benjaminfabi
About
- Username
- benjaminfabi
- Joined
- Visits
- 3,061
- Last Active
- Roles
- Moderator
Comments
-
There are different disclosure rules for different types of product, along with different acronyms for what the bundled charges figures are (AMC, OCF, TER etc) and these are used incorrectly all the time. I don't think any of the various rules permi…
-
Based on receiving the outputs from several planners using various AI over the past few months, ChatGPT is hands down the best tool for putting together meeting notes summaries. I have a client who uses Fireflies.ai to get a transcript and then load…
-
But wouldn't the completion of a nomination form in the new plan constitute the intent on some other person/s. Even if you don't change the existing beneficiaries, they cease to have a right to benefit in the current plan at age 75. The OP has sa…
-
Hard to see how a transfer could be seen as anything other than to improve the position on death, regardless of any explicit reference. The intention is to avoid a default action at age 75 that would not provide value to the estate. This is the grat…
-
Hi @Gustavo_Fring The TR said that: Firms are required to establish and maintain such systems and controls as are appropriate to their business. Where firms use CFM tools, they should ensure these are appropriate and reviewed regularly. And…
-
@MothiusManius I never do independent software charges calculations on any switch case. I have a simple (ish) spreadsheet that does the same calculations and this goes into a table in the report. You can't avoid a cost comparison of some sort in …
-
@richardgough just get stuck in to the tools and start consuming video tutorials on how to use them. Like anything, the more you do it the better you'll be. I'd start by having it help you with writing tasks. I get lots of value by simply having it …
-
No. Building a GPT is creating a specific GPT and requires a paid solution. In ChatGPT it's really intuitive with natural language, in CoPilot it needs some deeper grounding in software (using CoPilot Studio), which I don't have! I have built GPT…
-
Check out the assembly I did a couple of weeks ago with Richard and Jonny Stubbs. TL:DR Hyper-charged research assistant and analyst.
-
Microsoft - CoPilot for Microsoft 365 (within my existing 365 environment) Anthropic - Claude Pro (not for personal data and not planning to be) OpenAI - ChatGPT Teams (not for personal data and annoyingly I have now identified a shortcoming in th…
-
Hi, I see lots of different approaches to this. The one I suggest for clients who are already receiving an ongoing service is to simply write a short letter bringing it into the existing solution (already suitable), with the rudimentary suitab…
-
Thanks. I did just check my sums and I think the last bullet is wrong, as the TTFAC will only restore the LSDBA by the amount of the LSA not taken. In this case, if the BCE8 used up 50% of the LTA, the TTFAC restores 12.5% of the standard LSDBA to b…
-
Second vote for Maseco. I work with them for several clients and they know their stuff.
-
Integration is a 'nice to have' that shouldn't determine choice of tool. In my experience nothing comes close to Voyant across multiple categories and I can live with a less than great integration. I actually tell planners I work with that integr…
-
I don't see an issue with charging ongoing for a VCT. It's in scope for mifid II reporting, so you need to do work on it each year. Just because there are tax consequences for selling it doesn't automatically rule out that option if your ongoing wor…
-
@Wildparaplanner as I understand it there is no benefit to having taken that action last month. Although there isn't any detriment either - other than the work you've put int getting it done. @SA96 I think they are going to change that in a futur…
-
@Wildparaplanner anyone who had a pre-commencement pension and no BCE between 04/2006 and 04/2024 won't have a TTFA, as there were no transitional events that would need to be included. When they have an RBCE now, the pre-commencement pension wil…
-
What a ridiculous state of affairs @les_cameron have you ever known anything like it? Presumably next week's instalment will be a clarification that SSPTFC will count towards the LSA and therefore can't be taken at the end as a freebie. I reca…
-
I asked Transact about this (as they are the platform for the first case I am dealing with). Here is the response: Previously HMRC confirmed that the TTAFC position for pre-commencement pensions would simply look at the TFC physically paid. As yo…
-
Thanks Les. I'm glad I'm not going mad. I hadn't seen this in anything I had read from HMRC to this point. They even say in this section that it will be the actual amount paid. The way it reads is that it will also include a further 25% deduction…
-
Yes, perfect! There was too much other stuff going on in that budget at the time! I knew I must have missed something!
-
I'd do one SR. And if a client's objective is to raise £20k from their invested capital I wouldn't necessarily go into detail in the report about the other assets but on the file I would expect to see a full analysis of why the PCLS and ISA were …
-
I wouldn't say it looks misleading if it is calculated correctly, the percentage might just be high. What matters is whether the client is getting value for what they are paying. The disclosure of the fee as £ and % doesn't determine this. I m…
-
Thanks Les, In all the new rules whenever the term disqualifying pension credit gets used, it is invariably in relation to it being disregarded in calculating the amounts of lump sums available. I think it will be a nice surprise if this clien…
-
Thanks Pippa, that's the source I was given that prompted this query - I should have linked it! I think that's wrong for the reasons I've set out above. In the case I have, they have enhanced protection and the effect of the credit has cost th…
-
If it helps, only one of my clients charges VAT and they apply this depending on the advice being given to use bespoke DIM or not.
-
Haha same! Institutional memory on these old schemes is getting rare these days!
-
Thanks Les. Turns out that pre-aday, all funds of deceased SSAS members could, as one option, revert to the SSAS for reallocation between the remaining members. As the children were members who didn't need any lump sum death benefits, this was the c…
-
Spot on @DC01 Level term assurance for £76,400 until the end of the seven years from when the gift was made. This will cover the additional amount of iht that the estate will pay, because £194,000 of the nrb will be used by that gift on d…
-
Hi Jonny VAT is done incorrectly right across the financial intermediation sector in my experience. I have always assumed that it is a hornet's nest that HMRC doesn't want to kick. But I see lots of charging structures where it isn't…