Diary of an adviser  

Diary of an Adviser: Ascot Lloyd's Peter Simpson

Diary of an Adviser: Ascot Lloyd's Peter Simpson

Monday

Working from home has its advantages. I get to drop my son off at sixth form college 10 minutes down the road. He is in the middle of his A-level exams and is doing ridiculous hours to achieve his goal of studying biomedical science.

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.

Tuesday

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. 

Wednesday

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.

Thursday

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.

Friday

I bump into the friend of a client who enquired about what I do for a living. I dislike the title financial adviser and am always thinking of what else I can say when people ask.

I decide this time to reply with a question. I ask him: “If you could change, develop or improve anything related to the management of your wealth what would it be?” 

He pauses and then says: “I hate paying tax. I hate the idea of the government taking money from my estate when I die and I want my family to benefit from it all.”