Guest Blog – The role of an Eldercare Consltant

Guest Blog – The role of an Eldercare Consltant

Guest Blog – The role of an Eldercare Consltant
Guest Blog - The role of an Eldercare Consltant 1

Written by Sebastian Elwell

January 17, 2021

Beyond purely financial planning matters, the practicalities of arranging care for a loved one can be overwhelming.  Are there services out there that can help with navigating the complex maze of care needs?  I caught up with SOLLA affiliate Claire Edwards, founder of  Claire Edwards Eldercare Consultant to discuss her service.  Claire kindly agreed to provide the following guest blog.

The Value of Independent Care Advice

Switchfoot Wealth Limited Independent Financial Adviser

I started Switchfoot Wealth to offer financial planning that matches the way we live and work today. Using the best technology and offering expertise gained through both formal qualifications and years of working closely with clients, we are bringing financial planning into the 21st century, helping people, businesses and professional advisers make the most of their time and their money.

– Sebastian Ewell

Switchfoot Wealth Founder

Read more about Switchfoot Wealth

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SwitchFoot Wealth Limited is an appointed representative of Sense Network Limited which is authorised and regulated by the Financial Conduct Authority. SwitchFoot Wealth Limited is entered on the Financial Services register (www.fca.org.uk/register) under reference number 808196.
Registered Address: 28 Upper Hale Road, Farnham, Surrey, GU9 0NS. Registered in England & Wales No.: 11220173.
The information contained within this website is subject to the UK regulatory regime and therefore restricted to consumers based in the UK.

The Financial Ombudsman Service is available to sort out individual complaints that clients and financial services business aren’t able to resolve themselves. To contact the Financial Ombudsman Service, please visit www.financial-ombudsman.org.uk.

Why choose a financial adviser who is a STEP member?

Why choose a financial adviser who is a STEP member?

Why choose a financial adviser who is a STEP member?
Why choose a financial adviser who is a STEP member? 2

Written by Sebastian Elwell

November 1, 2020

STEP Advising families across generations

 

Why choose a financial adviser who is a STEP member?

It can be tricky to choose a financial adviser – particularly if you are working through complex financial arrangements, hold a power of attorney, or are making more complicated plans around inheritance and succession planning. It’s obviously important to ensure that the adviser you choose to work with is suitably qualified for the type of financial planning you need, which is why memberships of bodies like STEP and SOLLA are important.

What is STEP?

STEP is the global professional association for practitioners who specialise in family inheritance and succession planning. Members are financial advisers, lawyers, accountants and other professionals who help individuals make the best plans for their future, and the criteria for membership is exacting, so you know that it is worth using someone who has taken the time to become a member. For individuals and families in Farnham for example, Sebastian Elwell from Switchfoot Wealth is the only financial adviser in the area who has STEP membership and a STEP Diploma in Advising Vulnerable Clients*.

Why should I look for a STEP member?

STEP members are experts in helping families plan for the future, often advising two or three generations at the same time, to ensure that everyone has the advice they need for a secure future for themselves, their children and their grandchildren.

In particular, STEP members can advise on inheritance planning, trusts and legacies, long-term care planning and charitable giving. Your advisers can work together – so your financial planning may impact on the conditions of your Will, for example. Or you may want to look at succession or exit planning for your business, and your financial adviser can work alongside your accountant, solicitor and tax specialist to ensure that all requirements are met.

Aligning our values

The STEP values are very clear:

  • Promote professional educational attainment.
  • Act transparently.
  • Uphold professional standards.
  • Serve our members, whatever their professional background, wherever based.
  • Recognise our responsibility to the public interest.

They align well with our own values, which are:

  • Being ethical
  • Being qualified
  • Being independent
  • Being technology smart
  • Being collaborative

As a STEP member, Sebastian must work to the organisation’s values and commit to upholding its high standards of competence and advice. Being a member of STEP means that the clients we give financial advice to in Farnham and the local area can be confident about the standard of advice and planning they receive, and that they are choosing a financial adviser who can work closely and comfortably with your other professional advisers.

You can find out more about STEP and what it means to be a member, or simply contact us today for an initial chat about the plans you need to make and how we can help.

