Name: Portfolio construction — worked examples: Episode 3 of 3
Start: 2023-03-07T10:00:00Z
End: 2023-03-07T10:00:44.000Z
Location: BrightTALK
Rating: 4.8

We are a specialist UK financial services group focusing on attractive segments of the UK retirement income market.  The Group is a leading and established provider of retirement income products and services to individual and corporate clients.

In the FCA’s Dear CEO letter in October 2024, they emphasised the importance of ongoing advice and maintaining appropriate records to demonstrate good outcomes.

For those taking benefits, aspects of the plan are likely to change through retirement, whether that be due to changing legislation, personal circumstances or portfolio suitability. Helping clients to understand any ‘resetting of the sails’ is hugely valuable. But how do you demonstrate the actions that have been agreed and that the client has understood them?

In this webinar, Andy Kirby from Money Alive will join us to discuss the techniques and tools that can be used to evidence the steps that have been taken. We’ll show how better understanding leads to better client outcomes.

By attending this webinar, you’ll be able to:

- Recognise the types of changing circumstances likely in retirement
- Develop a process for evidencing ongoing suitability
- Identify the place for technology and skills in the ongoing advice process

Retirement - Communication and consumer understanding

Whilst numerous initiatives around care funding have been proposed over the years, many clients are left unaware of the realities of the long-term care system. They need professional advice at a time when they may be in acutely vulnerable circumstances. Advising in this area can be rewarding and beneficial for both clients and advisers, but it also requires specific knowledge and skills around navigating the care system and securing funding. We’ll be joined by Jacqueline Berry, Managing Director at My Care Consultant, to help us explore how to put things in the right order and the fundamental steps needed to help your clients receive the care they need. We’ll help you understand the current and future trends in the long-term care market and the implications for clients and advisers. 
We’ll also introduce you to an exciting new program from My Care Consultant which will help you to explore these areas further.
Learning Objectives:
• Identify the current and future trends in the long-term care market and their implications for clients and advisers
• Explain the common challenges and misconceptions that clients face when planning for long-term care and how to overcome them
• Recognise the principles in assessing state or self-funding of care
• Recognise the benefits of advising on long-term care for your clients and your business

The ‘uncapped’ need for care advice

Recent FCA guidance on retirement income advice puts a lot of emphasis on creating a robust plan, showing how to achieve the client’s objectives based on all the information on file. But it’s not just about the hard data - it’s also about knowing the client, their need for flexibility and various retirement goals. In this session, we’ll explore ideas and industry guidance on how to review a client’s plan throughout retirement and into later life. 

Learning Objectives:
• Examine the key factors in a review process 
• Discuss important industry guidance on good practice relating to pension reviews 
• Recognise the impact of health, ageing and other client characteristics

Retirement lifestages and the value of reviews

Pension annuities are a popular means of securing a guaranteed income for life. However, the amount of income that an annuity can provide depends on several factors, such as the age, health, and lifestyle of the annuitant, as well as the type and features of the annuity. The role of the adviser in guiding the client through the process can make a big difference to the accuracy of the rate and ensure the client gets the income they are entitled to.

In this webinar, you’ll discover the key factors that affect the annuity underwriting process and how to provide the necessary information to the annuity provider. You will also learn how to avoid the common areas of missing information and errors that can delay or reduce the annuity offer. By the end of this webinar, you will have a better understanding of how to help your clients achieve the best possible income from their annuities.

Learning Objectives:
• Explain the main factors that influence the annuity underwriting process and how they affect the annuity rate.
• Provide the necessary information to the annuity provider in a clear and accurate manner and avoid common pitfalls that can cause delays or errors.
• Compare different features of annuities and advise your clients on the best option for their needs and preferences.

Underwriting uncovered - How to get the best guaranteed income for life

Join us, along with our expert guest Andy Schleider, for an informative webinar on the role of a paraplanner. We’ll be talking about:

- skills and qualifications needed
- tasks and responsibilities of the job
- tools and software used 

We'll also explore the challenges and opportunities that paraplanners face, and how they effectively communicate and collaborate with financial planners and clients. 

