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Our Lifetime Financial Planning Process

Helping you to achieve and maintain your desired financial lifestyle without running out of money!

Ensure you put the rocks in first..........

A philosophy professor stood before his class and had some items in front of him. When the class began, wordlessly he picked up a large empty mayonnaise jar and proceeded to fill it with rocks, rocks about 2" in diameter. He then asked the students if the jar was full? They agreed that it was.

So the professor then picked up a box of small pebbles and poured them into the jar. He shook the jar lightly. The pebbles, of course, rolled in to the open areas between the rocks. He then asked the students again if the jar was full. They agreed it was.

The students laughed. The professor picked up a box of sand and poured it into the jar. Of course, the sand filled up everything else. "Now," said the professor, "I want you to recognise that this is your life. The rocks are the important things - your family, your partner, your health, your children - things that if everything else was lost and only they remained, your life would still be full.

The pebbles are the other things that matter like your job, your house, your car. The sand is everything else. The small stuff. If you put the sand into the jar first, there is no room for the pebbles or the rocks. The same goes for your life. If you spend all your time and energy on the small stuff, you will never have room for the things that are important to you.

Take care of the rocks first – the things that really matter. Set your priorities and goals in life. The rest is just sand.

At Provident Solutions we believe that one of the biggest rocks is your financial security and this needs to be planned & reviewed on a regular basis:

Our financial planning process is split into six distinct stages and has been designed to help you answer the following questions:

  • Do you know what your future may look like?
  • Have you identified what is really important to you?
  • When would you like to retire? & is this possible? (When can you work because you want to, rather than have to?)
  • What lifestyle do you desire, now and into retirement?
  • How much will this cost? (What do you have to do to ensure you never run out of money?)
  • Are you subconsciously sleepwalking into retirement without considering your future financial well being?
  • How much do you need to earn, save or sell your business for, to give you what you want out of life? (Will you have sufficient financial resources to be able to retire?)
  • Exactly what level of investment return do you need to achieve your objectives? Are you taking too much risk, or even too little? & How can you reduce your Tax liability?
  • What can you realistically hope to achieve with what’s available to you? & When will you run out of money?
  • What would happen in the event of illness or death? (What impact would this have on you and your dependants?)

The fact is that most people have no idea which direction they are heading financially.
We help you find the balance in your life and financial goals, helping you to ensure you have sufficient wealth to enjoy your preferred lifestyle without running out of money.
We help you plan your financial future, understand where you are going and help you identify where your would like to be.

If you cannot answer all of the above questions or you lack the time, knowledge, expertise or inclination to formulate a robust financial plan to answer these questions and address these issues on your own, then you need to undertake our financial lifestyle planning service detailed below:

Stage 1 - Explaining our Service and Information Gathering

Firstly we are totally committed to delivering a professional and comprehensive financial planning service. As we are totally independent we will be working for you and can assure you there will be no 'vested interests' in any recommendations we may ultimately make.

We will therefore start our relationship with you, by fully explaining our services, identifying how we can help you and the charges we make for our services in an open, honest and transparent manner. Having explained our service proposition, if either you or Provident Solutions feel that your circumstances & requirements would not lead to a mutually beneficial working relationship, then we will not proceed any further and you will have incurred no costs.

Once you are happy with our detailed service proposition, we then continue the process of collecting all of your personal & financial information to help us understand exactly where you are at this moment in time and what financial arrangements you may already have.

Stage 2 - Getting to know you & helping you identify your goals and aspirations

Taking the time to help you identify and understand your life and financial goals is vital in order for you to take control of your life and reap the rewards of your hard work. Learning about you, gives us the information we need, to offer the very best personalised financial planning advice to enable you to achieve your life plan and financial goals & aspirations.

During this initial ‘Discovery Meeting’, we will discuss your current financial situation together with your goals and aspirations. We will take into account any major life changes that are likely to occur in the future, which could affect your finances.

We will help you create a detailed 'roadmap' showing all of your key milestones and financial objectives including areas such as; major purchases, career changes, children’s university fees, house moves, major holidays and retirement planning (to name just a few).

