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The 2020 Budget: What it means to financial advisers and their clients

This session will provide an overview of the main proposals in the Chancellor’s 2020 Budget that impact on clients of financial advisers. It will highlight any financial planning opportunities that arise.
Recorded Mar 16 2020 65 mins
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Presented by
John Woolley, Technical Connections
Presentation preview: The 2020 Budget: What it means to financial advisers and their clients

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    Barry Horner, CEO, Paradigm Norton and Ruth Sturkey, Client Director, Paradigm Norton London
    Barry Horner, CEO, Paradigm Norton and Ruth Sturkey, Client Director, Paradigm Norton London and formerly of The Red House merged their firms in 2017. Here they look at what went well, what didn’t work so well, and the role culture plays in creating a successful outcome: getting ready to sell, looking to buy, agreeing the deal and what it’s like three years on.

    During this session you will:
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    3. Gain an understanding of how to manage client relationships.
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  • A New Era for Retirement Income Advice: Part 1 – Advice Principles Sep 22 2020 11:00 am UTC 45 mins
    Martin Lines, Business Development Director, Just
    Part 1) Advice Principles - There is no doubt that retirement income has become a very hot topic recently. We have seen a huge amount of activity from the regulator. In this session we’ll be touching on many of the topical regulatory aspects including ‘Suitability2’ and the need for a consistent approach. We’ll be speaking to a number of experts on the key issues and what you can do to respond. But the message is loud and clear. As well as a good culture, firms need to show that there is a robust process in place for retirement advice. Ultimately, of course, the purpose is to introduce a process to produce good consumer outcomes.

    Learning Objectives:
    1. Discuss the main regulatory themes surrounding retirement income advice
    2. Understand the duties on firms and individuals
    3. Recognise the key risks to good outcomes for retiring clients
    4. Understand the need for a consistent advice process for clients in decumulation
    5. Recognise six key steps in designing a centralised retirement proposition
  • Painting a picture of the New Economic Order Sep 21 2020 10:00 am UTC 90 mins
    James Bird, Fidelity International
    Look back through history society undergoes a major sea-change once every 30-40 years. At Fidelity, we believe that we are at such an inflection point now - politically, socially and from an economic and technological perspective.

    The second half of 2020 is likely to be remembered as the start of a new economic order characterised by a world of increased government intervention with an increased onus on fiscal activism to reboot the global economy from Covid-19 induced recession.

    Within this dynamic, Asia will benefit from being “first in and first out” of the crisis and the theme of emerging Asian leadership looks set to accelerate.

    On the political front, we will also have to grapple with the end of the Brexit transition process - with potentially significant for implications for UK assets and an uncertain and highly charged US presidential election.

    Fidelity’s presentation will paint a picture of this new world outlining where opportunity has emerged as a result of dislocation and reveal how Covid-19 has accelerated several investable trends that were already underway before the pandemic.

    Learning objectives
    • Recognise the key structural trends that will set the global economy into a new economic order and what it means for you and your clients investments.
    • Gain an insight into the rise of Asian leadership and the acceleration of sustainable investing.
    • Understand the three long-term calls for the future
  • The Great Paraplanner Debate Recorded: Sep 18 2020 71 mins
    Caroline Stewart plus guests
    The panel will discuss a number of hot topics suggested by the paraplanning community.
  • Insurance Bond Taxation: You just see what tax band the slice is in, right...? Recorded: Sep 18 2020 66 mins
    Les Cameron, Head of Technical, Prudential
    Insurance bonds have, and continue, to play an essential part in financial planning. In recent years there have been several changes affecting the calculation of tax on any gains. We've seen changes ranging for the time apportionment changes back in 2013, the introduction of the personal savings allowance, and more recently, the "Silver case" resulting in the changes announced in the 2020 Spring Budget. Long gone are the days of checking how much of the slice was in the basic rate tax band to work out your top slicing relief.

    In this session we bring you bang up to date with how the taxation of insurance bond gains works with a focus on the calculation of top slicing relief, and show you how one of Prudential's flagship planning tools can help ease the pain of crunching those tax numbers.

    Learning outcome
    • Understand the taxation of insurance bonds for UK resident individual owners.
    • Understand how Prudential's tools and calculators can assist with tax calculations for bond gains.
  • Session 2 - Trust Planning and Business Relief Recorded: Sep 17 2020 63 mins
    Sam Jermy, Business Development Director, TIME Investments
    The second session will focus primarily on trust planning, starting with the legal concept, the fundamental trust structure as well as the tax regime itself.

    The session will then take a deep dive into number of trusts available to clients, and how the selection of these can be aligned to the clients needs.