 

*Source STEP Member directory October 2020

https://content.step.org/search/members/?f%5B0%5D=specialism%3AInvestment&f%5B1%5D=city%3AFarnham

Switchfoot Wealth Limited Independent Financial Adviser

I started Switchfoot Wealth to offer financial planning that matches the way we live and work today. Using the best technology and offering expertise gained through both formal qualifications and years of working closely with clients, we are bringing financial planning into the 21st century, helping people, businesses and professional advisers make the most of their time and their money.

– Sebastian Ewell

Switchfoot Wealth Founder

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The information contained within this website is subject to the UK regulatory regime and therefore restricted to consumers based in the UK.

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What is SOLLA and why should I look for an adviser who is a member?

What is SOLLA and why should I look for an adviser who is a member?

What is SOLLA and why should I look for an adviser who is a member?
What is SOLLA and why should I look for an adviser who is a member? 3

Written by Sebastian Elwell

November 1, 2020

What is SOLLA and why should I look for an adviser who is a member? 4
 
Switchfoot Wealth Limited Independent Financial Adviser

I started Switchfoot Wealth to offer financial planning that matches the way we live and work today. Using the best technology and offering expertise gained through both formal qualifications and years of working closely with clients, we are bringing financial planning into the 21st century, helping people, businesses and professional advisers make the most of their time and their money.

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SwitchFoot Wealth Limited is an appointed representative of Sense Network Limited which is authorised and regulated by the Financial Conduct Authority. SwitchFoot Wealth Limited is entered on the Financial Services register (www.fca.org.uk/register) under reference number 808196.
Registered Address: 28 Upper Hale Road, Farnham, Surrey, GU9 0NS. Registered in England & Wales No.: 11220173.
The information contained within this website is subject to the UK regulatory regime and therefore restricted to consumers based in the UK.

The Financial Ombudsman Service is available to sort out individual complaints that clients and financial services business aren’t able to resolve themselves. To contact the Financial Ombudsman Service, please visit www.financial-ombudsman.org.uk.

Practicalities of Estate Management

Practicalities of Estate Management

Practicalities of Estate Management
Practicalities of Estate Management 5

Written by Sebastian Elwell

October 17, 2020

Estate Management

Beyond purely financial planning matters, the practicalities of managing the estate of a deceased loved one can be overwhelming.  Are there services out there that can help with sorting and distributing possessions?  I caught up with Claire Potter, founder of Blue Door Bespoke to discuss her service.  Claire kindly agreed to provide the following guest blog.

 

 

 

 

Switchfoot Wealth Limited Independent Financial Adviser

I started Switchfoot Wealth to offer financial planning that matches the way we live and work today. Using the best technology and offering expertise gained through both formal qualifications and years of working closely with clients, we are bringing financial planning into the 21st century, helping people, businesses and professional advisers make the most of their time and their money.

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Cashflow planning: Tax planning and the affordability of gifting

Cashflow planning: Tax planning and the affordability of gifting

Cashflow planning: Tax planning and the affordability of gifting
Cashflow planning: Tax planning and the affordability of gifting 6

Written by Sebastian Elwell

October 4, 2020

gifting

Cash flow planning: Tax planning and the affordability of gifting

Responsible financial planning doesn’t just mean suggesting where people should spend or invest their money; it also means making sure that the individual’s wishes are affordable in the short, medium and long terms. Financial advisers have a duty of care to their clients, so by working closely with them to understand their needs, goals and dreams, we can help them to plan sensibly and make informed decisions.

 That’s why we believe that cash flow planning is an essential part of private client work – for financial advisers, accountants and solicitors alike. Understanding its importance means we can give better advice and that in turn allows our clients to make the most of what they have.

The affordability of gifting

 Understandably, clients often want to gift assets to others – either outright or via a trust mechanism. There are many reasons for deciding to gift, including:

  •  Saving tax – gifting can be a straightforward way to reduce tax liabilities.
  • Helping onto the property ladder – it’s becoming increasingly common for parents to gift a deposit to help children buy their first home.
  • Bailing out in an emergency – unexpected circumstances can mean family members want to help out if they can.
  • Creating a long-lasting legacy – establishing a trust or giving to a favourite charity are ways of ensuring your gift lives on.

