Les Cameron of M&G Wealth joined us to explore what the Budget in March 2023 meant for paraplanners, financial planners and clients.
Over the course of a lunch hour, as well as fielding questions from paraplanners in the chat, Les talked through the key financial planning questions of the Chancellor of the Exchequer’s statement.
In particular, Les tackled the changes to lifetime and and annual allowances and their consequences.
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With examination season looming, we took a timely tour of the tips and techniques that could give you the edge in your exams.
Host, Richard Allum, was joined by two guests:
Natalie Dawes is an Academy Support Adviser with Bespoke Training Solutions (or BTS). Natalie provides ‘side-by-side’ learning support that can be adapted to meet the different needs of candidates who are preparing for professional exams.
Not only is Alan Gow one of the UK’s most experienced outsourced paraplanners but, as a Chartered Financial Planner, Fellow of the Personal Finance Society and a CISI Accredited Paraplanner, the Argonaut Paraplanning founder knows a thing or two about about qualifications and how to achieve them.
During the one-hour lunchtime Assembly, Natalie and Alan shared insights into revision tips and exam techniques that have worked for them or the candidates they work with.
Big reductions in allowances for capital gains tax and dividends announced in last November’s autumn statement invite the question: should we be re-thinking how we use investment bonds and GIAs?
In this lunchtime Assembly online, we were joined by Les Cameron from M&G Wealth to dig into the topic and consider the consequences for paraplanning of the changes.
Over the course of the hour we covered:
- the tax landscape and recent changes
- how the internal tax on investment bonds works
- pros and cons of each tax wrapper
- planning opportunities before and after tax year end
- how rebalancing, bed and ISA, DIMs and self assessment fit into planning
We concluded by taking a look at M&G’s new tax wrapper comparison tool.
Listen to this Assembly
As you can see below, we’ve published this Assembly as our latest podcast episode. Because Les is talking about the contents of a presentation, it’s definitely worth downloading his slidedeck (opens in PowerPoint online) and following along if you can.
Today, we’ve published our most recent online Assembly on getting in the right headspace for tax year end as our very first podcast episode.
From now on, we’ll be publishing a podcast edition after each online Assembly – as well as bonus content from time to time.
In addition to the library of videos from more than 100 online Assemblies, it’s another way in which the Assembly hopes – no matter whether you’re a contributor or listener – you’ll be able learn things, fix things and share things that help you become the paraplanner you want to be.
Where can I find the podcast?
It may take a while for episodes to appear on your favourite podcast app but you can already find us on Spotify – and we’ve popped the episode below for good measure. (Depending on the privacy settings you accepted for our site, you may need to click a ‘Load content’ button for the Spotify player to appear.)
What’s in this episode?
Our first podcast episode features the conversation from our recent Assembly on getting in the right headspace for tax year end. Facilitated by Becca Timmins, the discussion involved guests with loads of in-house and outsourced paraplanning experience between them: Zoe Hitchcock from Crowe UK, Emery Little’s Satu Flynn, and Kez Condy and Jo Parkes from Navigatus.
With the upcoming tax year end deadline in mind, our guests tackled three questions:
- What went well at tax year end last year?
- What was a challenge?
- What will you take with you into this tax year end?
Tune in to hear paraplanners share their insights and experiences and perhaps you’ll pick up some ideas, tips and techniques you can apply to your own run in to this year’s tax year end.
Tax year end. ALREADY?
Yes. But it wasn’t just any old hour’s worth of tax chat (attractive though we know that would be).
No. This is all about getting in the RIGHT MINDSET for 2023’s tax year end deadline.
(Like a HIIT workout. But without the HIIT bit. Or the workout.)
What it involved was coach and facilitator, Becca Timmins, being joined by Kez Condy and Jo Parkes from Navigatus, Zoe Hitchcock from Crowe UK and Emery Little’s Satu Flynn to discuss how they were getting in the zone for this year’s tax deadline.
The audience were invited to tune in as the group answer three questions:
- What went well at tax year end last year?
- What was a challenge?
- What will you take with you into this tax year end?
By sharing their insights and experiences from last year – combined with your own contributions in the chat – everyone taking part – on screen or off it – gained ideas, tips and techniques that could prove invaluable in countdown to the tax year deadline.
Far from being ‘soft’ skills, the ability to listen more effectively, give and receive feedback more confidently, and manage your time more productively are vital personal development skills so you can succeed in your paraplanning career.
