We at Sheehan Financial Services have created a process called 'THE LIFE TRANSITION PROCESS' which outlines what we do. The stages are as follows:
Stage 1 - The Life Transition Questionnaire
This process brings a client through a series of questions which will ultimately give a Professional Financial Advisor the information he requires to move to the next step. The questions are about: Family ~ Job ~ Income ~ Attitude to risk ~ Aspirations in areas of Investment and Retirement ~ Current Investment ~ Protection and Assets.
Stage 2 - The Life Transition Profile
This is the process where the Financial Advisor and his or her staff gather all the necessary values and information from institutions the client maybe dealing with and coalesce them into a prepared document to be presented to the client.
Stage 3 - The Life Transition Analysis
This is the process where the Financial Advisor goes through all the information which has been gathered and calculates the cover / investments the client has at present, and where the weaknesses lie eg. investments held, but no life cover.
Stage 4 - The Life Transition Recommendations
At this point, the areas, which are in need of attention, will be visible to both Advisor and client. Recommendations are based on these, and the client will receive a full presentation of options including illustrations.
Stage 5 - The Life Transition Implementation Process
Once the client has confirmed that there are recommendations that he would like to put in place, application forms are completed and submitted to the institutions in question, and Policy Documents are received in due course.
Stage 6 - The Life Transition Updating Process
The Updating process is by means of a quarterly News Letter sent to all our clients. This normally contains explanations on any new products available on the market, and investment performance reports when available.
Stage 7 - The Life Transition Annual In-depth Analysis and Review
This review is more in-depth than the 6 monthly review and goes into the following detail: whether what you implemented are still suitable for their purpose and that situations have not changed in the previous 6 months. Examples of these would be: deterioration in your own or another member of the family's health, moving house or Job, and the growth of your family (another child or dependant).
Stage 8 - The Life Transition Encashment, Maturity and Death Claim Process
The Encashment part of this process comes about when the accumulated surrender value of a policy can be taken as a partial surrender, if the client requires immediate cash but wishes to hold the policy in force. The full surrendering of the policy if the requirement for the policy no longer exists.
Policy Maturity comes about at the expiry date of the policy and is the total cessation of any life cover. The client will be contacted at this point to discuss the possible need to replace the policy with another one. The maturing policy may also have accumulated a surrender value, which can be taken at this point.
Death Claims involve, assisting in and dealing with the Insurance companies and Solicitors in question, regarding the proceeds of the death claim.