Stamford Specialist Regional Roadshow | Retirement & Later Life | 2023

Inheritance Tax (IHT) has never been more topical. Both the nil-rate band (NRB) and residence nil-rate bands have once again been frozen by the Chancellor and projected IHT receipts are about to hit record levels.    For many clients this will be the first time they have seen house prices and asset values fall, with high inflation and rising interest rates this creates a number of challenges. Older clients may also be concerned as to how they can effectively fund their retirement whilst making provisions for later life care.    With that, the biggest wealth transfer to ever take place is happening now and financial advice plays the important role of ensuring that clients can live comfortably today and pass on wealth generously in the future.     Baby Boomers are said to be the wealthiest generation, controlling 80% of the UK’s wealth and in many cases, they are also the largest demographic obtaining advice. With Millennials and Gen Z set to benefit from that inheritance, it raises the question - how will you advise the next generation?    During this session, TIME will explore the generational landscape, top tips for engaging clients of the future, and how estate planning strategies can play an important role in this process.  

• Articulate the reasons for concern around IHT, and why Business Relief investing may be an attractive option for many clients  

• Identify intergenerational planning opportunities within your existing client bank   

• Understand the characteristics of different generations and routes to engage with Millennials and Gen Z  

How has the investment landscape changed?

• The last 40 years have provided a golden era for asset class returns
• The structural trends that acted as tailwinds over this period can no longer be relied upon

Will the current strategy yield the same results? 

• A different investment landscape requires a different set of tools
• Genuine diversification will be key

It won’t be easy, but there are some rules that can be followed

• Be active, use cash, be anti-fragile, make time your friend, own real-assets

Refuel and build up your professional network

The cost-of-living crisis continues, as inflation remains elevated at the highest levels for over 40 years. As a result, this year we have seen volatility and wild gyrations in financial markets, as investors come to terms with this new normal. Many clients will be looking to safeguard their retirement income in this volatile environment. We will discuss how you can adapt retirement income strategies, whilst remaining focused on client objectives.

• Identify how clients’ objectives and priorities in retirement have changed 

• Explain the impact of volatile economic environments on a client’s retirement objectives and portfolio 

• Describe how a layered allocation approach could be used effectively to underpin a client’s retirement portfolio using guaranteed income 

Business Relief (BR) has existed for decades and is now a key pillar of the government’s strategy of directing growth capital to companies that need it. Investors may be handsomely rewarded for investing in businesses and products that qualify for BR. For those embarking on later life financial planning, the allure of freeing assets from inheritance tax may be strong. But there are risks. What if BR legislation were to change? What market risks are you exposing your clients to? How credible are the solutions available? This presentation from Close Brothers Asset Management will address some of these concerns and look at the type of clients who may typically benefit from considering BR. It will explore the origins of this legislation, how financial planning and investment advisers can work together to provide successful strategies to mitigate IHT, and will focus expertise on one area: smaller company investing to achieve BR. What are the opportunities? Where are the pitfalls? How can we manage the risks? How can we balance achieving BR with not overpaying when investing? Improving client outcomes is critical. This session will help advisers to dig deeper to improve their knowledge and attempt to give clients a better experience of investing in smaller company BR opportunities.

• To understand business relief in relation to IHT, its origin and whether legislation may change
• To explore business relief and financial planning opportunities for clients
• Gain a better understanding of investing in smaller companies for business relief & how to avoid overpaying

Grab yourself some lunch whilst speaking with our subject matter experts

Producing a retirement income that is resilient in the face of a changing economic environment can be challenging. Increasing inflation and interest rates are leading many advisers to reassess elements of their portfolio asset allocations. In the current climate, the outlook for fixed income has become challenging, especially since interest rate increases can have a detrimental impact on capital values. So how do you build an income portfolio that copes with the ups and downs of the investment and economic landscape and also the changing circumstances of clients? In light of a New Consumer Duty, demonstrating that clients are receiving the outcomes they were expecting is absolutely paramount. We are in a challenging period and who knows for how long? Some would say that It’s in less than buoyant times that advisers add massive value. At the same time, we have seen substantial increases in the rates of guaranteed income available. In this session we will examine how this can form part of the client’s o

• Recognise the current economic and regulatory challenges around retirement income 

• Consider how higher levels of income can be sustained 

• Understand how legacy provision can be improved 

• Explore how retirement plans can be made more resilient  

Asset Protection Trusts (also sometimes called ‘Lifetime Trusts’,‘Lifetime Protection Trusts’, ‘Property Protection Trusts’ or ‘Estate PreservationTrusts’) are sometimes marketed as a solution to reduce care home fees or save on Inheritance Tax. In this session, leading law firm Shakespeare Martineau will clarify matters with reference to case studies as well as look at alternative ways clients can ring fence assets.

• Assess the role of Asset Protection Trusts in protecting assets, including residential property
• Review the risks to clients of transferring assets during their lifetime
• Weight up alternative ways clients can ringfence some of their assets to protect them from the cost of care fees including Property Trust Wills

Refuel and build up your professional network

In the face of the cost-of-living crisis and growing evidence that in many areas across the UK we are starting to see a marked decline in healthy life expectancy, this session will focus on state benefit entitlement for clients and their older family members approaching retirement and in later life.

• Review the high-level benefit rules that help determine eligibility and levels of state benefits
• Provide an overview of the key benefits for those nearing retirement and in later life
• Assess the impact of specific areas of later life advice on benefit entitlement.
• Identify sources of benefit checking

Now that the much heralded care reforms for England have been deferred for two years, the requirement for advice for those in need of care and their carers and legal representatives is arguably greater than ever. In this session Tony Miles will provide an update on the state of care reforms across the UK and highlight four specific advice opportunities for 2023 that all advice firms should consider.

• Assess the nature of consumer need following the deferral of the government care reforms for England
• Identify and assess some of the key advice opportunities in relation to social care
• Review the support available from My Care Consultant