What does an Annual Planning (review) meeting look like at Magenta?

The Annual Planning meeting, or as many clients like to call it – the Review Meeting – is an important date for both clients and your financial planner at Magenta.

A lot can happen in a year and informing us of any changes may not always be top of the list!

Having the annual meeting gives us all the opportunity to ensure we’re up to date. Whether a particular life event, such as birth, death or marriage has occurred, or there has been another change within your family and/or personal circumstances, we always need to know about this, to ensure we can update your financial plan and check if anything needs to be altered.

The key thing to understand is that, in this meeting whilst it will review how the past year has gone both for you personally and financially, we will primarily focus on the future – planning for the important stuff ahead and the financial plan is always about looking forward rather than back.

Pre-meeting preparation

We undertake a lot of pre-meeting preparation, checking investment performance, fund suitability and reminding ourselves of your objectives, risk profile, any ethical requirements, and your required investment growth.

We also ask you, as a client, to update your income and expenditure details and let us know if anything has changed ready for the cashflow forecast review.

We ensure we’ve checked this in detail before the meeting, and we will have questions prepared, if the figure prompt any concerns or queries.

You’ll be encouraged to bring questions to the meeting and often clients bring their ‘list’ for us to talk through, as it’s easy to forget what you wanted to cover, when we’re all sat in one room and distracted by stories of family get-together’s, health updates, holiday and adventure stories from throughout the year!

We want the meeting to be an enjoyable experience, one you look forward to, as our relationship develops over the years. Some years there will be lots to do and action after the meeting, other years, only small adjustments.

Core things we will cover

  • An update of how you’ve been
  • The year’s highlights and family update
  • Queries and questions from you that you’d like covered
  • Review your objectives
  • What haven’t you done you would like to do?
  • Cashflow forecast update focusing on desired outcomes
  • Investment review
  • Tax planning (and legislation changes)
  • Estate planning (if applicable)
  • Summarise revised objectives, actions & timescales
  • Any update from Magenta that is relevant.

A face-to-face meeting on at least an annual basis helps to ensure you are getting the best advice and making the most out of the options available to you. Of course, whilst we love to welcome people to our office, now in this digital age and post-pandemic, if this isn’t suitable, we’re happy to hold your meeting online via Video, or on the telephone, if required.

Whilst usually we only have one meeting a year, we’re always happy to speak more often or arrange ad-hoc meetings if things crop up throughout the year and you need to discuss specific things with us.

The important thing to remember is, whilst we usually have several items we ideally need to cover at each meeting, we are also happy to be led by what’s important to you to discuss each year, for you to get the most out of your time with your Financial Planner.

If you would like to know more about how we work with clients, or you know someone who could benefit from a conversation with Magenta, please get in touch and Book a Meeting here

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