 For many, organising gifting is part of a financial planning and tax planning strategy. For others, it’s a big leap, and they can be afraid of committing to giving assets away. Some clients want to retain complete control of their assets – whether cash, investments, property or business – and are unconvinced that gifting should be part of their financial plan. Others worry that they will need the money in the future and can’t afford to give it away.

 How cash flow planning can help

 It’s our job as professional advisers to look at forward cash flow planning, both to make sure that the gifting requirements are affordable, and to give clients advice on when and how best to manage their gifts. This includes:

  •  Helping clients to visualise the short, medium and long-term effect on their finances
  • Making sure they understand the long-term tax savings potential
  • Test a range of ‘what if scenarios, including:
  • stock market crashes
  • they or their partner suddenly needs long term care
  • roof falls off or other home disasters
  • bereavement

Tax planning – quantifying the savings over the long term

 For financial advisers, ‘long term’ often goes beyond the lifespan of the client – good tax planning is about having a positive impact that affects the next decades and the next generation of the family.

 Tax planning means you can explain the value of your advice in this long-term scenario: it’s not just about being solvent for the next few years – it’s about the financial security of the client, their family, their business and their other interests. A service that often may seem expensive at the time brings huge dividends in terms of tax saved over this long-term period.

Justifying and Explaining the value of your advice. 

 For accountants and solicitors, good cash flow and tax planning enhances your legal advice and can help you to provide better, more compliant, less risky advice.

 If you would like to know more about how Switchfoot Wealth can compliment legal and accountancy advice, please get in contact with Sebastian today.

Switchfoot Wealth Limited Independent Financial Adviser

I started Switchfoot Wealth to offer financial planning that matches the way we live and work today. Using the best technology and offering expertise gained through both formal qualifications and years of working closely with clients, we are bringing financial planning into the 21st century, helping people, businesses and professional advisers make the most of their time and their money.

– Sebastian Ewell

Switchfoot Wealth Founder

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SwitchFoot Wealth Limited is an appointed representative of Sense Network Limited which is authorised and regulated by the Financial Conduct Authority. SwitchFoot Wealth Limited is entered on the Financial Services register (www.fca.org.uk/register) under reference number 808196.
Registered Address: 28 Upper Hale Road, Farnham, Surrey, GU9 0NS. Registered in England & Wales No.: 11220173.
The information contained within this website is subject to the UK regulatory regime and therefore restricted to consumers based in the UK.

The Financial Ombudsman Service is available to sort out individual complaints that clients and financial services business aren’t able to resolve themselves. To contact the Financial Ombudsman Service, please visit www.financial-ombudsman.org.uk.

Mental Capacity Act 2005 & Cashflow Planning

Mental Capacity Act 2005 & Cashflow Planning

Mental Capacity Act 2005 & Cashflow Planning
Mental Capacity Act 2005 & Cashflow Planning 7

Written by Sebastian Elwell

May 20, 2020

Mental Capacity Act 2005 & Cashflow Planning 8

Cashflow planning and the 5 Principles of the Mental Capacity Act.

Cashflow planning turns often complex calculations into a set of interactive and visually engaging infographics. Cashflow planning can be used to support vulnerable clients and help their appointed attorneys/deputies meet their obligations under the Mental Capacity Act of 2005 when making financial decisions.

 

Principles 1 & 2 – A presumption of Capacity (1) and Individuals being supported to make their own decisions (2)

Every adult has the right to make their own decisions and we must assume they have the capacity to do so unless proved otherwise. You cannot assume lack of capacity just because of a particular diagnosis or disability. Capacity is decision-specific; it may fluctuate between lack of capacity and lucid periods. An individual may have capacity over some decisions but not others.

The law is clear: a person must be given all practical help to make their own decisions before they are treated as lacking capacity. This means that attorneys/deputies should make every effort to encourage and support people to make the decision for themselves.

Cashflow planning can help with supported decision making – a case study

Paul has mobility problems and some cognitive impairment arising from a brain injury. His solicitor acts as his court-appointed Deputy.

