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Paraplanners' Assembly

What kind of paraplanning leader could I be?

Season 2, Ep. 26
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This online Assembly focusing on professional development would not be possible without the generous support of Aegon UK. Thanks to the team at Aegon for supporting this week’s event – and for supporting the development of paraplanners and paraplanning in the UK through their support of the Paraplanners’ Assembly.


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Perhaps you’ve been thinking about stepping into a leadership role in paraplanning. Or you’re already managing others and want to build your skills. Either way, this specially extended Assembly is for you.


Why?

Over 90 minutes, Aegon UK’s learning and organisational consultant, Sarah Purves, and Succession Wealth’s recently appointed paraplanning team leader, Ellie Welling, joined host, Richard Allum, to explore the paraplanning leadership and how you can make the step into that role with confidence


Throughout the Assembly, Sarah invited Ellie and Richard (and the Chat) to try out a series of exercises to help you:


  • identify the paraplanning leadership qualities you already have (you might be surprised)
  • discover your natural management style by learning from what’s worked (and what hasn’t) with your own managers
  • get better at those tricky conversations that come with leading others
  • build a practical toolkit you can use straight away to have more impact in your role


Plus Ellie and Richard shared their own experience of moving into leadership roles – what they’ve learned, what they wish they’d known, and how they have developed their own approach to managing a team.


It’s an Assembly that’s specially designed so you can:


  • reflect on the challenges of leadership without
  • learn from the experience of others at different stages of their career
  • gain practical tips you can actually use right away
  • work out if leadership is right for you and what it could look like
  • ask questions you’ve always wanted to ask about managing others


Tune in now

There’s no magic formula for becoming a leader. But there are tools and techniques that really work. No matter whether you’re a freshly minted paraplanning leader or have many years’ experience behind you, there are bound to be ideas and insights in this conversation that will help you.


Useful links

There are loads of links from this Assembly and we’ve listed them below. Most important though: make sure to grab your CPD certificate for watching or listening to this Assembly. Follow the first link in the list,


CPD: Request your certificate


Slides

Sarah's slides: What kind of paraplanning leader could I be? (downloads a PDF)


Sarah’s slides mention lots of recommended books, courses, talks and listens. You'll find links to them all (plus every other conceivable link for this Assembly) at the event page. (Scroll all the way down and you'll spot the list.)


Watch this Assembly

If you'd like, you can watch the Replay on Crowdcast (includes the Chat) or view the video on Vimeo too.

More episodes

View all episodes

  • 25. What did Les Cameron learn from Labour’s Budget?

    01:08:11||Season 2, Ep. 25
    Perennial Assembly favourite, Les Cameron of M&G Wealth, joined us to share his thoughts on Labour’s Budget on 30 October.As well as the fact that Rachel Reeves made history by becoming the first woman to deliver a budget as Chancellor of the Exchequer, were there measures that are sure to feature when Budget history is written?Or were the widespread jitters among savers and investors ill-founded as Labour delivered its first Budget since Alistair Darling’s on 20 April 2010 – no fewer than 5,334 days earlier.What actually happened?Were the headlines screaming about capital gains and inheritance tax? How about pension tax relief and fuel duty? Or national insurance and the British ISA? Perhaps even VAT on school fees or measures affecting non-doms? And what about a wealth tax?Les was on hand to offer his thoughts and insights, and address lots of questions and comments posted by paraplanners in the Chat.So did it turn out to be one of the most consequential Budgets of recent years? Was it more of a ‘pitch-rolling’ statement in preparation for future measures? Or something else altogether?Tune in and find out.Useful linksOnce you’ve listened to the podcast, take the quiz at M&G Wealth’s site to receive a certificate for your CPD records:Take the quiz at M&G Wealth’s episode siteIf you'd like, you can watch the Replay on Crowdcast (includes the Chat) or view the video recording on Vimeo too.Other useful downloads mentioned during this Assembly include:M&G Autumn Budget SummaryM&G tool for extracting company profitsM&G Tax Wrapper Comparison ToolLes also mentioned HMRC’s Technical consultation - inheritance tax on pensions. That link will take you straight to seven worked examples in Annex 6.In addition, Les mentioned M&G Wealth’s Adviser guide: Financial Planning with small and medium-sized enterprises (opens a PDF) and briefly referred to last August’s online Assembly on Investing for business these days

  • 24. From Parliament to paraplanner: How do Budget measures become law?

    53:39||Season 2, Ep. 24
    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

  • 23. How to level up your retirement income planning (in one lunch hour)

    51:51||Season 2, Ep. 23
    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

  • 22. An offshore Case Study Investigation: time apportionment relief, personal portfolio bonds and deficiency relief

    01:02:35||Season 2, Ep. 22
    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.

  • 21. Revealed: What do paraplanners REALLY think about paraplanning?

    57:09||Season 2, Ep. 21
    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)

  • 20. Cracking the inheritance tax code: a case study in calculating IHT

    54:00||Season 2, Ep. 20
    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

  • 19. Client cash and platforms: what every paraplanner needs to know

    09:29||Season 2, Ep. 19
    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.

  • 18. The Consumer Duty: what can paraplanners learn one year on?

    57:55||Season 2, Ep. 18
    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