Software: The Step-By-Step Process
A step-by-step guide showing an overview of how the Pension Performance Review can be used - from finding clients to finishing the process:
Step 1: Marketing The Pension Performance Review
The adviser markets the Pension Performance Review concept to new prospects and/or existing clients. The ‘Pension Performance Review: Key Concepts’ can be used to add to marketing efficacy.
Step 2: Initial Client Meeting
The adviser presents the Pension Performance Review concept to the client, helps the client understand why this service is so important, shows the client the potential benefits of this service and shows the client what will be done for them.
Step 3: Second Client Meeting
The adviser ensures all standard financial services paperwork is completed, completes the fact-find with the client, completes a ‘Risk Profiling & Pension Priorities Questionnaire’ and collects authorities to collect the client’s pension details.
Step 4: Data Collection
The adviser or support team collect all necessary policy information from client’s pension provider(s) and complete an ‘Information Request Form’. The adviser or support team keep the client abreast of developments and likely timescales until reports will be completed.
Step 5: Data Input
All client and policy data are entered into the Pension Performance Review Process software by the adviser or support team. The Pension Performance Review Process software is then used to create all necessary client reports.
Step 6: Investment Policy Statement Sent To Client
The ‘Investment Policy Statement’ is posted or presented to the client along with the details of the client presentation meeting as arranged. This shows the client the quality of the work produced and gets them ‘warmed up’ for the main presentation meeting as well as providing the client with detailed information about their risk profile and can be used to discuss risk and loss issues further.
Step 7: Presentation Meeting
The adviser presents the reports to the client at the presentation meeting. This includes a brief overview of the ‘Investment Policy Statement’ followed by a detailed look at the ‘Pension Performance Report’, ‘Investment Report’ and ‘Pension Projection Report’.
Step 8: Paperwork Collection
The adviser or support team collect all necessary client signatures and complete all paperwork for the pension transfer(s) to be processed, liaising with the client’s existing provider(s) and the newly recommended provider.
Step 9: Transfer Oversight
The adviser or support team ensure that all transfers are processed efficiently and in a timely manner. The adviser or support team ensure the client is kept abreast of developments and is informed when transfers have been completed.
Step 10: Ongoing Reviews
The client is informed on a regular basis as to the performance of their investments. Recommendations to switch or rebalance investments are also communicated efficiently to clients. The ‘Portfolio Update Bulletin’ can be used to enhance ongoing reviews for clients on the Pension Performance Review. Clients are also re-risk profiled at regular intervals using the ‘Risk Profiling & Pension Priorities Questionnaire’.
To download the 'Pension Performance Review Step-By-Step Process' please visit our Document Download page.
The Next Step: Compare With Other Pension Transfer Systems.