LifeTalk Insider #20

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LifeTalk Insider
September 15, 2023 • Estimated Reading Time: 9 minutes

Here’s what IFAs, Financial Planners and Advisers have been talking about in the LifeTalk Forum this week…

A big thank you again to everyone who contributes to LifeTalk. Long term member Mike LeGassick said this week to our recent joiners:

“Pat yourself on your back as you've just made one of the smartest decisions you'll ever make in your career. This group contains hundreds if not thousands of years of experience from a collective who love to share and learn. All the best!”

This week has been exceptionally busy and with great energy, and we thank you for keeping it friendly, fun and professional. This week alone, 72% of LifeTalkers have been active in the group.

Year to date has seen 29,641 comments on 2,087 new posts, plus 35,958 reactions. And since the start of 2023 a staggering 83.24% of the membership has been active in the group.

If you have adviser friends or colleagues, or office team members who you think would benefit from joining us, please send them this link: https://www.facebook.com/groups/AdviserLifeTalk

Here’s this week’s selection of posts from the group…

Pete and 43 others: After some info on electric cars and best ways to lease/PCP purchase them. I have a small Limited company. My wife and I own the business and its time to change our cars having previously had two PCP deals for diesel cars. Click…

Al and 27 others: I’d be keen for thoughts on this as a planning tactic for some of my more suitable clients. Click…

Nick and 48 others: Would like the groups thoughts on this… 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 reassess.

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 and I'm struggling to find the right words to go back to her. Click…

Martyn and 10 others: Does anyone have a list of pension providers that will accept weekly contributions? Click…

Richard and 10 others: I’m interested to know which providers /platforms advisers are using to hold cash deposit money for clients who need to be defensive and still benefit from some of the higher interest rates like we are seeing on the high street. Click…

Kasia and 10 others: Is anyone on here using FinCalc for cash flow planning and fact finding? How good/bad is it, and if you don’t mind saying, what is the monthly cost? Click…

Nick and 10 others: A quick sense check. SIPPs can purchase a commercial property but can they purchase a business and if so could they borrow to do so in the same way they can borrow for commercial property purchases? Click…

[POLL] Eugenie and 11 others: New client, with £200k in index linked gilts in a £1m pension pot. Lost about 100k on these to date. Would you sell or hold? Term is 10 years +. Click…

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Paul and 8 others: A scenario has cropped up. Cohabiting couple, been together forever living together, will never marry. Mr has kids from a previous relationship. Mr owns the house 100%. Will is IPDIT then to his kids (she has no kids). No IHT problems.

If Mr went into care I think the local authority could force the sale of the house? She is not a family member, not a spouse, not married. Am I right, could it be sold? If I am right, if she bought 1% of it then she is now a part owner over 60 living there... Would that work? Click…

Scott and 16 others: Unbiased Subscription Increase! We were fortunate to be on a historic deal with Unbiased. So, we didn't see any increase in our monthly subscription for many years. So, whilst we feel that Unbiased has lost its way, we keep with them.

Unfortunately, I now see that they are increasing our monthly subscription by 20%, which is on top of an 18.6% increase last year. Is it time to reconsider our support for Unbiased? Click…

[POLL] Sarah and 14 others: How did you learn how to be an IFA really? Click…

Paul and 20 others: Interesting conversation with a colleague. £200k pension age 62, no other income. Simple client, no real knowledge. An annuity is the best route, but when state pension kicks in it'll be taxed at 20% and currently personal allowance is not utilised.

So, the plan is until state pension kicks in they withdraw £16,6666 as UFPLS every year to fill personal allowance. Then buy the annuity when the state pension starts.

But, what to do with the drawdown money... They could take all PCLS now and buy a term annuity... but that's inflexible if allowances change - this approach means no ongoing advice fees. Or we could go SIPP, use fixed-rate deposits and UFPLS every year - but then we're into fees and they don't think she'll get sufficient value.

Is there a 'simple sipp' where she could go into annual (or monthly) UFPLS with no forms, no involvement from anyone and have proper cash deposits?

Really the FUM is too low for the adviser with their minimum but it is a referral etc etc. I think take PCLS and go fixed term annuity with the surrender value ultimately buying an annuity.

Any thoughts? Click…

Adviser LinkedIn Training - Here’s your recording of the webinar…

From LifeTalk Marketing

Having your own book as a financial adviser is the best business card you will ever give out. Forget about making money from the book itself, but view it as an investment in the promotion of your expertise and adding value to prospects and clients alike. Well done LifeTalk member Mike. Click…

From Financial Planning Rocks

Phil and 36 others: Great pop songs re-done by Rockers? Click…

Money Quote of the Week

“I love money. I love everything about it. I bought some pretty good stuff. Got me a $300 pair of socks. Got a fur sink. An electric dog polisher. A gasoline powered turtleneck sweater. And, of course, I bought some dumb stuff, too.” Steve Martin

LifeTalk Playlist on Spotify

Did you know that LifeTalk has an official music playlist? Financial advisers are adding new tunes every week… Click…

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That’s it for this week…

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

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