Independent Financial Advisors - IFA Bolton, UK

Stage 1 – Client information gathering – Admin Team

• Prepare forms for initial meeting, to include:

- Factfind

- Risk Assessment Questionnaire

- Client Agreement

- Blank letters of authority

• Set up new client file (if not already an existing client)
• Load factfind information onto 1^st
• Entering Risk Assessment Questionnaire answers onto relevant website for analysis

Stage 2 – Policy information gathering – Admin Team

• Letter to client confirming objectives along with confirmation of approximate cost of service. Sending Fee agreement to client for signing if applicable
• Ensure Client Agreement has been signed and if not forward to client for signing, diary and chase if necessary
• Ensure Money Laundering is held on file and if not request this from client, diary and chase if necessary
• Load client on Update Log

• Prepare letters of authority for all client policies and send to clients for signing
• Diary to chase up the return of the signed letters of authority and issue chaser letters to clients if necessary
• Send letters of authority to insurance companies with a request for policy information
• Issue letter to client confirming letters of authority have been sent off and an approximate timescale of when the information will be received and we will contact the client to review
• Diary and chase insurance companies until all information is received
• Regular letters to client updating them on how long the information should take (at least fortnightly)
• Once all information received load on 1^st
• Pass to Consultant to review
• Issue letter to client confirming information received and file being reviewed

Stage 3 – Gap analysis – Admin Team/Report Writer

• Dealing with any issues which the consultants want addressing

- writing existing policies under trust: checking types of trusts available including whether the 30 day trust wording can be included, requesting relevant trust forms

- transferring existing pension benefits: obtain illustrations from new pension provider/potential providers, summarise the comparisons in a table, request discharge forms

- life assurance policies: obtain Exchange comparisons, for PHI policies need to check maximum benefit for monthly premium not just go with the cheapest monthly premium, print off illustrations, key features document and application forms

- cancelling policies which are no longer required: check if client will loose any valuable benefits by cancelling

- new investments: obtain illustrations, key features and application forms, check initial charges and AMCs on funds

- competitive cash account: reviewing various websites for most competitive interest rates, fixed terms, minimum and maximum investment amounts, any age criteria for account etc

- surrendering existing policies: check for surrender penalties, will client have any tax to pay (top slice calculation)

- incrementing existing policies: compare whether there is a cheaper charged contract available, check funds which are available, obtain illustration, key features document and application forms

- re-broking Group DIS & Group PHI: request information from company on members to be covered, obtain illustrations from various companies and compare costs and terms offered, i.e. free cover limits, obtain relevant application forms

- annuity purchase: Check whether guaranteed annuity rates apply to existing contract, obtain annuity comparison from Exchange, obtain relevant forms from existing and new provider

- death nomination forms: obtain relevant forms from relevant insurance company

- conversion option under existing policy: obtain illustration and relevant forms

- fund switches: Obtain charges and fund ratings on both existing funds and new funds, print out Morningstar Graphs for all funds, print out fund factsheets for new funds, obtain relevant fund switch form or draft letter for client to sign

- re-registration of investments to Cofunds: check the funds are available under the Cofunds platform, obtain relevant forms

- income drawdown reviews: Alteration to income :– obtain confirmation of GAD limits, obtain new illustration for new income level, obtain relevant forms

- property purchase under a SIPP/SSAS: compare costs of existing provider and alternative provider, if property purchase is cheaper with an alternative provider look at transferring the scheme, obtain details of the property purchase process of the relevant provider, obtain forms

- loanbacks from SSAS: contact existing provider to find out their process for loanbacks, obtain forms

- taking benefits from existing SSAS or SIPP: obtain details of maximum income available, obtain illustrations for annuity purchase and drawdown from existing provider, do an open market option annuity quote on Exchange, obtain forms

- changing cash accounts which have reached the end of their fixed term under investments: check that the existing account will not be automatically rolled over for a further fixed period, review rates available and select the best rate, draft letter for client to sign to change accounts

Stage 4 – Recommendations – Report Writer

• Reason Why Report
• Prepare all application forms for meeting
• If application forms have been sent to client in post diary and send chaser letters if necessary

Stage 5 – Processing new business – Admin Team

• Check application forms are fully completed and signed
• Load application on 1^st, including any commission/fee due
• Submit application online or in post to insurance company
• Load on daybook, trail commission book and if policies are being replaced cessation book
• Diary for acknowledgement
• Chase insurance company/GP’s/clients until policy is completed
• Issue acceptance terms to client and arrange for policy to be commenced
• Diary and chase policy documents, once received issue to clients, update 1^st and daybook
• For investment business ensure a diary entry is placed on the system for a review
• Submitting fund switch forms, chasing, ensuring completed, informing client once complete and updating 1^st
• Submitting trust forms to insurance companies, chasing and returning to client for safekeeping
• Change of address, informing insurance companies online or by memo, filing any confirmations from insurance company
• Changes to level of income under Income Drawdown – submit to insurance company, chase to completion, confirm to client and update 1^st once completed
• Encashments – preparing letters/forms, issuing to clients and chasing to ensure completed. Once completed update 1^st with information & archive section of file
• Administration on property purchase under SSAS/SIPP
• Administration on loanback under SSAS
• Answering and dealing with client telephone calls
• Once new business is completed if applicable issue invoice to client. Diary and issue chaser letters if necessary
• Logging commission when received from insurance company
• Chasing outstanding commission

Stage 6 – Reviews – Admin Team

• Book client appointments for reviews
• Valuations – obtain valuations from insurance companies, load information on 1^st and/or excel spreadsheet, print off Morningstar statistics, bind and ensure factfind, risk assessment questionnaire, Client Agreement are printed off