All costings are then kept on file and reviewed regularly to keep it fair for clients and to avoid cross-subsidy.
DIY financial planning
Eleven.2's average client size is £600,000 to £700,000, though it also serves those in the accumulation stage who do not yet have substantial assets.
Most of Moss's clients have come through client referrals. He has found services such as Unbiased less useful, saying people were often looking for one-off solutions, which did not fit his style of planning.
"The financial planning process and having a cash flow plan for clients — it's very low value as a one-off piece of work, because all the assumptions are going to be immediately wrong on like day two, and you're drifting away as soon as you started," he says.
This does not mean financial planning cannot be simple though, and perhaps even done without a professional planner, he adds. "This idea of everybody needs a really complicated Voyant cash flow plan with really granular information in it — I don't think it's true," he says.
"I think that actually puts people off the idea of planning. I was trying to make this point clearly to clients [that] financial planning isn't about having a really complicated plan in Voyant that we update a few times a year, sometimes it'll just be a question of using a spreadsheet to work out what's the sensible level of pension funding or, the other way around, based on how much you're funding your pension at the moment, what income is that likely to realise for you down the line?
"People have very little concept of that. These are people who are putting quite a lot of money into their pension through work. They've got absolutely no concept of whether that's a small or a large amount, or what it's going to translate into," Moss continues.
"If I speak to a client initially and they're not for us or they don't want what we offer, they don't want the financial planning, I'll always stress that a lot of this stuff you can do it yourself if you're competent in Excel. There's online tools where you can do it — iPhones have a decent sort of slimmed down cash flow planning tool, which clients can use themselves.
"Quite often it will just be a case of I'll signpost how to use these things and you can use it and, if you're happy to go and pick the investments yourself, then you've probably got all the bits you need."
Yet, he regards it as a source of frustration that it's still so hard to deliver regulated advice to people who haven't built up the assets.
