Advice Process

Question 1

Special care procedures for elderly or vulnerable clients

Answer 1

• if 80-84 then best practice to recommend that a client involves a third party in meetings
• if 85+ a Third party is expected to be present.
• Ideally a next generation beneficiary or close friend with good understanding of financial matters
• and not subject to client assistance process themselves
• involvement of a third party should be recorded in CFR and SL
• 3rd party should be sent copies of correspondence

Question 2

Benefits of financial advice from an SJP partner

Answer 2

• to help prioritise/ set objectives
• endure tax allowances are used
• to reduce tax paid
• SJP guarantee
• SJP IMA
• manage whilst clients are travelling
• save clients time
• could make use of Rowan Dartington
• use cash flow modelling
• to help them understand their future income needs
• and determine how withdrawals should be taken
• establish ATR
• ensure investment portfolio is suitable
• taking account of suitable risk mitigation
• and investment timeframes
• advice on inter generational planning

Question 3

Importance of regular annual reviews

Answer 3

• review performance of investments against agreed benchmark
• which allows the adviser to rebalance investments inline with ATR
• identify if Atr has altered
• ensure all exemptions are used to mitigate potential tax liabilities
• identify and significant changes in planned expenditure and plan for
• plan any additional gifts wished to be made
  And ensure they are as IHT efficient as possible
• identify changes in financial or personal circumstances
• discuss new products / legislation so plans can be amended if necessary