IFA Life Update - 31st August 2010

Tue, 31 Aug 2010 00:00:00 GMT

Featured Articles

Thomas Power: A Digital Mindset. Do IFAs, Financial Planners and Financial Brands have it?
http://www.ifalife.com/articles.asp?AID=904

Meet Thomas and Penny Power and hear them both speak at Social Media in Financial Services 2 – IFAs and Financial Brands are signing up here:
http://www.ifalife.com/content.asp?PageID=1748&Link=1773

Bob Bevan: We all need to belong. Even IFAs
http://www.ifalife.com/articles.asp?AID=903

IFA Life Messages

Welcome home if you’re back from holiday. Look out for an exciting new development over the next few weeks when we launch IFA Life Jobs and Careers, which includes an innovative new way to help recruiters find new candidates and for financial services professionals to find new jobs.

Watch this space - but if you are looking to recruit new staff, please contact us now at jobs@ifalife.com.

Featured Workshops

How to get high quality, high value clients by hosting seminars. Including how one IFA achieved near 100% conversion rates at his seminars
http://www.ifalife.com/articles.asp?AID=866

This Week – Seven Stages of Money Maturity® Workshop in Manchester with George Kinder
http://www.ifalife.com/forum/replies.asp?ForumID=82&TopicID=3664

17th – 20th November: Mastering Life’s Energies – amazing opportunity to study with Dr Maria Nemeth. Financial Planners are signing up here
http://www.ifalife.com/forum/replies.asp?ForumID=111&TopicID=3603

Forum Messages

David Braithwaite and 4 others: Looking for great client reporting software. What do you recommend?
http://www.ifalife.com/forum/replies.asp?ForumID=20&TopicID=3677

David Braithwaite: And what do you think about Intelliflo?
http://www.ifalife.com/forum/replies.asp?ForumID=20&TopicID=3679

Ivor Skinner and 5 others: How should I build up the wealth management side of this Accountancy business?
http://www.ifalife.com/forum/replies.asp?ForumID=3&TopicID=3660

Mike Johnstone and 2 others: Why do few IFAs take Marketing seriously?
http://www.ifalife.com/forum/replies.asp?ForumID=39&TopicID=3639

Ivan Hargreaves and 6 others: HMRC and FSA can’t agree on the definition of Financial Advice. What is it then?
http://www.ifalife.com/forum/replies.asp?ForumID=3&TopicID=3650

Michael Wall and 7 others: How long should we keep files before destroying them?
http://www.ifalife.com/forum/replies.asp?ForumID=3&TopicID=3671

IFA Life Admin: Banks’ complaints data – what does it reveal?
http://www.ifalife.com/forum/replies.asp?ForumID=15&TopicID=3678

Philip Calvert and 50 others: Back from holiday? What were you reading?
http://www.ifalife.com/forum/replies.asp?ForumID=39&TopicID=1040

Regards

Phil

Philip Calvert
Founder of IFA Life

IFA Life is the modern, better, smarter way for Providers to engage with IFAs. To advertise on IFA Life, please contact Nick Page: page@pagemedia.co.uk

99% of new IFA Life members now opt to receive our daily update email. If it’s not for you, you can change this in your Account Settings.

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Househunters take sledgehammer approach to create perfect home

Mon, 30 Aug 2010 00:00:00 GMT

As the Bank Holiday provides the perfect opportunity for DIY-ers and househunters to get stuck in - new research from Halifax looks at the homes we aspire to live in, how they match up to the reality of the UK property market and the work we're prepared to take on to achieve the perfect living space.

Halifax asked UK homeowners which homes of the small screen provided the greatest inspiration for their ideal abode. The open plan living spaces of homes on Ramsay Street proved to be the most popular option for most families (40%). Despite its unfortunate happenings, the quaint idyllic cottages of Midsomer would be the property of choice for 35% of people, although the terraces of Coronation Street (8%), New York loft apartments in Friends (8%) and the palatial Southfork Dallas mansion (8%) hold much less sway.

With the properties on the UK market unlikely to provide much choice to match these aspirational choices, it seems families are more practical when it comes to choosing their own home. Less than one in five homeowners (19%) want to move in to a house that requires no work and, despite the labour involved, 62% would be willing to make structural changes to their next property.

Although the communal spaces of Ramsay Street prove to be an attractive feature for most UK families, just a handful of homeowners (7%) looked for open plan properties when choosing their current home.

However, partly thanks to the plethora of property programmes, the Grand Designs generation are more likely to take their home to task in order to get what they want.

76% of homeowners between the ages of 18 and 40 would look to knock down walls to create the perfect living space in their next home
65% of all homeowners would add extra space by converting a loft or basement in their home
Nearly two thirds (65%) of homeowners will look to add an extension when they move to their next property.

Stephen Noakes, commercial director of mortgages at Halifax, said, "There's often a difference between the dream home and the reality of more traditional properties on the market but now, more than ever, people are willing to take on their own project. Whether it's knocking down walls, converting unused space or extending - homeowners are less willing to compromise, and so are creating the perfect living space."

Additional findings:

Only half of homeowners would select their other half as their ideal houseviewing partner - 15% would rather rely on the expertise of Kirstie Allsopp and Phil Spencer, 12% would take a friend, 10% would rely on parental advice and 2% would prefer the honesty of Simon Cowell.
Location, location, location is still the key mantra for homeowners, with 41% saying it's the most important thing they look for when choosing a new property. This is most important for women (48%), with more men (34%) willing to compromise.
Our housing choice changes as we grow older. 43% of those over 65 would choose a Midsomer cottage, compared to just 14% of those between 18 and 24.
Seeking out open plan properties is more popular in London than any other region, as homeowners seek to maximise their living space. 74% of Londoners are also willing to make structural changes to their home, more than any other region.
62% of all homeowners would be prepared to make structural changes - and the appetite does not diminish with age. 38% of over 65s would still be looking to change their next property.
Outdoor space is an important driver when choosing a property, 24% of homeowners say that their garden was the most important feature when they bought their current house.
Four in ten homeowners (42%) in the North East and 36% in Wales say they chose their current home because it offered a larger garden,
More space in the home is the key driving factor in London (31%), but perhaps more practical in the South West, where it's the most important factor (35%)

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ABI consultation submission on pensions tax relief

Mon, 30 Aug 2010 00:00:00 GMT

Summary of ABI's consultation response

The ABI has today submitted its response to the HMT consultation on higher rate tax relief for pension contributions (deadline - Friday 27th August.)
The ABI feels an annual allowance of £45,000 will keep the maximum number of people as possible saving into a pension. Our modelling shows this can still raise the revenues the Government needs. The Treasury consultation suggests a range between £30,000 to £45,000.
We believe a limit below £35,000 is unworkable. It would require too many exemptions and fail to restore the simplicity needed to rebuild consumer confidence in pensions.
We do not support proposals to reduce the lifetime allowance or cap pensions tax relief at 40%. This will introduce even more complexity into the pension system.

