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News: Week in Review: #22

May 26, 2020

Sue McFarlane


Hello and welcome to the latest edition of my ‘Week in Review’


This week in PLUS has been another busy one across all areas of the business, and we have a lot going on which is exciting.  


Paraplanning – Unusual Occupations 

Usually, when we are given an income protection case to write up, things are pretty straight forward and the main thing we have to worry about, is that the case is written following SJP’s guidelines.  

In fact we often receive cases where Partners’ Clients are in the public eye, such as Actors, Authors & Footballers and these present few hurdles. 

However, this week, one of our paraplanners has been working on a case that was a little different 

The client was a Reality TV Personality and the initial provider that was approached, would simply not accept their occupation, they just didn’t fit into their accepted categories. 

Eventually, we worked with the Partner and found a provider that would happily provide adequate cover for their client. 

But it did get me thinking: 

Are there occupations that providers are yet to come across, that do not fit into the standard occupation classes found within the application forms?  

With so many YouTubers and E-Sports Stars popping up, surely there must be others? 


IHT Seminars 

We held the second of our IHT training seminars on Monday in partnership with Triple Point Investment Management.  This training focused on Trusts and was really well received by those who attended. 

The next is due on 8th June and will cover Loan Trusts, Discounted Gift Trusts and Multiple Trusts and again will be carried out via Zoom. 

Should you like details of future seminars, then please register your interest by clicking here. You will be the first to know! 


Administration Support 

One of our administrators was kept very busy when trying to help her Partner and his client. 

The client was investing a large sum into their Unit Trust Feeder, however, became concerned about investing such a large amount into the markets in one tranche and asked if it could be transferred over a number of weeks?   

The also stated that they would prefer to then ease into the markets, by first placing the funds into the Money Market Fund and drip feeding the remaining over a 36-month period. 

This is actually quite a common request and it is something that many Partners and their clients have been doing at the moment.   

The issue, however, was that the EBS had already been put through on the higher amount, but the client had sent across a much lower amount.   

To resolve the issue, we had to work with Craigforth to arrange for this to be manually matched.   

In addition, as this case had been approved on the higher amount coming over immediately and into a particular investment fund, we then worked with BA to find how they wanted it to be set up, and following their guidance, we created new illustrations and advice sets to make sure the next payments went through as required. 

As our administrator said, it certainly kept me on my toes! 


Chasing Team 

Again, our chaser team have been working hard to get information from the providers this week.   

The good news is that they are beginning to see signs that some form of normality is returning in terms of timescales.   

Aegon, Phoenix Life, Prudential and Standard Life have virtually the same turnaround times that they did before lockdown. 

It is still hard to get through to some providers by telephone for updates, but we think it may be that they are trying to focus on getting the work done, so putting more staff behind the scenes than on the phones. Something that is most definitely the case at L&G. 


Coming up 

We are just putting the final touches to our Cash Flow Modelling Service which we have already had a lot of interest in, as it is such a great tool for Partners and their clients, even more so in this current climate. 

Next week, I am looking forward to being able to share with you details of a brand-new service that I know will provide so much value to Partners & Advisers. 

As always, we will continue to distribute our weekly provider update email – again if you are not on the list for this update, just let us know and we can add you right away. 

In the meantime, take care. 


Sue McFarlane
Operations Manager
Plus Group 

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