benjaminfabi
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- benjaminfabi
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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.
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That's a nice looking output. Hopefully in time they'll pull in transaction costs. Not sure about introducing another definition of 'critical yield' but that's easily overlooked.
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Nice. Got it thanks
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Where is it @richallum ? I can't see it obviously labelled in Charts, Tables or Reports tab.
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This is a really badly designed resource. An example from one screen that I'll just leave here (my emphasis): The savings for defined contributions and defined benefits plans are calculated differently, with defined benefits including investment gr…
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bump?
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StuartBFM said: Oh and the client needs to be able to email us back using the same encryption ideally. I'm leaning towards just sending everything by post, although first I'll need to deliver by hand a wax sealed envelope containing a cipher t…
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Hi Hannah What a cracking first post! I'd say you have it pretty well sorted there. The FCA knows about the problems we all are having with this and expect to see a 'best endeavours' approach to compliance with what is a really horrible bit of MiFI…
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I'm sure the decision wasn't a nice one to have to make. I expect the number of employers willing to put people through an advice apprenticeship vs the others weighed in.
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It's a frustrating decision to choose apprenticeships for advisers when there is such a chronic shortage of paraplanners. The best financial advisers will often be those who have been administrators and paraplanners as they've studied. Also, estab…
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I think technically if you certify a colour copy then you're in breach of that guidance and it's unlawful. Probably not much public interest in a prosecution though(!) but a provider is perfectly within their rights not to accept it. I haven't phot…
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I completely agree with Richard on process efficiency. If you don't have a regular meeting to look specifically at operational efficiency, that's a great place to start - nothing to do with advising and a really good fit with a paraplanner's skill…
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Cobs 9.4.4 non-mifid Cobs 9a.3.2 (2) mifid Note the subtle difference in the use of 'contract and 'transaction'. In non-mifid the contract is concluded when a life policy is on risk or a pension policy document is dated. I don't know what the mif…
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Old mutual will bounce through a section 32 to a collective retirement account.
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I have used Togl before, very good at an individual level without having to pay. Possibly better if you do but I never found out. When Intelligent Office deployed their timer, I switched the team I managed to that and it was great. Really good leve…
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That formula @Kate_W is 1/7th of 1% for each one week deferred beyond GMP age. It's 1+n/700 for each complete week, where n is the number of complete weeks. Post '88 GMP also gets the inflation to 3% increases. The day is coming where that informat…
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Jona said: If you and your firms standards are higher than that of the resources you have access to, then I don't see it as a waste of time.......? This is true. But it's reminded me of an issue that I touched on during one of the break …
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richardgough said: Having said that we do not, in the main, write any provider / product / fund specific information in our advice reports on the grounds that this is provided in any regulatory documentation provided to clients. Don't spend ti…
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I can't bring to mind any reason why they shouldn't have been paying the GMP to her since age 60. I'd ask for a written explanation.
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Hi Sandra I've recently concluded that secure communication over email is not worth the hassle. For anyone. There are a lot of systems that are cheap and better. Have a look at Crugo as an example. Also, Filehaven is on the horizon from codepotato…
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Voyant for me too.
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I'd do something very similar to Nathan. Then all you really have to do is an annual rebalance at review and regular due diligence on the particular range of funds that you are doing. Even if you do change one, the likelihood of the previous one be…
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Hi, The simple answer to your question is no. And the reason is because regardless of any administrative errors leading to this chain of events, it is not reasonable to conclude that the original pension scheme member wasn't aware that they had a…