Your IndustryAug 1 2014

Diary of an adviser: Ian Osang

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Monday

The dog takes me for a walk, then a visit to the gym sets me up for the week. A busy day involves overseeing the processing of two annuity cases and a pension application, a drawdown review to alter the asset allocation and funds for a long-standing client, and a fact-find meeting for a prospective client who has been referred to us. His existing pension provider has seemingly forgotten to pass on investment growth for the past decade, and he would prefer to house the monies where this trend is likely to be reversed.

clients having a full understanding of the options available, and why some have been discounted, avoids problems in the future

Tuesday

I grab two hours CPD at 7am, then have another productive day. A drawdown review for a client of 10 years’ standing results in a decision to slightly alter the asset allocation and funds. He is well ahead of projections made in 2004, so all is well. I draw up a complaint to a provider on behalf of a client. We do not bill the provider for the time wasted, and make it clear this is because of the excellent service we have historically received from the two direct company contacts. I hope they get the credit they thoroughly deserve. Following a meeting with a new client last week, I send a lengthy email outlining his options when he retires in a few months, along with pros and cons, so that he is fully informed ahead of our next meeting. I like to involve clients in any decision-making and firmly believe that clients having a full understanding of the options available, and why some have been discounted, avoids problems in the future.

Wednesday

A frustrating day spent trying to finalise an annuity for a client and get their tax-free cash released after a ceding scheme finally transfers his funds. I get confirmation at 4.30pm that the tax free cash has been released and thank the provider for finalising matters within 24 hours of receiving funds. I receive two calls from prospective clients who have been referred to us and agree to conduct research for them. Some items scheduled for today, including an investment review, have to be put back 24 hours, so I will be playing catch-up tomorrow.

Thursday

I catch up with the outstanding investment review, and recommend a few minor alterations to the asset allocation and funds. I revert to a client with regards to some IHT issues and arrange two client meetings. I liaise with our compliance consultants on technical matters and deal with some fund alterations for a client.

Friday

After my regular 7am Friday meeting with my partner, I contact a prospective client who is approaching retirement and has asked for help looking at his options.

I then have a meeting with a long-standing client who has had a recent addition to the family, and chase a platform provider for information we have been asking for. A few letters need signing before I can look forward to the weekend and a much-earned rest.

Ian Osang is a partner at Essex-based Ingard Independent Financial Management