Making a difference to my clients’ financial position puts a smile on my face, but so does having the time to walk the dog and play golf with the boss
Monday
My daily routine begins with a 15-minute drive from North Fife over to Dundee. Previously it was an hour on the train to Edinburgh, so getting in early to check emails and plan my week’s workload and priorities is great. I can also get back home easily to walk the dog.
After a brief discussion about markets and financial news with the other advisers and investment managers in our open-plan office, we crack on with the work in hand. The first case involves calculating the viability of moving a new client’s Isa and investment bond portfolio between platforms. Not only did we save the client £2,500 a year in charges, but we also improved the performance prospects and reduced the risk at the same time. The client was delighted. That’s the value of advice.
Tuesday
Annual portfolio reviews take place today. It involves going over the overall portfolio strategy and tactical asset allocation being applied to my clients’ portfolios with our in-house investment managers. As we have numerous clients with both advisory and discretionary portfolios, this joined-up thinking is one of the main advantages of having the in-house investment management team next to me.
Whatever the client’s circumstances, I love finding opportunities that make a huge difference in their overall financial position. After completing a few portfolio reviews, I finalise a pension transfer report and cash flow forecast for a new client who’s looking to access flexible benefits from his occupational stakeholder pension. Fortunately the cash flow forecast painted a really positive picture and will give the client the flexibility of income that he needs in retirement.
Wednesday
I have an early meeting with a couple who need help deciding what amount of capital they can afford to gift and still sustain their existing lifestyle. Using our cash flow software, they leave knowing they have plenty of scope to gift to their children while leaving more than enough for their own use.
It is so satisfying to see how cash flow forecasting gives clients so much peace of mind. I am sure their kids will be grateful in years to come.
Thursday
After writing a blog for our LinkedIn page, this morning brings a relatively complex client who requires advice on lifetime allowance, inheritance tax, employer pension contributions and tapered annual allowance. After bouncing some ideas around the team, I formulate a strategy report.
After lunch, I head to the Edinburgh office to attend our annual garden party to meet clients and to touch base with professional connections. It is always good to network.
Friday
As usual, Friday starts with a breakfast roll run with the trainees before checking on my workload progress. Now up-to-date, I complete some more CPD (continuing professional development) to develop my later life knowledge.
It won’t be long before I get my Solla (Society of Later Life Advisers) accreditation, which will really help me guide clients and their families through this often difficult stage of life.
Time now for a quick game of golf with the boss, who’s desperate to cut his handicap. All round it has been a satisfying week.
Duncan Arthur is a chartered financial planner at Blackadders Wealth Management