Quote

Maggie Craig, the ABI's acting Director General, said:

"The Government are right to simplify the pension tax system. It will help consumers understand the benefits of saving, and help tackle the chronic under-saving we face.

"However, it is crucial that this good work is not undone by setting an annual limit at an unworkably low level. It needs to work for a range of individual circumstances so that consumers can have the greatest control over how they save towards their retirement.

"The new rules must also avoid new complexity, through reducing the lifetime allowance or capping relief at 40%."

Key points of ABI consultation response on the annual allowance

The annual allowance must be set at a level high enough to work for consumers and for the pensions industry. The limit should be set at a level that encourages a wide range of savers and that for the industry will be broadly revenue neutral. The £45,000 limit we have suggested would be optimal in incentivising saving to as many people as possible.
The insurance industry welcomes the simpler approach proposed in the emergency Budget to changes on tax relief on pension contributions. The consultation document published by HMT supports our earlier proposal for an annual contribution ceiling individuals could pay into their pension and receive tax relief at their marginal rate of income tax.
An annual allowance will be easier for savers to understand, keep higher levels of engagement with pensions and reduce the significant administration burdens and their associated costs. It will also keep those responsible for making decisions on staff pension schemes engaged. They would be much less inclined to support staff pensions if they no longer benefited from tax relief at the marginal rate.
Exemptions from the limit should be kept to a minimum but mitigation of tax charges in some contexts is vital to ensure fairness, in particular, modest earners who acquire increased benefits in defined benefit pensions because of illness or redundancy should be protected.
There will be very little time to make the required changes to literature, systems etc. It is therefore important that draft legislation is produced as early as possible and that interested parties are kept fully informed of any changes as the draft legislation progresses to final.
Unlike the previous proposals, an annual allowance keeps the principle of deferred taxation largely intact. People will pay tax on income in retirement and relief at source just relieves them of the tax they have already paid via income tax so they are not taxed twice. It is in society's interest to encourage this so as many people as possible have viable pension pots in the future and are not reliant on the state.
An annual allowance cap is simple, easy to understand and an easy to sell proposition which is desperately needed after the mind-boggling complexity introduced into the system.

Other points from ABI consultation response

We do not favour any reduction in the lifetime allowance. The change is unnecessary, the low annual allowance naturally limits the amount people can build up in their pension. Further change undermines consumer confidence in the stability and predictability of pensions, adds further complexity and increase admin costs.
Similarly, capping the rate of relief at 40% will also undermine both the simplicity and predictability of the pension system.

Background information

The Emergency Budget committed the Coalition Government to review relief for pension contributions with a view to restricting tax relief from 6 April 2011. A reduction in the annual allowance (to a range of £30,000- £45,000) was proposed but subject to further consultation.
The original changes by the last Government were: From 2011, those earning over £150,000 will see their pension tax relief gradually eroded from 50 per cent to 20 per cent for earnings of £180,000 or more.
The current annual allowance for pension contributions is £255,000.

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UK growth outpaces Eurozone and US but can it last?

Mon, 30 Aug 2010 00:00:00 GMT

The second estimate of Q2 Gross Domestic Product released today by the Office for National Statistics showed a minor upward revision to UK economic activity. The economy expanded by 1.2% quarter-on-quarter, rather than the 1.1% initially estimated. Overall, output in the economy was 1.6% higher than in the same quarter a year earlier; the strongest annual growth rate in two years. However, as ever with GDP releases, the devil is in the detail, which reveals re-stocking drove a large amount of growth in the quarter and that business investment remained surprisingly weak.

The expenditure data show that consumer spending rebounded in the second quarter, with 0.7% growth in volume terms and 2.3% in value terms; but interestingly the latest data show that consumer spending declined in Q1 after bouncing back strongly in the second half of 2009.

Crucially, there was a £1.0 billion increase in the level of inventories in Q2 2010. After six successive quarters of aggressively running down stock levels, firms re-stocked in Q2 which drove some 25% of the rise in economic activity. More recent data from the ICAEW Grant Thornton Business Confidence Monitor show that the share of businesses reporting stock levels below normal has steadily declined since Q3 2009 and continued to approach pre-recession levels in Q3 2010. Hence, we cannot really expect re-stocking to drive growth to the same extent in coming quarters.

Another concern was that investment fell by 2.4% in the quarter, including a 1.6% decline in business investment to £28.7 billion, which remains 24% lower than pre-recession levels. Export volume growth outstripped that of imports, although only marginally. This is a step in the right direction in terms of the rebalancing the UK economy needs to undertake and is a trend we expect to continue given the substantial depreciation of sterling since the credit crunch first began.

Overall, on the face of it the UK economy's performance in Q2 was robust and notably outstripped the eurozone as a whole and the United States (assuming there is no substantial upward revision this afternoon). However, we expect growth to slow in the second half of the year as the effects of re-stocking wear off and consumers remain under pressure from weak growth in real disposable income as inflation continues to outstrip growth in earnings. Looking into 2011, notable headwinds lie ahead as VAT rises, public spending cuts start to bite and concerns remain over the state of key export markets. Therefore, we expect economic growth in 2011 to be weaker than either the Bank of England or Office for Budget Responsibility at around 1.6%.