    The session will conclude by looking at how trust planning can be combined with BR investments to provide optimal client outcomes. We will use a handful of case studies to demonstrate how this could be used with a variety of different clients.

    Learning Objectives:
    - Explain the legal concept behind trusts and why they are used
    - Understand the key terminology used when describing trusts
    - Appreciate how the selection of trust structures can be aligned to clients’ needs
    - Identify tax-efficient investment opportunities when working with IPDI Trusts
    - Identify the types of clients that could benefit from combining BR with Trust planning
  • Personal Finance Society Annual General Meeting 2020 Recorded: Sep 16 2020 30 mins
    PFS AGM
    Welcome to the first fully virtual Annual General Meeting of The Personal Finance Society. The live broadcast will commence here at 2pm (BST) on Wednesday 16 September 2020.
  • Annual allowance – who’s afraid of the big bad tax charge Recorded: Sep 16 2020 63 mins
    Fiona Hanrahan, Pensions Development and Technical Manager, Royal London
    This presentation starts by covering off some technical aspects of the AA such as how it interacts with tax relief, carry forward, the taper and the MPAA. The options for paying any AA tax charge as discussed also.

    Staying in a scheme and paying the AA tax charge is considered versus opting out of the scheme. Our policy paper discusses more examples.
    Regulatory points around the clients’ best interests and opting out are also discussed.

    Learning Objectives - At the end of this session you will have an understanding of:
    • how the annual, money purchase, and tapered allowances work
    • the operation and advantages of “scheme pays”
    • how to calculate whether an opt-out is suitable
    • other factors impacting suitability
    • regulatory requirements
  • How to create a Financial Planning business that outlasts you Recorded: Sep 16 2020 60 mins
    Chris Budd, The Eternal Business Consultancy
    You have created a profitable business. You are proud of your employees, and you consider many of your clients as friends. How can you sell and still see the business continue so that you, your employees and your clients benefit from the legacy you leave behind?

    Learning objectives

    During this session you will learn about:

    •The exit options available to you
    •The Employee Ownership Trust
    •The four areas of a business to focus on in order to leave a legacy
    •How to truly empower employees
    •How to develop a leadership model
  • Giving suitable Final Salary transfer and retirement income advice Recorded: Sep 15 2020 70 mins
    Kevan Ramanauckis, Canada Life
    Paraplanners have an essential role in helping advisers develop and deliver suitable advice to clients. They work closely with financial advisers and qualified Pension Transfer Specialists. This session will reference Policy Statement 20/6 but, it’s main focus will be looking more closely at client outcomes within Guidance Consultation 20/1, highlighting examples of Good and Poor Practice, as identified by the FCA. Finally, it will seek to highlight some areas where there may be lessons to learn from DB transfer advice, when advising clients generally on how to access their pensions more broadly.

    Learning Objectives:

    To:
    • Understand the FCA’s latest position on DB transfer advice
    • Identify what constitutes good and bad practice and the evidence needed to support the right outcome
    • Identify some lessons learned from DB transfers and their relevance to retirement income advice
  • Get it Write! A Masterclass in Writing Recorded: Sep 9 2020 67 mins
    Melissa Kidd, Director, Motem Ltd
    Helping clients to understand advisor’s recommendations is no easy task. Neither is turning dry data into messages that are straightforward and actionable. It requires intention, focus and skill.

    This engaging and practical session will steer you away from communication traps, help you to write clearly and concisely, which in turn will enable clients to achieve their objectives.

    Learning objectives
    By the end of this session, you will be able to:

    · Use seven tips to help with report writing
    · Write emails that get actioned
    · Apply techniques to craft engaging blogs and articles
  • Session 1 - Inheritance Tax Fundamentals and Business Relief Recorded: Sep 8 2020 66 mins
    Sam Jermy, Business Development Director, TIME Investments
    The first session is designed for those seeking an introduction to Inheritance Tax (IHT) and Business Relief (BR). We will briefly cover the history, evolution and basics of IHT in the UK, including a reminder of the calculation methodology of the nil rate band and residential nil rate band.

    We will then move onto BR, covering the background and rational for the legislation as well as the current rules and conditions for the relief. By the end of the session, you will be familiar with the differences between unquoted and AIM based BR services and appreciate the potential opportunities for clients using these solutions. In addition, you will be able to identify the circumstances where BR investments could be suitable or beneficial, learning some tips and tricks when carrying out BR suitability assessments.

