Your LifeTalk Insider #87

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Welcome back…

From LifeTalk and the Adviser Growth Community this week:

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

Paul and 6 others: Virtual Meeting Recordings. I am sure we are now all familiar with recording our Teams/Zoom meetings. The file size is often 500mb+. I am interested on how people are saving them? Most document management systems won't cope with file sizes that large and at ~200 meeting a year could get expensive. What are others doing? Are most just keeping transcripts or audio only? Click…

Alex and 5 others: I’m currently looking at Cyber Insurance coverage and wondered if anyone has any recommendations please? Click…

Philip and 7 others: Following the successful cyber attack on M&S, I wondered what people are thinking about cyber risks and platforms. It seems inevitable to me that there will be a successful cyber attack on a platform one day, which will probably result in denial of service for a period of time, rather than money being lost. Click…

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Howard and 5 others: A client has a pension sharing order placed on their army pension. They have been paid it for the last 10 years. They have just been told that they got the calculation wrong and they have paid more than what they should. They are now asking for it back and cutting the future pension by half. The client has based all their plans on these numbers including retiring during that period.

Anyone have any experience of this or resolution to it? Click…

Luke and 10 others: We're looking at the different structures currently being used by firms for taking on financial planners (employed, self-employed, AR etc.) and I've become aware that some firms certify planners but pay them via the planner's own limited company (but not as ARs). I've looked back at past posts on the forum and there's previous discussions (and opinions!) about it - but does anyone know if the FCA have taken a view on this? Click…

Claire and 47 others: I’m curious who everyone uses for their own pensions - care to share? Click…

Taylor and 12 others: Tax Relief- Can anyone help? If a person reclaims higher rate tax relief from HMRC as they are a HRT, can they then take that tax rebate and pay it into their personal pension again and receive full tax-relief again. This feels wrong because they could just keep recycling these higher rate rebates over and over, but I cannot see where in any HMRC guidance it confirms this...I have never come across this believe it or not! Click…

Phil and 8 others: Considering that there are still a lot of advisers who, since Covid are not travelling to industry events, the conference season thankfully seems to be back with avengence. Thank God I say. More than ever before advice and planning professionals need to be in the room to network, shake hands, laugh together, share ideas and best practice. Question - what are your favourite events, and more importantly WHY? Click…

Darren and 28 others: Case on my desk atm that is vexing me so looking for a second opinion to see if I'm missing anything.

Mr G 81, had a stroke 2 years ago, Mrs G 80, in remission from cancer. 2 sons, Paul and Tony. 3 grandkids (1 over 18 two under), all Tony as Paul is single with no kids.

C£425k in cash and ISAs. House £550k. Rental £300k, half of which was gifted to the sons March 2021 so subject to 7yr rule. Another property was also gifted in March 2019, also £300k, so will fall out of estate in c10ms time. Read more…

Dale and 20 others: Can I transfer a QROPS back into a UK Pension?

I've a client with a small (£60k) QROPS pension. The QROPS trustees alone are charging him £1k for their fixed fees before we even talk about platform, investment and advice charges. He has returned to the UK and has decided he is remaining here. He is in his early 50s, currently earning about £15k (semi-retired) and we have all his other assets on Transact (no potential IHT problem - total assets are only about £700k and likely won't grow much over his lifetime). Also no LTA issues as this is the total of his pension assets. He hasn't taken any benefits either.

I don't know enough about QROPS but we were thinking about bringing it back to a UK personal pension company on Transact, and then he can continue to contribute to it as well. Do I need special pension transfer permissions to do this? Click…

Christopher and 10 others: Assuming a WOL plan is funded out of normal expenditure, the costs are deemed to be outside the remit of IHT and therefore so is the payout. BUT (and you knew there would be a 'but') does this need to be evidenced somehow? Will the trustees need to prove that on second death, the costs have always been affordable, or even that they were when the policy was incepted?

I've never advised a client to keep such records but was considering whether doing so was 'best practice', 'required' or simply totally unnecessary. Click…

Roshni and 12 others: We are a very small adviser firm; one adviser and one paraplanner. We're looking to take on a newly qualified adviser in a few months but don't have the experience or resources to put together a T&C program from scratch. Are there any well-structured T&C programs that we can subscribe to, that will help get our newbie to CAS? Click…

Next week!

👉 Artificial intelligence is reshaping how financial advisers operate - but with so many AI solutions out there, it’s hard to know what actually works in practice.

That’s why we're launching a new six-part series of live interviews with the founders and creators behind leading AI tools for advisers. But this isn’t just about what their solution does - it’s also about what they’re seeing from the inside: how real advisers are using their tools, what’s working and what others can learn from those behind-the-scenes insights.

We kick off Wednesday 21st May at 10am (UK) with Elliott Perry of Posterity - an AI-powered note taking and support platform built for advisers.

If you want a clearer view of how AI is being used on the ground (not just the theory), and how tools like Posterity are helping reduce admin and improve client journeys, this is the session to join. It’s live, it’s free - and packed with practical, real-world learning.

Register here

Rachael and 17 others: I met with someone today, who I can't help, so I'm wondering if anyone in here would be able to. He's the beneficiary of a RL drawdown pension, and is looking to take beneficiary income release.

RL have told him (and it's on the form) that he needs a financial advisers signature BUT they can tick to say it's non-advised. I'm in a network, so can't go near this without a full advised process.

Does anyone accept this type of work? Click…
 

From the Adviser Growth Community:

News from the Adviser Growth Community

👉 We now have a map feature in the group so that you can see where other members are located. Why not arrange impromptu meetups?

👉 We now pay you for introducing new paying members to the group - that’s 40% affiliate payment to you.

👉 The group has a Calendar feature so that you can keep up to date on our own and industry events.

👉 The Classroom area of the group has hundreds of hours of fantastic content.

👉 You can filter posts within the group by topic, making it incredibly easy to find posts of interest to you.

👉 There’s no algorithm that decides which posts you see!

👉 You can now get a 7 day free trial when you join Adviser Growth Community - come and check us out before you subscribe.

👨‍💼 🙋‍♀️ Here’s why financial advisers like you are joining Adviser Growth Community

The Adviser Growth Community - brings together financial advisers experiencing change or transition in their business so that they can gain clarity whilst also attracting more of their ideal clients.

👉 Now with a 7 day free trial.

If that’s you, you should come and join us…

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