Monday
Tuesday
I have an annual review meeting with existing clients this morning. We conduct our annual reviews in May/June, so now is a very busy time for us. As their situation and objectives remain unchanged, we agree to continue with the current investment strategy. I will continue to provide them with quarterly updates and will of course notify them if I have any concerns. In the afternoon I attend a pension roadshow hosted by AJ Bell. The speaker, Mike Morrison, delivers a witty and educational presentation and highlights some issues that I may need to discuss with some of my clients. As my golf club is located close to the meeting venue, I ‘drop in’ for a few holes before making my way home.
Wednesday
Today is a busy day. I have two client ‘annual review’ meetings, plus my accountant is in to help me submit our Gabriel regulatory return. Generally, our client portfolios have performed well over the past year, which is always a good basis on which to start a review meeting. I warn my clients that investment returns in excess of 10 per cent a year are not the norm and that they should therefore expect leaner times in future. Both meetings go well with the first client wishing to add to their investment. Submitting the Gabriel return also goes without any hitches, but I am still left wondering about the relevance of most of the information we need to provide.
Thursday
I am up early and in my local pool for 7am to complete a 2,500m swim. I swim twice a week to keep fit. Thursday afternoons are normally set aside for golf, but today the course is closed and I also have a client annual review meeting booked at 3.30. These clients have been with me for just over two years and in the beginning were extremely cautious about investing. Their portfolio has performed extremely well and they are very happy with the advice I gave them. In fact they are so pleased that they seem to have lost all inhibitions and now want to invest more money. I caution against getting carried away but agree to report back to them with some proposals.
Friday
My last appointment of the week is a ‘discovery’ meeting, this time with someone wishing to transfer out from an old DB scheme. Understandably, he is attracted by the large cash equivalent transfer value but cannot see what all the fuss is about. “Why can’t I just have the money?” is his line of enquiry. If only it were that simple.
Simon Torry is a chartered financial planner at SRC Wealth Management
