5. Cradle To Grave Administration

Question 1

Intro

Answer 1

So how do we know our schemes inside out?
A lot of companies will pigeon hole you and your job will be to deal with just one aspect of scheme. E.g. Valuations or benefit payments
At MW the CRM is responsible for the whole running of the scheme from start to finish.

Question 2

Scheme est

Answer 2

1. First opportunity to impress the client
2. Set up bank account
3. Aml
4. Trust documentation
5. Sometimes setting up on HMRC website

Question 3

Contributions

Answer 3

1. Tax Relief
2. Within Limits
3. Carry Forward

Question 4

Investment placing

Answer 4

Once scheme is set up and we have our contributions and we may have transferred in some previous policies we need to invest this money it can’t just be sitting there as cash when we could invest it and earn a return.

1. MW Struc Prod
2. Non Standard
3. Commercial Property Purchases
4. Share Purchases

Question 5

Transactional Management

Answer 5

1. Bank Reconciliation
   More basic task but one of the most important.
   Is it allowed? Is it within limits? If you don’t recognise its your responsibility as the CRM to find out as it can have some very negative tax consequences.

Question 6

Regulatory Duties

Answer 6

1. All the stuff that happens in the background that the client doesn’t even know about
2. HMRC
3. Pensions Regulator
4. Data Protection - ICO

Question 7

Benefit Payments

Answer 7

1. What’s the point of all this?
2. Can be regular or ad hoc
3. Many clients rely on this income , any one ever had a missed payment?
4. Calculations go on in the background that the CRM will calculate but won’t bore with you that

Question 8

Non Pensions Wealth Management

Answer 8

1. Pension Death Benefit Trusts
2. IHT
3. ISAs

We can provide a holistic service to our clients helping them with every aspect of their finances.