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Review of existing financial arrangements — Financial adviser — Professionals
Providers should agree exactly what is reviewed, obtain current records and establish permissions before recommending changes. Separate information organisation from suitability advice and implementation, with clear treatment of excluded arrangements.
Service scope
A professional review of specified existing financial arrangements against the client's current objectives and circumstances. Review does not imply that switching, cancelling or consolidating products is appropriate, and recommendations require the relevant permissions and assessment.
What is normally included
- Defined arrangement review
- Fee and service-scope assessment
- Identification of questions for further advice
What is not included
- Automatic product switching
- Guaranteed savings
- Full financial audit implied by a brief review
Qualification checks
- Confirm review boundaries
- Obtain current information securely
- Identify changes in circumstances
- Check activity permissions
- Agree recommendation and implementation stages
Quote guidance
Price the defined arrangement review and written output separately from implementation. State the basis for ongoing charges and avoid a fee proposal that relies on assumed savings from changes not yet assessed.
Lead risks
- The client may expect every product to be covered
- Old advice records may be missing
- A review may be used as a sales pretext
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