Surviving Covid-19’s bite
Regarding your article ‘New advisers to bear the brunt of Covid-19’s bite’ (May 7).
I am a mortgage and protection adviser of more than 30 years, so I am at the veteran stage now.
I am lucky to have a large client base, so I am managing to do two to three remortgages a week at the moment (rather than my usual three to four), but the best thing from my point of view is the decision I took several years ago of taking all life commission on a non-indemnified basis.
Not only am I receiving a steady income through the crisis, but should the economy tank after the pandemic causing people to cancel policies, the effect will be a loss of future income rather than a negative clawback.
True Potential Wealth Management
Regarding your article ‘HMRC wins landmark in-specie tax relief ruling’ (May 13).
I have two businesses: one is an IFA practise and the other an accountancy.
The accountant at the accountancy often seeks guidance from HM Revenue & Customs.
On one such occasion she was told “we have googled it and that was the answer we came up with”.
Therefore, unless you have the ability to understand extremely complex, and sometimes convoluted tax law, you don’t stand achance when HMRC decides to change its view on the matter.
Why even bother with guidance if it can’t be relied upon?
Name and address supplied
Regarding your article ‘“Resilient” advised platform assets beat market falls’(May 14). An interesting article for sure.
I have been doing a considerable number of client valuations recently and I am noticing that all of our portfolios (diverse, global and balanced) are down 3-5 per cent over one year against the FTSE 100 (-18 per cent).
However, your article only makes one tiny mention of diversification.
It’s got nothing to do with the platform itself.
It’s the fact that financial advisers build balanced portfolios with a diversified asset allocation.
It is not ‘platform resilience’, but the adviser’s dedication to building diverse portfolios.
Paying the Treasury’s debt
Following your article ‘Govt told to scrap pensions triple lock to reduce virus debt’ (May 13).
The idea that the government would consider scrapping the triple lock is completely stupid.
Private pensions thatare dependant on the marketplace have already been hit by the Covid-19 virus, so why should the pensioners get hit a second time by scrapping the triple lock?
Pensioners cannot pay for HM Treasury’s debt.
It should come from an adjusted tax system where higher earners pay proportionally more tax.
Pensioners are going to need all the help they can get otherwise they will become a further financial burden on the Treasury.