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IFA Life Update - 30th August 2010

Mon, 30 Aug 2010 00:00:00 GMT

IFA Life Update - 27th August 2010

Fri, 27 Aug 2010 00:00:00 GMT

Journalist request

Does pension ‘churning’ still happen and are the FSA rules too heavy-handed?
http://www.ifalife.com/forum/replies.asp?ForumID=74&TopicID=3670

Note – IFA Life Premium members receive requests from journalists first
http://www.ifalife.com/forum/replies.asp?ForumID=74&TopicID=918

IFA Life Events

IFA workshop: How to plan, prepare, promote and present client seminars – includes how one IFA achieved near 100% conversion rates at his seminars
http://www.ifalife.com/articles.asp?AID=866

Provider Events (contact us to be featured here)

EVOKE® Life Planning 5-Day Advanced Training – September and November 2010
http://www.ifalife.com/forum/replies.asp?ForumID=82&TopicID=3665

Seven Stages of Money Maturity® Workshop – Manchester
http://www.ifalife.com/forum/replies.asp?ForumID=82&TopicID=3664

IFA Life Update - 26th August 2010

Thu, 26 Aug 2010 00:00:00 GMT

Forum Messages

Philip Calvert and 47 others: What was your holiday reading?
http://www.ifalife.com/forum/replies.asp?ForumID=39&TopicID=1040

Jeremy Newbegin and 1 other: is Tweeting a waste of time?
http://www.ifalife.com/forum/replies.asp?ForumID=3&TopicID=3663

Max Spurgeon and 4 others: How do I research a DFM?
http://www.ifalife.com/forum/replies.asp?ForumID=3&TopicID=3646

Gaynor Booth and 10 others: Are these the correct chargeable rates for advisers, paraplanners and support staff?
http://www.ifalife.com/forum/replies.asp?ForumID=3&TopicID=3647

Ivor Skinner and 3 others: What’s the best way to work with an Accountancy practice?
http://www.ifalife.com/forum/replies.asp?ForumID=3&TopicID=3660

Brian Hill: What should I include in a supplier due diligence checklist?
http://www.ifalife.com/forum/replies.asp?ForumID=3&TopicID=3662

Ivan Hargreaves and 3 others: HMRC or FSA – who has got the definition of Financial Advice correct?
http://www.ifalife.com/forum/replies.asp?ForumID=3&TopicID=3650

Brian Hill: What do you recommend as the Tax Planning bible?
http://www.ifalife.com/forum/replies.asp?ForumID=3&TopicID=3651

Ketan Shah: Can you help me with this question about Pension transfers please?
http://www.ifalife.com/forum/replies.asp?ForumID=3&TopicID=3661

Robert Chapman: What happens to working tax credits if you’re unable to work due to LT illness?
http://www.ifalife.com/forum/replies.asp?ForumID=3&TopicID=3659

Huw Jones: How you process adviser charging from a platform on 1^st Software?
http://www.ifalife.com/forum/replies.asp?ForumID=3&TopicID=3657

Alastair Livings and 3 others: How would you handle this situation with a Provider?
http://www.ifalife.com/forum/replies.asp?ForumID=3&TopicID=3649

Mike Johnstone: Why do few IFAs take marketing seriously?
http://www.ifalife.com/forum/replies.asp?ForumID=39&TopicID=3639

Philip Calvert and 2 others: Did anyone actually change their ‘Out of Office’ email after reading this?
http://www.ifalife.com/forum/replies.asp?ForumID=125&TopicID=3652

Provider Events (contact us to be featured here)

Lifestyle Financial Planning and Investment Seminars
http://www.ifalife.com/forum/replies.asp?ForumID=111&TopicID=3583

EVOKE® Life Planning 5-Day Advanced Training – September and November 2010
http://www.ifalife.com/forum/replies.asp?ForumID=82&TopicID=3665

Seven Stages of Money Maturity® Workshop – Manchester
http://www.ifalife.com/forum/replies.asp?ForumID=82&TopicID=3664

IFA Life Events

Intensive IFA workshop: How to plan, prepare, promote and present client seminars
http://www.ifalife.com/articles.asp?AID=866

Featured Articles

A special message from George Kinder to Financial Advisers
http://www.ifalife.com/articles.asp?AID=895

IFAs and Financial Planners fail to update their website often enough
http://www.ifalife.com/articles.asp?AID=901

Guide: How to market and promote your financial life planning proposition
http://wwwifalife.com/content.asp?PageID=1764

Regards

Phil

Philip Calvert
Founder of IFA Life

IFA Life is the modern, better, smarter way for Providers to engage with IFAs. To advertise on IFA Life, please contact Nick Page: page@pagemedia.co.uk

99% of new IFA Life members now opt to receive our daily update email. If it’s not for you, you can change this in your Account Settings.

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George Kinder to Offer Signature Life Planning Workshop

Wed, 25 Aug 2010 00:00:00 GMT

§ Global authority will lead introductory “Seven Stages of Money Maturity^®” session

§ New client communication methods are key to stronger business proposition

§ Money guru to share powerful framework for understanding “human side of money”

Life Planning guru George Kinder has moved to London from his home in America and is starting off his stay with a flurry of events. First up on September 2-3 in Manchester is his signature “Seven Stages of Money Maturity” workshop, a 2-day introduction to his “life planning” approach to financial advisory services. The workshop is designed to acquaint financial advisors with Kinder’s holistic financial planning methods.

The Seven Stages of Money Maturity workshop is one Kinder has been delivering with increasing frequency since he published his seminal life planning book by the same name in 1999. He reports that the number of advisors adopting the Life Planning credo of enhanced goal-setting continues to expand, especially in the UK.

When asked about the workshop, Kinder said:

“We think that developing this kind of client relationship skill—what we call financial life planning—is the future of the advisory profession. And this workshop is the first step toward developing a completely fresh approach to engaging clients, one that focuses first on the person, not their portfolio. Of course, we need to develop solid financial strategies for our clients. But first, we must understand what the money is for. If we truly connect to a client’s deepest dreams and aspirations and can fashion plans in their service, we will earn clients for life.”

