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A New Era for Retirement Income Advice: Capacity for Loss and Spending Hierarchy

In this session we will look at how you can help clients to put first things first when it comes to future spending patterns. There has been some debate around the importance of capacity for loss, particularly in retirement. But one thing is clear; when it comes to retirement dreams and aspirations, it is imperative to look at the ‘non-negotiable’ aspects of income needs at outset – and how these might change. Establishing this amount may not be too complex in many cases, but perhaps it’s simply more a common-sense approach of putting first things first. Here we will look at how you can help clients to take a realistic view of what their retirement needs are and we’ll be asking Rory Percival for some key points on how to look at this area objectively. We’ll then look at establishing a hierarchy of needs and the sort of questions to get us there.

Learning Objectives:
1. Recognise the importance of capacity for loss
2. Understand how capacity for loss differs from attitude to risk
3. Develop a process for establishing a spending hierarchy
4. Understand the impact of behavioural biases in the early stages of advice
5. Establish an objective approach to retirement planning
6. Recognise the role of secure and flexible income
Recorded Oct 1 2020 31 mins
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Presented by
Martin Lines, Business Development Director, Just
Presentation preview: A New Era for Retirement Income Advice: Capacity for Loss and Spending Hierarchy

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    TBC
    Please note we will start this webinar at 11.02am so we can observe the 2 minute silence for Remembrance Day.

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    Martin Lines, Business Development Director, Just
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    Kirsty Anderson, Pension Business Development Manager, Prudential
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    It’s likely you’ll find yourself with some clients who have dialled down drawdown income and are accessing income from other assets. You may have clients who find themselves in a situation of helping other family members – for example perhaps by encashing a bond earlier than planned. Is this an opportunity for more holistic tax planning – can you help them to mitigate or remove any tax liability by making a pension contribution or assessing these tax wrappers?

    Following the session you will be able to demonstrate an understanding of:

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    Fiona has worked in financial services since 1998, mainly in technical roles although she also worked as a Chartered Financial Planner. She joined Royal London in 2015 and is involved in developing adviser facing content, presenting, writing articles and commenting for the press.
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    Cathrine De Coninck-Lopez, Global Head of ESG, Invesco
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    Speaker Bio:
    Cathrine is Global Head of ESG, based in Henley. She is responsible for enabling and leading best practices in ESG capabilities across Invesco including ESG integration, research, voting and engagement, supporting the distribution team with client engagement, and advising the product teams on ESG innovation.

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    Cathrine holds an MBA from London Business School, a MSc in Water Science, Policy and Management from Oxford University and a BSc in Environmental Science from Nottingham University.
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    Fiona Hanrahan & Gregor Sked, Royal London
    In this webinar we look at the features and benefits of a relevant life plan, and how it could be an efficient form of life cover for those clients who may have a lifetime allowance issue.

    Learning objectives:
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    • How to identify opportunities to position relevant life as a viable protection solution for your clients.

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    Fiona has worked in financial services since 1998, mainly in technical roles although she also worked as a Chartered Financial Planner. She joined Royal London in 2015 and is involved in developing adviser facing content, presenting, writing articles and commenting for the press.
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    There will also be an opportunity to ask any questions you may have during the interactive Q&A at the end of the webinar.

    Speaker bio:
    Jan Holt is a Specialist Development Manager for Scottish Widows, with over 40 years’ experience in the life and pension’s industry working for major product providers and distributors. For the last twenty years Jan has specialised in the retirement and later life market, championing the place for guaranteed income within retirement plans.
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    Cathrine De Coninck-Lopez, Global Head of ESG, Invesco
    An introduction to ESG, covering key responsible investment concepts, incoming regulation and evolving a new client advice journey.

    Learning Objectives:
    • To be able to explain responsible investing
    • To map out the current responsible investment options
    • To understand new ESG adviser responsibilities
    • To start to plan their new, ESG aware, client advice journey

    Speaker Bio:
    Cathrine is Global Head of ESG, based in Henley. She is responsible for enabling and leading best practices in ESG capabilities across Invesco including ESG integration, research, voting and engagement, supporting the distribution team with client engagement, and advising the product teams on ESG innovation.

    Cathrine is a non-executive board member of the UK Sustainable Investment and Finance Association (UKSIF) and a member of the UK Investment Association Stewardship Committee.

    Cathrine holds an MBA from London Business School, a MSc in Water Science, Policy and Management from Oxford University and a BSc in Environmental Science from Nottingham University.
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    By the end of this session you’ll be able to:
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    • Explain the role of financial advisers and PODE’s in the divorce process.
    • Understand the factors influencing the valuation of pension assets on divorce.
    • An understanding of the options available for pensions in a divorce settlement, and their advantages and disadvantages.
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    Harry Donoghue, Strategic Partnership Manager, TIME Investments
    As every adviser knows, no two clients are the same. In the context of legacy planning, it is important to gain a true understanding of client’s individual beliefs, values and aspirations. For some clients, the primary focus for legacy planning may be to ensure that as much wealth as possible passes on to their loved ones. Others may be looking to use their investment power to make a wider positive impact on the world.

    In the context of leaving a legacy, Business Relief (BR) investment services can offer a dual benefit. They provide a fast and flexible method of leaving a tax efficient financial legacy, and can also provide a direct route to sustainable investments.

    This session will take a deep dive into how BR solutions can provide both benefits. The sustainable investment sectors within our BR service will be explained and analysed. The session will also provide the audience with an in-depth understanding of what planning options exist to help clients protect and maintain a financial legacy. Consideration will be given to how financial planners can work effectively with professional connections when building sustainable, lasting legacies.

