Your LifeTalk Insider #33

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Welcome back… and Happy New Year!

From the LifeTalk forum this week:

Bev and 3 others: I have a case where Zurich are refusing to process the transfer unless the client has an appointment with Money Helper - is there any way around this as it's the first time Zurich have mentioned it several weeks in... Click…

LifeTalk member and 6 others: If a client has a piece of commercial land, Can he put it into a sipp or a sass by being bought by one at its current value and then put a large commercial building/operation on the land after getting planning permission and avoid any capital gains or corporation tax by doing so when the value of the commercial premises/land Rises substantially? Click…

James and 5 others: I recently found myself reading TC 2.1 Assessing and maintaining competence. TC 2.1.14 states “A firm may choose to establish, implement and maintain a training and competence scheme.”

Am I going mad or does that imply that a firm doesn’t have to have a T&C scheme? My mind is blown! Click…

Christopher and 16 others: Regular monthly withdrawals – what is the viewpoint on targeting a cash pot vs just selling down funds each month? We usually look to sell down around a years’ worth of expected regular income + charges and keep this in cash to avoid any potential problems or delays caused by trades. Click…

Paddy: Quick sense check please. Client will earn £120kpa income this tax year and a further £200,000 Capital gain from the sale of an investment. Am I right to conclude that with a gross £20k pension contribution she can restore her personal allowance as Capital gains do not reduce effect it? Click…

Jane and 17 others: Lloyds Bank No.1 PIP £32k- client is terminally ill and told she has to have financial advisor to transfer benefits. Any one know what is the lightest touch process that could be used to advise her? It is the underpin that is the problem but 24 year breakeven and she wants to use the monies now while she is alive. Click…

Paul and 11 others: What file checking services do DA advisers use? SimplyBiz costs have just doubled for our business. Click…

LifeTalk member and 18 others: I have been an IFA for 25 years and went DA in 2021. As young and beautiful as I look at 55 I will probably look to retire from the industry in 5 years and do something else. I just wondered what the options are out there regarding practice buy outs and which firms, if any, offer them. Obviously I know about TP…. We all know about TP although I gather it has changed of late … and SJP for that matter. Click…

Kevin and 10 others: Has anyone been able to obtain a copy of the information request sent by FCA to wealth managers and stockbrokers relating to MPS and bespoke fees? Whilst it doesn't affect us directly, keen to understand what the FCA is asking and how it might shape questions to us as IFAs. Click…

Paul and 19 others: Do dividends erode your personal allowance once they exceed £100,000? I assume so but I cannot find a source. Does anyone have a reliable link confirming this?

The rationale: I have a client with his own successful business, takes out about £360k a year. I think he would be better off taking out £100k one year and then £560k the next year. The rationale being he'll only be tapered every other year AND we will get a £60k pension allowance every other year. Is this right? Click…

Long read (1 minute)

Experience tells me that this is the time of year when many financial advisers, IFAs and financial planners decide that hosting a seminar or educational event is a good course of action.

It certainly is. In fact many of the most successful financial advisers around the world use seminars and live events as part of their marketing and overall proposition.

Seminars, done right, just work.

But of those deciding to host a seminar for the first time, the vast majority make three big mistakes when planning their event. Three mistakes that will result in far fewer attendees.

1) They don't dedicate long enough to the planning. There are many reasons why IFAs might struggle to get 'bums on seats', but the biggest is not really taking their time to get it right. Give it months, not weeks - and plot the planning on a Gantt Chart or similar project management tool.

2) Not having a clear and documented objective for your event. You absolutely must know exactly what you are trying to achieve with your event. If you don't, your promotion (and the event itself) will be woolly.

3) Not having a clear objective for your attendees when they do eventually turn up. Again, document in advance what it is that you want your audience to do afterwards as a result of attending. It could be to make an appointment, to refer someone, to give you a testimonial, to undertake an exercise or specific action, visit your website, listen to your podcast, read or purchase your Special Report or White Paper. etc etc. You decide - but whatever it is, it will make all the difference to the focus of your seminar promotion.

If you are planning a seminar or workshop, start with these three things and your event promotion will be off to a great start.

I'll be sharing more on how to plan, promote and present successful seminars as a financial adviser over the coming days. Or read the second and third post in this series in our dedicated marketing group here.

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