It's that time of year again when you tend to look back and plan forward. Not for nothing is the first month of the year named after the two-faced Roman god Janus who is the god of beginnings and transitions as well as being the god of gates and doors.
Best news professionally? Have at last finished my studies for the RDR Retail Distribution Review - in plain language raising the qualification level for financial advisers. After this, 30 or so hours a year of CPD Continuing Professional Development will keep me current - until the regulators/government/EU move the goalposts again. Any bets on how long before this happens?
Along with more qualifications, comes fitness and propriety previously mentioned in The Law is a Ass where the issue is, is the guy/gal concerned the right sort of person to advise on how people should invest their money? Showing the limitations of exams, a case comes up on the forum for financial advisers IFALife where a firm has satisfied itself on the qualifications of a guy, but are unhappy about his fitness and propriety. He currently works for a high street bank where every month, you get a list of potential clients - people you can flog their products to. But 6 complaints have been upheld against him, he has had his wrist slapped for giving out incorrect product documentation in another case and didn't mention plastic debt of over ?20,000 as he didn't feel it was important. The question asked on the forum was, is this guy fit and proper? Would you employ the guy?
If not, should the regulators and his professional association be informed - otherwise known as whistleblowing? Whistleblowing is a clear duty for IFAs where money laundering is concerned, or employees generally where there is a public interest or health and safety issue, but how far does this extend into professional standards? Feedback welcomed.
Being Nice to your Customers
Continuing the banks or lender theme, one client contacts me when another high street lender has approved a large Buy-to-Let mortgage in principle. Client is refurbishing property and would like the (re)mortgage money now please - tax bills due in January. Manager concerned is on holiday until second week January so papers will only be fully completed then. After this, they go to the monthly credit committee meeting with the bank kindly informing my client that she will get the money first week March! Quicker lenders are available but only at a higher rate, so client is stymied.
Cancer Claims
On a sadder but ultimately positive note, another client contacts me with a cancer diagnosis. Could I check the benefits? After buying protection, it is quite common for clients to forget the exact details of their policies which highlights the importance of regular financial reviews with your adviser. Fortunately, the amount of Critical Illness Cover is more than the mortgage so there will be money for time off to recover from surgery planned before Christmas. The income protection policy will help too.
This reminds me of another claim where a couple needed a mortgage and had two small children. Recommended Critical Illness Cover for the mortgage but after they both discussed it, told me they couldn't afford the premium. How much can you afford? I asked. Working out an amount of cover they could afford was quite straight forward and covered about two-thirds of the loan. Four years go by and husband is diagnosed with cancer. He is self-employed and while the claim will not extinguish the whole mortgage, some of the cash will allow him to take time off to recover. Ask anyone who has had cancer treatment, and they will tell you that fatigue is often the main issue.
Christopher Hitchens
Writer, journalist, polemicist and perhaps most famously atheist, died from cancer complications this week. Why do I mention this? Well both us were born in the same year and our cancers were similar. Makes you feel life can be a bit of a lottery and whether you agreed with his atheist & other contrarian views or not, the world is a duller place without him. Obituary link here which is worth reading. It is much longer than the average Daily Telegraph obit which of course, says much for its subject.
To read George's other blogs or if you have any comments or feedback, go to: www.georgeemsden.co.uk
George Emsden ACIB, DipPFS
The Cancer IFA
Source: http://www.ecademy.com/node.php?id=171810
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