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1VITALITY.CO.UK/LIFE
Protecting your clients’ investments
Wealth Protection – 2015
2
AGENDA
1. How is risk defined?
2. …and the future
3. Conclusions
Objectives: To look at the wider implications of risk management, and its impact on lifestyle, goals and finances
Explore business opportunities from active risk management
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What are the challenges that you face?
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Adviser business model challenges
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FCA focus on advice processes – critical
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Advised process
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Knowing your customer
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Identification of demands, needs and possible solutions - PIPSI
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Wealth management process
Protection /wealth
preservation
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REGULATOR
FOCUS ON
STABILITY• FCA Risk Outlook 2013
• FSA Finalised Guidance - Assessing Suitability March 2011
VITALITY.CO.UK/LIFE
Risk and loss
Key FSA findings
“Although most advisers and investment managers consider a customer’s attitude to risk […] many fail to take appropriate account of their capacity for loss.”
“By ‘capacity for loss’ [the FSA is] refer[ring] to the customer’s ability to absorb falls in the value of their investment. If any loss of capital would have a material detriment on their standard of living, this should be taken into account when assessing the risk that they are able to take.”
FSA Finalised Guidance: Assessing Suitability – March 2011
VITALITY.CO.UK/LIFE
Understanding loss and the consequences
Key risks for firms to consider
In the FCA’s view, poor outcomes can occur if firms fail to assess a customer’s capability for loss. The FCA states that although most firms consider a customer’s risk preferences or appetite for loss, they often do not consider their capacity for loss…
An example of good practice cited by the FCA was a firm that used “one process to assess the customer’s attitude to risk and a separate process to assess their capacity for loss…”
FCA Finalised Guidance: Assessing Suitability – March 2011
VITALITY.CO.UK/LIFE
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Let’s look at what this means…
Time
£
Initial Investment
Retirement
Education / University Fees
Holiday
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But what if...!
Time
£
Retirement
Education/
University fees
HolidayLoss of income Loss of income
X
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What if something happens to a client with no protection?
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What if something happens to a client’s assets with a financial underpin?
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UNDERSTANDING
RISK
Investment
Active or passive
Systemic/non-systemic risk
Risk ratings
Protection
Price or benefit
‘Lifestyle’ risks
Severity risk
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• Identify: a way to identify the protection needs in an existing investment fact find
• Prioritise: help prioritise death and serious illness / incapacity
Wealth preservation - attitude to risk questionnaire
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Be clear where the greater risk lies
Death and illness similarly impact affordability. But the risk of illness at younger ages is significantly higher
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Market is focused
on pre-retirement
protection needs
AGE
Risk of death
Risk of illness
NORMAL RETIREMENT AGE
PROTECTION
MARKET
PARADOX
Indicative risk of illness and death only
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Limited need for protection post retirement
HISTORICAL
PROTECTION
NEEDS
AGE
Risk of death
Risk of illness
NORMAL RETIREMENT AGE
• Guaranteed pension• Short life expectancy
• Mortgage• Family
81% of all protection is in-force up to age 65
Source: Swiss re, 2014
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We increasingly need
more protection post
retirement
AGE
Risk of death
Risk of illness
NORMAL RETIREMENT AGE
• Mortgage• Family
PROTECTION
MARKET
PARADOX• Debt post retirement• Defined Contribution pension• Increased life expectancy• Care needs
Indicative risk of illness and death only
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Prioritise the risk, not the cost
Misalignment of product sales to customer needs in the UK
Customer risk Product sales
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…so protection against illnesses (and their impact) needs to evolve
Indicative graph - not based on actual trends in medical conditions
Bubonic Plague
Smallpox
Cancer
1300s 1800s 2000sYear
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Serious illnesses are becoming more common, but are becoming less advanced
Rise in incidence rates
Source: Cancer Research UK, 2011European Age-Standardised Incidence Rates per 100,000 Population, by Sex, Great BritainShows incidence rates for all cancers excluding non-melanoma skin cancers.