Stage 3 - Assessing and analysing your financial situation

Using your detailed information we will undertake a comprehensive assessment of your existing assets, expenditure and commitments. As part of the analysis we will evaluate your attitude to risk and your capacity to absorb loss, in order to help accurately predict your financial future.

We will use our evaluation of your current financial situation, your risk profile, and innovative forecasting techniques to create a detailed model of your financial future - your Lifetime Cashflow Plan.

Our Lifetime Cashflow forecast balances your current resources against your goals as well as identifying the risks which could prevent you reaching them. The financial plan will consider at least 3 key scenarios and how they will effect your future financial lifestyle, these will include (but not be limited to); 1) If your life develops as planned, 2) If you (or your partner) dies prematurely, 3) If you (or your partner) become ill or needs long-term care. You will also be able to evaluate as many 'what-if' scenarios as you wish to consider with regards to potential future changes (such as what happens if I worked part-time from age 55).

Stage 4 - Creating your detailed Financial Plan and the underpinning advice & financial strategies

Once your initial Financial Plan (including a Lifetime Cashflow forecast) has been created, we will present this to you together with recommendations for a comprehensive long-term financial strategy. You will, then of course have the opportunity to provide further detailed input (after all its your financial plan) and tailor the final plan to your exact requirements.

This detailed plan of action will take into account legal and taxation implications, the cost of meeting your targets, and a comprehensive strategy to protect your finances in case of unexpected events. In fact, because life is always changing, we will also present you with clear recommendations in terms of different life-changing scenarios (the 'what-if' scenarios identified in stage 3) in order to help you make informed decisions about your money and future financial well being.

Our financial plans are created using the latest interactive technology but are also printed for you to retain - click here for an example financial plan

Stage 5 - Implementing your Financial Plan

Once you have agreed your plan meets all of your requirements, we will put your decisions into effect – including the creation of an investment portfolio designed to achieve your life’s goals, this will include implementing all financial product recommendations as well as assisting you make any required lifestyle changes.

We base our investment philosophy on sound academic research and the principles of global investment best practice, including diversifying your investment portfolio across the various asset classes in line with your attitude to risk profile. We will have researched and selected the most suitable & tax efficient financial products that are available for your circumstances (using our extensive investment experience and the very latest technology).

We will adopt a long term investment ethos rather than trying to speculate or 'time the market' or chase the latest investment fad.

Stage 6 - Reviewing your Financial Plan and staying on track

Have implemented your initial financial plan, we will arrange regular review meetings with you to discuss and review your plan and assess the progress made against your ultimate goals and adapting it to your changing & evolving circumstances. These regular reviews are an absolutely critical part of the financial planning process.

We will ensure you stay on target, that your existing assets are adequately protected, and that your portfolio continues to meet your financial objectives & planning requirements – whatever situations life throws at you.

We will also provide specialist advice for specific life events, including your key milestones like approaching retirement or in the case of redundancy, a divorce or death.

Why is financial planning so important?
We can’t stress enough how important it is to take regular Independent financial planning advice from a relatively young age, it is critical to your financial well being.
We have met too many people who have realised this far too late. Usually having to accept that they can’t achieve the goals they had hoped for or that there standard of living in retirement is far too meagre to really enjoy what should be one of the most rewarding periods of their life!


There are many issues and commitments that we can all convince ourselves should take a much higher priority than pro-actively planning for our financial future – including finding the time to meet with a professional financial planner!

But please remember that ‘living too long’ or ‘dying too soon’ can have dramatic financial implications.

With regards to planning your life and taking control of your destiny, the following statements are an apt reminder:

" Live for today – plan for tomorrow."
"Begin with the end in mind"
"Failing to Plan is Planning to Fail"
"Life is not a dress rehearsal"

"Precious time is slipping away"
Don't procrastinate any longer! - Call us on 0116 2592371
or email us at hello@providentsolutions.co.uk to arrange an initial consultation

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