The company’s website www.kinderinstitute.com lists the following key goals for the workshop:

§ Learn how unexamined beliefs about money disrupt the financial advisory process---and what to do about them

Gain experience recognizing the human dimensions of money management such as self-sabotaging behavior, inappropriate risk-taking, lack of interest in executing a plan, and goal confusion.
Learn and practice the three interpersonal skill sets essential to engaging clients at a deeper level: active listening, empathy, and inspiration
Understand how to integrate life goals with financial realities

Click here for booking information >>

Contact: Eva Brodzik eva.brodzik@kinderinstitute.com / US Telephone (913) 232-7506 (BST -6 hrs)

George D. Kinder, CFP^®, RLP^®, has been a leader in the financial planning industry for many years. He is the author of three books, most notably The Seven Stages of Money Maturity: Understanding the Spirit and Value of Money in your Life and Lighting the Torch: The Kinder Method of Life Planning. The recipient of numerous awards, Kinder has been a media magnet of nearly two decades. He’s been featured in the Financial Times, New York Times, Wall Street Journal, New Model Adviser and Journal of Financial Planning.

The Kinder Institute lists nearly 2000 advisers/life planners from across the globe on its Web site, www.KinderInstitute.com. By the end of 2010, the Kinder Institute will have certified or have in the certification process 200 Registered Life Planners^®.

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George Kinder to Lead Advanced Life Planning Workshops in Fall 2010

Wed, 25 Aug 2010 00:00:00 GMT

§ Global authority hopes to lead major shift in financial advisory profession

§ Client communication methods seen as key to stronger IFA business proposition

§ Money guru to teach powerful “EVOKE” process for developing stronger client relationships

Life Planning guru George Kinder has returned to the UK from his home in America and is starting off his stay with a flurry of events.

After leading a 2-day introductory workshop in Manchester on September 2-3, he will host two longer Advanced Life Planning Trainings in Dorset 12-17 September and 14-19 November. These longer programs offer IFAs an opportunity for detailed practice of Kinder’s revolutionary EVOKE^® client interview process.

Kinder hosted the same Advanced Training in May of 2010 to enthusiastic reviews. Clinton Askew, a Director at Citywide Financial Partners was one of the attendees:

“For advisors used to dealing with the very best investment ideas, George Kinder’s EVOKE course takes the client conversation to a whole new level. In the weeks since completing the course the quality of conversations I have been having with clients has changed fundamentally. Clients I thought I knew well have opened about their thoughts and feelings in ways that have been astounding and inspirational. I am totally enthusiastic about this course and the benefits it will have for me and my clients.”

Further information is available at the company’s website www.kinderinstitute.com/intensive.htm

Click here for booking information

Contact: Eva Brodzik eva.brodzik@kinderinstitute.com / US Telephone (913) 232-7506 (BST -6 hrs)

The Kinder Institute lists nearly 2000 advisors/life planners from across the globe on its Web site, www.KinderInstitute.com. By the end of 2010, the Kinder Institute will have certified or have in the certification process 200 Registered Life Planners^®.

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Purchase mortgages at highest level for many years

Wed, 25 Aug 2010 00:00:00 GMT

More than 6 in 10 mortgages in July were for purchases
Initial signs reveal August will be even higher
Full charts available at www.charcol.co.uk/knowledge-resources

The latest mortgage index from Charcol.co.uk reveals that the proportion of mortgage purchases is at its highest level for many years. Drew Wotherspoon, director of marketing at Charcol.co.uk, comments on this and other findings.

"For the first time in what we believe is decades, the proportion of mortgages for purchases broke the 60% barrier in July, revealing a certain confidence in the future of the market. There is much talk of a double dip and a large correction in the housing market still to come, but these figures would certainly go some way towards questioning this theory. The rule book may well have been ripped up when the crunch began, but the old adage of supply and demand still holds true. Whilst we have limited new stock demand will always outstrip supply in the UK. The last few years have taught us to expect anything, but a further large drop in prices looks very unlikely, unless the FSA'S proposed rules on affordability are implemented as currently drafted.

"At the same time we see remortgaging still remaining in the doldrums. Just two years ago it accounted for 75% of the market, whereas it is now just 40%. With tightening of lender criteria and many people reverting to reasonably attractive rates there is little surprise in this, but borrowers should definitely keep their eyes on the ball. Logic dictates that a move in bank rate will spur some people into action, but many shouldn't wait for that. Increasing numbers of borrowers would be better off if they moved. As ever, getting advice on your own situation from an independent broker is the best advice."

Variable rates still dominant

"Even with the improvement in pricing of fixed rates recently, borrowers are showing little signs that they believe it is time to take long term security. Despite the best attempts of some market commentators to scare the entirety of UK borrowers by suggesting we could have 8% interest rates soon, variable rates are still, in our opinion, the product of choice. For the record, we would be surprised if bank rate was anywhere near that level by the end of 2015.

Number of first time buyers increases by 80% in one month

"This is the highest level since February this year and perhaps suggests that first timers are willing to dip their toe into the market again after sensibly putting any plans on hold pending the outcome of the election and subsequent emergency budget. However, one month doth not make a trend, so John Charcol is wary in drawing too many conclusions from this figure. That said, it will be interesting to see over the coming months if the trend does continue."

The John Charcol Mortgage Index is published monthly, tracking three important statistics, based on mortgage business written by John Charcol. The index is a leading indicator of trends being based on mortgage applications submitted to lenders, whereas figures reported by the Council of Mortgage Lenders (CML) and the Bank of England (BofE) are based on completions, which typically take place 2-3 months after the mortgage application is submitted.

The three statistics tracked each month, based on the number of cases submitted rather than the mortgage amount, are the percentage split:

Between Fixed rates, Capped rates and Tracker/Discount rates
Between Purchases, remortgages and product transfers
Of First Time Buyers compared to all Purchasers

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One-third of new debts do not have life cover

Wed, 25 Aug 2010 00:00:00 GMT

A report by independent financial research company Defaqto has found that almost one-third of new debts do not have life cover associated with them.

In 2009, the Association of British Insurers (ABI) recorded 636,973 new mortgage-related life assurance policies written, but the Council of Mortgage Lenders recorded 925,000 new mortgage advances.

Ben Heffer, author of the report and Defaqto's Insight Analyst for Protection, said: "In some cases, there may be prevailing individual circumstances that dispense with the need for life cover. However, the figures suggest that there are many people taking on debt whose loved ones would have no means of paying it off for them if the worst happened.The protection gap does not just apply to life cover but is also a real problem when you look at income replacement products, with so little income protection being sold."

