Listening – it’s the heartbeat of effective financial planning....

Did you know that most  financial advisers listen to a client for just 82 seconds before interrupting?

The art of actively listening, of asking questions and allowing a client to think their answers through and talk at length without being interrupted is so important – especially if as their trusted financial adviser we’re to understand what really matters.

Let’s face it, when it comes to financial planning it should never be a matter of selling products as solutions. It’s about giving the right financial advice; something that is worth its weight in gold.

And we can only give you the right advice if we listen long and hard to what you have to say. Through a blend of experience and accredited training, we have developed a life planning process for each one of our clients. It’s based on the simple but powerful premise of asking you questions and then listening intently without interruption.

When you understand what you want to do with your life, you can make financial choices that reflect your values.

Our journey with an individual client begins with a holistic review of their current arrangements. We never focus on selling products, preferring to spend time with a client so that we can understand and define their financial goals and aspirations and ultimately what they want their financial future to look like. To this end, Ashley Law Mid Sussex has developed a unique six step financial planning process, the WealthWheel planning process.

Although we have practised the philosophy behind the WealthWheel for many years, we have recently developed it as a simple diagram to show our clients the holistic approach we take to financial planning.

You will find our approach refreshingly different and uncomplicated. Using the six interconnecting steps of the WealthWheel, we focus on you, your approach to risk and how you want your finances to work for you - not just now, but in the years to come. That's why we never focus on selling products.

A holistic and tailored approach is at the heart of every single one of our client relationships.

We hope that you find this six step explanation of the WealthWheel helpful and that it gets you thinking about how it could apply to you.

The Six Steps of the WealthWheel

Starting at the very beginning with discovery and moving right through to implementation and ongoing review, the WealthWheel is a powerful six step financial planning process.

1. Discovery

At this first stage, you contact us because you are interested in finding out more about our services and we send you a welcome pack. This includes a welcome letter along with a financial questionnaire and a risk profile questionnaire that we ask you to complete and return them to us. It's a good idea to spend a little time thinking about your answers because; they are designed to discover all relevant details about you and to collate this into one place. The risk profile questionnaire seeks to find out amongst other issues, your attitude to risk. We’re all very different in this respect. Some of us associate the word risk with the idea of opportunity, whereas others are not willing to take any financial risk at all. Some of us sit somewhere in the middle. Whilst it is a good idea to think about your answers to these questions, if you need a little help we can talk it through together at the next stage.

2. Definition

This is an opportunity for us to get together at an informal first meeting. It is informal because at this stage you have not asked us to be your independent financial adviser and there is no charge for our time. The meeting usually lasts an hour, sometimes a little longer. We'll ask you questions about your attitude to risk, your financial goals, any financial challenges that you currently face and your financial situation and of course we’ll be listening carefully. Clients tell us that these meetings are enjoyable and informative - an opportunity for you to benefit from sound and qualified financial advice from an ethical and trusted member of our team. By the end of the meeting you may have decided to instruct us as your independent financial adviser, or you may want to spend a little time thinking it through before contacting us again.

3. Analysis

You have instructed us so it’s time now for us to analyse the wealth of information that you shared with us at that first meeting. We are building your financial plan and during this all-important phase, we access very powerful systems not to mention years of knowledge and expertise to ensure that your financial plan is exactly what you need.

4. Recommendation

It's time for us to meet again, this time to present your holistic financial planning report. This will be used as the all-important discussion document for this meeting. Whilst going through your plan, we will encourage you to ask questions and to ask us to clarify anything you are unsure of. We may make changes to some of the elements of your report in the light of this meeting. The final version has to be just what you need and what you have agreed to. It's definitely not a theoretical exercise!

5. Implementation

At this stage now, we are raring to go. It is time to put your financial plan into action. Don't worry if changes have to be made to your existing arrangements, for example instructing fund switches on existing plans. This is all part and parcel of our complete service to you.

6. Review

This is a vital part of your financial plan – getting together at least once a year to ensure that you remain on track to achieve your financial goals and objectives. In between face-to-face visits, we will of course be providing you with interim updates and we encourage you to contact us either by phone or e-mail at any time.

Please contact us if you would like to discuss the Ashley Law Mid Sussex WealthWheel and how our ethical approach to independent financial planning can benefit you.