But how often do you find time to discover, practice and apply new tools and approaches to fine-tune those skills? Plus do that alongside other paraplanners in the same boat as you?
If that sounds familiar, then this is the event for you. Because we asked coach and facilitator, Becca Timmins, to design a workshop exclusively for paraplanners.
Drawing on a decade of insights provided by Assembly participants, Becca has created the power-up you need to grow your confidence and command of these crucial skills – in just three hours.
This workshop has been made possible thanks to the kind support of our friends at Aegon UK.
What you’ll learn
You’ll learn to lean in to listening
Ever feel the need to fix everyone’s problems for them? Or perhaps you feel pressure to come up with solutions when people share their thoughts and feelings with you?
Learning a new way to think about listening can really help us let go of needing to have all of the answers. Plus, it makes for solutions that are more effective and better thought through. We’ll use our time to discover a refreshing approach to listening.
You’ll feel more confident about feedback
Do you ever feel unsure about how best to give feedback? Perhaps you struggle to get your point across and wish you could articulate yourself more clearly? Maybe receiving feedback makes you squirm?
We’re often not taught how to give effective feedback and so we struggle to know how to do it well. What’s more, bad experiences can put us off trying. So we’ll spend some time learning tools that can help us – and think about how we can get out of our own way.
You’ll gain a new perspective on time
Does it feel like there aren’t enough hours in the day? Maybe you feel like you never seem to have control over how you spend your time?
There are so many tools and hacks out there to try and make us feel we can do more in less time. Perhaps it’s time to think about it a bit differently? That’s why we will set some valuable time aside to explore the way we approach time managing.
About workshop facilitator, Becca Timmins
Our workshop will be led by Becca Timmins.
Becca’s workshops give you lots of room to reflect on things both individually and in conversation with other paraplanners.
Her style makes for an energising and enriching learning experience. In fact, you can see for yourself because we’ve added a few shots from Becca’s sessions at this year’s Big Day Out.
Coach and facilitator Becca has not only worked as a paraplanner in the past but – these days – is director of operations at financial planning practice Emery Little.
How to join the event
The event will be taking place online using Zoom. Once you’ve bought your ticket, you’ll receive the Zoom link and details of how to join the event on 12 May 2023.
Price
£25 per participant. This includes VAT and Eventbrite booking fees.
How to book
Just tap the Buy tickets button and book online now.
Steve Sayer from Utmost Wealth Solutions joined us for the second of two online Assemblies tackling the issue of top slicing relief.
In the first Assembly – held on 29 June this year – Steve invited us to look at more technical considerations and calculations.
In this second session, he took a look at planning strategies for top slicing relief. The session covered:
- How to avoid trustee rates of tax on gains
- When should new money top up an existing bond or go into a new bond?
- How to apply time apportionment relief
- How to plan for ongoing income
From now on, there’s no need to visit Crowdcast to save your spot at an online Assembly. Just tap ‘Book event’ and follow the step-by-step instructions.
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A panel discuss setting up and running an outsourced paraplanning business. They share their experience, top tips, and cover the main points and issues that arise from outsourced paraplanning, such as:
Learning objectives
In this session we covered…
- Things you need to think about before setting up your own business
- What it really is like to run an outsourced paraplanning business
- How to work on your own and not go mad!
- Staying on top of CPD
We all know that research and due diligence is a key skill for paraplanners.
And with discretionary fund management (DFM) services becoming more popular – whether bespoke or model portfolios – the demand for these skills is only going to increase.
In our latest online Assembly, we’re bringing together experts who are able to share perspectives from both sides of the DFM equation.
Learning objectives
During this session we…
Explored the approach and processes you can adopt to carry out research discuss the tech that’s out there that can help Invited DFM guests to tell us what they think paraplanners should ask…but don’t Discover what kind of due diligence DFMs carry out for themselves
Do you know the order in which income tax is applied to different sources?
If not, this online Assembly is for you. And – even if you do – are you really really sure? (Like, really?)
Either way, we’re sure you’ll leave this Assembly older (by 60 mins) but wiser thanks to our guest, M&G’s Les Cameron.
Les will be a familiar face to many Assembly participants and his most recent appearance was May’s Case Study Investigation: IHT and Trusts.
Learning objectives
During the session we covered…
- The 7 steps of a UK Income Tax calculation
- Allowable deductions
- Adjusted net income
- 72% marginal tax rate
- Allowances Beneficial ordering
- Tax reducers