On the back of rising unemployment, this is a key time for consumers to consider making their own provisions against sickness, critical illness, medical expenses and loss of income. Chastened by the experience of carrying too much unserviceable debt, consumers are reducing their household expenditure, and as a result of lower inflation and having less personal debt to service, those in employment now have more disposable income, thus presenting the industry with a key opportunity to sell more protection products.

The report, entitled ‘Opportunity Knocks', provides an overview of the protection sector in the UK, including:

Market size
The latest regulations to affect the industry
Industry initiatives such as the Income Protection Task Force, the generic protection campaign and the ABI Statement of Best Practice 2010
Our protection service and satisfaction survey
Product reviews and developments including life assurance, critical illness cover, income protection, long-term care, private medical insurance and group protection

The in-depth report presents the results of our latest IFA satisfaction study, which details the factors that are important to IFAs for protection business and how well their chosen providers are performing.

The protection report is available on Defaqto's website: http://www.defaqto.com/adviser/insights/protection-report-2010

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SIPP investors take control of retirement savings

Wed, 25 Aug 2010 00:00:00 GMT

Over a quarter of investors say the main reason for choosing a SIPP is so they can actively manage how their pension is invested
Nearly a fifth of SIPP holders chose it primarily to supplement their main pension savings
A third of SIPP holders are confident they can achieve better returns than a pension fund manager

SIPP investors are confidently taking retirement planning into their own hands, according to research from Barclays Stockbrokers, the UK's largest online execution-only stockbroker. Over a quarter (28%) primarily chose to invest within a SIPP so that they can actively choose how their retirement savings are invested, and one in five (19%) account holders see a SIPP as an ideal way to supplement their main pension savings. SIPP investors are also confident of their own investment choices, as a third (33%) believe they can outperform a professional pension fund manager.

Further research from Barclays Stockbrokers also reveals that despite the importance of retirement planning, over one ten investors (12%) do not currently have any pension provisions in place.

Paul Inkster, Head of Product at Barclays Stockbrokers, said: "Pension savings have been hit hard in recent years by volatile market conditions and the demise of final salary pension schemes. Therefore savings must work harder to achieve the returns needed to ensure a comfortable retirement. Retirement planning remains a priority for many of our clients and we continue to see investors, who have the necessary experience and skills, taking control and actively managing their pension savings.

"Investors who are actively managing their savings and are engaged with the investment markets can sometimes feel frustrated with passively watching the returns generated by pension funds, particularly if they feel unable to take advantage of market conditions. Self Invested Personal Pensions (SIPPs) are ideal for experienced investors who want to take control and manage their own pension pots. SIPPs are the most tax efficient trading account available and allow investors the flexibility to build a retirement portfolio to match their appetite for risk. Our clients are continuing to take advantage of the control and transparency offered by a SIPP and the freedom it provides to maximise their potential retirement savings."

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IFA Life Update - 24th August 2010

Tue, 24 Aug 2010 00:00:00 GMT

Forum Messages

Andrew Hart and 14 others: Fantastic resource for IFAs being built – everyone can add something
http://www.ifalife.com/forum/replies.asp?ForumID=3&TopicID=3620

IFA Life: IFA Tweets is providing a fascinating insight into what IFAs talk about online
http://www.ifalife.com/articles.asp?AID=852

Philip Calvert and 25 others: Does anyone believe that an adequate (perfect?) back office solution?
http://www.ifalife.com/forum/replies.asp?ForumID=20&TopicID=1124

Reece Clarke: Are you using Evercore Pan Asset ETFs?
http://www.ifalife.com/forum/replies.asp?ForumID=3&TopicID=3637

John Cushine and 17 others: Adviser fees, switching and the Compliance implications
http://www.ifalife.com/forum/replies.asp?ForumID=3&TopicID=3607

Gemma Pittham and 2 others: How are you using PR in your IFA business (if at all)?
http://www.ifalife.com/forum/replies.asp?ForumID=9&TopicID=3275

Philip Calvert and 40 others: What is your holiday reading this year?
http://www.ifalife.com/forum/replies.asp?ForumID=39&TopicID=1040

Ian Green and 12 others: String views on bank and Building Society cross selling
http://www.ifalife.com/forum/replies.asp?ForumID=3&TopicID=3601

Gareth Reynolds and 3 others: How do you cost your ongoing advice for clients with small pension fund values?
http://www.ifalife.com/forum/replies.asp?ForumID=3&TopicID=3635

Darrell Monteith and 2 others: Do you know of a PHI provider who will cover this?
http://www.ifalife.com/forum/replies.asp?ForumID=3&TopicID=3634

Chris Breslin: Who will offer Life Cover for this client please/
http://www.ifalife.com/forum/replies.asp?ForumID=3&TopicID=3638

Martin Bamford and 47 others: Clearly the biggest issue of the day for IFAs ;)
http://www.ifalife.com/forum/replies.asp?page=1&ForumID=3&TopicID=3612

Highly Recommended Workshop

Seminar Selling workshop for IFAs: We can’t stress enough – if you are an IFA / Financial Planner and you plan to run your own client seminars now or in the future – then this is the workshop for you. It is the ONLY workshop of its type in the UK that is solely dedicated to the needs of IFAs. Click here to see what is included:
http://www.ifalife.com/articles.asp?AID=866

If you are running a workshop for IFAs and would like to promote it here, please contact events@ifalife.com

Regards

Phil

Philip Calvert
Founder of IFA Life

IFA Life is the modern, better, smarter way for Providers to engage with IFAs. To advertise on IFA Life, please contact Nick Page: page@pagemedia.co.uk

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FSA fines Zurich Insurance �2,275,000 following the loss of 46,000 policy holders' personal details

Tue, 24 Aug 2010 00:00:00 GMT

The Financial Services Authority (FSA) has fined the UK branch of Zurich Insurance Plc (Zurich UK) £2,275,000 for failing to have adequate systems and controls in place to prevent the loss of customers' confidential information. The fine is the highest levied to date on a single firm for data security failings.

The failings came to light following the loss of 46,000 customers' personal details, including identity details, and in some cases bank account and credit card information, details about insured assets and security arrangements. The loss could have led to serious financial detriment for customers and even exposed them to the risk of burglary.

