The week begins saying goodbye to my PA before launching into a busy schedule of client meetings, five-a-side football and making plans to go down under
After 19 years, my PA left today. It is devastating personally, but financial independence for him at 45. This is the result of a large critical illness payout to his wife, who has now thankfully recovered from cancer, which will allow them more time together. I feel proud to be in this great profession and to have encouraged them to put significant protection in place.
Following a pension transfer webinar, I have an interesting meeting about wills and trusts planning for a mother and son – a great opportunity to provide added value, opening their eyes to unconsidered opportunities to protect assets.
Across three visits down under, I’m coaching 40 Australian advisers on sustaining success. Following the March trip, I’m up very early for a group Skype call and discussing homework for our August workshop.
I’m very lucky to have opportunities to travel and get paid for helping other advisers develop. Later, I have a conversation with the UK Million Dollar Round Table (MDRT) chairman, confirming I will be the closing speaker at the PFS/MDRT event in London on 25 September.
A client is unhappy with the excessive (contingent) fees proposed by his adviser for a DB transfer, while I am appalled at the poor quality of the analysis and advice that he has received thus far. I explain that I charge a fee for advice, whether he transfers or not, and he makes payment immediately to proceed.
I end the day with my weekly five-a-side football.
Thirty of us meet at The Dorchester in Park Lane in London for our monthly study group to share ideas, learn new skills and enjoy a superb full English breakfast.
I see a new client who owns a law firm. It becomes abundantly clear that his estate planning department cannot do what we do. They may know about law, but not enough about tax and other solutions to provide a holistic service. He pays our engagement and advice fees, with the door open to work with his clients too.
I meet a client buying his first home. His mortgage adviser has not discussed life and critical illness cover. I explain that the premium is an extra 0.5 per cent interest on his loan to make it ‘self-cancelling’ if he died or had a serious illness; appreciating this simple explanation, he applies for policies between him and his wife.
I start the day with a visit to a family to discuss how best to plan their tax affairs. They like the concept of using a whole-of-life policy as a way of creating freedom to spend their own money, while providing a more tax-efficient legacy for their heirs. I also take instructions for a comprehensive package of wills and trusts.