So proud of chartered status
Sarah Chandler, chartered financial planner for the personal wealth management department of Newcastle upon Tyne-based Rutherford Wilkinson, has taken over a client bank after the acquisition of female adviser’s business and needs to discuss any changes to their circumstances and, if necessary, rebalance the asset allocation
The week begins with a (relatively) early start. I like to be in the office by 8am so that I can review my diary, update my to-do list and plan my week ahead in relative tranquillity.
I am usually finishing these tasks when my paraplanner, Owen, arrives, which affords us the opportunity to plan the forthcoming week together. Owen is ex-military, so to say that he keeps me organised (and in check) would be somewhat of an understatement.
After going through my post and reviewing some paperwork, it is time for a client meeting at 10am. Mr and Mrs Smith are new clients so I do not know too much about them, or their requirements, heading into the meeting. They turn out to be a very pleasant couple in their mid-50s whose primary concerns are saving hard for their retirement and providing for their grandchildren’s education. We discuss the possibility of establishing a trust for the benefit of their grandchildren, which has a number of attractions for them. They ask me if I can recommend two or three local solicitors who would be able to advise them and prepare the trust documentation, if required. I provide contact details so that Mrs Smith can obtain fee estimates.
The remainder of the day is spent dealing with paperwork until a 4pm meeting with John, an existing client. John’s wife has recently given birth to their first child and he wants to increase his life cover. He is well-educated and a savvy client and therefore knows exactly what he wants, meaning that the meeting is relatively straightforward. I leave the office shortly after 5pm, collect my dog, Henry, and go for a long walk in Northumberland to unwind.
It is another early start with an 8am client meeting. Simon is an existing client who is the financial director of a local business and who is approaching retirement. Simon has a Sipp with a fund value approaching the lifetime allowance. He wants to discuss his at retirement options and, understandably, seems reluctant to consider annuitising at this stage. I agree to consider some options for Simon and issue a report confirming my recommendations. It is times like these that I am glad we have a dedicated technical manager, a fellow of the Personal Finance Society, with whom I can discuss technical or complex issues. The remainder of the day is spent researching and preparing my report to Simon.
Today I have two client meetings, both annual reviews. The first is with another of my inherited clients. Mrs Jones is an affluent divorcee with a number of investments which she acquired as part of her divorce settlement. Her daughter is about to marry and Mrs Jones wishes to realise some cash to assist her daughter with the wedding costs and to provide her with a deposit for her first home. Following the factfind it is apparent that Mrs Jones’ attitude to risk has also changed (primarily due to the sudden death of her ex-husband) and we agree to take this opportunity to re-balance Mrs Jones’ portfolio. We also agree to put this on to a wrap platform, in order to consolidate her investments into one place and to enable me to deliver our professional financial planning service.
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