1 in 2 of us are expected to be diagnosed with cancer in
our lifetimes
Fall in death rates
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Earlier diagnosis and better treatment mean fewer illnesses progress to a critical status
Understanding risk: illnesses are becoming less severe
Cover should payout a lower amount earlier, reflecting earlier diagnosis and the lower impact of illnesses
VITALITY.CO.UK/LIFE
Proactive Risk Management
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Other markets are changing....why not protection?
By tracking your vehicle’s movement through GPS systems, insurance providers can assess your driving ability. The following may be taken in to consideration:
•Your location
•How long you’ve been driving for
•How rapid or measured your acceleration is
•How harsh or smooth your breaking is
•Your cornering
All you need to do is have a telematics “black box” installed into your car
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Lifestyle is key to managing the risk of illness
Understanding risk: diseases are becoming more lifestyle related
Source: Oxford Health Alliance, 3four50.com, January 2014
We need to help people understand and improve their health to prevent the onset of lifestyle illnesses
3 controllable behavioursPoor nutrition, lack of exercise, smoking
4 chronic disease of lifestyleCancer, diabetes, lung disease, Cardiovascular disease
50% of deaths worldwide
VITALITY.CO.UK/LIFE
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Gap in consumer’s health awareness and knowledge
18 November 2014
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Wellness can reduce the
risk of later life
conditions
Healthy behaviours can reduce risk of Alzheimer's by up to 60%
Inactivity has overtaken other risk factors:
Years
BEHAVIOR IS
KEY TO
REDUCING RISK
“Sitting has become the smoking of our
generation”
Nilofer Merchant
Smoking rates
Obesity rates
Source: HSCIC and Cardiff school of medicine, 2013
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Being healthier is
an antidote to
costs of ageing • 30% lower risk of dementia
• 35% lower risk of heart disease and stroke
• 50% lower risk of type 2 diabetes
• 68% lower risk of hip fracture
• 30% lower risk of falls (among older adults)
A healthy lifestyle reduces the risk of later life illnesses…
Source: NHS, 2014
VITALITY.CO.UK/LIFE
Longer Lives - Greater Risks
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As we increasingly
survive physical illnesses
the risk
of degenerative
conditions increases
Relative incidence of conditions by age group:
CHANGING
NATURE OF
RISK
EMERGENCE OF
OTHER
ILLNESSES
Source: HSCIC and ONS 2012
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EFFECTS OF
AGEING
DEMENTIA IS ON THE RISE GROWING NEED FOR CARE
Dementia was the leading cause of death for women in England and Wales in 2013
Dementia incidence is expected to increase 2.5 times in the next 35 years
6 out of 10 over 65’swill need care
Source: ONS, CMS 2013 and Alzheimer's Society 2014
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Care home costs include
accommodation and food
YEARS IN CARE
Based on someone going into a London based care home
Cumulative costs incurred after entering a care home
INCREASING
COST OF CARE
Care home costs
Nursing costs
£’s
Source: Based on VitalityLife analysis, 2014
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Social care cap
of £72,000 only
caps nursing costs
Based on someone going into a London based care home
Cumulative costs incurred after entering a care home
YEARS IN CARE
WE CAN’T RELY
ON THE STATE
Care home costs
Nursing costs
£’s
Source: Based on VitalityLife analysis, 2014
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Term Life Cover Whole of Life
Critical/Serious Illness Cover
Wellness Planning – Keeping Healthy
Care Needs
Providing solutions across the risk spectrum
Age
Flexibility
Income Protection
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MANAGING RISK
AND ITS IMPACT
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WHY ENGAGE?
