example financial planning questionnaire

Financial Planning Questionnaire

Example Client | May 2020

Strictly Private & Confidential

Financial Planning Questionnaire | Example Client | May 2020

1

Contents

Questionnaire Information .............................................................................................................................................................................. 3

Basic Client Information ................................................................................................................................................................................... 3

Client Information .............................................................................................................................................................................................................. 3

Basic Client Information Notes .......................................................................................................................................................................................... 4

Children & Financial Dependents .................................................................................................................................................................... 5

Children ............................................................................................................................................................................................................................... 5

Other Financial Dependents .............................................................................................................................................................................................. 5

Children & Other Financial Dependents Notes ................................................................................................................................................................ 6

Employment & Income ..................................................................................................................................................................................... 6

Employment ........................................................................................................................................................................................................................ 6

Income ................................................................................................................................................................................................................................. 7

Employment & Income Notes ............................................................................................................................................................................................ 7

Expenditure ....................................................................................................................................................................................................... 8

Regular Expenditure ........................................................................................................................................................................................................... 8

Changes to Expenditure ..................................................................................................................................................................................................... 9

Expenditure Notes .............................................................................................................................................................................................................. 9

Savings & Investments...................................................................................................................................................................................... 9

Bank, Building Society & NS&I Accounts ........................................................................................................................................................................... 9

ISAs, Bonds, GIAs & Direct Equities ................................................................................................................................................................................. 10

Investment Properties ..................................................................................................................................................................................................... 11

Other Investments ........................................................................................................................................................................................................... 11

Savings & Investments Notes .......................................................................................................................................................................................... 11

Home & Mortgage ........................................................................................................................................................................................... 12

Home Ownership ............................................................................................................................................................................................................. 12

Mortgage Details .............................................................................................................................................................................................................. 12

Home & Mortgage Notes ................................................................................................................................................................................................. 13

Insurance & Protection ................................................................................................................................................................................... 13

Life Insurance ................................................................................................................................................................................................................... 13

Critical Illness Cover ........................................................................................................................................................................................................ 14

Income & Mortgage Protection....................................................................................................................................................................................... 14

Health Insurance (PMI) .................................................................................................................................................................................................... 15

Height, Weight & Health Notes ....................................................................................................................................................................................... 15

Insurance & Protection Notes ......................................................................................................................................................................................... 15

Retirement & Pensions ................................................................................................................................................................................... 16

Retirement ........................................................................................................................................................................................................................ 16

Current Workplace Pension ............................................................................................................................................................................................ 16

Personal & Occupational Pensions ................................................................................................................................................................................ 17


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Accessing Pension Benefits ............................................................................................................................................................................................. 17

Defined Benefit Transfers ................................................................................................................................................................................................ 19

Retirement & Pensions Notes ......................................................................................................................................................................................... 21

Loans & Credit ................................................................................................................................................................................................. 22

Personal Loans................................................................................................................................................................................................................. 22

Credit & Store Cards ........................................................................................................................................................................................................ 22

Hire Purchase ................................................................................................................................................................................................................... 22

Other Loans & Borrowing ............................................................................................................................................................................................... 23

Credit History ................................................................................................................................................................................................................... 23

Loans & Credit Notes ....................................................................................................................................................................................................... 23

Estate & Inheritance........................................................................................................................................................................................ 24

Wills ................................................................................................................................................................................................................................... 24

Lasting Power of Attorney ............................................................................................................................................................................................... 24

Funeral Plans ................................................................................................................................................................................................................... 24

Long-term Care Plans ...................................................................................................................................................................................................... 25

Inheritance ....................................................................................................................................................................................................................... 25

Estate & Inheritance Notes ............................................................................................................................................................................................. 25

Financial Priorities ........................................................................................................................................................................................... 26

Financial Prioritisation .................................................................................................................................................................................................... 26

Financial Priorities Notes ................................................................................................................................................................................................ 26

Financial Professionals ................................................................................................................................................................................... 27

Primary Bank ................................................................................................................................................................................................................... 27

Accountant ....................................................................................................................................................................................................................... 27

Other ................................................................................................................................................................................................................................. 27

Solicitor ............................................................................................................................................................................................................................. 27

Identity & Financial Verification ..................................................................................................................................................................... 28

Name Verification ............................................................................................................................................................................................................ 28

Address Verification ......................................................................................................................................................................................................... 28

Product Intervention and Product Governance (PROD) ............................................................................................................................. 29

Product Intervention and Product Governance (PROD) Assessment (client 1) .......................................................................................................... 29

Client Classification & Investment Solution Assessment (client 1) .............................................................................................................................. 29

Product Intervention and Product Governance (PROD) Assessment (client 2) .......................................................................................................... 30

Client Classification & Investment Solution Assessment (client 2) .............................................................................................................................. 30