    Learning Objectives:
    - Using coaching skills and techniques to help clients uncover their own personal and financial legacy aspirations.
    - Consider the importance that is being placed on sustainable investments and appreciate how Business Relief can provide a sustainable legacy.
    - Understand where wills and trusts can be used most effectively in legacy planning.
    - Consider how planners can work effectively with professional connections to grow your business and create sustainable legacies for clients.
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    Alasdair Walker, Managing Director of Handford, Aitkenhead and Walker Ltd
    40 minutes presentation, 20 minutes Q&A

    Alasdair Walker, Managing Director of Handford, Aitkenhead and Walker Ltd takes us through what he calls “the boring tech that get’s us through they day and makes all the interesting stuff work”.

    Learning objectives:

    - How not to lose your money - cyber security.
    - How no to lose your data - data security.
    - How not to lose your clients - communications technology.
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    Brett Davidson, FP Advance
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    Learning Objectives:

    - Discover the most important question to ask yourself when choosing between ‘business’ and ‘lifestyle’
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    Martin Lines, Business Development Director, Just
    What happens if things don’t go to plan? How do withdrawals change? What is the contingency plan? Do we need to look at other assets? Has this plan been agreed with the client at outset? In an ideal world, everything will go to plan, and maybe the client will be able to achieve more than they expected. But a withdrawal policy statement is deigned to demonstrate that they have understood that there are variables that may have an impact. They may need to agree to maintain or reduce withdrawals in certain circumstances. Or, of course, they may have an opportunity increase income if things have gone well, rather than continue on the path originally set out.

    Learning Objectives:

    By viewing this webinar, you will be able to:
    1. Recognise how to evidence the key stages of the plan
    2. Put in place agreed contingency arrangements depending on changing circumstances
    3. Discuss the impact of an economic downturn and the relevance of financial resilience
    4. Agree and document planned increases and decreases in income
    5. Discuss what a withdrawal policy should contain
    6. Recognise where the use of non-pensions assets might be appropriate
  • Estate planning through the generations Recorded: Oct 27 2020 68 mins
    Nick Bird, Business Development Manager, Octopus Investments
    The current crisis has focused clients’ on succession planning, shown in by a 75% increase in Will writing. It has also accelerating the trend to look for opportunities to transfer wealth through generations within a family. We will reference research that gauged views from clients, financial advisers as well as lawyers – highlighting some common misconceptions and how righting those can open-up client conversations and new client engagement.

    We will share examples of best practice we have seen with advisers engage with families both up and down generations to help give them peace of mind for their financial future. As the art of financial planning is the discussion, blend and agreement on solutions available to aim for a given goal – we will refresh on the options available with a deeper look at business property relief (BPR).

    Learning Outcomes
    - To understand and articulate the opportunities and risks that the intergenerational transition of wealth will raise over the next decade
    - Familiarise you with strategies to engage with families up and down generations
    - Deepen understanding of business property relief as a pillar for that broader strategy
    - Spot indicators that may trigger conversations on both succession planning and where business property relief may make a difference for your client.
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    Martin Lines, Business Development Director, Just
    We will look at things like cash-flow planning. We’ll see how different tools can be used to help stress-test different scenarios. In what circumstances would the plan not work? How can we look at things objectively and overcome behavioural biases that might exist. We need to take a realistic approach. The use of planning tools along with the expertise of the adviser can really manage expectations and set a course for a better retirement and later life. We’ll also see how the use of different assets and product mixes might improve outcomes whilst still allowing a degree of flexibility.

    Learning Objectives:
    By viewing this webinar, you will be able to:
    1. Learn how to stress-test a retirement scenario
    2. Examine the wider impact of behavioural biases
    3. Discuss ways of applying an objective view of retirement income planning
    4. Explore the options for clients, should the income requirement be shown to be breached
    5. Understand the role of cash-flow planning
    6. Explore the availability of other planning tools that may assist in the advice process

    Speaker bio:
    Martin heads up Just’s team of Retirement and Later Life Specialists, supporting adviser training events and conferences across the UK.

    He joined Partnership in 2009, ahead of the creation of Just, having worked alongside local and national adviser firms on pensions and retirement-related issues. He is a regular speaker at financial services events with subjects ranging from the technical issues to consumer vulnerability and behavioural bias.
  • Estate planning through the generations Recorded: Oct 23 2020 66 mins
    Nick Bird, Business Development Manager, Octopus Investments
    The current crisis has focused clients’ on succession planning, shown in by a 75% increase in Will writing. It has also accelerating the trend to look for opportunities to transfer wealth through generations within a family. We will reference research that gauged views from clients, financial advisers as well as lawyers – highlighting some common misconceptions and how righting those can open-up client conversations and new client engagement.

    We will share examples of best practice we have seen with advisers engage with families both up and down generations to help give them peace of mind for their financial future. As the art of financial planning is the discussion, blend and agreement on solutions available to aim for a given goal – we will refresh on the options available with a deeper look at business property relief (BPR).

    Learning Outcomes
    - To understand and articulate the opportunities and risks that the intergenerational transition of wealth will raise over the next decade
    - Familiarise you with strategies to engage with families up and down generations
    - Deepen understanding of business property relief as a pillar for that broader strategy
    - Spot indicators that may trigger conversations on both succession planning and where business property relief may make a difference for your client.
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  • Presented by: Martin Lines, Business Development Director, Just
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