benjaminfabi
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Paraphrased response from my mortgage broker: Most lenders only want to know about guaranteed income. He had done a case where the drawdown pension was in payment and the lender he went to wanted to see a history of regular credits into the bank…
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The only thing that is really bugging me in terms of the review requirements is the ex post calculation of fund charges paid. Basically because it's impossible, or at least completely impractical and the cost of doing it far outweighs the value to t…
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I've been using it for about 6 months. Takes some initial work to tell it what the 'untagged' transactions are, and a few minutes each month, but it remembers what you tell it. I like it.
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Nested IFs the way to go. they aren't too complex. Here's my go to spreadsheet for the simple charging structures. @arongunningham take the data from the provider's illustration or contract an IT company to build you something.
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What would it take to get you to move? Quite a lot. If you're highly qualified, experienced and happy, why would you even be looking? I left my last job because the business was bought by a consolidator. That's one reason: massive change in th…
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No. You should check with the annuity provider. It isn't a given that they'll be set up like that. But why would you recommend a short term annuity for a client who still had enough earned income to contribute more than the mpaa? I can't think …
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Hi Sian If you have a look at COBS 9.2, it specifically refers to risk profile. At 9.2.2 (2) "The information regarding the investment objectives of a client must include, where relevant, information on the length of time for which he wishes t…
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@Suse1969 How often are you giving tax advice that isn't supplementary to the advice to invest in a retail investment product (or the servicing of such a product)? Have you got an example? I'd have thought that any 'pure' tax advice would be h…
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@parawhat Perhaps you could suggest that your compliance team take a pay cut equal to the cost increases that result from special delivery on everything? I agree with Jona. https://www.legislation.gov.uk/ukpga/2000/26/part/V/crossheading/o…
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How does GDPR change the current DPA requirements for the security of hard copy data?
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@Nathan have you got a link to that prudential webinar?
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I think the role of a paraplanner is currently far too complicated to be completely carried out with artificial intelligence I've thought about the circumstances in which the work I do could be programmed and it's just too involved. And a low prior…
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I don't have PI cover. My clients indemnify all my work through my terms of service. But if I did, as long as I had fully explained what I did, I'd be happy for the insurer to assign whatever category they saw fit. Administrations Services seems r…
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Hi Pippa, What are your numbers for the first part of the question? Second part, scheme specific protection was automatically given and only available to members who, on 5 April 2006, had lump sum rights of >25% of the value of accrued benefits…
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I agree with Richard and you are right Aron. RNRB gets uplifted first, then tapered, That's how I've read it.
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Andy_Schleider said: I know what this is - can I ask why you should avoid it on its own line? This is a good article to explain it, with links to further references about how to alter your use of word. It's old, so the practical methods a…
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Clare_Weight said: * Definitely set up and use styles, all based on normal so if normal changes, they all change accordingly Everything Clare said underneath this bullet point should be required learning for paraplanners. It's a grea…
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No, I've tried. There isn't one. Best I've got: When you invest money you pay charges. This reduces the amount that gets invested. Because the money isn't invested, it doesn't grow. The reduction in yield illustrates the true cost of the charges, b…
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Thanks guys, these were my concerns. Whilst I want to be recommending a 'free' £720 to the client, if it comes at the cost of his time signing forms and the business' time filling them in, is it worth it?
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I agree with positive comments on Volume. If I was setting up an advice business, I'd start with an intention to use that and see if anything could better it.
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Guidance on the bases for Critical yields for Pension Fund Withdrawal were originally included in PIA Regulatory Update 55 (a timeless classic): http://www.fsa.gov.uk/pubs/additional/regup55.pdf As far as I am aware, there has never been a regulat…
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You need to compound the charges, as per the example below, to arrive at the effect of those charges.The effect being the result of the compounding. To determine the reduction in yield, the frequency of the charge deduction will dictate the minimu…
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This is the quick and dirty ongoing adviser charge ex-ante RIY calculator I put together a few weeks ago. I haven't looked at since until just now, I'm not sure I like how it deals with initial costs as it shows them over one year. Plus it doesn't d…
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I think Richard's data is great. Also, do a search for paraplanner/paraplanning on companies house and look at the incorporation dates by year. Loads of outsourced services in recent years. Plus, we have specific qualification tracks with the two…
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Thanks Susan that's a great summary. So if I read it correctly the effective tax rate on the advice fee is at least: 13.8% (class 1a) + 20% (income tax) + Class 1 NICs (presumably at 12% if an owner/director) This might be considerably more than…
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Very tight definition on that tax break @arongunningham https://www.gov.uk/hmrc-internal-manuals/employment-income-manual/eim21803
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It's likely to be a taxable benefit in kind and reportable as a P11d though.
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@edevan5 ; The ex-post reporting requirement for an investment firm is (broadly) based on the anniversary on the commencement of the service to the client. @arongunningham ; I've thought about how I'd calculate the ex-post monetary costs that a …
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The attached screenshots (which are the wrong way round!) from the ESMA Q&A document show the highest level of aggregation required in a SR. This is covered on COBS, from COBS 6.1ZA.11 onwards (notably 6.1ZA.14 and within that 50(10)) I think …
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That output is interesting @parawhat in that you don't get an RIY in the effect of charges table. I'm with you on client (un)friendliness too.