Product Intervention and Product Governance (PROD) Notes .................................................................................................................................... 31

Vulnerable Customers .................................................................................................................................................................................... 31

Vulnerable Customer Assessment .................................................................................................................................................................................. 31

Vulnerable Customer Notes ............................................................................................................................................................................................ 31

Additional Notes .............................................................................................................................................................................................. 32

Signature .......................................................................................................................................................................................................... 32


3

Questionnaire Information

Financial planner name:

Current date:

Location:

Basic Client Information

Client Information

Client 1 Client 2

Title:

First name(s):

Surname:

Home address:

Year moved to address:

Telephone number:


4

Mobile number:

Email address:

Date of birth (age):

Place of birth:

Marital status:

UK resident: Yes No

Yes No

Relevant UK individual: Yes No

Yes No

UK tax resident: Yes No

Yes No

NI number:

Gender: M F X

M F X

Health: Good Poor

Good Poor

Smoker: Yes No

Yes No

Basic Client Information Notes

Additional notes:


5

Children & Financial Dependents

Children

Name Relationship Date of birth (age) Financially Dependent

Yes No

Yes No

Yes No

Yes No

Yes No

Yes No

Other Financial Dependents

Name Relationship Date of birth (age) Financially Dependent

Yes No

Yes No

Yes No

Yes No

Yes No


6

Children & Other Financial Dependents Notes

Additional notes:

Employment & Income

Employment

Client 1 Client 2

Employment status:

Occupation:

Employment start date:

Employer name:

Anticipated changes Yes No

Yes No

to employment status:


7

Income

Client 1 Client 2

Basic annual income:

Regular annual O/T income:

Bonus annual income:

TOTAL annual income:

Net TOTAL monthly income:

Income tax rate: N B H A

N B H A

Employment & Income Notes

Additional notes:


8

Expenditure

Regular Expenditure

Monthly expenditure (OR) Annual expenditure

Mortgage/rent:

Food:

Utilities:

Council tax:

Travel:

Social:

Holidays:

Childcare:

Insurance:

Loans/HP/credit cards:

Other expenses:

TOTAL expenditure:

Equivalent TOTAL

Monthly expenditure:


9

Changes to Expenditure

Do you foresee any significant changes to your expenditure within the next 12 months: Yes No

Details of expenditure

Expenditure Notes

Additional notes:

Savings & Investments

Bank, Building Society & NS&I Accounts

Provider Reference Value Owner Purpose

C1 C2 J

C1 C2 J

changes:


10

C1 C2 J

C1 C2 J

C1 C2 J

C1 C2 J

C1 C2 J

C1 C2 J

ISAs, Bonds, GIAs & Direct Equities


C1 C2 J

C1 C2 J

C1 C2 J

C1 C2 J

C1 C2 J

C1 C2 J

C1 C2 J

C1 C2 J


11

Investment Properties

Address Value Owner Purpose

C1 C2 J

C1 C2 J

C1 C2 J

C1 C2 J

Other Investments


C1 C2 J

C1 C2 J

C1 C2 J

C1 C2 J

Savings & Investments Notes

Additional notes:


12

Home & Mortgage

Home Ownership

Home owner: Yes No

Current market value:

Year purchased:

Ownership basis: S JT TiC SO

Mortgage Details

Mortgage outstanding:

Mortgage lender:

Mortgage type:

Mortgage monthly

Mortgage interest rate:

Mortgage term remaining:

Mortgage tie-in remaining:

(If interest-only)

Capital repayment method:

payments:


13

Home & Mortgage Notes

Additional notes:

Insurance & Protection

Life Insurance

Provider Reference Owner Details

C1 C2 J

C1 C2 J

C1 C2 J

Ideal cover, life insurance objective and other details:

Importance of life insurance: Not relevant Low

Medium High


14

Critical Illness Cover


C1 C2 J

C1 C2 J

C1 C2 J

Ideal cover, critical illness cover objective and other details:

Importance of critical illness cover: Not relevant Low

Medium High

Income & Mortgage Protection


C1 C2 J

C1 C2 J

C1 C2 J

Ideal cover, income and and/or mortgage protection objective and other details:

Importance of income/mortgage protection: Not relevant Low

Medium High


15

Health Insurance (PMI)


C1 C2 J

C1 C2 J

C1 C2 J

Ideal cover, health insurance objective and other details:

Importance of health insurance: Not relevant Low

Medium High

Height, Weight & Health Notes

Client 1 Client 2

Height:

Weight:

Additional health notes:

Insurance & Protection Notes

Additional notes:


16

Retirement & Pensions

Retirement

Client 1 Client 2

Desired retirement age:

Describe desired

Is it more important

Current Workplace Pension

Client 1 Client 2

Does employer provide: Yes No N/A

Yes No N/A

Member of scheme:

