benjaminfabi
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- benjaminfabi
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I love a good bond surrender calculations. Especially complex ones! Will you trust the figures you've been given?
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Hargreaves Lansdown to the rescue https://www.hl.co.uk/retirement/preparing/tax-matters/emergency-calculator
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Parmenion is correct, but you should be putting the aggregated summary of their disclosure into your ex post report. It's still your disclosure, even if you have 'outsourced' the calculations to the platform. I'm not sure I agree that the majo…
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@AndyRichards is that in house compliance? Sounds like they should have a read of the esma Q&A document in this fca press release last week https://www.fca.org.uk/publications/multi-firm-reviews/mifid-ii-costs-and-charges-disclosures-review…
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You can't take more than 25% of the available LTA as a pcls. The provider should have a process that flags this before it happens. Anything over the LTA is an excess lump sum and paid net of the 55%/25% charge. For the £150k excess, this c…
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Sorry @arongunningham I don't understand your first statement. You can't produce an illustration of ex-post: it's reporting known figures. That table is the aggregated charges disclosure. It's synonymous with the effect of charges. The individual…
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Technically there should be a separate 'effect' figure for each plan, but it didn't fit in the width and using one figure removes the anomoly where you are taking high fees from the GIA. I don't mix clients though ie one table for each client and jo…
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Interesting. To be fair my experience of FE customer service when dealing with a support query isn't great. But they do tend to sort out the issue, so it's perhaps the communication link that is weak.
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Giving the client the illustration is providing them with the information? As I said, aggregate the provider's numbers (where they contain all the cost elements) into your report and provide them with the illustration. Unless you think your calcu…
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I like @richardgough idea of asking what the biggest loss they ever had was and how they felt. Then what happened? Did they stay invested and see it recover or did they bail? This should help you put a number on the tolerance aspect of risk. However…
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Hi @AndyRichards Yes. I do this for several clients when they have everything coming out of the platform. You just have to check that the illustrations include all the costs and you can aggregate the figures into a table in your report. If you…
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@arongunningham thanks for uploading that document. I agree with you that it isn't compliant with mifid because it doesn't include the effect of the charges.
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Well I've been sufficiently baited into reading the document in the OP and also PS18/14! In relation to chapter 5 in PS18/14 on Conduct Rules (which the current CP is trying to 'optimise' #marketing): Yes this will apply to almost every e…
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I don't see how an outsourced paraplanner could ever be subject to it? You can't outsource the responsibility for a function. Can you think of a specific example of something an in-house paraplanner might do that would give rise to the need for c…
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I frequently miss that button And thanks
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No worries. Also occurred to me that the trustees could still release cash to meet the IHT if it is for the benefits of the beneficiaries
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Hi There is certainly a potential for the life assurance to have a value on entry into the trust if the client has a terminal diagnosis. One way to test this is to ask if she qualifies for the payment of the sum assured under the policy while she…
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Hi Aron In simple terms you should be able to use the asset value on 5/4/17 as the base cost. But in reality, it's not that simple because there are qualifying requirements to be able to benefit. The cleansing and rebasing rules are complex, t…
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Also, I think this is aimed at the sole trader who has, over the last few years, had to employ people to do some of the work. Tech will help this business model revert to one where that adviser can do it all. If you are a sole trader then your in…
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That looks like the product that Partnership (now Just) used to have. Also Retirement Advantage (now Canada Life) still have. I love the idea of these products but sadly they don't seem to ever get traction with advisers.
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Hi Andy I'd use exactly the same benefits you'd use for a new cash investment into a S&S ISA, plus: Recommended plan will keep the ISA tax status Potential for wider use of tax benefits as CGT won't be charged on investment gains I'd use…
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Plus one for Harvest, for tracking time though, not for workflow management. I've been using it since I started my business and the MI I have is superb. It will definitely meet your need to understand how long a case takes. It isn't free though. …
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@Andy_Schleider Employer contributions aren't restricted to the NRE of the member, but the member will still pay an AA tax charge on the value of all contributions in excess of the available AA. @arongunningham pensions in payment are fine if the…
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@Jamie_Barnes this is a great feature that I had no idea about. I've just used it to create a tab in existing workbooks I have that calculate weighted average charges for an adviser's entire model portfolio range, plus it will give me the 1, 3 and 5…
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Awesome. Top post @Jamie_Barnes
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I can confidently answer on behalf of everyone to say that we are all interested in this! Maybe a new thread though
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This was posted yesterday and I thought it would be a useful addition to the thread. https://ofdollarsanddata.com/how-to-invest-a-lump-sum/ Also this research from UBS.
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Notwithstanding any elements of the mifid suitability disclosures in 9A.3 Which is basically the full works, less any elements that can be referred back to the initial recommendation. In the case of a fund switch, unless you knew what fun…
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@Yonkers420 It depends on whether you are operating the portfolio with discretion. If you aren't then every rebalance/fund switch is a trigger point for a periodic suitability assessment and the relevant disclosure that go with it. Almost certa…
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Everything that you would put in a suitability report.