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HERE’S WHY
YOU SHOULD
CONSIDER
WEALTH
PRESERVATION:
• Enhanced client proposition• Enhanced client security and peace of mind• Enhanced revenue per client• Enhanced cash-flow• Enhanced embedded value of your business• Reduced consumer risks within the business• No longer an “average” wealth adviser
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VITALITY –
SUPPORTING
YOUR
BUSINESS
• Attitude to risk questionnaires
• Online support tools (i.e. needs analysis)
• Wellness (Vitality programme)
• Severity (risk management) plans
• Lifetime care plan
• Mortgage Plus
• Please contact your local consultant or contact Greg Kittlety
• 07867 457540 or [email protected]
VITALITY.CO.UK/LIFE
Thank you
VITALITY.CO.UK/LIFE
More new business ideas
VITALITY.CO.UK/LIFE
Opportunities – Business to Business
• Increase revenue now - commission
• Protect and increase future revenue - protect funds under management
• More income from existing clients - replace trail income
• Increase productivity per adviser
• Diversify - alternative income stream
VITALITY.CO.UK/LIFE
Business solutions for business risks
• Client retention - generational planning
• Compliance - identify shortfalls, risk
• Avoid litigation - cost, reputation, PI
• Differentiate - additional client services, Vitality
• Increase business value - complaints, relationships
VITALITY.CO.UK/LIFE
Opportunities Continued
• Wealth preservation planning
• Inheritance Tax planning
• at/or post retirement planning
• Vitality
VITALITY.CO.UK/LIFE
A hierarchy of personal tax needs
1. Income tax/NIC
2. Capital gains tax
3. Inheritance tax
But…..
VITALITY.CO.UK/LIFE
Key factors in driving interest in estate planning
1. Age
2. Wealth
3. Family
4. Self -sufficiency
5. Rates/exemptions
VITALITY.CO.UK/LIFE
Key target segments
Older, wealthier families and property owners
VITALITY.CO.UK/LIFE
What does the challenge look like? IHT fundamentals: summary
• Payable on death (for most)
• Lifetime transfers can be taxable though
• 7 year “culmination”
• Exemptions
• Reliefs
• The “nil rate band”
VITALITY.CO.UK/LIFE
IHT planning: the golden rules
• The less you own on death the less IHT you pay
• So, lifetime planning can be effective – especially if you use the exemptions/reliefs
• BUT
• Many need to “look after themselves first”
• AND
• To be effective (generally speaking) you should not benefit from your gift
• SO
• At least use the nil rate band
VITALITY.CO.UK/LIFE
The main impediments to (effectively) giving
• The (would be) donor’s need for access to what is being given
• Gift with reservation (GWR)
• Pre-owned asset tax (POAT)
VITALITY.CO.UK/LIFE
Trusts can help
Control:Bare/discretionary
Access:Loan trust/DGT
VITALITY.CO.UK/LIFE
Life policy/trust combination: “a bargain”
Allows you to:
• provide for IHT without you needing to change your life
• “contract out” of serious giving
VITALITY.CO.UK/LIFE
Life policy/trust combination: “a bargain”
Premiums
Exempt
Sum assured
IHT free Trust
Life policy
Normal expenditure
Annual exemption
VITALITY.CO.UK/LIFE
Campaign ideas
• Providing for IHT without changing your life
• (Effectively) paying IHT in instalments
• Protecting your pension fund
• No probate delays
VITALITY.CO.UK/LIFE
Providing for IHT without changing your life
Home
Business
Investments
Death Payout
IHT
TrustIHT paid
Full owner access and control
Premiums exempt
Policy
VITALITY.CO.UK/LIFE
Paying IHT in instalments
Trust
PolicyPremiums Future sum assured
Beneficiaries
A good investment?
