Paraplanners' Assembly

Rachel Reeves will become the first woman in UK history to deliver a Budget statement on Wednesday 30 October. But how exactly will the measures that she has announced become law – and how quickly?That’s the question that host Leanne Pickering of Pivotal Paraplanning and James Jones-Tinsley of Barnett Waddingham tackle in this Assembly. Together, Leanne and James explore how Budget changes contained in the Finance Bill are transformed into client advice - from Parliament, through providers, paraplanners, and other advice professionals - ensuring compliance with the latest laws and regulations.Along the way, they explore examples of when things go well (like the pensions industry’s prep for A-Day) and when they don't (the ongoing saga of lifetime allowance abolition). You'll learn about the stages that the Finance Bill must pass and why some changes can happen overnight while others take months to implement. Plus Leanne and James share some ideas about client questions during periods of uncertainty including sources of information that can be helpful.Whether you're puzzled by parliamentary processes and want to understand more, or just want to brush up on your knowledge of how Budget measures become a feature of your daily work, this conversation offers you a really accessible and interesting primer.Useful linksDuring the conversation, a number of sources of useful Budget information are mentioned, so here they are.James is a fan of the HM Treasury website and the HMRC’s Pensions Tax Manual  He also mentioned the Pension Management Institute’s website - and Leanne coaxed out of him the fact that he’s appearing on post-Budget webinar 2024 Budget and its impact on pensions at 3pm on 30 OctoberFor outsourced paraplanners, Leanne recommended looking out for WhatsApp groups – plus technical insights and briefings published by providers including Barnett Waddingham and M&G Wealth And there’s the Paraplanners’ Assembly’s Big Tent, of course, where you can often find technical experts – whether they work for providers, or as in-house or outsourced paraplanners – offering their insight, knowledge and expertise. For more on the parliament end of things, the Institute for Government has a fantastic searchable database of explainers, including this one on BudgetsYou can track the progress of any Bill that is before Parliament using parliament.uk's Parliamentary Bills page

What steps can you take to make sure your client’s plan will deliver a reliable income in retirement nowadays?After all, it’s an area of advice that is coming under some significant regulatory attention. Because not only is it the subject of a thematic review but the arrival of The Consumer Duty has also turned the spotlight on the suitability of advice too. Retirement income advice: why all the fuss?The last few years witnessed big challenges for paraplanners seeking secure incomes in retirement for clients thanks to significant economic and political events.  First there was pension freedoms and the surge in drawdown strategies. Next, rising inflation and interest rates conspired to squeeze income during the cost of living crisis. And that crisis prompted the search for secure income and a revival of annuities.The paraplanner’s dilemmaBut what’s the right balance between drawdown and secure income strategies? (Is there a balance to be struck at all?) What steps can you take so your client won’t simply run out of money? And how can you be sure that the FCA will agree that your approach to retirement income is consistently suitable?Patrick’s practical planning pointersThat’s where our guest expert at this Assembly, Parmenion‘s head of strategic partnerships, Patrick Ingram, comes in. Because Patrick shares some practical ideas that you apply straightaway to cases, and offers insights that will help you think through the planning challenges.Among the areas that Patrick and host, Richard Allum, cover in this lunch-hour Assembly are:analytical drawdown advice for clients spending money in retirement why managing drawdown is different to wealth management the importance of secure income ratios in drawdown planning the ‘4% rule’ versus current annuity ratesUseful links To receive a certificate for one hour’s worth of CPD, follow this link – Receive my CPD certificate You can also watch the replay of this Assembly at Crowdcast or at the event page

You can’t beat a good case study or two for discovering and consolidating technical knowledge, insights and practical ideas. So you’re going to love this special episode in which Steve Sayer of Utmost International explores not one, not two, but three case studies that – together – spotlight essential planning considerations for clients who have spent time overseas, and have invested abroad or hold offshore bonds.Because in this hour-long case study investigation special, Steve steers us through time apportionment relief, personal portfolio bonds and deficiency relief.Time apportionment relief: The lion’s share of the recording focuses on time apportionment relief – a vital consideration for clients who spend time abroad or return to the UK with existing investments. Steve shows how pre- and post-2013 rules can significantly impact tax calculations, explores the potentially valuable concept of 'material interest periods' and covers plenty more besides.Personal portfolio bonds: Using case study scenarios, Steve illustrates the potential pitfalls of non-compliant policies and the hefty tax implications of deemed gains.Deficiency relief: Steve offers a comprehensive overview of the applications of deficiency relief and considers its limitations.It’s no accident that Steve’s sessions are some of the most popular among paraplanners. His forensic knowledge, clarity of explanation and use of case studies bring topics to life and make episodes like this a must-watch or listen.Useful linksTo receive a certificate for your CPD records plus a link to download a copy of Steve’s slides, follow these links:Request a CPD certificateDownload Steve’s slidesBrowse previous Assembly sessions at Utmost’s siteVisit the Utmost Technical Academy webinar seriesSteve mentions two technical briefings that are available at Utmost's site. Here are the links:Tax planning using bonds – Time apportioned reductionsYou can also watch the video either at the event page or on Vimeo.

