Gustavo_Fring
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- Gustavo_Fring
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Going off on a slight tangent here but i'd say get the ISA recs done at review stage. Even if the review is in June and the clients don't have the funds until March, as long as their circumstances haven't changed, a letter won't be needed.
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We average about a dozen each a month, although as has been previously pointed out, there are many variables to consider, including report complexity. The grading system is an interesting one but to be honest, I think it becomes apparent quite quick…
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If you enter an expense i.e 'Utilities', you can specify the inflation rate as 7%, then you can add a 'Step' in five years (you will need to link the step to an event on the timeline), and instruct it to apply an inflation rate of 3%, thereafter.
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Hi Richard, you can apply 'Steps' to entries on Voyant - would that help?
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Hi both, thank you for the replies. I agree this information should be gathered at factfinding stage and to be fair, most of it is. However, there are some pieces of detail which are useful for cashflow. Examples off the top of my head are mortgage …
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Hi Nathan, we have added the following to our test: Write 250 words (approx.) on what you believe the role of the Paraplanner is and how they can add value to the business. It is different to testing their technical knowledge and gives an idea…
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Thank you. I think I will train them to input in Adviser, and present using Go. Once you master the inputting in Adviser, the inputting in Go is quite intuitive. Thanks for your thoughts.
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Great idea. I'll follow up by email
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Hello, I would be happy to have a chat. I've been leading a team for a few years now. A bit like you, I had to learn on the job somewhat but sometimes that is the best way!
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Great, thanks Ed.
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Do Ateb or Genovo integrate with Xplan, so that client and plan information can be pulled from Xplan into letters?
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Do you use cashflow? Most of the software available calculates this for you - I know Voyant does.
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With regard to the guarantee, it sounds like the guaranteed bonus rate comes into play where the declared bonus is less than 4%. Also, check if this is gross or net of charges, as you may find the net guarantee is more like 2.5%-3%.. Otherwise, y…
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I'm glad people are finding it useful. It was nearly an embarrassing situation where the client appeared to know more about the LTA testing minutiae than us - I think we've got away with it though!
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We give them some technical questions, to assess basic understanding of key areas and also ask them to write about a specified topic to assess their ability to write coherently! That doesn't have to be financial planning related, however one topic I…
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Hi, as a follow up, this is the summary, after some help from the superb Techlink. You have Individual Protection 2014 and an LTA of £1.5M. Standard Life • The fund value was £212,000 when £53,000 PCLS was taken at end of 2018. • This …
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I think you may be correct. In our client's scenario, he has used 99.94% of his LTA. He has a small pension pot (£40Kish - all crystallised) in cash, which he is drawing down upon and depleting until it runs out. He also has a large SIPP, investe…
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This is to do with the additional state pension i think... If it puts your mind at ease, i have seen figures higher than £12K in the past..
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Hello, linked to this, are premiums for a pension term assurance contract included as using up a client's annual allowance? My hunch is yes but despite a comprehensive google, I can't find confirmation anywhere.
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A review of a client's pension (or investments for that matter) typically follows running through a cashflow or financial plan, where areas for discussion can be identified from the conclusions. We use Voyant, which integrates with Xplan.
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AJ Bell
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Have you assessed the rate of return they require to meet their goals? i.e. is it less than 2%?
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Hello, I've just been introduced to Microsoft Planner, which, although isn't aimed at financial services firms, at first glance looks intuitive. I will familiarise myself over the coming days but it might be worth a look.
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Thank you for your replies, interesting stuff and lots of options to consider.
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Hello, thanks for this. I don’t disagree with any of that, however we do have a segment of clients where they either don’t want, or don’t need a full financial planning service at the moment. I’m thinking children of existing clients, who might be s…
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Thanks all. Went for a second hand (ex-demo) Humanscale Liberty for a bargain price. Instantly better than what I was using, although i'm not sure i'd pay the astronomical full price to be honest!
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Thanks Chris, interesting reading. It is important that assumptions are backed by some evidence.
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Thanks Richard. I think second hand is the way to go. I've been looking at 2ndhnd.com who have a good reputation and some good ergonomic chairs in good condition. Worth paying for a decent one or i'll be spending it on chiropractor fees instead!
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Hi, can you ask internally if they can give you some exposure to the report writing side of things?
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Thanks everyone. Some really useful ideas there, some of which I will use.