Zurich UK has seen no evidence to suggest that the personal data was compromised or misused.

Zurich UK outsourced the processing of some of its general insurance customer data to Zurich Insurance Company South Africa Limited (Zurich SA). In August 2008, Zurich SA lost an unencrypted back-up tape during a routine transfer to a data storage centre. As there were no proper reporting lines in place Zurich UK did not learn of the incident until a year later.

Zurich UK failed to take reasonable care to ensure it had effective systems and controls to manage the risks relating to the security of customer data resulting from the outsourcing arrangement.

The firm also failed to ensure that it had effective systems and controls to prevent the lost data being used for financial crime.

Margaret Cole, the FSA's director of enforcement and financial crime, commented:

"Zurich UK let its customers down badly. It failed to oversee the outsourcing arrangement effectively and did not have full control over the data being processed by Zurich SA. To make matters worse, Zurich UK was oblivious to the data loss incident until a year later.

"Firms across the financial sector would do well to look at the details of this case and learn from the mistakes that Zurich UK made."

As Zurich UK agreed to settle at an early stage of the investigation the firm qualified for a 30 per cent discount. Without this discount the firm would have been fined £3.25 million.

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AIFA research examines reasons for choosing a platform

Tue, 24 Aug 2010 00:00:00 GMT

New research from the Association of Independent Financial Advisers (AIFA), conducted by NMG's IFA Census, has found that almost half (45%) of IFAs who use platforms have introduced a platform approach to enhance their client proposition.

The research also found that over three quarters (80%) of these IFAs chose to implement a platform approach due to the number and breadth of funds available to clients. While six in ten (60%) introduced a platform for financial efficiency reasons. When asked about the current benefits of using a platform over three quarters (77%) saw the ease of administration as a significant benefit to clients.

The research has been conducted as part of an AIFA project, in association with Standard Life, to develop a due diligence guide when selecting a platform partner. The full report will be launched on Thursday 2 September. Speakers at the event will include Chris Cummings, Director General, AIFA; Mark Polsen, Head of Customer Management, Standard Life; and Ian Howe, Managing Director, Baigrie Davies. The speakers will also be joined on the panel by Rory Percival from the Conduct Risk Division at the Financial Services Authority and David Ferguson, CEO, Nucleus.

Chris Cummings, Director General, AIFA, said:

"This research shows that advisers are keen to adopt platforms to provide the best possible service to clients. It also demonstrates the challenges IFAs face in choosing the platform or platforms that best fit the needs of their clients.

"The use of platforms in our profession is still relatively new, and to some extent unchartered territory, especially from a regulatory perspective. The recent discussion paper from FSA may have given many who use, or are thinking about using, platforms pause for thought. That is why we are providing a set of good practice notes to clear away any ambiguity.

"Given the interest the FSA has recently shown in platforms, members will need to be able to demonstrate they have taken a robust approach in deciding to adopt a platform strategy. The NMG research is part of the wider work we are conducting to provide members with the guidance they may need to navigate the evolving platforms landscape."

*NMG's IFA Census conducted 358 online interviews with IFAs between 12th - 23rd August; 255 of these IFAs used platforms.

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50 per cent of Brits forced to dip into savings as inflation continues to bite

Tue, 24 Aug 2010 00:00:00 GMT

A poll on Britain's number one comparison site, moneysupermarket.com, shows that consumers are having to dip into their savings pots as the UK continues to feel the pinch because of high inflation.

Over half of respondents (56 per cent) revealed that they have dipped into their savings accounts when they hadn't planned to and a further quarter (26 per cent) claimed that they would if they needed the money.

Clare Francis, site editor at moneysupermarket.com, said: "The official rate of inflation slowed last month but at 3.1% it is still well above target and with the Base Rate remaining at 0.5 per cent, Brits still face an uphill struggle as they try to generate value from their savings at the same time as they're battling rising living costs. It seems as though an increasing number of people are being forced to dip into their savings just to make ends meet. Not only does this underline the importance of saving, but it also highlights the value of earning the best possible return on your money.

"Poor savings rates coupled with rising living costs are really squeezing British families and whilst generating more income on savings is important, people should be doing everything they can to lessen the effects of the current economic environment.

"Before dipping into savings, it's worth exploring other options reducing the strain on family finances. Spending wisely, using discount vouchers and focusing on repaying any outstanding debts will all stand consumers in good stead, and help free up some extra cash to relieve the financial strain they are currently experiencing. It's well worth people trying to hold on to their savings and only dip into that money as a last resort. "

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IFA Life Update - 23rd August 2010

Mon, 23 Aug 2010 00:00:00 GMT

Recommended Workshops for IFAs

Care for the Long Term – Special One Day Programme
http://www.ifalife.com/forum/replies.asp?ForumID=111&TopicID=3617

How to plan and host successful seminars which your clients will love and act upon
http://www.ifalife.com/articles.asp?AID=866

If you are running a workshop for IFAs and would like to promote it here, please contact events@ifalife.com

Forum Messages

Andrew Hart and 9 others: Provider Fax numbers for letters of Authority – fantastic resource
http://www.ifalife.com/forum/replies.asp?ForumID=3&TopicID=3620

Stuart White: Who do you recommend to value this portfolio of With Profit Endowments?
http://www.ifalife.com/forum/replies.asp?ForumID=111&TopicID=3631

Martin Bamford and 42 others: Amazing enthusiasm for a thread – we may have to re-name the site
http://www.ifalife.com/forum/replies.asp?ForumID=3&TopicID=3612

Nigel Tinsdale: The silly season continues, but impressed nevertheless...
http://www.ifalife.com/forum/replies.asp?ForumID=3&TopicID=3630

Ian Green and 10 others: When will someone in the industry issue take this issue very seriously?
http://www.ifalife.com/forum/replies.asp?ForumID=3&TopicID=3601

John Cushine and 10 others: The client is not keen to pay in this way
http://www.ifalife.com/forum/replies.asp?ForumID=3&TopicID=3607

Paul Stocks and 1 other: Why can’t providers add trail to existing contracts?
http://www.ifalife.com/forum/replies.asp?ForumID=3&TopicID=3626

