On 22 May, eighteen paraplanners met for Powwow Down South 2018 at 7IM’s offices in Bishopsgate, London. As usual everyone got stuck into discussions on a wide range of subjects including:
Guidance for new paraplanner:
Shadowing on the job
Ask questions along the way
CII free courses
Time management tools: toggl, harvest – log interruptions!
Reports and appendices:
Report writing – use executive summaries, outline what next with the detail in the middle
Use advisers words and clients own word in reports
Appendix could be a separate doc
Transactional costs still unknown for a majority of funds
Transactional costs ought to be available from next year and disclosed
Ongoing suitability will vary depending on what type of client – confirm in follow up minutes where a meeting is held or via letter where the review is conducted by correspondence only
Hargreaves Lansdown month one calculator for drawdown
ONS how long will my pension last
Other hints and tips:
Rename a ‘review meeting’ to a ‘planning meeting’
John Haley from Utmost Wealth Solutions can come in to train on DB transfers
We were also treated to a special session with Matthew Yeates, Quantitative Investment Manager at 7IM, where we looked at the importance of a robust (and reviewed) investment process for funds (as opposed to just performance/risk). The main takeaways were:
- Volatility demonstrates liquidity
- It’s important to consider liquidity risk and stress testing when undertaking due diligence
- How does the investment manager invest their fund? Will it deliver returns in different market conditions?
- Fund due diligence should be based on process, risk and then performance
- Key to check the underlying technology of platform/providers and if that’s going to change
The Powwow was rounded off with a tour of 7IM’s offices, where we met the folk that manage risk, check that funds are doing what they say on the tin, and importantly hold them to account.
Didn’t make May’s Powwow Down South? Then you are in luck, a second Powwow Down South is on it’s way later this year – just make sure you are signed up to Powwow Post to get the latest event news.