Page 249 - DMGT515_PERSONAL_FINANCIAL_PLANNING

Personal Financial Planning

Notes ‘Best Practice’ Record Keeping

Throughout this introductory unit we have emphasised that a vital ingredient in conducting a
successful financial planning practice’ is the need to maintain accurate and complete records of
all aspects of your dealings with a person.
A financial planner has two main methods of file/record keeping. These are the ‘paper’ file and
the computer file and both methods are essential these days.

Paper Files

The paper file is the one which is on hand and at ready disposal when meeting with the person.
Some financial planners maintain just a single file for each person while others operate two
paper files.

The single-paper file approach sees the file constructed along the following chronological lines:
File notes of first meeting;
Person questionnaire/data sheet;

Photocopies of person’s investments, insurances, wills and so on;
Worksheets on plan preparation;
Copy of final written plan;
File notes and other material arising from plan presentation meeting;

File notes and correspond once/material arising from any third meeting to answer person’s
questions about the plan;
Copies of all investment applications and cheques drawn;

Copies of all new investment acknowledgements/certificates/policies;
A running record or data sheet of all investments that shows:
Name of investment;
Date made;

Whose name it is held in;
Number of units purchased;
Investor/policy number;
Copies of all outward correspondence;

Copies of all facsimiles and emails to/from the person;
Originals of all inward correspondence relating to the person;
Copies of all portfolio review reports and file notes from such meetings; and
Copies of all file notes made from any person contact, i.e. in person or telephone.
The two-paper file approach sees a separate file for:

File notes;
Person questionnaire/data sheet;

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