Diary of an adviser  

Diary of an Adviser: Compliance efforts and provider woes

Diary of an Adviser: Compliance efforts and provider woes

A busy week full of early starts, compliance requests and provider woes for this adviser

Monday

I am an early riser and at my desk for around 7am. 

Once I have sorted out emails and listed who I need to phone, I make a start on my pensions admin work – chasing companies for information and dealing with scheme administration, re-enrolment and declarations of compliance with the Pensions Regulator.

My business was founded on this work and it remains the backbone of this advice company.

I move on to Zoom calls with clients, discussing defined benefit transfers.

Tuesday

Every other Tuesday I join a networking group – remotely at the present time – during which we take it in turns to present our business to the others in the group. 

The group has been a source of great support during lockdown, when I am working in isolation and not able to bounce ideas off anyone. 

When I get back into my work routine, I start to wade through some DB cases and finally get into some studying. I am taking AF7 in April 2021.

Wednesday

Wednesday provides an opportunity to complete a few compliance requirements from my network, pi financial. 

It still has a skeleton team in the office and file checkers working from home. 

It has asked to check a recent pension case so I need to submit the complete case file.  

Pi expects its advisers to complete two compliance tests every month, so I plough through both of those.  

Having completed the tests, the rest of the day is a bit mad as I have three client calls back-to-back.  

Thursday

After another early morning run, I am back at my desk. 

I have noticed that I am getting more DB cases from outside my catchment area. I am thankful for Zoom, which means I can have a virtual face-to-face meeting without having to drive for hours.

I have been getting a lot more protection cases and even more people looking to retirement. Lockdown has led to more people taking stock of their situation and perhaps becoming more introspective. 

Friday

Frustration again as I try to get through to a few providers who are all working from home, so there are massive delays. 

I have to go on ‘live chat’ with one, which is fair enough but then I contact other providers and hit a brick wall with one, which states it will only take calls if there has been a bereavement. 

If that wasn’t bad enough, I was on hold to HM Revenue & Customs for an hour trying to contact them with a query.

On the plus side, I find all the clients I have contacted today have been remarkably upbeat and I am blessed to have such lovely, decent clients. It is so important to invest and establish a good relationship with them. Despite the uncertainties of 2020, it has actually been my best year to date.