Welcome to LifeTalk Insider #15

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LifeTalk Insider
August 11, 2023 • Estimated Reading Time: 8 minutes

From the LifeTalk Forum Week Ending 11th August

Welcome back and thanks to everyone who has subscribed to LifeTalk Insider - your weekly summary of the top posts in the LifeTalk groups. Here’s this week’s selection…

  • From the main LifeTalk forum

  • Post of the Week

  • From LifeTalk Marketing

  • Forthcoming Adviser Training

  • Money Quote of the Week

  • From the LifeTalk AI Best Practice Group

  • LifeTalk Playlist on Spotify

John and 13 others: Surrender a whole of life policy - how to calculate the potential tax of chargeable event? Click…

Rob and 13 others: I have a client who wishes to help their son buy a house as well as helping with IHT. He has been divorced in the past and so they are wary of the money ending up in a future partner’s pocket so use of a trust seems sensible. My question is whether to buy the house in trust or put the money in trust and make a loan to the son from there to make the purchase in his name? Click…

Jane and 52 others: Care Fee Assessments and insured funds. Just checked with SOLLA and ONLY investment bonds are exempted from the means testing. This was response: ‘The statutory guidance only refers specifically to investment bonds with life insurance element being disregarded so an ISA would be taken into account’. Click…

Tim and 14 others: Husband and wife own a property as tenants in common. Wife dies and leaves her half of the house to the children. The husband continues to use the house exclusively as his own. No rent is offered or paid. Could the HMRC consider this a Gift with Reservation of Benefit? Click…

Phil and 11 others: Working with a group of accountants today on how to, and why they should build closer relationships with IFAs. Lots of open minds in the room. Click…

Paul and 12 others: I have a client who has a commercial property SIPP. The property held is currently two restaurants. He is hoping to change part of the building into an apart hotel / Hotel or hostel. Question…

Carl and 44 others: Moral dilemma - vulnerable client. Client is very vulnerable- wants to gift £200k to his church to clear church debts - if he does it would significantly reduce his capital but he’d still be fine (he gifted £50k to church previously) - I don’t think he is thinking straight and easily confused/manipulated- I don’t think he should do this but it’s his money - what yo do? It’s a dilemma - your thoughts? Click…

Rob and 22 others: Can anyone point me in the direction of a UK annuity provider that would allow a Spanish resident to purchase an annuity, using their UK SIPP assets? Click…

Oliver and 19 others: Could anyone recommend a task management system, preferably in Outlook/Microsoft? Click…

Post of the Week

LifeTalk member and 48 others: I work self employed in a National IFA network. I have become increasingly concerned over the past few years in the direction this network is going in.

I have a bank of my own clients as well as managed about 40% of the networks clients. The most recent concern I have is the Network are saying that due to consumer duty, I will now have to buy a laptop & mobile phone of their choice but at my cost, to ensure that they are meeting C.Duty requirements for data security. So I will now lose my business mobile number which will be replaced by the networks owned number and that also all phone calls made on the phone will be automatically recorded.

It makes me feel uneasy that they are taking away some of the direct access that I control to my own clients. It feels like more about the company protecting its clients against advisers moving firms and the clients following.

Is this just the way, across all IFA networks? is it legitimate for consumer duty? Click…

Adviser Training 6th September

For those of you who want to take LinkedIn more seriously as a lead generation tool (without paying for advertising), join us for our free webinar on 6th September…

Secure your spot today for our online workshop at 10.30 am on 6th September. Please allow up to 90 minutes for your training. Click to reserve your place.

This is a real screenshot of someone’s LinkedIn profile views who followed the advice given in the training…

From LifeTalk Marketing

Networking - The latest list of regional networking events around the UK is available now. Click…

A great way to highlight to prospects what you do, and increase the liklihood of them wanting to work with you… Click…

Not everyone is aware that Google My Business has changed its name (rightly so) to Google Business Profile. Many IFAs and advisers have listings on the service but have you fully optimised it? Here’s what to do. Click…

Is your website pulling its weight? One of the most common things many IFAs tell me is that they attract very little by way of new enquiries from their website, and wonder what they can do about it. Here’s a great tip…

Money Quote of the Week

“Too many people spend money they earned..to buy things they don't want..to impress people that they don't like.” Will Rogers

From the LifeTalk AI Best Practice Group

Mike: How to write better ChatGPT prompts.

Phil: Five prompts to write your business plan.

Phil: A brilliant prompt to create an amazing description of your service.

Mike: Deeply worrying use of AI in financial services.

Phil: A superb tool to help you create Excel formulas.

AI is a fast-moving technology and your group keeps you up to date and on top of latest developments that are relevant to the financial advice community. 

Join other IFAs and financial planners in our AI Best Practice Group here…

LifeTalk Playlist on Spotify

Did you know that LifeTalk has an official music playlist? Join us and add your own tunes. Click…

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

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