VITALITY.CO.UK/LIFE
Underpinning Pension Drawdown
VITALITY.CO.UK/LIFE
Client example
Client aged 55Spouse 3 years youngerPension Fund £400,000PCLS £100,000No income at outsetAge 60- £10k paAge 65- increased to £20k paAge 70- client dies
VITALITY.CO.UK/LIFE
Income drawdown underpin
1st death
2nd deathCeases Estate
VITALITY.CO.UK/LIFE
Income drawdown underpin
Spouse aged 67 elects to take Income DrawdownDesignation £398,000Continues to take Income Withdrawal of £20,000paDies 8 years later aged 75
For illustrative purposes only
VITALITY.CO.UK/LIFE
Income drawdown underpin
Spouse aged 67 elects to take income drawdownDesignation £398,000Continues to take Income Withdrawal of £20,000paDies 8 years later aged 75
Year 1 = 0.49% Averaged
= 0.64%
Year 1 = 0.49% Averaged
= 0.38%For illustrative purposes only
VITALITY.CO.UK/LIFE
Income drawdown underpin
Cost as percentage of Income Withdrawal Fund (After PCLS) at outsetBased on £300k IW Fund
Age at Cost Commission Outset Fund (%)
M55/F52 0.49%pa £2,463
M60/F57 0.62%pa £3,081
M65/F62 0.81%pa £3,677
M70/F67 1.08%pa £3,099
For illustrative purposes only
VITALITY.CO.UK/LIFE
VitalityLife – providing in depth support
VITALITY.CO.UK/LIFE
Advice process – support we can offer
VITALITY.CO.UK/LIFE
Wealth preservation - attitude to risk questionnaire
• Identify: a way to identify the protection needs in an existing investment fact find• Prioritise: help prioritise death and serious illness / incapacity
VITALITY.CO.UK/LIFE
“My Plan” app
VITALITY.CO.UK/LIFE
Vitality discounts and rewards
All information correct as at December 2014
VITALITY.CO.UK/LIFE
Vitality Plus
With Vitality Plus it’s easier to get healthy with discounts on things like health screens and exercise devices, as well as the opportunity to reduce premiums each year
All information correct as at December 2014
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Vitality: incentivising behavioural change
Reward and discount partners
Vitality Plus and Vitality Optimiser partners
VITALITY.CO.UK/LIFE
Underwriting service and support
• Offer a pre-sale underwriting support via direct access to our underwriters on a dedicated free phone number
• Experienced underwriting team in South AfricaUK office hours, ABI regulated etc
• UK teamtrainingthird party relationshipsadviser visits
VITALITY.CO.UK/LIFE
Key points
• URE (Underwriting rules engine)
- Recent up-grade
- 60% straight through process
- Commitment to being market leader as demonstrated by recent hire of industry expert
• Turnaround times
- Decisions made well within agree SLA’s (24 hrs for applications/48 hrs for medical information)
• Flexibility to review
- Will review lifestyle related loadings if client’s health improves• Medical providers
- Make use of Medicals Direct, Doctors Chambers and IQED in order to receive medical reports as quickly as possible
VITALITY.CO.UK/LIFE
Thank you for your time
VITALITY.CO.UK/LIFE
Supporting and underpinning the wealth
management proposition
VITALITY.CO.UK/LIFE
Supporting your approach and meeting your clients needs
We understand you are creating long-term relationships with your clients through the active management of their investments and pensions to meet their future needs and goals
We can support and enhance your offering through an integrated lifestyle support proposition
VITALITY.CO.UK/LIFE
Underpinning your client proposition and investment strategy
Typical client may have multiple income and capital needs
– Retirement planning
– School fees
– Holidays
– Business needs
Create specific investment strategies for each goal based on attitude to risk / aversion to loss, timescale etc
VITALITY.CO.UK/LIFE
Unexpected consequences
What happens if something unexpected occurs during the investment term to your client or his family?
– Death (IHT, funeral costs, investment planning)
– Serious illness
– Accident or disability
Time off work, loss of income. Additional capital required to pay medical fees.
VITALITY.CO.UK/LIFE
Unexpected consequences
Likely that some of the invested capital would be required to meet immediate needs
Consequences
– Reduction/loss of future expectations
– Increase risk to make up shortfall
– Less FUM means lower fees
VITALITY.CO.UK/LIFE
Risk and loss….
How does this potential loss fit into your discussions with clients on:
– Attitude to risk?
– Aversion to loss?
VITALITY.CO.UK/LIFE
Wealth preservation planning
VitalityLife has designed an extensive range of covers to meet your clients’ protection needs. They can help protect against the financial impact of illness, injury, disability and death
VitalityLife offers three core covers; Life Cover, Serious Illness Cover and Income Protection Cover
Your clients also have the option to customise their cover. Your clients can decide how long they want to be covered for and then decide if they want to add any extra covers like Health Cover, Family Income Cover and Education Cover
And remember, your clients also have access to healthy rewards and discounts
VITALITY.CO.UK/LIFE
Why VitalityLife?
Our unique plans will help underpin your client proposition fitting in with your adopted service model/WRAP proposition. Allowing you to maximise your client interactions (and justify adviser income). Discuss their needs, review their health and help reward them if their risk has reduced.
