policies to obtain up to date information on valuations, terms and conditions and benefits. In order to assess your risk tolerance and capacity for loss we will ask you to complete a Risk Assessment Questionnaire
(developed by OPRA, an independent company linked to Oxford University).
During our discussion and completion of our Client Information Form, we will obtain an insight into your goals and your existing situation, including:
- Your financial goals and needs
- Your income and expenditure
- Valuation of your assets and liabilities
- Types of asset held in your investment funds
- Your attitude to investment risk
- Your priorities
Having obtained all background information and details of any existing arrangements from the current providers we will use internal and external research to assess the suitability of the products. In particular
we may examine the taxation, charges, performance, risk and asset allocation of your existing portfolio. This research can take between three to six weeks to complete depending upon the complexity of your affairs.
Upon completion, our recommendations will be forwarded to you in writing.
Once you have received our report together with supporting documentation we will hold a second meeting to present the recommendation and answer any
questions you may have. At this stage we will agree on how you wish to proceed and our remuneration structure.
If you decide to accept our recommendations, we will aim to ensure that your decisions are implemented thoroughly, accurately and in a timely fashion.
This process entails:
- Dealing with all necessary paperwork
- Implementing changes to existing arrangements
- Contacting you when arrangements are completed to confirm what has been done and emphasise the documentation you need to retain
- Liaising with other professional advisers
- Keeping you informed of our progress
Financial planning is not a "one-off" event. We believe review meetings are the best way to keep each other up to date with developments in your circumstances or other factors that may influence the ongoing suitability of your portfolio. Depending upon the level of ongoing support agreed, you will have access to our team whenever you need to make an enquiry about your plans. We will also make contact, as and when we feel we have news or ideas of relevance to your affairs. Details of our ongoing Service Agreement will be agreed with you during Step 4 when we meet to discuss the recommendations.
Specialist Advice
Financial planning is increasingly complex and the need for a particular expertise is paramount. Our advisers know when situations need specialist advice and will refer you to one of our specialists when necessary.
Beyond General Financial Planning
Within Mitchell Prockter we have specialists who are able to give advice above and beyond general financial planning in the following areas:
