Welcome to LifeTalk Insider #10

Author

LifeTalk Insider
July 07, 2023 • Estimated Reading Time: 7 minutes

From the LifeTalk forum week ending 7th July

Steve and 41 others: If you had a new client approach, wanting to take out circa 50k tax free at 55, younger wife by 20 years, with two very young kids, wanting it out because his wife and mother in law pressuring wanting to do an extension to home. What would you do? Click…

Rikesh and 27 others: Client red flag: A subscription to Investment Week Magazine. What are the client red flags you've come across?! Click…

Jane and 40 others: £2.5m residential properties held privately - is there a way to move to company without CGT and to reduce IHT? Click…

Philip and 28 others: If you are an additional rate taxpayer who has exhausted all ISA, pension allowances and paid off their variable rate mortgage, you can get a 100 percent govt guaranteed and risk free tax equivalent annual yield of about 10 percent. Question…

Daniela and 16 others: I just did a training on structured products and heard that it used to be expensive for FAs to recommend them because of the professional indemnity insurance. Question…

Nick and 11 others: I have come across a bit of a strange one, was wondering if anyone had any experience of something similar. A client has sold a business unaware of the IHT consequences of losing business relief. The assets were gifted into a bare DGT. The assets which weren’t carved out are therefore a PET and subject to the usual 7 year clock. However the original gift into the trust was made during the 3 year potential replacement property relief window. Question…

Stella and 16 others: Want to simplify my working life… Can anyone recommend a back office system - currently using IO but not using half of it! Click…

Scott and 27 others: I’m in the process of becoming independent after 11 years with SJP. I’m looking for your preferred MPS provider, who have you found to have reasonable costs and good performance? Click…

Post of the Week

I’m interested to know people’s views on this case, as I’m currently torn. I’ve recently inherited a client. 5 years in and barely any growth to show for it, more so because of last 18months. Turned up to his review meeting adamant he needed as much growth as possible over the next 4 years for him to retire. He wants to look at reducing charges and maximising growth (who doesn’t).

He has a Mid-range ATR but has been approached by/ stumbled across an investment manager who is flogging their super-duper 100% equity global total return fund.

Highlighted the risks involved and how taking such a risk so close to retirement could have huge impact on his target retirement date &/or desired lifestyle. I’ve proven with cashflow models he can have his full desired retirement tomorrow and so have proven he doesn’t need the growth he is chasing and being tempted by. Question…

From LifeTalk Marketing

One of the most successful financial advisers I have ever met told me a few years ago that his lead generation strategy is solely based around building relationships with accountants. "It's a no brainer Phil" he told me.

So it's always great to see advisers doing just that, and last night I had the privilege of speaking at a networking event co hosted by a financial planner and a local firm of accountants. He told me this morning that he has already had a couple of enquiries from other accountants that would like to work with him.

They even got Chris Morris from the CISI to come along and explain how financial planners work. Click…

"Buzzing" is very typical of how most IFA firms feel after they host a client event, be it a lunch, cocktail party or other social occasion. Client appreciation events work on so many different levels, and if you haven't done one before, I highly recommend that you consider it. Congrats to Goodmans Financial Planning who have posted some fantastic photos from their recent client lunch. Click…

From the LifeTalk AI Best Practice Group

Recommended Book

Marketing and Lead Generation for Financial Advice Professionals: From Prospects to Profits - Proven Strategies for Financial Advisers to Attract More of their Ideal Clients

Out now - get your copy here…

Money Quote of the Week

“Financial peace isn't the acquisition of stuff. It's learning to live on less than you make, so you can give money back and have money to invest. You can't win until you do this..” Dave Ramsey

Share LifeTalk Insider

Please don’t keep us a secret - tell your colleagues

That’s it for this week…

If you have enjoyed LifeTalk Insider, please forward this to your colleagues and suggest they subscribe here

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

Founder of LifeTalk
[email protected]

For Financial Advice Professionals

Reply

or to participate.