VITALITY.CO.UK/LIFE
Underpinning the wealth management proposition
Wealth Management Planning for future goals
Wealth PreservationContingency planning against unexpected
Capital/Income needs
VitalityLife
Comprehensive, combined review strategy
VITALITY.CO.UK/LIFE
Healthy discounts and reward- a unique style of planning
Fits in with client proposition and annual review process
Adds value to your service
Increases adviser involvement in reviews
– Assess risk to investment plans
– Asses risks to changes/improvements in lifestyle and health
Alternative or additional income source
Reduces business risk
Improve client retention
Business diversification
– Non platform/investment
– Business clients
VITALITY.CO.UK/LIFE
Protecting your clients’ investments
VITALITY.CO.UK/LIFE
Financial advice today
Protection Wealth management
Protection has become more transactional
Wealth solutions continue to be advised
Technology has made managing wealth easier
Protection relatively onerous to purchase
Segmentation
VITALITY.CO.UK/LIFE
Understanding the advised process
•Initial client communication (SCDD)•Fact find (hard and soft facts)•Attitude to risk•Understand goals and specific client needs•Identify, discuss, quantify and prioritise demands and needs
•Provide suitability report•Convert ATR to investment portfolio (investment Proposition)•Match products to goals•Complete applications (submit cheques, go through Underwriting)
•Review investment holdings•Review tax positions•update client ATR•Provide agreed client review•Meet changing needs•Meet goals
VITALITY.CO.UK/LIFE
Understanding the advised process
•Initial client communication (SCDD)•Fact find (hard and soft facts)•Attitude to risk•Understand goals and specific client needs•Identify, discuss, quantify and prioritise demands and needs
•Provide suitability report•Convert ATR to investment portfolio (investment Proposition)•Match products to goals•Complete applications (submit cheques, go through Underwriting)
•Review investment holdings•Review tax positions•update client ATR•Provide agreed client review•Meet changing needs•Meet goals
•Assist with relevant questions on fact find•Wealth preservation ATR•Needs Assessment•Online tools/calculators
•Product descriptions/guides•Guidance in underwriting process•Standard paragraphs•Corporate guide
•Review risks to capital•Alter benefits to suit needs•Vitality enhances review process and client proposition
VITALITY.CO.UK/LIFE
Client proposition
Investment proposition
Attitude to risk
Fact find
Supporting the investment process
VITALITY.CO.UK/LIFE
Business solutions for business risks
•Client retention - generational planning
•Compliance - identify shortfalls, risk
•Avoid litigation - cost, reputation, PI
•Differentiate - additional client services, rewards and discounts etc
•Increase business value - complaints, relationships
VITALITY.CO.UK/LIFE
Opportunities continued…
•Business owners - business protection, individual
•Existing Pensions - (EPP, SSAS), Relevant Life Policies
•At or post retirement - drawdown/annuity protection
•Inheritance tax - Whole of Life Cover, wealth products
•Wealth preservation – Whole of Life Cover, term, new products
•Healthy discounts and rewards
VITALITY.CO.UK/LIFE
Case study
Your client Paul and his wife Jane are in their early 40’s. They are planning for their retirement in 20 years time and have £250,000 to invest in UK equities and corporate bonds. They do not take out any protection.
Paul and Jane are expecting their investment to grow by 5% a year to £650,000 when they retire, providing them with an income of £30,000* a year to live off.
8 years later, unfortunately Paul has a stroke. Assuming growth of 5% per annum, their original investment has grown to over £350,000. Your client is left with no option but to drawdown on their capital to replace the first year income of £70,000 and £30,000 to cover private medical treatment.
Your client has had to use £100,000 of their investment portfolio.
The value of your client’s investment portfolio is now worth £250,000. Value to you (assuming 0.5% fees p.a.) is now £1,250 in year 9 instead of £1,750, almost 30% lower.
When Paul and Jane are due to retire in another 12 years, their investment is now only worth £430,000. Unfortunately this means Paul and Jane have to carry on working past their planned retirement age as their investments only provide £21,500 a year to live off.