    Learning Objectives:

    - Understand the history and evolution of IHT in the UK
    - Appreciate the intergenerational advice opportunity
    - Understand how to calculate the nil rate band
    - Understand the qualification criteria and how to calculate the residential nil rate band
    - Be familiar with the background and rationale for BR
    - Understand the types of BR qualifying investments available and identify the types of clients that would be suitable for these
  • How Fire Risk Data for Insurance Has Become Hot Property Recorded: Sep 7 2020 32 mins
    Jonathan Guard, Director, Commercial Insurance, LexisNexis Risk Solutions, UK and Ireland
    This 30 minute webinar will look closely at how property insurers can calculate the potential losses from the spread of wildfires and building fires using the latest spatial analysis solutions.

    Learning Objectives:

    - Understand the impact of climate change on the market and how fire spreads
    - Learn the importance of harnessing building footprint data to assess fire risk accurately
    - Look at how data and technology play a key role in calculating accumulation risk that more accurately represents the potential spread of a fire.
  • How clients can invest for impact and financial return Recorded: Sep 3 2020 55 mins
    Ben Constable-Maxwell, Head of Sustainable and Impact Investing, M&G Investments
    The world is facing a rising tide of societal challenges, from the potential chaos associated with the breakdown of our climate, to unsustainable levels of waste and pollution, to vast and growing social inequality. Governments around the world lack the resources needed to deal with these challenges on their own; for example, to achieve the United Nations Sustainable Development Goals (SDGs), it has been estimated that some US$6 trillion a year will need to be spent, but government alone cannot foot this bill, with an annual funding gap assessed to be in the region of some US$2.5 trillion. Because of this, investment capital is vital, and impact investors are playing an increasingly pivotal role in directing this capital where it is most needed. This session will provide delegates an insight into how investors can allocate capital to make a difference, as well as generate a financial return.

    Learning objectives
    • Describe the difference between ESG and Impact Investing
    • Dispel common myths associated with responsible investing
    • List the principles of Impact Investing and how they can applied to listed equities
    • Describe how to construct a diversified, multi-themed impact portfolio

    Speaker bio
    Ben Constable Maxwell is leading M&G’s strategy on impact investing as well as covering sustainability issues such as climate change and circular economy. He has been central to the development of ESG integration within M&G’s investment processes and has supported the development of ESG solutions for clients across asset classes. Ben plays an active industry role as a member of various sustainable and impact investment initiatives, interacting with companies, policymakers, NGOs and other investors. He is a Trustee at Firefly International youth organisation, which provides educational and mental health support for young people in conflict-affected areas in the Balkans and Middle East.
  • Fees, Value and Profit: Getting the Balance Right Recorded: Sep 2 2020 58 mins
    Brett Davidson, FP Advance
    How much should you charge for your work? Well it depends on how well you understand and communicate your value. Get those two things in balance and the profits should take care of themselves. In this webinar Brett Davidson from FP Advance shows you how to communicate your value simply and clearly, so you can charge a premium for your great work, leading to a sustainable and profitable business. Simples.

    During this session you will:

    Discover the easiest way to communicate your value to clients

    Learn how to price your services fairly

    Understand how to find the right balance between fees, value and profitability for your business
  • Future of Advice: Beneath & Beyond - Discussing key themes from AKG’s paper Recorded: Aug 26 2020 69 mins
    Matt Ward, Communications Director, AKG
    Future of Advice: Beneath & Beyond - Discussing key themes from AKG’s sponsored paper and enabling webinar participants to give thought to short-, mid- and long-term challenges and opportunities in the advice sector.

    Intermediary distribution is the lifeblood of financial services companies assessed by AKG. A key part of AKG’s work therefore, in assessing the operational strength/sustainability of these companies, involves close monitoring of the temperature and due consideration of the likely future shape of the intermediary distribution market.

    AKG’s overarching objective was to produce a practical paper which looks at key factors, drivers for change, likely shape of the market and to establish the main challenges and opportunities for intermediary businesses, manufacturers and other relevant parties, primarily over the next two to three years. But also to flag longer-term considerations.

    AKG carried out three separate but complementary market research exercises, with both adviser and consumer audiences, to underpin the delivery of this paper and so associated research findings are referenced throughout.

    Finally, through the research and its findings, AKG also wanted to establish a platform for ongoing industry discussion and debate.