Learn how to balance multiple projects and deadlines, measure and demonstrate your value, and keep up with the latest trends and developments in the financial industry. 

Andy will share best practices and tips for aspiring and current paraplanners, and discuss career paths and prospects in the field. 
Don't miss this opportunity to learn more about the exciting and rewarding career of a paraplanner.

Learning Objectives: 

By attending this webinar, you’ll be able to:

- Recognise the challenges and opportunities that a paraplanner may face
- Understand how to effectively communicate and collaborate with financial planners and clients
- Identify how to best manage multiple projects and deadlines

Presenter(s): Karl Steadman, Just and Andy Schleider, Director Haven Paraplanning 

CPD: 45 mins

From data to decisions : The art of paraplanning

For many people, property is their main source of wealth. However, this asset is often used to pay for additional needs in later life, such as long-term care. At the same time, some clients may be keen to leave a legacy or at least ensure their family aren’t left with the worry of financial debt.

There are a number of ways in which property equity might be used in later life. There may be circumstances where a lifetime mortgage is suitable, or an existing plan can be flexed to respond to changing circumstances, or an immediate needs annuity might be appropriate.  Either way, personalisation of the options can make a big difference. 

Learning Objectives:

• Recognise the place for equity release in later life.
• Understand the options that might be applicable where a care or other need arises.
• Discuss the wider options for accessing property equity in later life.

CPD: 45 mins

Life stages - Session 3 - The use of property in later life

In this session, we’ll look at the main themes of the FCA’s Retirement Income Thematic Review. We’ll discuss the key findings and how to translate these into practical steps to demonstrate a robust approach to retirement income advice. We’ll look at the assessment tool released by the regulator as well as other resources that will help to formalise a plan to meet your clients’ retirement objectives.

Join us for this informative and interactive webinar, as we  discuss how to provide a good retirement income advice service that meets the FCA’s standards and delivers positive outcomes for your clients.

By attending this webinar, you’ll be able to:

• Explain the FCA's expectations and principles for providing retirement income advice
• Apply best practices and tools to document and evidence your retirement income advice process
• Evaluate and improve your retirement income advice processes

Retirement - Unpacking the thematic review

In 2024, the FCA will review how firms treat vulnerable customers. They’ll check the approach firms take in understanding and responding to consumer needs and have specifically mentioned the inclusion of older customers in vulnerable circumstances.
But, of course, it’s not just the elderly that face vulnerabilities. What about those who support people with additional care needs? The reality is that by age 50, around half of the population are supporting someone in this way. Often this group is ‘hidden’ as they may not see themselves as unpaid carers, yet the FCA has recognised this issue as a potential driver of vulnerability.
This webinar will give practical guidance on how to identify, understand and support clients with caring responsibilities as well as examine new guidance from the regulator and examples of good practice. 
We’ll also look at a new tool from My Care Consultant designed to help clients and their families avoid harm when dealing with care needs.

Learning Objectives:
By attending this webinar, you’ll be able to:
• Recognise the characteristics and challenges of unpaid carers and how they may affect their financial wellbeing
• Identify the FCA's expectations and guidance on supporting vulnerable customers, including unpaid carers
• Apply practical tips and tools to help your clients and their families navigate the care system and avoid harm

CPD: 60 mins

Vulnerability - How to help the UK's 'hidden' carers

When it comes to reviewing a client’s retirement plan, many things may have changed since the initial advice was given. Those reliant on investments may have seen their funds impacted by recent events, requiring a need to reassess the assets they are using to sustain their financial needs in retirement. For those already using equity release, it’s important to ensure that the plan still meets their needs and if it’s appropriate to use some of the flexible options available.  Perhaps new objectives can be met through further borrowing or there may be an opportunity to reduce the liability.  Depending on the value of the property, changing lifestyle or medical circumstances, it may be appropriate to reassess the use of equity from the home. 

Learning Objectives:

• Consider when it’s appropriate to bring property into an existing retirement plan.
• Understand the options when reviewing ongoing suitability of equity release.
• Recognise how flexible options can be implemented.

