Letter to Financial Adviser re Income Protection

As much as I agree with Ashley Hale's letter I do feel that something else is missing, the views of the client.

 

What about talking to clients about what they want, but not in any old way, rather in a manner where first of all their financial capability is raised so that they can get a good understanding of circumstances.

 

Perhaps we can refer clients to a White Paper published in December 2006 by the Income Protection Task Force (http://www.cwcresearch.co.uk/White%20Paper.pdf). Item 2. on page 7 of the paper is revealing about the conditions that most often lead to long-term ill-health / incapacity, and whether they might not be covered by critical illness policies, I quote:

 

"There are some 2.4 million Incapacity Benefit claimants. Of these, 73% have been claimants for 2 years and 48% have been claimants for 4 years. Around 40% of these claimants suffer from mental/stress illnesses and 20% suffer from musculo-skeletal disease."

 

So how many of these claimants would receive a payout from a critical illness insurance policy, if any at all? I wonder what conclusion a client might reach when put in an informed position?

 

The report goes on to say:

 

"These figures demonstrate clearly that Income Protection is the only suitable product to cover long-term disability. Moreover, levels of morbidity are such that advisers should ensure that all breadwinners are adequately insured except for the tiny minority who have adequate resources."

 

I couldn't have put it better myself.

 

Robin Keyte

 

 

ISO2222 - Citywire

Robin Keyte - Best Money I've Spent In Years

10:26 | 29 Aug 2008

I am both a Chartered Financial Planner and Certified Financial Planner and more recently have been certified against ISO2222 by Standards International.

The most useful and worthwhile exercise of all 3 was ISO 22222 certification.

I think it is extraordinary how as an industry of practitioners we have become used to dealing with organisations with vested interests, without realising how unhelpful it is.

The contrast is stark when you then deal with a firm that is outside of the usual industry bodies and that is very professional and absolutely focused on you, and helping you.

I would strongly commend the team at Standards International to any practitioner serious about improving the way they do business.

Believe me I thought I was well ahead of the game and have been working on a 'fee-only' basis for a number of years but they were able to bring a 'fresh eyes' approach, untainted by the usual industry views, which has led to improvements which have already paid for the whole exercise.

Robin Keyte - CII's Misleading Press Release

10:47 | 29 Aug 2008

Just a passing shot at the CII press release on 13 August 2008:

http://www.cii.co.uk/app/news/default.aspx?id=882

the headline of which reads "The CII Group becomes the UK's first recognised assessor of BS ISO 22222 Personal Financial Planning"

The main content of the press release does NOT support this headline, saying quite correctly that the CII has been "confirmed as the first Professional Body to be approved assessors of the BS ISO 22222 Financial Planner Certification".

However the "first Professional Body" is a very different matter to the "UK's first recognised assessor".

I am clear in my own view that Standards International were the first assessors of BS ISO 22222 Financial Planner Certification in the UK.

I sat on the BSI technical committe that helped to draft the standard and was keen to involve myself in the development of the certification process for the standard, and Standards International appeared to me to be well ahead.

Finally, as a Chartered Financial Planner and a director of a firm with the Chartered Financial Planners title, I conform to certain required standards of behaviour, and expect the CII to do the same.

So, no more cheap shots at the expense of Standards International please.

A much better response would be to try to match the quality and level of service delivered by Standards International.

 

New Deal for HSBC Stockbroker Portfolio Clients - A Silver Lining

Dr Robin Keyte (Chartered Financial Planner) is delighted to offer stunningly good terms to ex-HSBC clients for a market leading bespoke portfolio service. 

 

The 22 July edition of New Model Adviser reports that HSBC Private Banking are letting go all clients with a portfolio run on an ADVISORY basis that is less than £1 million in value.

 

As if that isn't bad enough, they are also letting go all clients with a portfolio run on a DISCRETIONARY basis that is less than £300,000 in value.

 

HSBC has suggested these clients should contact one of 5 wealth management groups, namely Williams de Broe, Rensburg Sheppards, Rathbone Investment Management, Killik & Co. and Brewin Dolphin.

 

Ex-HSBC clients are welcome to contact Robin Keyte first to take advantage of the following terms negotiated with one of the above groups. These terms are available to advisory and discretionary clients alike.

 

Annual management fee, ONLY

- 0.50% + VAT   

 

Charges on each individual transaction:

- 1.25% on first £12,500

- 0.70% on next £12,500  

- 0.50% on balance

 

The service also offers free ethical screening on request.

 

Ring 01823 324432 and ask for Robin Keyte or e-mail robin@towersoftaunton.co.uk

 

 

Dr R W Keyte  -  Director, Chartered Financial Planner & CERTIFIED FINANCIAL PLANNER CM      
Towers of Taunton (Financial Services) Ltd
The Post House
Church Square
Taunton
Somerset TA1 1SA

Authorised and regulated by the Financial Services Authority