Monday
Then, turning to my ‘to do’ list, I promise myself I will end the day having completed more things on the list than are added to it by clients, the business or introducers.
After 10 minutes catching up on some basic points, the “to do” list has to be put to one side as a new client has arrived for a meeting. The client, a lottery winner, wants to know the best way to invest his money. However, he has no will in place, has five children (and I find just having two exhausting), and has been married a number of times. We discuss the potential problems dying intestate could cause him, examine his longer-term goals, and consider a number of differing scenarios. By the end of the meeting there is much planning and investment work for me to do, but first I refer him to a solicitor to draw up a will as quickly as possible.
1-0 to the ‘to do’ list.
Tuesday
I come in to find 30 new emails. How did that happen? I was on my blackberry until I went to bed last night. However, no client meetings today, so I believe I have every chance in today’s battle with the ‘to do’ list.
Today is filled with report checking, phoning clients and signing off ‘non-standard’ engagement terms for my team. Client calls revolve around pension changes, although nobody is asking for Lamborghinis just yet, and the non-standard fees (for once) make perfect sense.
I end the day with a solid three-point advantage over my ‘to do' list (1-1).
Wednesday
Today is filled with a lot of networking – the referrals are always welcome. Breakfast CPD/networking with a solicitor (international succession), followed by a meeting with an accountancy contact regarding a client looking to relocate to Monaco. Then it’s lunch, and then attending a cricket match with an accountancy connection.
Apart from remaining on top of emails and being in touch with the office, the day has been a complete whitewash, and it’s 2-1 to the ‘to do’ list.
Thursday
It is meetings galore today, so after the 35 emails this morning, and a grateful call from the solicitor I referred the lottery chap to, it’s straight to it.
The first meeting is an internal one to discuss communication strategy relating to the ‘pension flexibilities’. Lots of good ideas came out of this, and I still find it refreshing to have a budget that had some nice surprises for financial planners, as it’s not often that those outside the profession think of us as windswept and interesting.
Next is a client looking to retire and draw money from their pension and investment arrangements in the most tax-efficient way possible. This translated into them also wanting to think about future generations, and ascertaining ways to pass legacies efficiently while maintaining their lifestyle.
Following this, a client review meeting reveals that investment performance is positive, and the client’s circumstances have changed little.
My battle with the ‘to do' list has been on the back burner today, and I have resigned myself to another loss this week, as the list is a clear 3-1 up.
Friday
The morning consists of checking second/final drafts of the earlier reports under the watchful eye of the paraplanner, which practically commands: ‘Make any more style changes and there’ll be trouble.’ Thankfully the task is straightforward. The afternoon sees me drafting an internal briefing note regarding the proposed IHT changes.
Overall, a valiant fightback on my part (3-2). Come Friday evening, the week’s ‘to do' list is slightly longer than when I’d started, and I’m warming up to a weekend with my wife and two of the most energetic children you could imagine.
Duncan Wilson is a private client partner of Broadstone, based in London