    Speaker bio
    Matt is Communications Director at AKG, joining the company in 2014, and has over 25 years’ industry experience, including previous roles at Defaqto and AXA Equity & Law. Matt leads on communications with companies across AKG’s financial strength assessment sectors (Provider; Offshore; Platform; DFM) and champions the role that consideration of company financial strength/sustainability plays in the research/due diligence exercises carried out by intermediary firms. He is also responsible for delivering AKG’s industry research papers, including output on pension freedoms, equity release, MiFID II and the future of advice.
  • How clients can invest for impact and financial return Recorded: Aug 25 2020 65 mins
    Ben Constable-Maxwell, Head of Sustainable and Impact Investing, M&G Investments
    The world is facing a rising tide of societal challenges, from the potential chaos associated with the breakdown of our climate, to unsustainable levels of waste and pollution, to vast and growing social inequality. Governments around the world lack the resources needed to deal with these challenges on their own; for example, to achieve the United Nations Sustainable Development Goals (SDGs), it has been estimated that some US$6 trillion a year will need to be spent, but government alone cannot foot this bill, with an annual funding gap assessed to be in the region of some US$2.5 trillion. Because of this, investment capital is vital, and impact investors are playing an increasingly pivotal role in directing this capital where it is most needed. This session will provide delegates an insight into how investors can allocate capital to make a difference, as well as generate a financial return.

    Learning objectives
    • Describe the difference between ESG and Impact Investing
    • Dispel common myths associated with responsible investing
    • List the principles of Impact Investing and how they can applied to listed equities
    • Describe how to construct a diversified, multi-themed impact portfolio

    Speaker bio
    Ben Constable Maxwell is leading M&G’s strategy on impact investing as well as covering sustainability issues such as climate change and circular economy. He has been central to the development of ESG integration within M&G’s investment processes and has supported the development of ESG solutions for clients across asset classes. Ben plays an active industry role as a member of various sustainable and impact investment initiatives, interacting with companies, policymakers, NGOs and other investors. He is a Trustee at Firefly International youth organisation, which provides educational and mental health support for young people in conflict-affected areas in the Balkans and Middle East.
  • Perfect Storm - seven reasons why there will be a hard market Recorded: Aug 21 2020 55 mins
    Alan Chandler
    Perfect Storm - seven reasons why there will be a hard market
  • Tax Planning Update Recorded: Aug 21 2020 72 mins
    John Woolley, Managing Director, Technical Connection
    1. TAXATION OF CHARGEABLE EVENT GAINS UNDER BONDS

    • Important Budget changes
    • How the reliefs, allowances and tax bands interact
    • Planning encashments for clients in the most tax efficient way
    • Tax planning using investment bonds – an overview of the opportunities


    2. TAXATION AND THE BUY-TO-LET MARKET; AN UPDATE

    • CGT and the new rules from 6 April 2020

    - Payment date
    - Lettings allowance
    - Deemed period of residence
    - EIS relief mismatch

    • The implications of Coronavirus

    - Government concessions
    - Planning to reduce tax – mortgage payment holidays, deferring tax and making pension contributions

    • SDLT holiday impetus

    - New properties
    - Transfers to companies

    3. IHT PLAN UPDATE

    - Loan Plans and Discounted Gift Trusts
    - Planning to avoid problems on the death of the settlor
    - Family Investment Companies – under threat?
  • Flexi-access drawdown – The good, the bad, and the ugly Recorded: Aug 20 2020 69 mins
    Craig Muir, Senior Pension Development & Technical Manager, Royal London
    We’re seeing more people using income drawdown than ever before with Flexi Access Drawdown (FAD) sales outpacing annuity sales by more than 2:1 since pension freedoms began, but FAD is not without its risks. The most significant of these is that people will run out of money during their lifetime through poor investment return, living longer than they anticipate or simply withdrawing at a rate which is unsustainable.

    We consider the Retirement Outcomes Review (ROR) from the FCA, and the changes to at retirement advice in the wake of the final report and subsequent policy statements. While recent output from the FCA regarding the ROR has focused heavily on non-advised drawdown, it gives the industry a line of sight to the regulators thinking. In the absence of significant post RDR guidance from the FCA on what good looks like in advised FAD, these publications provide an insight into the regulators main concerns in this market.

    The presentation investigates best practice in FAD file construction, as well as exploring the complex issues of sequencing risk and sustainable withdrawal rates. The presentation is bought to a close by considering how to review income drawdown plans in a compliant and cost effective manner, which we believe is vital for the ongoing success of any plan.

    Learning outcomes
    • Be able to identify the risk factors associated with income drawdown.
    • Understand the Regulator’s main concerns with income drawdown.
    • Understand how you can review your client’s drawdown plan in a compliant and cost effective
    way.

    Speaker bio:
    Craig Muir, Senior Pension Development & Technical Manager, Royal London
    Taking up a role as an Intermediary Development & Technical Manager at the start of 2011, Craig is a specialist in interpreting and explaining changes to the pension rules and regulation. Craig is involved in developing adviser facing content, presenting, writing articles and commenting for the press.
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  • Title: The 2020 Budget: What it means to financial advisers and their clients
  • Live at: Mar 16 2020 11:00 am
  • Presented by: John Woolley, Technical Connections
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