Webinar One: Introduction to the Later Life Lending Market; Wills and Powers of Attorney

The first webinar will introduce you to the series with an overview of the Later Life Lending Market, looking at the wider market, the products, along with the opportunities and challenges. The content of this series is available to all Financial Advisers, Mortgage Advisers and Later Life Specialists

Many advisers understand how Wills and Powers of Attorney benefit clients in their own specialisms, however there is a huge amount to learn that will highlight where further advice should be sought and where legacy arrangements can have an impact on the advice that may be given. It is vital that all advisers understand the ways these are set up, dispel any myths about how they are used and to understand the roles and responsibilities of all those involved.

Our first webinar in the series will focus on the importance of strong and robust legacy planning and for protecting against potential issues that would arise from incapacity.  This session will cover the following areas:

• Wills: requirements for valid will, revocation, codicils
• Intestacy
• Duties of executors / administrators
• Joint assets
• Deeds of variation
• Settlement of taxation
• Types of trusts
• Powers of attorney

Advisers will be in a strong position to use this information in their discussions with customers and to help them find the best advisers and solutions. It will give the adviser a reason to follow up on discussions and to understand the long-term implications of plans that have been put in place, and what steps should be taken to make alterations in the future.

Webinar Two: State Benefits

When it comes to State Benefits, not only is it important to understand what is available and what can be claimed by your customers, but it is also extremely important to understand how these are affected by any advice that is given that effects income and growth. Subjects covered in this module include:

• Maternity/paternity/children/ low incomes e.g. tax credits
• Universal credit
• Income support
• DLA
• Attendance allowance
• Carer’s allowance
• PIPs
• Bereavement payments
• State pensions
• Long term care: NHS, local authority means-testing

All advisers want to improve the position of their customers, either by improving their wealth position, reducing tax or increasing income, however there may be implications that an Adviser can inadvertently cause which can be easily avoided by understanding the benefits, and ensuring that customers seek advice from the correct people in the advice chain. There are many specialists out there, and the starting point is the adviser in front of them.

Webinar Three: Income Tax 

One of the primary focuses for all advisers is to manage a customer’s tax position to ensure that the right amount of tax is paid. It is vital that customers do not overpay or are put in a position where more tax is paid when it isn’t necessary. In this session it is important to consider the following:

• Allowances
• Tax rate bands
• Tax rates: non-savings, savings, dividends
• Tax deductions
• Tax reducers
• CGT:
  • Exempt/non-exempt
  • Disposals
  • Rates of tax
  • Reliefs
  • CGT on shares: considerations

It is equally important for customers to pay the right amount of tax and to not underpay. It is the individual’s responsibility to pay all tax due, however taxation can be a very confusing area and advisers must ensure that the tax burden isn’t being added to unnecessarily and that the correct tax experts are identified at the correct time and referred to.

Webinar Four: Pensions

Many customers find this area confusing and difficult to plan for. It is an area that elicits a wide variety of alternative methods to provide an income in retirement, but it is also equally important to understand the importance of traditional forms of retirement planning. Here we will focus on the following areas:

• Registered pensions
• Contributions
• Annual allowance/MPAA
• Lifetime allowance
• DB considerations
• Types of MP schemes
• Self-investment

Customers look for a far larger variety of solutions to provide an income or capital in retirement. There are so many more options available following Pension Freedoms and this has sprouted many myths and confusion amongst customers in the industry. Alongside releasing equity and utilising pensions, the variety of solutions available from pension pots are much more flexible and varied and need full consideration in all financial solutions.

Webinar Five: Inheritance Tax

Continuing the theme of legacy planning, the management of this highly contentious and potentially avoidable tax is one that is high on the priority list for many customers and their advisers. In this edition, we will focus on the following:

• Domicile/deemed domicile
• Rates of tax / nil rate bands
• Lifetime transfers
• IHT and trusts
• Reliefs
• Transfers to charity
• Administration and payment

Advisers are very keen to help customers reduce their liabilities in this area, and by using the available allowances, understanding what is allowable against this tax and to ensure that wills, trusts and allowances are used appropriately, a fully trained Inheritance Tax expert can make a huge saving for customers. It's vital that any potential liabilities are identified, and customers are referred to these specialists as early in the process as possible so that all later life planning advise is Holistic and takes all needs into account.

Webinar Six: Vulnerable Customers

In the final session of this first CPD release, we will look at the challenges faced by Advisers when dealing with vulnerable customers and the successful approaches that can be taken when dealing with these difficult situations. During this session we will be looking at the following subjects:

• Identifying Vulnerability
• What constitutes vulnerability for different customers
• What extra care and support can be offered
• Broaden your understanding of vulnerable customers
• Discuss best practices and what happens when customers are not treated fairly
• Hear about successful vulnerable customer outcomes

This is a wide and complicated issue and is a subject that will need to be revisited regularly to ensure adviser skills are at their very best in order to help these customers.

This programme is suitable for CeMAP qualified mortgage advisers, CeRER qualified advisers, Independent Financial Advisers, advisers who are new to later life lending, those looking to refresh their knowledge; and those looking to top-up their skill sets in this area.