A follow up session to our personal development skills day.

Learning objectives

In this session we covered…

• Personal development books and recommendations
• Action plans

On the 12 September 2019, paraplanners gathered in a teepee to learn, fix, share on a host of topics. Given that there was so much information to scribble down, the jolly folk that hosted the campfires and pick n mixes have sent over all their links and resources. So we’ve popped it all down in a handy link pack.

However, before you get click-happy, here’s a few snaps from the day…

Paraplanning tips campfire with Aleks Sasin and Jackie Manning

A number of you asked for a list of the books mentioned in the session and here they are:

• Getting Things Done – David Allen
• Deep Work – Cal Newport
• The One Think – Gary Keller
• Eat That Frog – Brian Tracy

The Mac app mentioned that focuses on the active window only is HazeOver.

Bonds vs Collectives campfire with Neil MacGillivray and Andy Marshall

The lovely folk of James Hay have sent over a copy of Neil’s presentation on Investment Taxation, plus here’s some handy links on capital gains tax,offshore bond guide and offshore single premium bonds.

CRP campfire with Jonny Stubbs, Martin Lines and Tim Coverdale

Here’s Jonny with more on the Withdrawal policy statement.

Who created it?

Although I can’t take all the credit as it was a mish-mash of various examples I’ve found over the years on the t’internet and using the same framework we use for our Investor Policy Statement. If anyone’s interested… No? Oh, just me then… This is apparently the guy who first came up with the idea for a WPS.

What it’s for?

It helps a financial planner to set a pre-agreed framework/mandate with a client for how they plan on withdrawing money from their various assets to meet their income needs after they stop receiving income from employment. It also sets out in advance what action the planner/client will take in the event of planned and unplanned events e.g. when and how should income be adjusted in the event of market volatility, major crash, inflationary pressures, unexpected expenses, poor performance etc. The idea is that it is reviewed each year at the annual review and a new copy signed together with a record of any tweaks or changes made to the document.

Any health warnings?

The example I’ve provided is just that, an example, and anyone using it should make sure it is personalised to their particular firms views, compliance, and client circumstances and objectives etc. It’s also not a fire and forget solution. The power of it comes from revisiting it every year with the client and getting them to re-sign it to confirm their understanding. Kinda like ‘a (financial) plan on a page’.

Useful links

• From the horses mouth
• A great overview of what suitability really means here
• Some great material from Just on all things CRP including practical examples
• Institute and Faculty of Actuaries: ‘Can we help consumers avoid running out of money in retirement?’
• The Yin and Yang of retirement income philosophies
• Good general overview of managing drawdown here

7IM’s Retirement Income Service

This link provides technical insight into why they follow a “bucketing” approach.

Financial Wellbeing ‘Pick n’ Mix’ session with Chris Budd

Need a reminder of the key elements of Chris Budd’stalk on financial wellbeing, then look no further than here.

Investment Research ‘Pick n’ Mix’ session with Nicki Hinton-Jones and Guy Anderson

Nicki Hinton-Jones of XPM Consulting’s slide from the investment research ‘Pick n Mix’. To find out more about Nicki and her work visit her at xpm-consulting.com

The slide lists the four key areas of due diligence research for investment products and services.

Octopus Investments Handouts

Just in case you whizzed past their handouts here’s the adviser gap report and the Octopus IHT intergenerational research report. 

Nathan Fry Notes

Powwow regular, Nathan Fry has very kindly sent us a copy of his notes from the day too. Have a read of them here.

Want some more Powwow in your life? Then check out our upcoming events.

For paraplanners who are want to build a basic knowledge of investment bonds and how they work.

Learning objectives

In this session we covered…

• Life assurance vs capital redemption bonds
• Jurisdictions: Isle of Man vs Ireland
• Brexit (arghhh)
• Who needs a bond?
• Tax within the bond
• Tax paid by the bond holder
• Bond withdrawals
• ‘New’ top slicing rules

Protection sits at the heart of many financial plans and we explore the basics.

Learning objectives

In this session we covered…

• Why is it needed
• What are the solutions
• Practical insight into policy set up
• What happens when a claim is made

Paraplanners discussing anything what we’ve got on, what we’re thinking about, what’s worrying us.

Learning objectives

In this session we covered…

• What’s the trickiest case you’ve worked on recently and how did you deal with it?
• How do you manage your workflow?
• What’s the best source for CPD?
• What top trick/tip can you share?

Develop a deeper understanding Centralised Retirement Propositions (CRPs).