What happens to your client – with and without protection
* Assuming they can generate an income of 5% on their assets
VITALITY.CO.UK/LIFE
Case study
What happens to your client – with and without protection
For illustrative purposes only
VITALITY.CO.UK/LIFE
Case study
The outcome would have been different if Paul and Jane had underpinned their investment with £500,000 of WoL and SIC cover.
When Paul has a stroke, he would have received a 50% payout of £250,000.
Not only can Paul and Jane put £100,000 aside for income replacement and private medical treatment, the remaining £150,000 can be invested back into their portfolio.
The value of your client’s investment portfolio is now worth £500,000. Value to you (assuming 0.5% fees p.a.) is now £2,500 in year 9, that’s a 100% increase compared to no protection.
When Paul and Jane retire in another 12 years, their investment is now worth just over £850,000. Meaning that Paul and Jane can enjoy an income of £42,500 which could mean extra luxury holidays every year of their retirement, or even retiring early.
What happens to your client – with and without protection
VITALITY.CO.UK/LIFE
Case studyWhat happens to your client – with and without protection
VITALITY.CO.UK/LIFE
Looking forward…
If you would like more information or assistance on VitalityLife’s:
– Wealth preservation proposition– Online tools– Wealth preservation ‘attitude to risk’
questionnaire– Extensive range of products
Please either contact your local Business Consultant, visit vitality.co.uk/life or call
0808 234 3000
VITALITY.CO.UK/LIFE
Example client - Neil Taylor
• Personal Details
– Male aged 45, married to Yvonne (aged 41)
– 2 Children (son 14, daughter 8) both at private school
– Owns a house valued at £525,000 (with a mortgage of £350,000)
• Occupation Details
– Structural Architect
– Partner with 3 others (25% each), and 2 staff
– Drawing £70,000 salary and £30,000 bonus
– Loan to Business of £80,000
• Savings and Investments
– Cash £15,000
– ISAs £75000 (contributes every year)
– Contributes 5% income to Pension (current fund value £280,000)
• Life Assurance
– Total £420,000 (to cover mortgage and loan)
VITALITY.CO.UK/LIFE
Neil suffers a stroke
• There are 152,000 strokes in the UK every year (more than 1 every 5 minutes)
• Stroke is the leading cause of adult disability, with more than half of all stroke survivors dependant on others for everyday activities
• Stroke has a greater disability impact than other chronic diseases and is the largest cause of complex disability in adults
• Only 1 in 5 are fatal
• Approximately 25% of all strokes occur in people aged under 65
All information provided by the Stroke Association, 2013
VITALITY.CO.UK/LIFE
What if Neil should die?
• How long could the families lifestyle be maintained?
• Life assurance pays out to cover capital debts (mortgage and business loan)• Still has to fund school fees• Has to decide what to do with share in business
VITALITY.CO.UK/LIFE
What if Neil lives?
• How long could they maintain their lifestyle?
• Mortgage and Loan repayments still ongoing• School fees ongoing• Cost of treatment and/or disability (travel, hotels, modifications to home and/or work)• Cannot contribute to pensions or future savings• Needs to consider impact on business
But suffers a disability and resume work for a minimum of five years
VITALITY.CO.UK/LIFE
What about the impact to the business?
• Neil will no longer provide a source of income
• Can the business maintain any income?
• Do the other partners want the wife to have an input into the business?
• Would they prefer to pay off Neil and his wife?
VITALITY.CO.UK/LIFE
What could a financial underpin provide?
• In the event of death or illness, or loss of income it could provide and alternative source of income, or capital
• Existing capital, or savings can be preserved to meet future needs and goals• Meet additional income/capital needs due to disability• Replace future income needs (ie pensions)
VITALITY.CO.UK/LIFE
Opportunities – Business to Business
• Increase revenue now - fees
• Protect and increase future revenue - protect funds under management
• More income from existing clients - replace trail income
• Increase RI productivity
• Diversify - alternative income stream
VITALITY.CO.UK/LIFE
Business solutions for business risks
• Client retention - generational planning
• Compliance - identify shortfalls, risk
• Avoid litigation - cost, reputation, PI
• Differentiate - additional client services, Vitality
• Increase business value - complaints, relationships