CPD: 45 mins

Life stages - Session 2 - Retirement reviews and the use of property

In the first of our ‘Life stages’ webinars on equity release, Karl Steadman speaks to our experts about the role of property as part of a retirement plan.  The transition into retirement might mean settling existing arrangements, a gradual move away from earned income and ensuring all means of meeting initial capital and income objectives have been explored. When it comes to the role of property wealth, there are many options to consider. Recent developments in the market give clients more flexibility, control and ability to personalise their plans.  With all the different types of lending available, there’s a lot to think about. 

Learning Objectives:

• Understand the impact of health and lifestyle for lifetime mortgage arrangements.
• Recognise the flexible options available on lifetime mortgages.
• Discuss the alternative options for using property wealth in retirement planning.

CPD: 45 mins

Life stages - Session 1 - Into retirement

It is clear from the recent FCA thematic review that retirement income continues to be a key focus. The expectation is that firms will have a robust process for ensuring good client outcomes, taking into account risks that are very different to those in accumulation. In this session, we will cover the approaches to producing an ongoing income and the importance of stress-testing these. We’ll also look at the indicators that suggest a guaranteed income would be appropriate and how this can be built in whilst enhancing the overall investment and legacy objectives.

Learning Objectives:
- Understand the key elements of a retirement income advice process
- Recognise the importance and methodology of stress-testing
- Discuss the additional benefits of adding guaranteed income to a drawdown portfolio

Retirement Income - The key steps to securing a financial future

The webinar looks at how blending a guaranteed income producing asset in an investment strategy for your clients in decumulation can help them achieve both their goals and those of your business.

Synopsis:

With the current uncertainties regarding interest rates, inflation, and the challenging market outlook, the detrimental impact on capital values has been in the spotlight.

Consequently for clients in decumulation, advisers are putting a sharper focus on attitude to retirement income risk in client reviews. For many clients, previous perhaps seemingly theoretical questions and discussions around their capacity for loss have become a reality.

Naturally, this has meant a revival in the consideration of guaranteed income solutions, not only due to the improvement of rates compared to recent years, but to work as a core component of investment planning and to bring some certainty back to financial forecasts.

In this session we will look at how this is developing, and how attitude to risk (ATR) tool providers are now acknowledging the need to include guarantees into their forecasts.

Roderic’s presentation will provide a valuable insight into:

- How financial planning businesses are valued, and what factors are taken into account.
- The actions which will make a positive or negative impact.

Learning Objectives:

- Understand why it’s important not to underestimate the key benefits of choice and flexibility in retirement advice.

- Recognise how guaranteed income can be used as a new asset to address your clients concerns regarding retirement income risk.

- Understand business efficiencies that add value to your business, and how quality data and technology plays a crucial role.

CPD: 90 minutes

Retirement renaissance

In this session, featuring all our guest speakers at the conference, we examined some of the themes highlighted in the preceding case study session and explored what actions can be taken to protect those in vulnerable circumstances. The panel highlighted some specific areas where care needs to be taken to protect a client’s wealth and wellbeing. We also looked at some of the real practical issues that advisers and clients are facing. 

Speakers - left to right on screen:

• Jenny Cadman  - Head of Customer Experience, Just
• Tim Farmer - Co-founder and Clinical Director, Comentis
• Robin Melley  - Chartered Financial Planner, Matrix Capital
• Tish Hanifan – Joint-Chair, Society of Later Life Advisers (SOLLA)
• Keith Richards – CEO, Consumer Duty Alliance
• Martin Lines – Development and Events Director, Just (host)

By viewing this session you’ll be able to:

• Recognise the importance of educating and assisting various parties in the advice process around vulnerability
• Examine the cash-flow assumptions required for later life clients
• Discuss the commercial aspects of assisting people in vulnerable circumstances

The big Q&A

This session is designed to challenge the thinking around consumer vulnerability and the perceptions that the terminology can lead to. Robin takes us through the key points of the regulation and translates these into practical action that you can take. Using the principles of the Financial Vulnerability Taskforce charter, he discusses ways to apply your technical and business know-how alongside the skills needed to provide a ‘safe pair of hands’. In particular, this session will explore ways to recognise and combat financial abuse and includes a case study which Robin will refer to. 

