The beating heart of our practice is the Prestwood financial planning software. Prestwood helps us both to understand your current and future financial position - to see things as they really are, blemishes included. We believe that the questions people want answered are the really fundamental ones, such as:
Unfortunately the financial sector generally believes the questions that interest the public are whether this fund is better than that fund, or whether this plan is cheaper than that plan. Hardly surprising given that most financial marketing emanates from monolithic product manufacturers.
The Prestwood process starts with a consolidated balance sheet (what you own and owe) and cashflow statement (what you earn and spend) representing the 'here and now' of your planning. For clients with multiple assets spread far and wide the ability this gives to see everything in one place is invaluable even by itself.
But it doesn't stop there - the system goes on to project your financial life way into the future based on the data and agreed assumptions. We recognise that life's uncertainties can make such projections more of a rough guide rather than absolute fact (and the further out we project, the more this is the case). However, they are enormously helpful nevertheless.
As the philosopher Heraclitus once said, 'one can't step in the same river twice'. Not only has the river flowed on but in the meantime you have also changed. To cope with constant change the system updates itself automatically to reflect externalities such as tax rates and legislation, and as your circumstances change (and certainly once a year as a minimum) we enter any new information to ensure ongoing accuracy.
Once everything is in the system it becomes straightforward to model all manner of scenarios, both planned and unplanned. How do school fees impact on your current and future prosperity? Does buying that holiday home make financial sense? What is the likely impact of redundancy, or divorce? How would things look if you couldn't work, or died prematurely? Using Prestwood enables you to make smart, considered decisions based on the best available data.
Going through the intial process typically takes two or three one-hour sessions. The process itself is important as we tend to go off on tangential conversations along the way, and when couples go through this together it can occasionally identify previously unexplored differences in outlook, values or life plans. There have been occasions on which referrals to a trusted life coach have proved beneficial to clarify such issues - particularly for those who have come into a life-changing amount of money and who may feel confused and at sea.
Our initial process is far from just a data gathering exercise. Your intellectual, emotional and risk-taking attitudes towards money are equally important, as is your level of expected involvement. We don't hold back from asking difficult questions, questioning your beliefs and telling you, if necessary, that we feel something is not in your best interests.
Everything is tested within Prestwood and flows from it, supported by these further discussions. Then we design and implement strategies to ensure, as far as we are able, that the desired outcomes become your future reality (you become financially independent at a certain age, for instance, or ensure that your children can remain at their schools in the event of your death).
By definition, clients who have gone through the Prestwood process are amongst the most informed and savvy about their present and future finances. Join them and find out for yourself!
Fiduciary Partners LLP
566 Chiswick High Rd
0800 052 0494 FREE
or 020 8621 3302
M: 07590 288234
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Fiduciary Partners LLP is an appointed representative of Sanlam Partnerships Ltd, which is authorised and regulated by the Financial Conduct Authority. FCA no 497873. Partnership no OC341257. Members: A J Brixey-Williams, D M Hewett. Registered Address: 10-14 Accomodation Rd, Golders Green, London NW11 8ED. Registered in England.
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