How are other paraplanners feeling at the moment? About regulatory change? About day-to-day pressures and workload? About emerging technology and its influence on advice? About perception of paraplanning as a profession and career? Upbeat? Pretty neutral? A bit meh?Well wonder no more as Craig Spittal of Scottish Widows reveals the findings of Scottish Widows’ latest annual survey of paraplanners in the UK.Craig and host, Richard Allum, are joined by paraplanners Ceetal Katechia of PSA Financial Services and Sarah Lees of Forvis Mazars to discuss findings that fresh off the press. In this lunch-hour Assembly conversation coveredthe changing demographics of the UK’s paraplanning population the most common misconceptions about paraplanning as a careerwhat challenges are adding the most weight to paraplanners’ workloads  how your paraplanning peers are feeling about role of technology – including AIhow regulatory change – such as The Consumer Duty – is affecting the day jobwhat paraplanners think about potential change in future e.g. an independent pensions policy body For a long time, paraplanners (and paraplanning) were lucky if they received even a passing mention in the conclusions of surveys of advice professionals in the UK.So this online Assembly – packed with findings from original research commissioned and conducted only among paraplanners – doesn’t just offer a really clear snapshot of how paraplanners are feeling about the world of advice today, it also offers us all a chance to reflect on what’s affecting our profession and help focus our minds on how we’d like to shape our profession in the future.Useful linksThe team at Scottish Widows has created a mini-site to support this event where you can take a quick quiz to receive a CPD certificate for your records. To grab your CPD, follow the link below.Grab your CPDRead the report: 'Paraplanning redefined'Craig's slides: Paraplanning redefined (opens PDF)

There's nothing paraplanners love more than a case study to help bring a technical topic to life.And that’s especially true when it comes to getting to grips with the complexities of inheritance tax (IHT) calculations.Which is why you’re going to love our latest podcast episode: a case-study led online Assembly that’s all about calculating IHT.Recorded on 20 September, host Richard Allum is joined by Graeme Robb from M&G Wealth as he guides us through a case study in which he will break down each stage and address common misconceptions. During the lunch-hour Assembly, Graeme covered:Nil rate bands: how nil rate bands come into play and their place in calculationsFailed PETs: learn how to bring failed potentially exempt transfers (PETs) back into the equationChargeable lifetime transfers: discover the impact of transfers requiring a 14-year look-back periodAllowances on Death: explore the various allowances that can be factored into calculations if unusedTaper relief: how it actually works - it's not what many think!Charitable gifts: unpack the 36% band for charitable gifts and find out how to calculate it correctlyDeeds of variation: understand their influence on IHT calculationsTax Responsibility: who's actually responsible for paying the calculated taxHow does that sound? Tune in now.Useful linksM&G Wealth has created a mini-site to support this event where you can take a quick quiz to receive a CPD certificate for your records. To grab your CPD, follow the link below.Grab your CPDSlides: Cracking the IHT code

Ever wondered how platform’s manage your client's cash?In this bite-sized Assembly, Transact’s Glen Sweet reveals all.You'll learn how a platform like Transact calculates the aggregate interest earned across a client’s daily trading and longer-term deposit accounts. And also that, because of differences in charging from platform to platform, it’s important to take a closer look at whether and how charges affect interest returned to clients.If you’re interested in fixed-term deposits on platforms, Glen covers that too.And let's not forget about HMRC. Glen explains how different wrappers handle cash interest – from tax-free ISAs to the more complex general investment accounts (GIA).And finally, did you know there’s a trend among some businesses in the UK – at least at the time of publication in September 2024 – to move corporate cash on to platforms? Tune in to find out why.

