Your LifeTalk Insider #47

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Welcome back…

From LifeTalk and LifeTalk Plus this week:

Thanks to everyone who has subscribed to LifeTalk Insider - Let’s get stuck in…

Joe and 21 others: I’ve been seeing and hearing a lot about Fundment recently and how more advisers are using it. So I’ve booked a demo to speak with them on Monday and I’m putting together a list of the usual platform functionality questions.

However, I need to think more outside the box as I want to know how it can be used to support a client service proposition and I would love your help! So, if you do you use Fundment, what one reason lead you to recommending the platform for a client(s)? Click…

LifeTalk member and 21 others: I was wondering what other advisors covered with their ongoing service. Do you charge extra for small top ups or a bed and ISA? My employer is looking to change this and I wondered what other advisors covered in ongoing service and what would be chargeable on top? Click…

Carwyn and 17 others: I am have a client who wants to create Discretionary Trust for minors but does not want any risk. I’m thinking a bond where trustees can assign ownership to individuals on 25th birthday and a cash fund within? Transact and cash fund is my process of thought currently! Any ideas would be much appreciated please? Click…

Raj and 64 others: Client been with their ‘adviser’ for over 10 years. Decides to take PCLS from his £300k pension so contacts adviser. No meeting (or contact in 4 years)

Ongoing adviser fees of 0.5% pa. 6 page letter - cover letter, 1 page of fees and 4 pages of illustrations

Fee? Almost 4% to move into flexi access drawdown. Circa £10k. Thoughts? Click…

Stacey and 15 others: Client portal recommendations please - one that can be integrated with Voyant.

We use IO for our back office and are looking for a client portal where we can send documents securely, clients can E-sign through and hopefully links into IO. What does the Hive currently use? Also good to hear bad reviews as well so we know what to expect. Click… 

LifeTalk member and 37 others: I have a client who is remortgaging his main residence. He has gifted 1% property each to his two daughters. This has been updated with the land registry. Now the lenders are not willing to do the remortgage.

I thought once the gift is given, you cannot undo it if you change your mind or have any other difficulties? Am I correct or am I missing something? I don’t do mortgages but the mortgage adviser’s recommendation is just change the details with land Registry not the actual gift. Is it possible? If yes, will this not have impact on the gift?

Also, is there anyway we can get remortgage without changing anything? Client does not want to change the current arrangement. Click…

Amy and 8 others: We’re looking at tweaking our advice charges across the firm, potentially introducing tiering. Whilst some platforms can accommodate tiered advice fees, it seems like others such as Fidelity can’t (assuming that the rep was correct in what they told me). Is there any other workaround aside from a manual fudge?

Also, how are other advisers operating tiering where clients have multiple platforms/providers in place - again, a manual fudge each year presumably? Click…

Eugenie and 48 others: I’ve picked up a new client this week who’s had a financial plan prepared by another IFA, which they paid £3k for. They’ve baulked at the implementation costs if they went any further. I’m always careful to not undermine or slag off another IFA so this isn’t what my question is about.

The thing is, for the 3k financial plan, they just got cash flow forecasts. No actual report mentioning objectives, no analysis of existing plans and recommendations documented. They were given a comparison of existing performance versus their portfolios.

Is this a thing? Do some advisers just do cash flow forecasts and call that their financial plan? It’s not what I do, cash flow forecasts are an important part of course, but an appendix and discussion point… Click…

Posts from LifeTalk Plus this week:

A useful tool for financial planners?

Have you seen the "My Life in Weeks" tool? With an eye to financial life planning this could be a great tool to use with clients in the following ways… Click…

Has the FCA solved a problem that doesn't exist?

You’d feel bad enough if your firm was under investigation by the FCA, but imagine how much worse the situation would be if (regardless of firm size) that investigation was made public! Well, that’s what the FCA has recently been consulting on.

In fact, their consultation on plans to publish the names of firms under investigation (remember, guilt and blame haven’t been found at this stage) closed last week.

We are very concerned (and so should you be) about the implications of this… Click…

AI's slow adoption may cost the Financial Planning sector talent

Interesting article about how AI is 'taking the grind out of accountancy'. It highlights Owen Hewitt, a trainee chartered accountant who is two years into his training and who along with his peers, will be the first generation of accountants to use AI right from the beginning of their careers.

I wonder if the world of financial advice and planning is equally on the ball with AI when it comes to supporting brand new advisers who are right at the start of their careers? Click…

Why potential clients for IFAs and Planners can be found on LinkedIn

LinkedIn stands out as a powerful platform for financial planners who want to connect with potentially high-value clients. The platform's unique environment, where professional and personal lives overlap, provides an ideal setting for engaging with individuals who are likely to be interested in your financial planning services.

Key points for Financial Planners… Click…

New networking tool

Imagine a cross between LinkedIn and a topic or location based networking platform. I recently joined this and it certainly looks as though it has potential. Best thing is to have a look for yourself as it might be of value… Click…

LifeTalk Plus three months on - and news!

It’s been a little over three months since we launched LifeTalk Plus and it’s been exciting to get under the skin of the Skool platform.

I have used these first three months to test the daylights out of Skool with a view to deciding on the next step and making any changes to LifeTalk Plus that might be needed so that we can better serve the needs of the adviser community and indeed their support and operations teams. Here’s what I found and what’s happening next… Click…

Why IFAs are joining LifeTalk Plus

LifeTalk Plus is a positive, supportive and vibrant community for forward-thinking IFAs, Financial Planners, Lifestyle Planners, Later Life specialists and other financial advice professionals.

It's a dynamic space where financial advisers and industry professionals network, share best practice, enhance their learning, ask questions and exchange ideas.

The focus of the group is on positivity and growth!

All members receive these great resources when joining:

• SIX full length pdf books (1,836 pages)

• Free Report: 2024 League Table of Adviser's Biggest Challenges

• Free 488 page eBook: Marketing and Lead Generation for Financial Advisers

• Free 60 mins training: How to Attract More of Your Ideal Clients

• Free Worksheet: How to Define and Market to your Ideal Client as a Financial Adviser

• Free 90 mins training: How to Attract More Clients Through Referrals and Introductions

• Free Referral Marketing worksheet

• And much more…

Come and join us! Click here.

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That’s it for this week…

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For Financial Advice Professionals

• Marketing consultancy, adviser training and conference speaking

• Presentation and public speaking skills coaching

• LinkedIn coaching for financial advisers - one to one and groups

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