benjaminfabi
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I heard it described as 'hyper charged autocomplete' in a youtube video discussing what the current AI really is. Basically, it is searching the entire of its database and picking the next word one word at a time. Iteratively, it will get better …
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Hi, The issue I think is less with the tax on the surrender and more with the IHT consequences of the gifts. Effectively, in your situation, the gift from one spouse to the other wouldn't be exempt as it is conditional on them being given the mon…
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Hi, The basic rate band gets extended by the amount of any grossed up pension and charity contributions. Relief at the higher rate is given on all income. It doesn't matter how much you extend the band over what income they have, because the c…
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I think that's the best way. The rules on all this are very simple. Unless you're in DB transfer world, there is very little in the way of prescriptive content for a suitability report. As Gareth says, clear and fair.
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The basic regulatory approach to this is first contained in the FSA thematic review into the quality of advice on pension switching, from way back in 2008. In it, you will find the following key wording: We assessed advice as unsuitable when the …
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Hi, This sounds like a very complicated situation and more information is needed. Yes, you can assign segments of a bond in trust to a beneficiary and the tax position is assessed on them (settlor living doesn't impact this). However, if the '…
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Hi Kelly, That is the whole market! It's not very competitive.
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Hi, My experience is that the third party material can be a very good supplement to what you get from the CII/PFS. If it wasn't aligned to the syllabus then the businesses would have failed years ago. Brand FT Wizard Learning Bespoke Trainin…
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Hi, The investment bond is a long term insurance contract and has 100% protection with no cap. The deposit account is subject to the £85,000 cap per individual but Beryl's claim is limited by her share of the joint ownership, which is £55,000 (i…
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I thought death benefits are all effectively treated as occurring immediately prior to death? The test doesn't happen until they are paid, but the the test is done as at date of death. This avoids timing death benefits from different schemes to mani…
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AF4, J10, J12. 70 credits and both J papers are FCA certified exams for advising on specific areas (namely DIM and direct shares)
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Mifid II aggregation rules allow you to simplify down to: * Service charges, and * Investment charges. This needs to be done for each wrapper. The actual costs (whether ex-ante or ex-post) must be shown as both percentage and monetary. …
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Hi Nitu, I was lucky when I first started. I got a 3 day pw contract with a firm for 6 months and another outsourced firm offered me some subcontracting work until I was on my way. But, the market was much smaller then than now, so I suspect gett…
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I think of AI like the internet and search engines. Did it kill off some businesses, for sure. Encyclopaedia sales probably aren't what they were 30 years ago, for example. But, fundamentally, the internet made most humans who could use its poten…
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If a member retains an 'employment link' to a DB scheme that's closed to future accrual eg a salary link, then the carve-out isn't applicable.
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IRR is a time weighted return and would give the same result as my calculation. XIRR allows for the timing of cashflows and is a money weighted return. With a fixed-term annuity you don't get any ongoing return on the premium paid. As soon as y…
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(((7920.6*5)+83135)/100,000)^(1/5) = 1.0418 = 4.2% (((4736*5)+104515)/100000)^(1/5) = 1.0509 = 5.1%
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Yeah that is what I ended up doing. Well, I didn't ignore them. Problem is there was another fund with transaction costs that weren't negative. And this creates an issue because obviously that figure on that fund is also exposed to the same calculat…
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Hi Dale Servicing rights to the bond are granted by Utmost, not RJ. It's possible that you can have servicing rights on the bond and also on the underlying investment platform. This can be useful if the adviser wants to run a MPS on the platform …
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Yes he will be treated as if he had always owned it.
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The use of "bonds" as defensive assets is a very broad approach. VLS has a poor asset allocation in terms of both its equity (UK biased with no robust reasoning other than "UK clients prefer UK equities" ie marketing) and its fixed interest (p…
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They will only be an insistent client if: * you recommend that they don't do something, * they tell you they want to do it, and * you facilitate it for them. In this case you're going to be advising on the suitability of flexi-access draw…
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I found the J10 and J12 books useful as study material for AF4. The Brand material gets a thumbs up from me too. I was preparing for all three exams at once, so I couldn't tell you what additional study I needed to do. I would do 45 minutes nearly e…
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I didn't, and wouldn't, pair AF papers. It's a lot of study and worst case, if you fail both then you'll be second guessing whether that was the reason. If you then decide to sit them separately it's taken you an extra six months and lots more money…
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It's not a readability preference, justified text is more difficult to read than left aligned, especially for those with physical problems related to vision and those with dyslexia. Suitability reports, which are already dealing with complex co…
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Yes. I live in that world and it's much easier. The problem is not the terminal bonus. It's having no flexibility in a compliance process.
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If you think about what you're trying to achieve, it's to show the client a comparison of the costs they are paying vs what they would pay. As soon as the value is out of balance on one side (other than for a charges related penalty) then using a fu…
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Hi I find the easiest way to deal with bond gain calculations is at a segment level. Each segment has its own 5% allowance and its own history of premiums and withdrawals. The maximum 5% allowance on the entire bond is therefore the initial in…
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I think I paid about £1,500 in 2018. So I'd say anything around the £2.5k mark is about right.