By viewing this session, you’ll be able to:

 - Understand the principles of the Financial Vulnerability Taskforce Charter

 - Recognise areas of financial abuse and coercion and how to respond

 - Understand the key areas of knowledge required to assist later life clients and their families

Providing a safe pair of hands for clients in vulnerable circumstances

The Consumer Duty makes it clear that all clients should receive good outcomes, including those in vulnerable circumstances. Whilst vulnerability isn’t confined to those in later life, it is important to understand and respond to characteristics and circumstances that may be present. Capacity in later life can fluctuate, so knowing how much assistance is needed and how this can vary depending on the specific decision is important. In this session, Tish covers how to approach some sensitive issues, the role and duties of attorneys and what firms can do to protect clients from foreseeable harm in later life.

By viewing this session, you’ll be able to:

 - Understand consumer challenges in navigating financial services whilst in vulnerable circumstances

 - Recognise the responsibilities of substituted decision-makers

 - Discuss how to assist clients with reduced capacity to make decisions

Harnessing the power of attorneys to safeguard against foreseeable harm

Tim explores the concept of whether wealth protects people from vulnerability or, conversely, is the cause for potential vulnerable circumstances. He also looks at how living in an ‘instant’ society can impact our capability and resilience and what this, combined with normal cognitive ageing, might mean for how people cope in their retirement.

By viewing this session, you’ll be able to:

 - Understand the links between wealth and drivers of vulnerability

 - Discuss the impact of societal change on consumer vulnerability

 - Consider the aspects of financial and non-financial resilience

Wealth - the great insulator from vulnerability in retirement - fact or fiction?

In this interview session, Keith shares valuable insights into how firms should respond to the needs of clients in vulnerable circumstances, what good practice looks like and how this helps to meet the requirements of Consumer Duty. Importantly, we discussed both the compliance and cultural aspects of the regulation, how this differs from what’s gone before and what firms can do to demonstrate better outcomes for clients. 

By viewing this session, you’ll be able to:

 - Recognise the link between Consumer Duty and vulnerability

 - Understand the role of the Consumer Duty Alliance

 - Discuss the cultural and compliance aspects of the regulation in the context of previous and current guidance

Keith Richards - Applying Consumer Duty to clients in vulnerable circumstances

Join us for an engaging webinar as we explore how technology can be integrated into advice processes to achieve better outcomes in retirement. With the implementation of the Consumer Duty and the need to promote client understanding, we will uncover how Artificial Intelligence (AI) can be used to help deliver personalised portfolio reviews, pension statements and other financial communications. In this session, we will explore the real-life benefits of new technology for you and your clients.

By attending this session you will be able to:

1. Recognise the role of technology and where it may be appropriate in client interactions
2. Develop ways of integrating technology for specific tasks
3. Explore ways to improve client communications relating to annual reviews

CPD: 45 minutes

Technology Matters - Intelligent use of AI

Creating more sustainable retirement portfolios: Episode 2 of 3

Retirement portfolio challenges: Episode 1 of 3

Retirement portfolios – time for a more sustainable approach?

In this webinar we’ll focus on worked examples of portfolio construction to show how you can apply the theory discussed in this webinar series to a variety of client scenarios. We’ll demonstrate how getting the balance between security and flexibility doesn’t mean watering-down long-term portfolio values. You’ll see how the outlook for investment assets and legacy benefits can be significantly improved when each element of the portfolio does the job it was designed for. We’ll also look at how the portfolio can be stress-tested using data that can show the results in an instant.

Learning Objectives:
In this session you’ll be able to:
• Understand how legacy provision can be improved
• Consider how higher levels of income can be sustained
• Explore how retirement plans can be made more resilient

Register now to join us for this webinar and earn 45 minutes of CPD.

Portfolio construction — worked examples: Episode 3 of 3

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Portfolio construction — worked examples: Episode 3 of 3

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