H E R I T A G E

The newsletter of

2019

N E W S

E arlier this year, the Personal Finance Society (PFS) launched a new code of conduct for

occupational pension transfer advice and I am proud to say that Heritage Investments is one of the first UK firms to sign up to this new initiative to help inform, educate and protect consumers.

The Gold Standard is a voluntary code of good practice for safeguarded and defined benefit pension transfer advice, based around a set of principles and was designed by a task force which included two ex-pensions ministers alongside consumer champion Sue Lewis and other industry experts. The standards and principles, are designed to help consumers understand and find good advice, and be confident they are dealing with a firm that is going beyond minimum requirements when giving financial advice.

At Heritage, we always work hard to ensure that our clients receive a high level of service and we aim to create the best possible outcomes.

Financial Advisers who provide advice on these types of pension transfers should hold suitable Chartered Insurance Institute qualifications.

The Gold Standard includes a consumer guide, which is designed to help clients understand the process ahead of seeking financial advice. We will be ensuring that everyone who enquires about transferring their pension receives a copy of the guide. So if you are thinking about transferring your pension, get in touch and we will be happy to provide a copy of the guide so you can decide if it sounds right for you.

IN TH IS I SSUE

Pension Transfer Gold Standard

Equity Release

Strategy Adviser Appointment

The Personal Finance Society

Team News

What is a Paraplanner?

It’s a Small World

Last year Andrew Cook successfully passed a number of CII examinations to become a Chartered Financial Planner.

Spurred on by this success, earlier this year Andrew took the final examinations to attain Fellowship of the Personal Finance Society, which demonstrates that you have attained the most prestigious level of professional achievement.

Andrew says he is delighted to achieve Fellowship status and his children Isabella and Jake are pleased Daddy has no more study time now!The nine principles within the standard:

1 Helping clients understand when advice is appropriate

2 Advice given supports the clients’ overall wellbeing in the context of their objectives

3 Ensuring client understanding and acceptance of all charges

4 Ensuring the most appropriate and updated technical skills are applied

5 Transparent management of Conflicts of Interest

6 Helping clients understand the cost of transferring benefits

7 Avoiding unregulated investments and introducers

8 Transparency in advice processes and outcomes

9 Promoting the Consumer Guide to the Pension Transfer Gold Standard

JOHN COOPERDIRECTOR

HERITAGE S IGN UP TO THE PENSION TRANSFER

GOLD STANDARD

P E R S ONAL F INA NCE SOC IETY F E L L O W S H I P A T T A I N M E N T

P R O F E S S I O N A L B O D Y D I R E C T O R ADVISES ON HERITAGE STRATEGY

U N L O C K T H E V A L U E O F Y O U R P R O P E R T Y

As Heritage Investments approaches its 10th anniversary, it is a good time to consider what the next ten years will look like.

Equity release is a way to unlock the value of your property and turn it into a cash lump sum. You can do this via a number of policies which let you access or ‘release’ the equity (cash) tied up in your home, if you’re 55+. You don’t need to have fully paid off your mortgage to do this.

To help us with this we have engaged strategy specialist, Adam Owen, who is currently Vice President of the UK’s largest professional body for fi nancial planners, The Personal Finance Society.

Commenting on Adam’s work, Andrew Cook Director said, “We have known and worked closely with Adam for many years and it is great that he has agreed to work with us more formally for the next important phase of the company’s development.”

Adam has worked with some of the UK’s largest fi nancial institutions as well as regulators in the UK and Isle of Man during his 25-year career in fi nancial services and he is particularly focused on consumer protection and client engagement.

Adam explained “These days, time allows me to work with only a small number of fi rms, so I am delighted to have this opportunity to support a great company like Heritage who put their client fi rst.”

O ver recent years there has been a great deal of publicity about equity

release products, and most of it has not been complimentary. However, over the last few years we have seen the equity release market become fully regulated and consumers protected.

Now, the industry has its own Regulator, the Equity Release Council and they have put in place a requirement for high standards of conduct and practice to be observed across all of the providers and they have consumer safeguards at heart.

Equity Release products are not suitable for everyone though and there is still a need to seek advice from a Solicitor and also a suitable qualifi ed Financial Adviser. This twin advice approach will ensure they understand all of the features and risks and will choose a plan that is right for you.

There are many misconceptions about this product though, amongst which is that you will no longer own your home – however you will as a lifetime mortgage does not affect the ownership of the property. The money borrowed plus accrued interest will be repaid when the house is sold after you die or move into permanent long-term care.

Another concern is that you may end up owing more than your house is worth. In these days all members of the Equity Release Council offer a “no negative equity guarantee” meaning that the amount you owe will never be greater than the value of the property.

Please note that equity release may impact the size of your estate and could affect your entitlement to future means tested benefi ts.

STEVE WORBOYSF INANCIAL ADVISER

W H A T I S A P A R A P L A N N E R ?

