Nath
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Hi Kelly Rather than some FP 'tat' would it not be better to perhaps everyone chip in and get something they may want or have a personal interest in? Similar to gathering details on clients personal interests, whether that's wine, sports, charity …
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These are the screenshots and discussions. More than one said you have to assume nil cost and this was confirmed by HMRC but another saying something slightly different.
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Hi Rich There is a thread on Lifetalk forum on FB about this at the moment. Most are saying HMRC have stated you have to assume nil cost in this position which I agree is the safest thing to do.
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Hi Rich I did a very brief guide for clients back in 2016 and have copied and pasted this below. However, I haven't been on since so I don't know if this is the same or not: Registering for Individual or Fixed Protection Online Follow the …
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Hi Rich I would really welcome being added to the list as well. How did I not see this before. Thanks Nathan
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Yeah good point regarding contributions....I find this too and Voyant obviously adds the contributions on top of any essential/lifestyle/luxury expenses added. If not explicitly stated, I would always add contributions on top of expenses they have …
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Hi Rich As has already been said above Voyant allows you to do this via the stepdown route. You would just need to either have 1 'lifestyle expenses' which encompassed everything and then step down from 7 to 3 as you refer, or you would have to ma…
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Hi Chris We use Voyant for cashflow planning. We also have a login for Cashcalc and whilst we use this for the tools available on there and it has some great client integration/onboarding elements, from a purely cashflow planning tool I am inter…
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As Benjamin says, planners should surely be getting the base data required including specifics around debts, terms, interest rates etc and not just the mortgage figures. If they are doing a proper fact finding job, then most should be there. Howev…
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Thanks that's a great idea!
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Afternoon all Following on from my original post I wanted to bump this as we are now shortly going to advertise for a new position and wondered if anyone had any other tests or anything useful to use in the interview process. This will be the firs…
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Yeah we use Voyant GO to help with this. Has a Capacity for Loss insight that gives a specific number and % which helps clients understand. Benjamin, I quite like 'rightsizing'
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I try to use GO as much as possible now, but as Benjamin has said, there are still a number of items it can't handle. Some of the more advanced settings are still not on there. In addition, if you are not paying for the branded version, then ever…
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Same as Tom, built all out in a spreadsheet and put the pension in as a deferred pension. Only issue with this is that you can't slide the retirement date around as it won't work so be aware of this if using this route. I don't know of any others …
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Voyant cashflow software
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Hi Phil, welcome. I would say it does depend on the firm, but level 4 qualified is a good start. The paraplanning role as you say has moved on leaps and bounds in the last 5-10 years so although you may have the base technical knowledge expected, …
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Off topic but that's brave doing an AIM portfolio yourselves, especially if for IHT purposes as not all AIM stocks qualify so some serious DD will be needed!
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Hi Anna I too would be interested in the replies to this. I am just about to take over the 121/appraisals at our firm for our paraplanner and administrator. We have a current process but it could also do with improving. Each member has their o…
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Useful thanks all
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I use a combo of manual calcs initially then checking this via the Pru tapered/CF calculator and also the Cashcalc one. I find it easier to plug into the Pru one first to get each years taper/CF etc and then you can plug it all into the cashcalc on…
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Thank you both, very helpful!
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Not quite what I was after to be fair but thank you. Was looking for a real in depth one based on what type of cases, number of plans, complexity with IF formulas showing if you select a number of plans it puts set times in etc or type of case i.e …
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Yeah same for me with allocation, time is on my side so global equities all round. I've just gone cheap and simple with globally diversified trackers. Didnt want lifestrategy purely due to overweight UK exposure.
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Thanks for replying Andy. So you are definitely in the active/stock picking camp then based on those choices. What do you normally base your choices on and what allocations etc if you are choosing funds. Its interesting that you are putting all of y…
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They have calculated the emergency tax correctly. As Irene has mentioned it will be calculated on a month 1 basis so they are only using 1/12th of the allowance: So for £30K it would have been done as follows@ £1041.67 at 0% = £0 tax (being 1…
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Not sure if you are using cashflow but we use Voyant and this has many capacity for loss features to assess this vs the actual plan itself. Voyant Go also has a useful insight report showing the maximum loss the plan could take. We use FE and I ha…
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Very limited use (only 1 client on there) but still not a pleasant experience for us.
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Agree with Ben, sounds like he is churning as he is doing it purely because the clawback period has ended and for no other reason. Have the clients circumstances changed? Was the original policy ever suitable if its being replaced every few years?…
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@parawhat said: I've seen this type of practice in a number of firms. It's lazy financial planning in my opinion. From a compliance point of view, I'd be concerned about having a case on the books where we'd made the initial recommendation to tak…
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Thanks Jona. I saw a number of TIPs quite a few years back but first one in a while. I can't see any Chargeable Gains issues on the offshore bond as within the SIPP but couldn't find anything online. My thoughts exactly surrounding the AXA link…