After a long weekend away, this adviser spends his week meeting clients both old and new
I start the week a little tired after flying back at 5am from a long weekend. My commute to central London is simple enough and, with plenty of coffee, I am ready for the week.
My first meeting is an internal one, known as the ‘DB Forum’, where the team discusses a new defined benefit transfer advice case.
Preparation for a meeting like this can take over a day and the cases can be very complex, but fortunately it is straight-forward and the group agrees that this case should proceed to the next stage. We are still some steps away from deciding what our advice will be, but presenting it in the meeting highlighted some potential issues for consideration.
I spend the afternoon tracking the progress of a number of pieces of advice I am working on.
I meet a potential new client in the afternoon with one of my colleagues.
The potential client and his wife have accumulated significant cash savings in pounds, euros and dollars and want advice on investing this in a tax efficient way.
We discuss a number of issues that concern them, such as: his residency and how that could change; 45 per cent income tax; the risks surrounding currency; and how best to fund a property purchase they are considering.
My colleague and I agree to conduct some basic research into their existing pensions and investments first, and arrange a further meeting to discuss the options available in more detail.
I have an interesting meeting with two representatives of a charity discussing a possible partnership arrangement where we will offer financial planning services to their members.
They have around 12,000 members who have suffered spinal injuries. The charity already has excellent links with the legal profession to help their members find the right professional expertise, and they want to expand this service to accountants and financial planners. The meeting goes well and I take away some action points.
In the afternoon I attend a meeting to learn more about Foster Denovo’s new platform, Clearview, and model portfolios, the Dynamic Portfolios.
This morning I discuss some maturing Enterprise Investment Scheme investments with a client.
We have used a portfolio service and received a good result from two of them but a weaker result from the other. Overall this is a pleasing outcome.
The client wants to reinvest and this suits our general plan, but I explain how some significant legislative changes have come into effect since we first made that investment, so I recommend using a venture capital trust this time instead. We agree to discuss again later in the tax year as there is no urgency to make a decision.
I have a late lunch with a client who I have advised for many years, since helping him to retire in his early 50s.