A number of clients have asked us to explain what our team of Paraplanners do. Ros McHague who manages our Administration Centre Manager explains that Paraplanning has only been recognised as a profession in its own right for a relatively short time.

• Heritage is sponsoring a number of the Administration Centre team in taking examinations set by the Chartered Insurers Institute.

• Well done and congratulations to everyone who has recently passed financial planning examinations and good luck with the next ones!

• Scott Rhead is working towards the Level 4 Certificate in Paraplanning and has recently passed two examinations with one more to go!

• Amelia Maynard is also on the way to success having just passed her first examination heading towards the same certificate as Scott.

• Jessica Howard has passed the Pension Transfers examination, which is the first of 4 examinations towards gaining Chartered status.

• Good luck to Sarah Rogerson and Tom Parkinson who have started examinations to become Chartered Financial Planners in the next year.

“Around 20 years ago Financial Advisers started to realise that they were spending more and more time on administration, research and report writing, which in turn was limiting the amount of time that they could spend with their clients. So the role of a Paraplanner was born.”

A Paraplanner’s ultimate goal is to free up as much of the Financial Advisers time as possible so that they can concentrate on what they do best; advising their clients.

The Paraplanner job is varied and will involve preparing technical reports and recommendations, undertaking product research, obtaining illustrations and using analytical software to review the clients existing arrangements. Cash flow analysis is a vital part of the research a paraplanner undertakes. The Paraplanner will then compile the research into a detailed suitability report for the Financial Adviser to review before it is discussed with the client. Once the Financial Adviser has put forward the recommendations to the client and the client has agreed to go ahead, it is the Paraplanner’s responsibility to facilitate the smooth processing of the business. In certain cases the Paraplanner will

attend client meetings with the Financial Adviser, as it enhances the team based client relationship.

The Personal Finance Society is keen for Paraplanners to become regulated in the same way as Financial Advisers enabling it to become a recognised profession. Currently Paraplanners can study for the same examinations as Financial Advisers, gaining the Diploma in Financial Planning and even studying towards Chartered status. Jessica Howard is one of our paraplanners who has recently gained her Diploma and is now studying towards her Chartered Examinations. Jessica has started to attend client meetings with the Financial Advisers and says she very much enjoys the interaction with the clients.

ROS McHAGUE PARAPLANNER & ADMINISTRATION MANAGER

T E A M N E W S

T R A V E L L I N G I N I N D I AA V E R Y S M A L L W O R L D !Many of our clients will remember Michael Kelleher who retired from Heritage Investments as a Director last year.

INTRODUCING GRAHAM LAWRENCESenior Lawyer with Coles Miller

M ichael and Isobel his wife were visiting India earlier this year and whilst travelling in the Jaipur region were delighted to bump into clients of Heritage Investments

Gill and Lawrence Sutcliffe who were staying in the same hotel.

Over the last 18 years Michael often talked to Gill and Lawrence about travelling and making the most of retirement, so it was wonderful to meet up thousands of miles from home. They spent a very happy evening together and as they went their separate ways in the morning, they felt certain they would bump into each other again.

It really is a small world!!

As many of you will already be aware we have established a successful relationship with local solicitors Coles Miller who have offi ces in both our Christchurch and Wimborne offi ces. Coles Miller is one of the largest and most established fi rms of solicitors in the region.

We are delighted to welcome Graham Lawrence a Senior Lawyer to our Christchurch offi ce, where Graham is based for part of the week. He has a wealth of experience in advising clients regarding wills, estate administration and Inheritance tax. He has a particular interest in elderly client issues including capacity and Powers of Attorney.

He is a member of the Society of Trust and Estate practitioners (STEP) and is currently chairman of the Bournemouth branch, and a member of Solicitors for the Elderly.

In his spare time Graham tries to keep fi t and enjoys the gym, running and boxing. Much of his spare time is spent as a member of The Woodfalls Band, a Salisbury based brass band, competing at the highest level. The Band was delighted to become the South West area champions in 2018.

If you would like to an initial free consultation appointment with Graham please contact him using the details below.

Email: glawrence@coles-miller.co.ukPhone: 01202 673011

Issued by Heritage Financial Ltd which isauthorised and regulated by the FinancialConduct Authority.

The content of this newsletter does notconstitute advice and should not be takenas a recommendation to purchase or investin any of the products mentioned. Beforetaking any decisions, we suggest you seekadvice from a professional financial adviser.

Heritage InvestmentsThe Old House, 24 Bargates,Christchurch, Dorset BH23 1QL Tel 01202 332333

info@heritageinvestments.co.uk / www.heritageinvestments.co.uk

The Financial Conduct Authority does not regulate Tax Advice or Will Writing.

Heritage Investments21 Eastbrook Row, Crown Mead,Wimborne, Dorset BH21 1HNTel 01202 332334

C O N T A C T U S