Your LifeTalk Insider #36

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Welcome back…

From the LifeTalk forum this week:

NEWS! LifeTalk is 20 on the 1st February! Look out for an exciting announcement...

Tim and 31 others: For those who charge a fixed financial advice / planning fee, do you charge this twice per couple? Eg £1500 x 2 . Or do you charge the one fee to cover both? Click…

LifeTalk member and 55 others: I am employed by a small DA firm. Our process for sending clients reports is to use Adobe sign and request signatures. It is not possible to password protect these documents.

My reading of legislation I believe we are obligated to use 2-factor protection and our process does not comply. I also had a client raise it and ask how this was secure. I've suggested a different process where by we password protect documents and simply request clients reply to email to confirm to proceed.

MD has told me he believes its fine and to get on with it and that I'm creating unnecessary additional work for others including myself. I really don't feel comfortable from a professional ethical standpoint. I'd love it if I were wrong and that this process were ok if anyone knows. Otherwise what should I do? Click…

Paddy and 15 others: True Potential transfer out fee of £250, is this only applicable if they transfer out within 1st 12 months? Click…

LifeTalk member and 16 others: I am dealing with a family with an elderly father. He was the ultimate beneficiary of an interest in possession trust. Last year, the trustees instructed to surrender the bond in this trust. It was a bad move as the taxation to him as a higher rate taxpayer could have been easily eliminated through assignment to his wife. The son has asked what guidance was given by the adviser was given and the response from the adviser was:

“We have acted upon the instruction of the trustees to surrender trust assets, no further guidance provided as the trust was regarded as closed”

I have no wish to stir the pot but I’m struggling to see why any adviser with a bond with pregnant gains wouldn’t automatically flag taxation issues. The trustees are lay people and have advisers for a reason. I’m not authorised to handle complaints but am I alone in being extremely uncomfortable about this and wondered how other members of the group would deal with this? Click…

Danielle and 3 others: I've got a young client, only 37, who has no life or CIC and is the breadwinner in the house. She was diagnosed with angina at age 27., but no angio stents and no bypass. I have spoken with pre-sales underwriting at Zurich, L&G and Aviva and none are able to offer terms due to this condition and diagnosis at such a young age.

Has anyone comes across this or know of any providers who would be able to offer terms? Click…

Clare and 16 others: What providers are people currently using to invoice clients and allow them to easily pay via a link for ad hoc fees/direct payments. We have discounted Stripe but looking at Blink, Go Cardless PaybyLink and Paypal. Any recommendations? Click…

Neil and 10 others: Does anyone offer any form of ‘light touch’ review and willing to share what they provide? We’re having a ‘discussion’ with our compliance support about how we can meet the requirements for ongoing suitability whilst having a lower cost review option for clients with less assets that we may still want to look after. Click…

Miles and 12 others: Anyone have experience of Dynamic Planner? Functionality - cost - ease of use? Click…

Jack and 22 others: Having an absolute brain melt here (need to space my annual reviews better...) and this is a really obvious answer I'm sure...

Client is 75, has used some PCLS on a sizeable pot and has a fair amount of PCLS left over still. He's been in touch as he's finally finished work and needs an income (was SE for many years, no DB/FS).

My question really is: better to do an annual PCLS to cover him for the year and have the cash buffer each year until PCLS runs out then switch to drawdown later, or to go to UFPLS from now and just do monthly drawdown?

If the latter, and he's slowly decumulating through UFPLS, he can then use any remaining relevant PCLS if needed? Click…

Later Life and Equity Release advisers…

I'm putting together a full day, high content lead generation training workshop for Later Life and Equity Release financial advisers at a Midlands location.

There will be no theoretical fluff - just proven strategies based on over forty years of studying how top performing financial advisers attract more of their ideal clients.

It's not for everyone, so if you're not ready to devote seven hours to mastering lead generation as a later life adviser, it's probably not for you.

But if you want to make 2024 'your year' in the equity release space and willing to invest the time and roll your sleeves up, then you should join us.

You'll leave at the end of the day knowing exactly what to do next and how to implement it.

Details soon, but if you're interested in learning more then send a DM or say "Yes" in the comments on this thread...

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