Andy and 16 others: Sole Trader or Limited Company?
http://www.ifalife.com/forum/replies.asp?ForumID=3&TopicID=3591

Sam Caunt and 2 others: Digital Dictation systems – what do you use?
http://www.ifalife.com/forum/replies.asp?ForumID=20&TopicID=3628

Eugenie Cameron and 5 others: If you have passed the IMC, I have a question
http://www.ifalife.com/forum/replies.asp?ForumID=68&TopicID=420

Edwin Snapper and 7 others: Using property trusts against Long Term care – what are your views?
http://www.ifalife.com/forum/replies.asp?ForumID=3&TopicID=3560

IFAs tell us what they are really great at
http://www.ifalife.com/forum/replies.asp?ForumID=3&TopicID=3580

IFA Life Messages

Philip Calvert is working on his third book, and needs to interview a dozen Social Media savvy IFAs. If that’s you, please send an email to admin@ifalife.com for details.

Please help us to make IFA Life the most valuable place for IFAs and financial planners to network online. Please give us your feedback and suggestions here:
http://www.ifalife.com/forum/topics.asp?ForumID=98

Regards

Phil

Philip Calvert
Founder of IFA Life

IFA Life is the modern, better, smarter way for Providers to engage with IFAs. To advertise on IFA Life, please contact Nick Page: page@pagemedia.co.uk

99% of new IFA Life members now opt to receive our daily update email. If it’s not for you, you can change this in your Account Settings

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IFA Life Update - 20th August 2010

Fri, 20 Aug 2010 00:00:00 GMT

If you’re an IFA and thinking about putting on a seminar later this year or next, then you’ll regret missing this. Last few places available

"Hands down the best seminar on any topic that I have attended. Phil is an absolute genius when it comes to seminar marketing. I would encourage every IFA to attend. I am planning to go again this year!" Jaime Steele, North Financial Management

http://www.ifalife.com/articles.asp?AID=866

IFA Life Messages

Philip Calvert is working on his third book, and needs to interview a dozen Social Media savvy IFAs. If that’s you, please send an email to admin@ifalife.com for details.

Please help us to make IFA Life the most valuable plavce for IFAs and financial planners to network online. Please give us your feedback and suggestions here
http://www.ifalife.com/forum/topics.asp?ForumID=98

Thread of the Week

IFAs tell us what they are really great at
http://www.ifalife.com/forum/replies.asp?ForumID=3&TopicID=3580

Exams Forum (sponsored by Brand Financial Training)

John Elderton and 1 other: Qualification Gap Fill CPD – QGF
http://www.ifalife.com/forum/replies.asp?ForumID=68&TopicID=3623

Simon Vooght and 1 other: Anyone taking the new R0 exams?
http://www.ifalife.com/forum/replies.asp?ForumID=68&TopicID=3610

Eugenie Cameron and 3 others: Has anyone here passed the IMC certificate?
http://www.ifalife.com/forum/replies.asp?ForumID=68&TopicID=420

Forum Messages

Martyn Bowen and 4 others: Are there any non UK Bricks and mortar (not equity) funds that anyone can recommend?
http://www.ifalife.com/forum/replies.asp?ForumID=3&TopicID=3616

Andrew Hart and 2 others: Does anyone have a comprehensive list of fax numbers required for most of the main providers/companies for faxing client Letters of Authority?
http://www.ifalife.com/forum/replies.asp?ForumID=3&TopicID=3620

Eugenie Cameron and 8 others: I lost a client to SJP
http://www.ifalife.com/forum/replies.asp?ForumID=3&TopicID=3606

Martin Bamford and 37 others: The cars that IFAs drive – our conclusions
http://www.ifalife.com/forum/replies.asp?ForumID=3&TopicID=3612

Robert Burns and 1 other: Working in August – the silly season
http://www.ifalife.com/forum/replies.asp?ForumID=3&TopicID=3624

Simon Vooght and 1 other: How attractive are Life Settlements?
http://www.ifalife.com/forum/replies.asp?ForumID=117&TopicID=3611

Recommended Workshops for IFAs

Care for the Long Term – Special One Day Programme
http://www.ifalife.com/forum/replies.asp?ForumID=111&TopicID=3617

If you are running a workshop for IFAs and would like to promote it here, please contact events@ifalife.com

Regards

Phil

Philip Calvert
Founder of IFA Life

IFA Life is the modern, better, smarter way for Providers to engage with IFAs. To advertise on IFA Life, please contact Nick Page: page@pagemedia.co.uk

99% of new IFA Life members now opt to receive our daily update email. If it’s not for you, you can change this in your Account Settings

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Is this proof that Gov't is actually listening about pensions?

Thu, 19 Aug 2010 00:00:00 GMT

The lead story today has to be news that the DWP is considering legislative changes to assist those schemes whose Rules might prevent them switching to CPI increases as and when this takes effect. According to the article, a spokesperson at the DWP is quoted as saying:

"…we need to think carefully about how any proposed legislation would work in practice or whether, indeed, this would be the best way to address the issue. We need to balance protecting pensioners' incomes with the need to ensure that schemes remain viable for companies. We will consult widely before making any decisions on this."

To me that sounds like quite a softening in its stance from the original Press Release on 12th July 2010. DWP has to be applauded for that - someone, somewhere appears to have listened to the growing voices of concern! See:
- DWP mulls legislative changes to ease index switching rules (Professional Pensions)

And finally, each year one of my friends in the village, a well-spoken, well-heeled retired businessman (and scientist) digs into his pocket and buys the locals a round of drinks. No, he's not tight: he always stands his round when in the pub.