Paul wishes to purchase a new motorised wheelchair and wants a top of the range model for £20,000. An older version of the same chair is available secondhand for £5,000. Both Paul and his solicitor agree he needs a new chair. The deputy will need to help Paul weigh a range of considerations and decide which chair he should get. Paul and his solicitor may consider any differences in performance, aesthetics, affordability, and so on.

Paul, his deputy, and his financial adviser previously had a cashflow plan. The financial adviser gave Paul access to his plan via a VoyantGo licence. The Deputy is able to log in and create a few ‘What if’ scenarios. A brief discussion with the financial adviser results in charts that show the effect on affordability.

Paul may not be in a position to understand all of the calculations involved but he may be perfectly capable of understanding the potential financial effect of his purchase decision as modelled by the ‘What if’ scenarios.

Paul and his Deputy are now in a better position to take account of the financial implications of the decision. The Deputy is making every effort to support Paul in the decision and involving him as much as possible.

Principle 3 – Unwise Decisions

People have the right to make unwise decisions. You cannot treat someone as lacking capacity because you disagree with their decision or think it unwise. Everyone has their own values and preferencesand may apply different weight to these values.

Returning to our case study, the Deputy believes that buying the £20,000 chair is too risky and jeopardises the long-term affordability of his client’s financial affairs, but perhaps Paul sees it differently: he wants to maximise quality of life and places greater weight on the non-financial factors than the Deputy does and so opts for the more expensive chair, despite the concerns over affordability.

The Deputy can take notes on the decision and keep the ‘What if’ scenarios on file, showing that they carefully considered affordability explain the reasoning behind the ultimate decision.

Principle 4 – Best Interests

Anything done for, or on behalf of, a person who lacks mental capacity must be done in their best interests.

One of the fundamental aspects of Voyant is ‘The Timeline’. This is a great opportunity to document the key milestones, goals and objectives for Paul. Financial decisions can be weighed against their effect on his ability to meet these goals and objectives. Cashflow planning can help show which course of action is likely to be in his best interest.

Principle 5 – Least Restrictive Option

Someone making a decision or acting on behalf of a person who lacks capacity must consider if it is possible to  decide or act in a way that would interfere less with the person’s rights and freedoms of action.

In respect of managing ongoing financial affairs, it is helpful for attorneys or deputies to consider if it is possible to leave some control of arrangements to Paul. The question is, how much?

Cashflow modelling can be used by the attorneys or deputy to consider a range of scenarios.  What if it all goes wrong, and Paul over-spends? After all, he may have some capacity to make some unwise decisions, but cannot manage all of his finances over a longer term.

The Deputy may choose to set up a separate account for Paul to manage and control how much cash is transferred into it. Cashflow planning can give the deputy or attorney the confidence to take a less restrictive approach to management of the finances and leave as much control as possible and sensible with Paul.

To find out more about how cashflow planning can assist deputies and attorneys to inform their clients and allow the best decisions to be made in light of capacity, you can always contact my team and me at Switchfoot Wealth.

Switchfoot Wealth Limited Independent Financial Adviser

I started Switchfoot Wealth to offer financial planning that matches the way we live and work today. Using the best technology and offering expertise gained through both formal qualifications and years of working closely with clients, we are bringing financial planning into the 21st century, helping people, businesses and professional advisers make the most of their time and their money.

– Sebastian Ewell

Switchfoot Wealth Founder

Read more about Switchfoot Wealth

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Guest Blog – The role of an Eldercare Consltant

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​ Business owners – what’s the best way to pay yourself? At Switchfoot Wealth we receive regular referrals from accountants to produce a ‘personal financial plan’.  We help business owners like you to document your personal financial needs, both now and over your...

SwitchFoot Wealth Limited is an appointed representative of Sense Network Limited which is authorised and regulated by the Financial Conduct Authority. SwitchFoot Wealth Limited is entered on the Financial Services register (www.fca.org.uk/register) under reference number 808196.
Registered Address: 28 Upper Hale Road, Farnham, Surrey, GU9 0NS. Registered in England & Wales No.: 11220173.
The information contained within this website is subject to the UK regulatory regime and therefore restricted to consumers based in the UK.

The Financial Ombudsman Service is available to sort out individual complaints that clients and financial services business aren’t able to resolve themselves. To contact the Financial Ombudsman Service, please visit www.financial-ombudsman.org.uk.