Learning objectives

In this session we covered…

• What is a CRP – is it a CIP with a different name?
• Who is it right for?
• Building a process and strategy
• Tools and stress testing
• Reviews

On a sunny Thursday in September, and for the sixth year running (!), paraplanners gathered in a teepee in rolling countryside to learn, share, fix and exchange views. Here’s a few snaps from the day taken by our photographer, Ady Kerry.

By Rachael Hurdman – Business Coach and consultant, Founder of Arch Inspire

Further to the July Howwow on building and managing paraplanner teams, here is a summary of the key themes we discussed, which I thought would be helpful for you all.

The purpose of paraplanning in your business…

• As a Paraplanning Manager it’s crucial that you can articulate to clients and your business the value that paraplanning specifically brings. This will also help team members understand how they contribute to the overall purpose of the team
• As a manger define and share how you can best add value to your team and the wider business – be clear on your core strengths and where/how you can make the difference. This will support team members to understand how they can best work with you. This needs to be two-way so ensure you spend time with team members to explore the value they add and where/how they feel they can make the difference
• Define, document and share the purpose of paraplanning together as a team and share this throughout the business – the outputs should also inform key messaging to clients about the client experience and how paraplanning will specifically touch and benefit clients

The Player/Manager dynamic

• If you have defined and shared how you can best add value as a Paraplanning Manager, this will support you to start to define the balance between managing/leading/client delivery – this will change and evolve over time but accept that it will be difficult to carry on doing everything you did before you became a manager and be open to the change ahead
• Embrace and enjoy that a core part of your role is to develop and coach others to be able to deliver exceptionally well for clients. Many managers and leaders enjoy this aspect more and more as they develop their skills. It also empowers team members when you can show you trust them to deliver and work with clients you once looked after
• Keep your hand in and be prepared to still ‘do the doing’ – whilst the amount of client work you do may reduce, work hard to keep your knowledge fresh so you can practice what you preach and support the team. Be honest if you feel someone else in the team would be better placed to take on a specific piece of work due to their technical knowledge or skill – you can still support them in a mentoring capacity
• Be receptive to feedback as a manger and leader, you can and will learn a huge amount from your team members – people respect those that willingly ask for feedback on their own performance and act on it regardless of the position they hold.

Assert yourself and the team

• Refer and feel free to use the contracting template to support and develop new and existing relationships both within your direct team and across the business
• Get your contracting clear at the outset in-order to control resources and workflow and re-visit the contracts you have in place regularly – remember great contracting is two-way and definitely not a list of demands flowing one way
• Invest time with your team to develop their contracting skills – mentor and coach them in this area and review examples where it has gone well/not so well to build on the skills continually
• Assume your position as both a Paraplanning Manager and a Paraplanner – respect your role and the value you bring in the same way, you value other roles within your business
• As a manager ensure you are clear on the level of autonomy you have to make decisions/enforce changes – work closely with your own manager to ensure that you are backed 100% when you have to push back or make the tricky calls

Communication, Communication, Communication

• Speak regularly with team members and meet whenever possible (if face to face isn’t possible use technology to see each other)!
• Consider a weekly success/learns/concerns session

a) Successes – capture and what what’s gone well and the resulting impacts

b) Learns – ensure all team members are sharing learns to support each other and work as effectively and collaboratively as possible

c) Concerns – ensure there is open dialogue where people feel comfortable to share concerns/issues to get support and help from the team (this doesn’t happen enough in businesses and can result in conflict, tension and stress if things are left unsaid for too long). Encourage and promote a culture where concerns and problems are shared openly

• Never, ever presume anything and distil this message across your team – it’s one of the root causes of poor communication – always ask and never guess
• Pick up the phone more and speak to each other (avoid jumping to e-mail straight away particularly where one phone call could avoid 20 e-mails)
• Avoid lengthy e-mail chains and ask yourself would it be better to speak to the person – if the answer is yes then speak to them and send a follow up e-mail as a record if required
• Keep close to your team – continually ask your team members how they are feeling and thinking about their work load (before/during/after hot spot periods)
• Take care not to always gravitate to the ‘go to people’ – ensure work is shared across the team, to empower others to step up and avoid key man dependency on those that always will step up. Create a culture of one team with shared responsibility.

You can find out more about how Rachael and Arch inspire supports businesses, teams and individuals by visiting www.archinspire.co.uk and connecting with Rachael on Linkedin.

Word experts, Quietroom help us run an hour-long report writing surgery.

Learning Objectives

In this session we covered…

• Writing and communication techniques
• Language usage that resonates with clients
• How to proofread like a boss

A deep dive on risk profiling

Learning objectives

In this session we covered…

• The concerns about risk profiling that the FCA have flagged twice this year. What are firms still getting wrong?
• What are the main findings from Rory’s recent research paper into risk profiling tools