LifeTalk Insider #18

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LifeTalk Insider
September 01, 2023 • Estimated Reading Time: 9 minutes

Take a look at what IFAs, Financial Planners and Advisers have been talking about in the LifeTalk Forum this week…

Welcome back and thanks to everyone who has subscribed to LifeTalk Insider - your weekly summary of the top posts in the LifeTalk groups.

We’re a little shorter this week due to Summer holidays, but I hope you’ll still find something useful.

We’re growing rapidly because the majority of advisers share this newsletter with their colleagues. Here’s this week’s selection…

  • From the main LifeTalk forum

  • Post of the Week

  • Forthcoming Adviser Training

  • Money Quote of the Week

  • LifeTalk Playlist on Spotify

Tom and 69 others: (Seen by 2,418 members) I have a client who has been difficult to convince, over the past 12 months to remain invested and not move his ISAs into cash ISAs. We have had similar conversations every 2-3 months and the client has asked to meet asap to discuss moving his money again into cash products.

His argument is that NatWest are offering fixed cash ISAs over 2yrs. Giving 5.5% p.a. with his argument being that in interest alone he would make £50,000 during this period as well as save on the charges he currently pays to have the funds invested with the provider etc. Read more…

LifeTalk member and 51 others: I work self employed in a National IFA network. I have become increasingly concerned over the past few years in the direction this network is going in. I have a bank of my own clients as well as managed about 40% of the networks clients.

The most recent concern I have is the Network are saying that due to consumer duty, I will now have to buy a laptop & mobile phone of their choice but at my cost, to ensure that they are meeting C.Duty requirements for data security. So I will now lose my business mobile number which will be replaced by the networks owned number and that also all phone calls made on the phone will be automatically recorded. It makes me feel uneasy that they are taking away some of the direct access that I control to my own clients. Question…

Nick and 47 others: My prospective client has seeked a second opinion (absolutely fine with this) but she has been advised by this person to go lower risk for 6-12 months because markets are more volatile. Then reasses.

Am I right in saying that this approach is just another version of trying to time the markets? The client doesn't need the money for another 16 years. I'm struggling to find the right words to go back to her. Click…

Ian and 32 others: (Seen by 2000 members) Carry Forward - was checking that I still understood all the rules when I tripped across this from a provider:

You can potentially carry forward any unused AA from the three previous tax years if you meet the conditions listed below:

1. You must have paid in the maximum amount to your pension(s) in the current tax year (this begins on 6 April 2023 and runs through to 5 April 2024).

2. You must earn at least the amount you wish to contribute in the tax year you are making the investment (so, for example, if you want to make total contributions of £100,000 in the 2023/24 tax year, you must earn at least £100,000 in this tax year).

Is it me but point 2 above is either new to me or am I misreading? Click…

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Darrell and 33 others: I am looking at taking on / buying some sort of planning software, I have RetirePlan on an iPad which works well and is simple to use but not easy to get any sort of graphic report our of. The Voyant, Trust and CashCalc etc system all see to be on subscription only and a pretty hefty one at that. What I need is not that complex and even CashCalc is getting on for a £900+ per year. Does anyone know of something which can be used on a pay per play basis or bought and installed on my PC. Click…

Jane and 20 others: Jointly owned property on recent death. Is there anyway house can be split and given into trust after death of first party. It was jointly owned and not TiC so wasn’t covered by Will as such. Click…

LifeTalk member and 11 others: Bank accounts to get authorised.

We're applying for Direct Authorisation under a new entity and name. We need to have a bank account with capital adequacy in etc. When I've asked Santander and Starling to open a bank account they need lease agreements/service charges/insurance etc. or at least something to prove we're a regulated entity and trading as a financial services company. We don't have any of those as we're not authorised yet, but still need an account in order to get authorised. It feels like a complete catch-22. It's not ideal to be using our old account in the old company name going forward. (we can't change name on the existing account btw as we're a new entity).

Has anyone had similar problems and perhaps a solution? Click…

Post of the Week

Carl and 45 others: Moral dilemma- vulnerable client

Client is very vulnerable - wants to gift £200k to his church to clear church debts - if he does it would significantly reduce his capital but he’d still be fine (he gifted £50k to church previously). I don’t think he is thinking straight and easily confused/manipulated - I don’t think he should do this but it’s his money - what yo do? It’s a dilemma - your thoughts? Click…

Adviser Training 6th September - Seven places remaining…

Last week I sent 37 cold connection requests on LinkedIn to people I am targeting for a particular service.

37 of them accepted my request.

The message I use has 5 key elements which almost always work. I know they work for financial advisers too.

Join me on 6th September for our all new LinkedIn webinar for financial advisers and learn the 5 key elements so that you can use this message for yourself.

Date: 6th September Time: 10:30am sharp

Change your perception of LinkedIn, and let's unlock its potential together! Interested? Join everyone else who has registered and reserve your place here.

Money Quote of the Week

“I will tell you the secret to getting rich on Wall Street. You try to be greedy when others are fearful. And you try to be fearful when others are greedy.” Warren Buffett

LifeTalk Playlist on Spotify

Did you know that LifeTalk has an official music playlist? Join us and add your own tunes. Click…

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As always, thanks for reading and see you next time.

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