Your Personal Financial Report is the cornerstone of your financial planning. Once you have completed a Fact Find we will use it as a basis to conduct research on your behalf before setting out some recommendations for you to consider.
Your Personal Report will typically include a Suitability Statement, Research Reports, Product Key Information Documents (KID), Fund fact sheets where applicable, and any additional material relevant to the products and services being discussed.
Below is a breakdown of a typical Suitability Statement.
Statement of Suitability Structure
Important Notice – Statement of Suitability
This is an important document that sets out the reasons why the product(s) or service(s) offered or recommended is/are considered suitable, or the most suitable, for your particular needs, objectives, and circumstances.
Your Personal Circumstances
We set out information gathered on the fact find about you, your family, your date of birth, your smoking status, your health including any underlying health issues, your occupation and income, any additional sources of income, and any other relevant information.
Important Notes: Medical Underwriting
Full disclosure of your personal circumstances (including age, health, family health history, etc.) is essential to the re-assessment at the underwriter stage of the suitability of recommended products to your personal circumstances and to an assessment of their cost to you.
Your Needs and Objectives
Here we set out your financial goals and objectives. We look at your financial protection needs including Life Insurance, Income Protection, Serious Illness Cover, Mortgage Protection, and if relevant Business Protection and Inheritance Tax Planning.
Your Financial Situation
We will discuss your financial circumstances in some detail and will measure your Assets against your Liabilities.
Product(s) or service(s) recommended
A description of the benefits and features of the type of products/services recommended. For example, ‘you require a mortgage protection policy with €300,000 life insurance for 35 years.
Product options
We compare the options available in the market and produce research reports.
Our recommended product(s)
Based on the needs highlighted and the research carried out we will make some recommendations for you to consider.
Risk profile of this product – Your Attitude to Risk and Capacity for Loss
If the product or service recommended has an investment element we will reference the Investment Risk Questionnaire completed at the fact find meeting.
Guarantees and limitations
We will highlight any guarantees and limitations contained within the policy details e.g. a deferred period on an Income Protection policy or Exit Penalties on an Investment Bond.
Summary of recommendations
A short summary including advice to retain an emergency fund, and to make a will or to update a current will.
Emergency Fund
This is a fund that is readily realisable and ideally should be a minimum of three months’ salary. The Central Bank recommends that firms refer to the need for an emergency fund, to ensure that customers have access to sufficient disposable funds in the event of a requirement for future healthcare needs or other potential unforeseen events.
Declaration
Both your advisor and you will be required to sign a copy of the Suitability Statement for the advisor’s records. You will retain a separate copy for your own records.
| Warning: Past performance is not a reliable guide to future performance. Warning: If you invest in this product you may lose some or all of the money you invest. Warning: If you invest in this product you may lose some or all of the money you invest. Warning: These funds may be affected by changes in currency exchange rates. |