If you’re a paraplanner who lives or works in striking distance of central London, then The Other London Assembly from 10am on Thursday 2 May 2023 will be right up your street.
Hosted by Dan Atkinson and Andy Schleider – and generously hosted by Barnett Waddingham at their London Wall Place office – this is your chance to catch up with paraplanners from your neck of the woods.
When you book your spot, you’ll be invited to shape the agenda by suggesting topics that you’d like the Assembly cover during the get-together.
At last October’s event, we exchanged ideas and perspectives on the two topics voted for by participants:
- the role of AI in paraplanning; and
- how The Consumer Duty was going in each others’ firms.
And in an open floor session to conclude the get together, topics raised included
- Recruitment
- Qualifications
- how to help new paraplanners joining your firm get on board and still be able to do your day job; and
- practical ideas about how to progress in your career when exams and you just don’t get on.
It’s the ideal chance to learn what’s going on in each other’s worlds, share ideas, and discover practical tips and illuminating insights – and tackle any other paraplanning topics that are on your mind when we gather.
Expect the same kind of thing from The Other London Assembly on 2 May.
So how about it? Book your spot now.
Host Caroline Stuart from Sparrow Paraplanning is joined by Heather Hopkins of NextWealth to explore how financial advice practices have addressed – and continue to address – the demands of The Consumer Duty.
What did we cover?
As well as recapping what firms are expected to do about the Duty, Caroline and Heather consider the opportunities it presents. Over the course of the lunch-hour session two significant themes emerge:
- how firms are demonstrating the value of their advice; and
- how to prove that clients really understand what they can expect from their financial plan
To bring the topic to life, Heather shares insights from consumer research recently carried out by NextWealth that reveals what clients value – essential intel for paraplanners crafting suitability reports and reviews.
With its focus on practicalities of implementation illuminated by evidence from original research, it promises to be a really informative and engaging hour.
Richard Allum and Paradigm Norton’s Dan Atkinson get to grips with the topic of planning assumptions.
For what seemed like AGES, low interest rates and low inflation rates gave the impression that the factors affecting a client’s future were pretty predictable.
But more recently, roller-coaster interest and inflation rates, combined with pandemics and wars, could leave you thinking that the future is altogether more unpredictable.
But is it?
Assumptions that are fit for purpose
During this online Assembly, Dan and Richard explored ways to think about planning assumptions in future.
They considered the kind of indicators you can use to form a set of assumptions with the durability to withstand those periodic headwinds sparked by social, economic and environmental events – the kind that have dominated our lives lately.
Of course investments are important but healthspans, death, inflation, spending, retirement, care and more have the potential to feature.
And then there are clients with specific outcomes in mind to add to the mix – for instance, meeting school fees, saving to offset childrens’ university tuition fees or deposits for their first homes.
Don’t miss out
Tune in and you’ll discover you’re in good company. Not only is Dan responsible for Paradigm Norton’s financial planning assumptions, he also owns a crystal ball (he actually does) so – one way or another – he’ll have all bases covered.
Listen now
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Ever-popular Assembly regular, Les Cameron of M&G Wealth, joined us to answer the question ‘What’s going on with the lifetime allowance?’
Why? Because in his Budget statement to the House of Commons earlier this year, the Chancellor of the Exchequer, Jeremy Hunt, announced the removal of the amount you could hold in pension savings before becoming liable for tax.
And that’s quite the change. Because it’s not all that long since Hunt’s predecessors stood accused of levying ‘stealth taxes’ by freezing the LTA at to £1,073,100 – potentially exposing an influx of pension savers to tax liabilities thanks to the effect of inflation.
So with proposed legislation removing the LTA and introducing a rise in the annual allowance, doesn’t the future look rosey for pension savers and their pots?
Or do other proposed measures – like setting a limit of £268,275 on tax-free lump sums – muddy the waters a bit?
Well, that’s where Les came in. Because over the lunch-hour session he:
- recapped the saga of the lifetime allowance so far
- explained the changes that the government has proposed
- explored what’s already happened (and what’s still left to happen); and
- considered what it all means for paraplanners working on retirement planning cases for clients.
Be honest. This stuff is like catnip to a paraplanner isn’t it?
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If you’re a paraplanner who lives or works in striking distance of central London, then The Other London Assembly from 10am on Friday 20 October 2023 will be right up your street.
Hosted by Dan Atkinson and Andy Schleider, this is your chance to gather with paraplanners from your neck of the woods to learn what’s going on in each other’s worlds, share ideas, and discover practical tips and illuminating insights.
Book your spot and you’ll be able to shape the agenda for the two-hour get-together but – right now – we expect paraplanners taking part to exchange ideas on report writing and, now that the consumer duty is a feature of daily life, explore how we’re demonstrating ‘fair value’ in annual reviews.
Plus, the chance to tackle any other paraplanning topic that’s on your mind when we gather at the London Wall Place office of Barnett Waddingham.
From our very first meeting in 2013, the Paraplanners’ Assembly has created gatherings – in person and online and all over the UK – that spark collaboration and conversation.
Expect the same from The Other London Assembly.
After all, Assemblies only happen because paraplanners show up. You’ll feel you belong at The Other London Assembly because The Other London Assembly belongs to you.
