Monday: I was in the office at 8am, and started the day by going through the forthcoming week’s tasks with Catherine, my secretary.
The week ahead was looking quite varied, with a mix of client appointments and meetings with fellow professionals among many other things.
This week, like we have done previously at this time of year, we had in the office a work experience placement. I spent a good while talking to him about what we did, going through some client-facing documents so he got a feel for how we worked and what financial planning was all about, before starting him off on some practical tasks.
Tuesday
Today was a day for client meetings. My first was a meeting with a long established client of some 15 years. The focus of the meeting was retirement planning, which with only five years before his anticipated retirement was becoming increasingly important.
My second meeting was also with a long established existing client, a lady in retirement, who has lived such a varied and interesting life that she would easily keep you entertained with anecdotes and stories all day long.
She is now at an age where care home fees were becoming an increasing concern and this was very much the emphasis of our conversation.
Back home on Tuesday evening, to relax I did a bit of painting, not the walls or ceilings but on canvas. I enjoy oil painting and am currently trying to finish off a painting of The Cobb in Lyme Regis from a photo taken when on holiday back at Easter.
Wednesday
An early start to an exploratory first meeting with the owner of a small local IFA practice. He is looking to retire and we are looking to grow our business, so we agreed to meet to discuss the possibility of acquiring his business.
My next meeting was with a solicitor, who had recently changed jobs and became a partner in a new local firm. As a solid referrer of clients to us, I wanted to maintain my relationship and find out more about her new firm, how the new practice works and how we could continue to assist her and potentially her new colleagues.
The final meeting of the day was a regular one that I attend in the centre of Birmingham, at the West Midlands Collaborative Family Law Group. The group comprises family lawyers, financial advisers, accountants and associated professionals.
Thursday
I spent much of Thursday morning in conversation with a potential new adviser, who is looking to join our practice, primarily looking at the best way to extract him from his existing predicament. I received the final versions of our later life advice brochures, guides and documents and I took the opportunity to send the key documents to those lawyers who I know are involved in this area of work, and who we have some good connections with, and had previously discussed the service with.
I carried out some preparatory work for my day planned in Yorkshire the following week with a fellow Beaufort partner. The evening was spent at my youngest daughter’s new school watching an end-of-year production by the drama club.
Friday
A new meeting to start the day with a client who had recently divorced.
My task was to help her put in a place a plan to generate sufficient income from the financial settlement, so she could meet her expected outgoings for the foreseeable future.
I spent Friday afternoon in the office, reviewing the week with Catherine and writing a few articles – one for our website, one for a local magazine and for The Adviser Lounge.
Paul Gorman is a chartered financial planner and principal partner at West Midlands-based Beaufort Planning
