Diary of an adviser  

Diary of an Adviser: Hotels, timeshares and child trust funds

Diary of an Adviser: Hotels, timeshares and child trust funds

Family time and helping clients with their businesses keeps this financial planner busy.

Monday

The first day this week is different to usual and I get to enjoy a lovely, warm Monday.

I ended up going for a walk with a couple of my friends and the conversation moved onto the enterprise investment scheme and seed enterprise investment scheme and the benefits to early stage companies.

I schedule an appointment later in the week with my friend and his colleague who need to raise £250,000 to boost their personal improvement app, Curv.

Tuesday

I have one Zoom meeting today with some new clients who own a hotel.

We have been trying to arrange something for a year and so this meeting is a great introduction.

Alas, the client’s connection is not fast enough for Zoom so we have to switch to a phone meeting: capital gains tax on disposal of a hotel and pension planning is on the agenda. I dictate some lengthy notes after the discussion to help my further prompt with a letter.

Wednesday

I spend an hour this morning speaking to a client who wants to withdraw money from their pension to purchase a timeshare holiday lodge.

I am trying to save them from themselves as I believe this is an unwise investment. The client has been sold the dream and has not considered the financial reality. I ask the client to forward me the sales literature so that I can cast my eye over it in detail.

Checking other client letters prepared by paraplanners took up most of my other time.

I receive an unexpected call from a journalist later in the afternoon to assist with their understanding of child trust funds in light of the first cohort being eligible to access the money.

A trip to the beach for a socially distanced BBQ rounds off the evening.

Thursday

The morning consists of checking some of my dictated work from earlier in the week, along with checking some client cases we are submitting to the Financial Services Compensation Scheme.

A quick visit to the pub for a lunch with my family before my sister goes back to university is a nice interlude to the day.

The afternoon involves speaking with the co-founder of Curv about the benefits of EIS from an investor’s perspective and why they should apply to HM Revenue & Customs for advanced assurance if they qualify.

Friday

Today is my ‘keep clear day’ for client meetings to ensure that I can reflect on any work that I may have outstanding as well as making sure I can catch up on checking any cases for other members of staff. I generally like to clear my email inbox by the weekend.

Felix Milton is a chartered financial planner at Philip J Milton and Company