It's been just over a year since the arrival of The Consumer Duty.So, whether you've been neck-deep in its implementation or still feel like you're getting to grips with it, this lunch-hour Assembly asks how we’re all getting on with it.To explore the topic, we were joined by founder of Compliance and Training Solutions (CATS), Mel Holman, and Tom Lloyd-Read, technical planning manager at Stonehage Fleming.Mel has been providing advice and implementation support to a range of organisations while Tom has been deeply involved in implementation of the Duty within his firm.Over the course of the lunch-hour Assembly, we covered:* real-life experiences of implementing The Consumer Duty* practical approaches to demonstrating client understanding* the ongoing challenge of defining and proving value* how firms are adapting to support vulnerable clients* the impact of the retirement income reviewWhat's more, we also touched on cashflow modelling assumptions, dashboards and gap analysis.Of course, being an Assembly, not only did attendees tune into the conversation, but they also shared their thoughts and ideas on what's working, what's not, and where firms are still figuring things out in the chat.If you missed this hour's worth of thoughtful insights and practical takeaways, keep an eye out for future events where we'll continue the conversation on The Consumer Duty and other important industry topics.Useful linksHere are some useful links and resources that were mentioned during the recording of this online Assembly:Here's Mel's consultancy's website: Compliance and Training Solutions (CATS)And Tom is technical planning managers for Stonehage Fleming. Here's their site: Stonehage FlemingMel mentioned The Lang Cat's The meaning of value report with Royal London and also recommended watching the FCA's webinar The Consumer Duty: One year on. It was held on 31 July but you can register to access the recording.Meanwhile, here's the Consumer Duty page at the FCA's website. Finally, Richard asked Mel about the FCA's thematic review of Retirement Income AdviceWatch the replay of this Assembly at Crowdcast or VimeoGrab your CPDIf you'd like to receive a record of listening to this podcast for your CPD, follow this link: The Consumer Duty CPD

When it comes to gaining and maintaining inheritance tax (IHT) planning know-how and expertise, nothing beats a good case study.So this special case study investigation, which features not one but two client examples, is bound to be right up your street.Because in this 50-minute episode, Utmost International’s Steve Sayer joins host, Richard Allum, to explore why reversionary interest trusts (RITs) combined with the available nil rate band (NRB) threshold, can become a powerful and flexible feature of a client’s IHT strategy.In a conversation that’s packed with practical insights, ideas and expertise, tax and trusts expert Steve unpacks two case studies which will help you:– understand the mechanics and key features of a RIT– consider planning opportunities using RITs especially in conjunction with other options– be able to discuss and explain RITs and NRB with a client in a clear and concise way– apply this knowledge to appropriate, individual, client scenariosWhether you’re a seasoned paraplanner who wants to keep your knowledge fresh or the role of RITs in IHT planning is new territory for you, we’re sure you’ll enjoy the hands-on learning offered by this expert discussion.Useful linksDownload the slides referred to in this case study investigation. Just listen out for the bell to follow along.Download slides (opens a PDF)CPD: complete the form and receive a certificateVimeo: watch this case study investigationUtmost x Paraplanners' Assembly: all our previous sessionsUtmost Technical Academy webinar series

Working out what to do with your client’s wealth after their death is all part of a paraplanner's life.But settling on the best strategy can be complex – especially when missing a vital detail can have costly consequences.So what can you do about it?Stay up to date with the latest thinking, that’s what.Which is why Neil Macleod, senior technical manager at M&G Wealth, joined us to explore death and trusts and paraplanning.During this lunch-hour Assembly, Neil covered:the types of trusts that can be created upon a person's deathhow to spot different trust structures and what this meansthe income tax and capital gains tax treatment of trustee investmentsstrategies for selecting appropriate investments for specific trustspractical approaches to providing investment advice to trusteesWhat will I learn from this online Assembly?By the end of this Assembly, you'll be able to:identify the types of trusts which can be created on a person's deathdescribe the income tax and CGT treatment of trustee investmentsidentify appropriate investments for a particular trustNo matter how complex the cases you deal with, this is a great chance to tune in to Neil’s expertise, and get up to speed on death and trusts.Useful linksWant a record for your CPD PLUS Neil’s slides? Then follow this link: 'Death. Trusts. And paraplanners.' event page at M&G WealthFor M&G Wealth's Technical Hub visit: Technical Hub