Latest PFS XCHANGE events offer advice on later life planning

Speakers identify key challenges and considerations for the later-life client demographic

The first in the series of the 2024 PFS XCHANGE events took place last week, covering ‘later life planning conundrums’, with sessions including legacy, pensions and new allowances, soft skills, and later life planning in the digital age.

Key moments from the conferences, which took place in London and Southampton, include Zoe Taylor MSc Finance, FPFS, LLAA 's address on the FCA’s approach to vulnerability today, and how advisers and clients can better protect themselves once vulnerability has been identified. Her advice on practical solutions for mitigating vulnerabilities, include:

• Listening, and being empathetic.
• Follow up later – have a meeting to check client’s understanding.
• Involve client’s loved ones in your work – learn who they are and how best to engage with them.

In a session covering Inheritance tax planning and trusts for clients in later life, PFS Fellow, John Woolley advised on the ability of inheritance tax planning to enhance product benefits for the client and creating new client opportunities. He also notes that state benefits, the cost of childminding and additional free time, as well as the common worry about ‘what will happen’ to assets as key areas to be mindful of when working with later-life clients. John suggests the focus should be on ‘maximising pension income’, ensuring funds are sufficient for good provision of care, lasting powers of attorney, and the formation of a will that considers the financial wellbeing of future generations.

PFS XCHANGE is a new approach to delivering events for everyone who works in financial planning, involving fewer, larger, more impactful, multi-streamed events, offering a choice of content for a wide variety of roles. Attendees can expect technical masterclasses, balanced with skills development, career pathway workshops and interactive good practice development sessions.

On ‘the longevity challenges of later life advice’ Jane Finnerty (SOLLA) identified the need to be comfortable discussing later life contingency planning with your clients, focusing on how to adapt ongoing support to your clients as they age, and clients ageing without having children becoming a bigger issue, as three of the main points for consideration with this demographic.

In a talk on ‘Golden transitions: planning for your own successful retirement’ speaker, Roderic Rennison advised that, in moving towards retirement, enhancing the value of your business should be a key focus: “gathering access to good data is essential because using technology is fundamental today”. Robert recommends ensuring that staff and operations are as efficient as possible, that compliance and consultancy reviews are up-to-date, and that relationships with shareholders and managers are smoothly transferred over to another trusted adviser.

It is important for those working in the financial planning profession to be well versed in later life planning, as clients typically wish to approach this matter with careful consideration. The speakers at our recent PFS events did a tremendous job of unpacking the various avenues associated with clients in later life, delivering a masterclass in the relevant skills, knowledge, challenges, and products. I strongly recommend our 2024 PFS XCHANGE events programme as a fantastic tool for professional development.

Upcoming events

Later Life Planning Conundrums in Glasgow on 12 March and Manchester on 14 March; register via www.thepfs.org/xchange

• Online event on Wednesday 24 April; register here
• The summer series of XCHANGE events will explore Real World Opportunities (with a focus on the budget, AI, technology and sustainability) and will visit Belfast, Bristol, Durham, Epsom and Leicester and during June.