But on this occasion, he quite specifically says thank you to us - because he's using his winter fuel allowance, which he freely admits he doesn't need - to quench our thirst. For much of the remainder of the year, he's out on his yacht, sailing around Europe. It's a crazy world, don't you think? See:
- Why are we sending winter fuel payments to sun-baked tropical islands? The EU, of course (Telegraph.co.uk)

Thursday
- Scrap this unfair ban on transfers (Money Marketing)
- Scottish Widows warns of retirement transition 'shock' (FTAdviser)
- Benefits review 'shocking betrayal' says Labour (BBC.co.uk)
- Building the economy of the future (HM Treasury) (economic)
- Imperial Home Decor scheme to go to Supreme Court in 2011 (Professional Pensions)
- MC Trustees Qrops launches on Ascentric (Citywire)
- Civil Partnerships in the UK - Statistical Bulletin (Office for National Statistics) (pdf-7 pages)
- 'Unretirement Index' reveals only one-in-four consumers has an adviser (Sun Life of Canada) (pdf-3 pages) Unretirement Index (pdf-18 pages)
- Equal pay for women still 57 years away (Personnel Today)
- IPO could lead to payday for GM employees (Reuters) (overseas-pension deficit)
Have a good day,

Mike Jones

pension education, pension guidance and pension information from MyCompanyPension.co.uk

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We're delighted to post to our pension news blogs at the invitation of IFA Life. We hope our news page saves IFAs valuable time.

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No such thing as a free bank

Mon, 16 Aug 2010 00:00:00 GMT

According to the experts at Which?, low credit interest, high overdraft charges and big fees on spending abroad means that while we may not pay a monthly sum for our current accounts, banking is not free.

The consumer champion's new research reveals that consumers could be spending as much as £1,140 a year on unauthorised overdraft charges if they bank with Santander*.

Disparity around charges doesn't end there. While First Trust charges customers £185 a year for using a £200 authorised overdraft six days a month, whereas Coventry BS has no charge for a £250 authorised overdraft**. Furthermore, each bank has very different ways of charging for overdrafts, making it difficult for consumers to compare accounts.

Even customers who stay out of the red are not getting a free ride from the banks. Which? found that lost interest and fees for using their card abroad could be costing consumers as much as £57 a year***- and much more for those who travel overseas regularly.

Which? chief executive, Peter Vicary-Smith, says:

"Contrary to popular belief, banking is not free. Whether it's through low interest rates or high charges, we all end up paying for our current account in the end.

"The complicated ways banks present charges makes it difficult for people to work out whether they're getting a good deal. If you regularly go into the red or want a better return on your money, then the figures speak for themselves - it's worth making the switch to a more suitable account."

Notes

The full article ‘No such thing as free banking' appears in the September 2010 issue of Which? magazine. For further information, a copy of the article or an interview with money editor, James Daley, please contact Miranda Akhurst.

* In our scenario a customer goes overdrawn due to two direct debits, which are both paid by the bank. Santander Bank Account charges customers £35 per paid item and a £25 monthly unarranged overdraft fee. This equates to £95 in a month (£1,140 a year if repeated over 12 months) for using an unauthorised overdraft in this way.

** Holders of Coventry BS's First account are not charged for a £250 authorised overdraft, whereas an overdraft on the First Trust Classic Account costs £185 a year.

*** Which? looked at the typical cost of a current account for customers who have an average balance of £1,500, and who make one short trip overseas each year.

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Yet more woes for pensioners as they are plagued by Money Sickness Syndrome

Sat, 14 Aug 2010 00:00:00 GMT

As government data last week revealed that the number of people over the age of 65 is set to continue growing to almost a quarter of the population in 20 years time, AXA warns that today's pensioners are hit by escalating money worries that severely affect mental and physical health.

Pensioners are no strangers to financial anxiety, but a new report shows that they have to contend with yet more misery as it finds they are the group worst afflicted by Money Sickness Syndrome.

While the nation as a whole is suffering the health fallout of worrying about how to cope with the cost of living, everyday bills and debt, the link between wallet and health is no clearer than among pensioners, according to the Money Sickness Syndrome report, published by AXA.

It shows that some nine million pensioners in the UK are enduring the harsh effects of financial worries in their later years as they face symptoms of finance-related stress including anxiety (43 per cent), lack of concentration (22 per cent), insomnia (24 per cent) and feeling depressed (21 per cent). And as the government plan to phase out the default retirement age of 65, more pensioners may be forced to carry on working in fear of developing these symptoms.

In fact, the stress caused by money concerns has reached epidemic proportions across all sectors of the nation, with an estimated 42 million adults of all ages suffering from the syndrome. This is double the number of sufferers of four years ago, when the syndrome was first identified by GP and mental health expert Dr Roger Henderson.

In this latest report, pensioners emerged as among the worst affected, with three-quarters admitting to feeling stressed about their finances - particularly about the cost of living - over the last 12 months and well over half saying their stress had worsened in that time.

About 60 per cent of pensioners blamed the high cost of living on their woes, compared to just 40 per cent of high-level managers and around 50 per cent of manual workers. Pensioners also believe cost of living will remain the key factor driving their money worries over the next 12 months.

Pensioners are also the most concerned of all groups about their situation deteriorating over the next year with 53 per cent expect it to worsen compared to 36 per cent of top managers. This is perhaps not surprising as the government move to link pensions with the less valuable CPI rather than RPI, leaving pensioners facing even more cuts in their pocket in 2011.

However pensioners are also among the least likely to have taken any practical action to get out of their financial fix. While 36 per cent of pensioners have taken some practical steps to take control of their finances, the worrying aspect is that just over a third of pensioners have done nothing at all to help deal with their stress. The report shows that just five per cent of pensioners sought the help of an independent financial adviser, while about 1.5 per cent visited a debt counsellor. About five per cent spoke to a doctor and three per cent have taken prescription drugs to help with their stress. The reports also showed that 13 per cent turned to food and 13 per cent to drink for consolation.

The report also found that:

Less than half the amount of workers in higher management roles compared to pensioners feel such anxiety over money worries
One-fifth of pensioners put on weight due to money worries
13 per cent smoked more and six per cent drank more to relieve their financial stress
22 per cent were unable to concentrate
12 per cent increased their consumption of coffee

Eugene Farrell, Head of Psychological Health and Wellbeing at AXA said: ‘Pensioners today have a lot to contend with. And while it's no surprise to find money worries are a concern for them, it is deeply worrying that it is affecting their health in such a way. As an aging population, such financial and health issues are a major concern for us as nation and the consequences are likely to only get worse in the years to come. Central to dealing with Money Sickness Syndrome is to have a plan of action that not only reduces the burden of debt but in doing so helps to reduce the physical and psychological symptoms.'

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IFA Life Update - 20th August 2010

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