By Steven Day
Switchfoot Wealth’s Steve Day explores the challenges of dealing with clients’ complex financial arrangements, and the ways in which financial advisors can support your service offering.
If you have been appointed as an attorney or a deputy, you have a duty of care to manage your client’s financial arrangements to the benefit of either the client themselves or the beneficiaries of any trust, depending on circumstances.
When your client’s financial arrangements are complicated, managing them can take a significant amount of time. You need to be aware of the full range of current investments, including any savings, trusts, share ownership, property, business assets and pension schemes. You will also need to be able to review those investments and assets to make sure that they are benefitting your client and are able to fund long-term plans such as full-time nursing care.
You will also need to make sure that any other attorneys involved with your client’s case – who are often family or friends – are behaving appropriately, and have the tools in place to spot any attempts to defraud your client. That means having a good overview of all accounts – particularly cash accounts such as current accounts or savings accounts – so that you are aware of any unusual spending or transactions.
How could we help?
All this mounts up to a significant responsibility for practising solicitors, accountants or other professional advisers. So how can a financial adviser help you?
Independent assessment of current plans and investments – a qualified and regulated independent financial adviser can review current arrangements, including the fees paid, to see whether your client is getting the best value for money. In fact, you can start this process straight away by using our free calculator.
- Help you ask the right questions – understanding how different investment vehicles work allows you to ask key questions of your current investment advisers so that you can be sure your client’s money is being properly invested and is producing the best returns.
- Review financial plans – your client’s current financial investments may not be suitable for their current situation or their future plans. It’s particularly important to consider your client’s cash flow, and whether it is appropriate for their needs. By reviewing financial plans, you could make your client’s portfolio less complex, or be able to make a clearer plan for the future.
- Access the full market –existing finances and investments should be reviewed by comparison to all reasonable options. By working with an independent financial adviser, you can access the full investment market on your client’s behalf, which may give you access to better products and opportunities.
If you are currently managing complex financial arrangements for clients, feel free to contact us to see how we could help you review what’s in place.
For Professional Fiduciaries. Not aimed at retail clients.
About Steven Day
Steven Day is a financial adviser at Switchfoot Wealth, specialising in long term care and later life planning.
To learn more, book a consultation with us today.
