Your LifeTalk Insider #43

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Welcome back…

From LifeTalk and LifeTalk Plus this week:

Thanks to everyone who has subscribed to LifeTalk Insider - we have had another big increase in numbers this week.

Let’s tuck in…

Matt and 30 others: Spoken to about 20 different networks recently and the offering seems to be narrowed down to OpenWork or Quilter. Any feedback about either from current or ex advisers of either please? Click…

LifeTalk member and 51 others: When doing recommendations, do you get the client to sign a fee agreement first (so you know you’ll get paid for your work) or do you get a verbal agreement, do the work then see if they want to proceed? Click…

Kevin and 42 others: So no more PFS Quarterly Conferences then? Looking forward to hearing about the reduction in my subscription fee. Includes reply from the PFS. Click…

Jack and 40 others: Colleague of mine is going through his exams and this question is stumping us all. Question 27...

Could just be end of tax year haze... the answer here is 'C' and I cannot for the life of me figure out how. Can anyone help? I can't see how it isn't B! Click…

LifeTalk member and 38 others: Looking at leaving an IFA network, that in reality significantly favours its own investment proposition and own use platform Pershing. I'm looking to join Validpath. Question…

LifeTalk member and 32 others: On reviewing the file of a former client I have uncovered an email in which he mentions having concealed assets during his divorce proceedings. We missed this when it came in because it was buried in a load of chit-chat and we were focused on the part of the email which okayed some switches we'd recommended. It was literally one line of text in a page of verbiage.

The net result is that his ex-wife is anything up to £300k worse off. Question…

Matt and 32 others: Rookie question (as always) here so apologies.

Client has not had any income elsewhere in 2023/2024 fiscal year (been living on savings) and has now requested a £12,000 payment from their pension. They have used their TFC already so the £12,000 payment will be 'taxable' however the whole point of that figure is that it's under their PA.

As it's his first 'taxable' payment from Aegon* (sorry, edit, not Royal London), they will likely apply emergency tax to the payment thus the requested gross figure will need to be much higher and above their PA of £12,570.

Will the client be able to recoup the full tax back from HMRC or will HMRC see it as 'you have asked for a figure above your PA and thus your tax is 20% instead of 0%'? Or am I overcomplicating things? Click…

LifeTalk member and 12 others: Looking for some advice as a new adviser. I have just started taking on my own clients, and I am also still doing paraplanning for my firms internal team. I have lots going on and want to stay as organised as possible.

We use IO but I don’t particularly like their Task/workflow system. Can anyone recommend or share how you stay organised with various clients and what needs doing for each client? Click…

Paul and 40 others: Who here as cyber insurance? I've seen first hand how bad a cyber attack can be for a regulated business and I'd hate it to happen to my business.

But it's not the money, it's the advice they'll give too.... So you can get on with it. If you don't have it, why not? Particularly interested in those who are ARs of Networks. Click…

Posts from LifeTalk Plus this week:

LifeTalk Plus members now have access to a huge suite of marketing and lead generation resources:

• Six full length books (1,836 pages)

• Referral marketing training

• LinkedIn lead generation training

• Workshops

• Ideal client worksheet

• Reports

• and more…

Join us here…

Search engines are changing - and it has profound implications for IFAs. Here’s why. Click…

Building a client base in the early stages of your career. Click…

Fifty (yes, fifty!) opportunities for IFAs to highlight their expertise live and in person

I'm running a presentation skills training day today for an IFA firm who have decided to start using seminars and workshops to get their message out to their local area, and then go on to do in-house pension workshops for local employers.

Seminars are a proven way for advisers to attract high quality leads, but they are not the only way to use speaking and presenting to reach your market. So we came up with a list of over fifty ways that advisers can highlight their expertise live and in person.

Do you do any of these? Click…

What was the worst personal or business advice you were ever given as an adviser? Click…

Are you truly referable as a financial adviser? Did you know that there’s a low correlation between Client Satisfaction and the giving of referrals to financial advisers...? Great blog…

What is Wealth Management?

I read something yesterday that said if you ask ten investors to define "Wealth Management", you'll get ten different answers.

It went on to say that you'll probably get ten different answers if you ask the same question to financial advisers or wealth managers. So let's put it to the test...

How would you define 'Wealth Management'? Click…

Most IFAs don't have a plan for what to do when an ideal prospect looks at their LinkedIn profile. Click…

Factfinding - Always looking at ways to be more efficient - I was wondering how many of you have clients complete their own fact finds ahead of time? Click…

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That’s it for this week…

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