It seems that everything needs to be double and triple-checked following the retail distribution review as so many different fund share classes now apply. Some clean share classes have lower charges if held on a platform or wrap, while others still carry the old higher charges which effectively means a 33 per cent increase in costs to the client. Now which share class is it: A, B, C, R, W, X or I? Oh no – Schroder even has a Z class.
I leave the office shortly after 5pm and arrive home to find a letter from the Chartered Insurance Institute awaiting me, advising that I have been selected to submit my last 12 months’ continuing professional development for review. I wonder if this has anything to do with my recent registration to attend the Personal Finance Society annual conference for the first time? I have been assured by an ex-board member that special sessions are available for advisers like myself whereby you only have to colour in the pictures rather than take detailed notes, although there is a risk I would lose CPD if I colour over a line.
Tuesday
Today is an early start as I need to get to the West Country for a series of presentations to the employees of one of our corporate clients, a large number of who are eligible to join the group personal pension ahead of auto-enrolment. This relationship has been operating on a fee basis for the past 12 years and is a prime example of why charging a fee to the employer on a time-spent basis really does work.
A fair mix of employees attend who ask broadly similar questions, but they all seem reassured that my remuneration is not dependent on them joining the scheme. There is also a degree of suspicion as to how safe pension schemes are: Equitable Life and Robert Maxwell’s legacies still live on.
Despite the long drive home I feel alert enough to attend salsa classes tonight. Three hours of fun working out and learning some new steps with dance master Gio Papas. I am not a gym-goer: dancing is a much better way to keeping fit.
Wednesday
It is another early start as I aim to get to the Cofunds’ seminar this morning. I arrive early so Matthew and Jess, my hosts for the morning, take care of me with several cups of coffee and a bacon roll. More CPD and an interesting talk from Baillie Gifford about its American fund. I have a client meeting to get to on the south coast so I leave before the end.
I have a review for a happy client whose portfolio value has increased by 10 per cent since January. We chat through his income needs and some tax planning issues before focusing on his portfolio. We agree to make a few little tweaks, but it is all good news as his cautiously managed core holdings are continuing to deliver returns in line with our expectations.
Thursday
Most of the day is spent in the office catching up with paperwork. Many of yesterday’s emails are industry news stories; client emails that needed action have already been dealt with by my administration girls. Then it is apple time – we always take a break for healthy elevenses as Vanessa slices up apples for us to eat.
Mid-afternoon I receive a phone call from the managing director of a prospective new client I visited last week. Having interviewed me and two other IFA firms, he calls to confirm the decision to appoint us to advise on the corporate benefit arrangements and preparations for auto-enrolment.
A little more preparation for a long-standing client’s portfolio review tomorrow, before heading home.
Friday
I have an 8.30am pro bono meeting with a local man who is confused about the forthcoming changes to his employer’s pension scheme. It is very satisfying that he leaves feeling reassured and with a much better understanding of his anticipated retirement income position.
The client review later is a pleasure to deliver. She was delighted that her conservatively positioned portfolio had increased in value by 14 per cent during the past 12 months. Very little action was needed, other than arranging for her to take advantage of this year’s Isa allowance. We spend most of our time chatting about her foreign holidays and the trips she has planned in the year ahead. She is happy with the service we provide and the results achieved. Having paid fees to us for many years, she reiterates that we offer good value for money as I present her with the invoice.
It has been a good week in many ways. We now need to celebrate the beginning of a new era at Michael Robinson Associates as we start trading as a limited company. This is the culmination of plans laid down by Mr Robinson before he passed away. But no time for a glass of champagne this week – a cup of peppermint tea will have to do.
Steve Osbiston is senior adviser and director of Surrey-based Michael Robinson Associates
