The Financial Plan Engagement Letter is a crucial document used when establishing a professional financial planning relationship with clients in England and Wales. It serves as the foundational agreement detailing the scope of services, fee structures, and mutual obligations while ensuring compliance with FCA regulations and UK financial services laws. This document is essential for protecting both the advisor and client interests, providing clarity on service deliverables, and meeting regulatory requirements for financial services provision. It should be used at the commencement of any new financial planning relationship or when significantly modifying existing arrangements.
Financial Plan Engagement Letter for the United Kingdom
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Key Requirements PROMPT example:
Financial Plan Engagement Letter
"I need a Financial Plan Engagement Letter for a high-net-worth individual client, including comprehensive wealth management services and tax planning, with quarterly review meetings and a detailed fee structure based on assets under management."
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1. Date and Address Block: Client and firm contact details and formal letter date
2. Client Information: Details of the client(s) and any related parties covered by the engagement
3. Scope of Financial Planning Services: Detailed outline of the financial planning services to be provided
4. Fee Structure and Payment Terms: Clear explanation of all fees, charges and payment arrangements
5. Service Standards and Deliverables: Specific commitments regarding service quality and expected deliverables
6. Duration of Engagement: Term of the engagement and any renewal provisions
7. Confidentiality Commitment: Provisions regarding the handling of confidential information
8. Regulatory Status and FCA Registration: Statement of firm's regulatory status and FCA registration details
9. Client Categorisation: Classification of client under FCA rules
10. Termination Provisions: Conditions and process for terminating the engagement
11. Signature Blocks: Space for client and firm signatures to confirm agreement
1. Additional Services Available: Optional section outlining supplementary services that can be added, used when offering tiered service levels
2. Team Introduction: Optional introduction to key team members, used for high-net-worth clients or complex engagements
3. Investment Philosophy: Optional outline of firm's approach to investment management, used when investment management is part of the service
1. Schedule of Fees: Detailed breakdown of all fees and charges
2. Service Level Agreement: Detailed service provisions and timelines
3. Terms and Conditions: Standard terms of business
4. Risk Disclosure Document: Required regulatory risk warnings and disclosures
5. Data Protection Notice: Detailed privacy policy and data handling procedures
6. Client Authority Form: Authorization for information gathering from third parties
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