I finish initial financial planning reports for two prospective clients – a few days later than I had hoped but I am pleased with the results. Both are focused on income in retirement and IHT, and both benefit from cash flow modelling - one is a complex mixture of income sources and tax treatments, the second more straightforward, but having made a number of gifts over the last seven years our options for IHT planning through discretionary trusts are limited. Financial plans form the cornerstone of our advice. They help keep adviser and client alike focused on the issues and serve as a living document that is constantly reviewed and updated.
Tuesday
The morning is spent with the accountancy firm I have worked with for over 15 years. Visits usually throw up at least one interesting discussion point and today was no different – looking at the treatment of trust income from a Guernsey Trust.
Wednesday
Alternate Wednesdays see me visit our West Sussex office and catch up with the paraplanning and administrative support for the six advisers in the Lothbury Group. But this is not one of those Wednesdays.
I am in the London office today. I start with a follow-up phone call to an enquiry through unbiased.com to South Africa. He has been on secondment from the UK for two years, getting married this weekend to a South African and after two weeks honeymoon heading back to the UK – now that is a busy July.
Sourcing new business is the life blood of any business and we are no exception. While most of our clients still come from referrals I have noticed a significant increase in web-based enquiries over the last 12 months. We are continuing to develop our online presence.
It is then on to meet with one of the private banks we work with. The level of customer service and attention to detail of some of the private banks provide in my mind puts some in the ‘retail sector’ in the shade. Continuing evidence that clients are willing to pay a fair price for quality service.
Thursday
It is an early start this morning and another new client meeting. This is the third meeting with him and he has engaged us to produce and implement a financial planning strategy following the sale of some of his shares in his business. I need to talk to the accountants about the treatment of UK share options in different jurisdictions, and to the solicitors about IHT strategies. Today illustrates the importance of having a solid network of professional connections behind you. Their knowledge can add so much to our proposition – and vice versa.
Friday: I have been looking forward to today for a few months now.
Twelve of us assembling from all points south in Brighton for the first ever Lothbury Summer Conference. Among the advisers, we have three fellows of the PFS and our paraplanners are diploma qualified. The objective for the rest of the year – the company to achieve Chartered Firm Status – long overdue.
Tony Clements is a chartered financial planner of Lothbury Wealth Management based in London
