Using MyFinancialPlan

"Pay what you can" financial advice

Whilst most independent financial advisers charge over £150 per hour, we want to make our services more widely available and we want to be able to see those people who are really struggling and unable to afford anything.

Advice process:

When you contact us, we will ask for some basic contact details from you so that we can record you as a new client of myfinancialplan.
We will then start by asking you to tell us why you need financial advice. In financial planning terms this is recording your objectives.
Depending on your objectives, we will then ask you some more detailed questions which will help us to analyse your situation and your needs.
We will then be able to provide some solutions which we will wherever possible put in writing to you and which you can take away with you.

Paying for the advice:

At the end of each meeting or discussion we will present clients with a guide-line bill for our time using the standard hourly rate of £40 per hour including VAT. You must then decide how much you are willing or able to pay. You can pay by cash, cheque, bank transfer, debit/credit card (although we do not recommend paying by credit card unless you can afford to pay it off in at the end of the month) or paypal.

Why not £150 per hour?

If a Financial Adviser provides investment advice or acts as an intermediary for a regulated financial product, the adviser must be authorised and regulated by the Financial Services Authority. This business will not give "regulated" advice and so does not have the associated costs of regulated advice such as FSA fees or meeting some of the other regulators' requirements.

This does not mean that the advice provide by myfinancialplan is in any way second rate. It is simply a different form of advice which can be provided on a wider scale at a cheaper cost.

No-cost guarantee:

We do feel so confident that you will obtain some real benefit from this approach that if you feel the session was not worthwhile you pay us nothing. This way we can completely guarantee that you will only pay us what you think the session was worth.

A social perspective:

As you will see, we want to see our knowledge and good intentions used widely. Some will be able to afford more than £40 per hour and some will not be able to afford anything. We appeal to those who are able to pay more effectively to subsidise those who cannot pay anything. This way, we are able to offer an open door policy to all-comers, as long as it continues to be commercially viable.

Remember this is not a charity. It is a business with all of the overheads associated with a business. It will only succeed as a long term service if enough income can be generated to pay the wages of the staff and cover the over-heads.