Yes No N/A

Yes No N/A

Plans to join scheme:

Yes No N/A

Yes No N/A

Required annual

retirement income in

today’s terms: (net/gross)

retirement lifestyle:

to retire at the desired

age or have the desire

lifestyle?

a workplace pension:

‘Survival’ annual

retirement income in

today’s terms: (net/gross)


17

Personal & Occupational Pensions

Provider Reference Type Owner Value

C1 C2

C1 C2

C1 C2

C1 C2

C1 C2

C1 C2

C1 C2

C1 C2

C1 C2

C1 C2

Accessing Pension Benefits

Client 1 Client 2

Pension income certainty C F Both

C F Both

Regular income or lump I LS Both

I LS Both

Purpose of any lump

or flexibility most important:

sum required:

sum required:


18

Want to adjust income to Yes No Unsure

Yes No Unsure

Want to adjust income in Yes No Unsure

Yes No Unsure

Want to pass on pension Yes No Unsure

Yes No Unsure

How important to pass on Very Slightly

Very Slightly

How would you like

Balance of any remaining fund

Balance of any remaining fund

A secure, regular pension

A secure, regular pension

Flexibility to decide themselves

Flexibility to decide themselves

Want to fix death benefits Fix Flex Unsure

Fix Flex Unsure

Taken any pension benefits: Yes No

Yes No

Pension benefit details

Applied for or received any Yes No

Yes No

LTA protection details:

Ever hospitalised Yes No

Yes No

Details of any current

Form of LTA protection:

(inc. % of LTA used):

match ongoing needs:

line with inflation:

benefits on death:

pension benefits on death:

medication:

due to illness:

your spouse/partner to

benefit from you

pension on death:

now or want flexibility:


19

Defined Benefit Transfers

Client Motivation

For what reason(s) does the client wish to consider a transfer of benefits?

Wants more flexibility over retirement income

Wants ability to pass on any remaining pension fund on death

Tempted by a ‘high’ transfer value offered

Wants personal control over pension

Doesn’t require so much guaranteed income in retirement

Wants to repay debts and/or immediate need to access funds

Worried about scheme funding position and/or PPF requirement

Other motivation (provide details below)

Notes on client motivation

Client Understanding

How well does the client understand the implications and risks of a transfer of benefits?

Yes No Unclear

Understands the implications of a transfer of benefits

Understands the difference between DB and DC pensions

Understands the risks of a transfer of benefits?

Emotionally able to deal with implications and consequences of any transfer?

Assessed as a potentially vulnerable customer?

Requires ongoing investment management service, managed

investment solution or is sufficient experienced with suitable

expertise to manage own investments following the transfer?


20

Notes on client understanding

Client Requirements

How well does a transfer of benefits fit with the client’s needs and objectives?

Yes No Unclear

Requires flexibility over pension income and withdrawals

Wants ability to pass on any remaining pension fund on death

Requires immediate access to funds to repay debts or other reasons

Requires a guaranteed pension income

Requires a guaranteed pension income for spouse/civil partner on death

Notes on client requirements

Sustainability Assessment

Is a transfer of benefits likely to be sustainable in the long-term and in the best interest of the client?

Yes No Unclear

Capacity for loss and/or additional secured income sufficiently high

Assessed investment risk level sufficiently high

Assessed ‘transfer risk’ level sufficiently high

Aged 55 or over at current time

Life Insurance option considered and discounted


21

Likely client will run out of money following a transfer of benefits

Notes on sustainability assessment

Value Assessment

Does a transfer of benefits offer good value to the client?

Yes No Unclear

Transfer value offered is a high multiple of scheme income provided

Scheme is currently poorly funded and/or significant risk of PPF required

Transfer Value Comparator (TVC) shows good value offered

Client has spouse/civil partner

Client has current health issues

Client has reduced life expectancy

Notes on value assessment

Retirement & Pensions Notes

Additional notes:


22

Loans & Credit

Personal Loans

Provider Reference Loan Outstanding Owner Interest Rate Monthly Payments

C1 C2 J

C1 C2 J

C1 C2 J

Credit & Store Cards


C1 C2 J

C1 C2 J

C1 C2 J

Hire Purchase


C1 C2 J

C1 C2 J

C1 C2 J


23

Other Loans & Borrowing


C1 C2 J

C1 C2 J

Credit History

Ever been refused a Yes No

Yes No

Ever had mortgage arears: Yes No

Yes No

Ever defaulted on a loan: Yes No

Yes No

Ever had a CCJ against you: Yes No

Yes No

Ever been declared bankrupt: Yes No

Yes No

Ever entered into an IVA: Yes No

Yes No

Loans & Credit Notes

Additional notes:

loan/mortgage:


