As life rushes by we get caught up being busy. We are all guilty of it.
One of the most important aspects in the financial planning world we live in, is to make time for a review of your financial affairs.
The world is constantly evolving and there are many changes to contend with, be it changes in our family life, changes in regulation, changes in taxation, changes in employment and changes in the financial solutions that are available.
Therefore, it is advisable to meet annually to review the changing worlds we live in.
One of the more popular services we provide at Peavoy Financial Planning is our Life and Pension Audit Service. The following are some details of what this service is all about
What is a Life and Pension Audit?
A Life and Pension Audit is a review. It comprises of a full report on all your existing life and pension policies and has three elements
a) Policy schedule:this sets out all your policy details (on one page) and tells you the type of cover you have in place.
b) Cost comparison: We assess the premiums that you are currently paying for your Life Cover and other benefits and ensure that they are the most competitive in the market. We also work with you to clarify that each policy in place is still appropriate to your current needs. We analyse your existing investment and pension asset splits, along with your appetite and capacity for risk and appraise current charges and rates. The Life and Pensions market has changed significantly in the last ten years and we have found that an audit can lead to making your money work better for you.
c) Recommendations: Once the audit has been completed we will outline certain recommendations. It is then up to you what further action you take, if any.
How long does the process take?
Each audit usually takes about a month.
Are there any costs involved?
There is no initial cost for the audit. Once the audit is complete we will discuss the recommendations with you.
What do I need to do if I want a Life and Pension Audit?
In order to partake in a Life and Pension Audit you will have to sign a Letter of Authority for us, which will allow Peavoy Financial Planning request information regarding your polices from the relevant insurance companies.
This form can be requested from us by phone or email both of which are detailed below. Alternatively, you can give us your latest statements on each of your policies.
Why should I have an audit and how will it benefit me?
- You will have all the relevant information relating to your life and pension portfolio on one easy to understand page.
- We will advise have you the most suitable cover in place at the most competitive price.
- We will identify any gaps you have in your Financial Plan and highlight these to you.
- We will advise when it comes to your pension contract that you are invested in a fund that suits your individual circumstances
- We will ensure that you are getting the best bang for your buck and your money is working hard for you
- We recommend that you send a copy of the audit to your accountant on an annual basis so they have a record on file of all your benefits and premiums.
So what do you do next?
If you would like to have an audit of your current situation please get in contact with me here at Peavoy Financial Planning and we will work through your current situation with you. I can be contacted on 087-2902206 or alternatively by email on firstname.lastname@example.org
David Peavoy BA, QFA, LIAP is the Owner of Peavoy Financial Planning whose practice is based in Office 5b, Portlaoise Enterprise Centre, Clonminam Business Park, Portlaoise, Co Laois.
David Peavoy T/A Peavoy Financial Planning is regulated by the Central Bank of Ireland
Disclaimer: All data and information provided within this blog is for information purposes only. It should not be taken as specific advice for your situation. Peavoy Financial Planning makes no representations as to the accuracy, completeness, or suitability of any information and will not be liable for any errors, omissions or delays in this information or any losses, injuries or damages arising from its use