My son is just starting out on his chosen career path when mine has been in financial services for almost 32 years. Scary.
As usual, I check my emails and diary first thing. I have a constant running ‘to do’ list, which gets ticked off as the day passes. Today I have my monthly one-to-one meeting with my sales manager in Cambridge, and then a new pension client meeting near Newmarket.
In the evening, I play two hours of badminton at a local club. It helps me unwind.
Today is an office day. I have numerous clients to call and arrange meetings with.
Two weeks ago, we ran a company seminar on wealth preservation in Newmarket and we invited 32 prospective clients. The seminar covered inheritance tax planning, as well as other services we can assist with. The seminar was received very well and I was asked to follow up with 10 of those attendees. So far I have booked three meetings, the first of which is tomorrow.
I drive to meet with my prospective seminar client.
When I arrive at their house I can see why they require wealth preservation advice. Their gorgeous home is worth £750,000-plus, and they tell me they have £1.1m in existing investments, which they manage themselves. The meeting starts with the client opposed to accepting any help. However, by the end of the two-hour meeting they are very open to looking at rearranging their investment portfolio to avoid inheritance tax and also obtain professional investment management.
I am meeting with my wealthiest client in Bury St Edmunds. He only travels here four times a year as he lives in Wales.
During our meeting we establish that he is going to sell company shares later this year and will receive a large lump sum. He is looking to invest these funds, and therefore numerous options will need to be considered once we establish his goals. Inheritance tax planning, venture capital trusts and enterprise investment schemes could all be an option.
We agree to stay in touch over the coming months, liaising with his accountant, to make sure we have the correct solution ready when the funds are available.
That evening another two hours of badminton keeps me in decent physical and mental shape.