24

Estate & Inheritance

Wills

Client 1 Client 2

Will in place: Yes No

Yes No

Will up-to-date: Yes No

Yes No

Date will last updated:

Lasting Power of Attorney

Client 1 Client 2

LPA in place: Yes No

Yes No

If no, considered LPA: Yes No

Yes No

Funeral Plans

Client 1 Client 2

Funeral plans in place: Yes No

Yes No

Describe funeral plans or

thoughts about subject:


25

Long-term Care Plans

Client 1 Client 2

LTC plans in place: Yes No

Yes No

Describe LTC plans or

Inheritance

Client 1 Client 2

Likely to receive Yes No

Yes No

Describe likely

Estate & Inheritance Notes

Additional notes:

thoughts about subject:

inheritance details:

an inheritance:


26

Financial Priorities

Financial Prioritisation

Rate the importance of each of the following where ‘1’ is a high priority and ‘5’ a low priority (use ‘N/A’ if not applicable):

Priority Priority

Investing for the future Strategies for older age

Protecting your family Holistic financial planning

Planning for retirement Growing your business

Buying a property Philanthropy

Financial Priorities Notes

Additional notes:


27

Financial Professionals

Primary Bank

Business name:

Business address:

Business telephone:

Relationship with

Solicitor

Business name:

Business address:

Business telephone:

Relationship with

business started:

business started:

Accountant

Other


28

Identity & Financial Verification

Name Verification

Client 1 Client 2 Client 1 Client 2

Passport: Resident permit:

UK/EU driving licence: Firearms certificate:

State pensions/benefits

Sub-contractor

HMRC tax notification: Other:

Address Verification

Client 1 Client 2 Client 1 Client 2

Passport: Utility bill:

UK/EU driving licence: Electoral roll:

Mortgage statement: Rent/tenant agreement:

Local authority tax bill: Solicitor letter:

State pensions/benefits

Bank/building society

HMRC tax notification: Other:

correspondence: certificate:

correspondence: passbook:


29

Product Intervention and Product Governance (PROD)

Product Intervention and Product Governance (PROD) Assessment (client 1)

Client type: Retail Professional

Eligible counterparty

Client knowledge & experience: Basic Informed

Expert

Ability to bear losses: None Low

High

Objectives and needs: (eg. return profile, investment horizon, etc.) – covered by Investment Risk Assessment

Risk appetite: (eg. attitude to risk, risk required capacity for loss, etc.) – covered by Investment Risk Assessment

Product distribution channel: Advised Execution only

Professional

Client Classification & Investment Solution Assessment (client 1)

Client classification: Initial investment solution assessment:

Young accumulator Fully managed investment solution

Older accumulator Low-cost investment solution

At or early retirement Simple investment solution

Latter years Bespoke investment solution

Other


30

Product Intervention and Product Governance (PROD) Assessment (client 2)

Client type: Retail Professional

Eligible counterparty

Client knowledge & experience: Basic Informed

Expert

Ability to bear losses: None Low

High

Objectives and needs: (eg. return profile, investment horizon, etc.) – covered by Investment Risk Assessment

Risk appetite: (eg. attitude to risk, risk required capacity for loss, etc.) – covered by Investment Risk Assessment

Product distribution channel: Advised Execution only

Professional

Client Classification & Investment Solution Assessment (client 2)

Client classification: Initial investment solution assessment:

Young accumulator Fully managed investment solution

Older accumulator Low-cost investment solution

At or early retirement Simple investment solution

Latter years Bespoke investment solution

Other


31

Product Intervention and Product Governance (PROD) Notes

Additional notes:

Vulnerable Customers

Vulnerable Customer Assessment

Client 1 Client 2

Potentially vulnerable Yes No

Yes No

Vulnerable Customer Notes

Additional notes:

customer:


32

Additional Notes

Signature

I/We confirm that the information recorded in this document is accurate and complete to the best of my/our knowledge. I/We

acknowledge that this information can be disclosed by NorthStar Wealth Management Group Ltd to appropriate third parties for

our/my ongoing financial planning requirements.

Client name: _________________________________________ _________________________________________

Client signature: _________________________________________ _________________________________________

Date of signature: _________________________________________ _________________________________________


33

NorthStar Wealth Management Group Ltd

Address: Ocean Village Innovation Centre,

Ocean Way, Southampton, Hampshire, SO14 3JZ

Freephone: 0800 6906 247

Skype: nswmuk

Website: nswm.co.uk

Email: [email protected]

Twitter: @ns_wm

© NorthStar Wealth Management Group Ltd. Registered in England and Wales: 09069129.

Authorised and regulated by the Financial Conduct Authority. Registered office: Ocean

Village Innovation Centre, Ocean Way, Southampton, Hampshire, SO14 3JZ.

example financial planning questionnaire

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