So how about it? Book your spot now.
Capacity for loss. What is it? What isn’t it? And why it should be a paraplanner’s BFF* (if it isn’t already)?
To explore the topic, the Assembly’s own BFF, Patrick Ingram from Parmenion, joined us for a lunch-hour Assembly during which we covered some really interesting stuff including:
Capacity for loss and attitude to risk. What’s the difference?
Even though the combination of a client’s capacity for loss and their attitude to risk are significant factors when you’re working on a case, Patrick showed us why both ideas are so different – and what that means for clients.
Get busy with client balance sheets
We dug into ideas like ‘client balance sheet’ and ‘wealth ratios’, and explored how they offer both strategic and practical ways to settle on an investment approach that fits their financial position.
Safety first
We explored the idea of a ‘safety margin’. What is it? And how does the idea help insulate clients from financial risks while still allowing them the flexibility to adapt their strategy through life’s ups and downs?
When capacity for loss is such a significant feature of the day job, this was a great chance to catch up with the latest thinking.
*BFF = best friend forever
Host Richard Allum was joined by experts Rachel Geary and Murray Smith from Barnett Waddingham for a lunch-hour session exploring what clients need to know if they want to invest in property as part of their pension
Together, they covered the technical, regulatory and legal issues that influence pensions and property, and served up really valuable insights along the way.
Among the topics covered were:
- Why buy a commercial property with a pension?
- SIPP vs SSAS. What, why and when?
- Rules about property in a pension
- Technical and legal things to know about investing in commercial property with a pension
- FAQs. Which things crop up time and again?
- What can go wrong – and how to avoid it happening
Listen now
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Popular Assembly regular, Les Cameron of M&G Wealth, joined us in something of a follow-up to last November’s online Assembly on financial planning essentials for small businesses.
As you’ll know if you tuned into that Assembly, there are already plenty of reasons for business-owning clients to consider investing surplus profits rather than, for instance, taking them as income.
But April’s 6p rise in corporation tax could add impetus to business owners interest in weighing up their options.
Yet there’s so much uncertainty around these days – even about once relatively dependable vehicles like bonds – so what strategies should you be considering for clients with businesses?
During this lunch-hour online Assembly, Les explored investment options, discuss tax treatments and tackle the topic of demonstrating suitability.
So if you have clients with businesses – or run a business yourself – why not tune in?
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Kicking the bucket. Popping your clogs. Pushing up the daisies.
No matter how much we tiptoe around saying it, we can’t ignore the fact that two things are inevitable in life:
- death; and
- an online Assembly about what happens to tax wrappers when you die.
But it’s really important stuff. Because for surviving family and friends who are struggling to cope with their loss, knowing a paraplanner or adviser has a posthumous plan of action for a client’s money when they die, avoids a wealth of unnecessary distress, doubt and anxiety.
In fact, getting it right has the potential to be one of those ‘moments of truth’ for clients – the kind of support that they never forget and are grateful for years later.
But where to start?
To begin with, join fellow passengers to the grave online at 1pm on 14 June 2023 where we’re going to explore what happens to tax wrappers when clients die.
To help us navigate the issues for paraplanners, we’ll be joined be Barrie Dawson from M&G Wealth.
Following this lunch-hour Assembly, expect to be a whole lot clearer about:
- how tax works;
- how money is distributed;
- who needs to do what to get the money; and
- where it needs to go.
We’ll consider a whole variety of taxes – including income tax, inheritance tax and capital gains tax – as well as administrative issues such as probate.
And we’ll point out essential planning tips for paraplanners as we go.
In particular, we’re going to:
- look at pensions and the impact of pension freedoms and recent budget changes;
- tackle what happens to ISAs – including the fact they are not inherited (even though a lot of people think they are);
- consider general investment accounts;
- explore bonds that are held by a client and who’s liable for the tax; and
- delve into tax liabilities for investment bonds held in trusts.
The big idea is that, next time one of your clients gets in touch to say someone close to them has died, this Assembly will help give you the confidence to say: ‘Please don’t worry about anything. I can help.’
Want to join?
This was the third in our three-part series of It’s all kicking off in the world of retirement income planning Assemblies exploring the new practicalities of retirement income planning – a series made possible with the support of our friends at Just.
In the first Assembly, we looked back at the events that changed the world of retirement income and what the consequences of this change means for paraplanners, advisers and clients.
In our second, we considered the practicalities of researching, creating and executing a plan for clients.
In the third and final part of the series, we explored three case studies – each allowing us to consider the suitability of different strategies to meet the ambitions for retirement income of each client. To help, we were joined by Karl Steadman from Just.
Naturally, we also considered how the Consumer Duty affects the choices available too.
CPD and resources
Scroll down to see links to resources mentioned during the event plus a video replay and podcast episode link.
You’ll also see that we’ve published a link to a CPD survey. Once you complete the survey, a CPD record of your attendance will be emailed to you automatically.
Catch up with parts one and two
If you missed the first two Assemblies in the series, pop over to the Why is it all kicking off in the world of retirement income planning? (Part 1) and Getting real: the new practicalities of retirement income planning (Part 2) where you’ll find a video replay and podcast episode link plus links mentioned during the event.