Monday
My week starts with one of our defined benefit scheme Enhanced Transfer Value projects. My role is to host one-to-one calls and meetings with scheme members wishing to explore the options, and offer advice on their circumstances and help them make the right decision.
Our specialist retirement planning team has provided updates and briefs on the schemes, rules and members’ benefit entitlements. Recent legislative changes have provoked a great deal more interest in this. So far, no one has requested taking early retirement options in order to buy a Lamborghini –
Tuesday
I am in our Birmingham office to catch up with my paraplanner and client support administrator and attend our monthly branch meeting. The Birmingham branch includes a cross-section of private and corporate advisers. Each adviser tends to specialise in one or two areas, but has the support of colleagues across the group to provide comprehensive advice in all matters to our clients. This level of support and co-operation is a key reason for our success.
Following chancellor George Osborne’s proposals, which will revolutionise pensions, we have a briefing note from our individual savings and investments division highlighting the opportunities for clients and the need to integrate estate and inter-generational planning into their retirement plans. Further briefings will follow with an action plan to follow up with clients.
Then I go with my colleague, Malcolm Denton, to meet a care home owner. We provide their residents and families with help and support with regards to funding care fees, including helping them get access to State benefits where applicable. I am introducing Malcolm so he can explain to the owner, who employs 50 staff, how to meet her auto-enrolment obligations and how our unique software solution aeComply can help.
Wednesday
A client is considering cashing in some of her investments to help her daughter buy her first home. We discuss the implications of this and our latest cashflow review for her which demonstrates she could afford to make a gift to her daughter without compromising her own income in later life. I introduce her to Maxine Wilkie, a member of our mortgage adviser team, which provides mortgage advice on a whole-of-market basis.
Thursday
Today I man the Paying for Care chat room, sponsored by the charity payingforcare.org, and designed to inform those needing care and their families of the availability of help and advice. As independent advisers we can look at all solutions, including using existing investments, equity release, immediate care annuities, state benefits and funding via NHS continuing care. Our reports, designed to help families and lawyers of elderly individuals understand how long their funds might last and access the help available, are regularly updated so clients can keep track of their ability to fund their care.
Friday
Back to Birmingham for our pensions on divorce seminar for local solicitors. LEBC Group is a continuing professional development accredited trainer for the Solicitors Regulatory Authority. While divorce planning is not one of my specialist areas, these solicitors are also involved in advising families on care fees and estate planning.
After the seminar I dial into a webinar on our model portfolios and the planning tools we have created to help us choose appropriate portfolios for clients’ investments and pensions.
Coming up, I have a retirement counselling seminar for a national employer in the engineering industry, so I run through my presentation material. Maxine emails to say she has a mortgage offer for my client’s daughter and asks me to follow up on the mortgage protection she will need.
Richard Frost is a senior financial planner at Birmingham-based LEBC
