IFP President Rebecca Taylor
And breathe..... So another tax year ends, but is it a stressful occasion or do the 2 tax years pass seamlessly together without a murmur in your office?
At Dunham, we have a mixture of both. All our clients have what we would class as a full review yearly which involves making the most of all of their annual allowances, so there shouldn't be an end of tax year rush. However, there are always exceptions, such as a client who has a review date in October, but somehow manages to be away for half of the year, and returns in March. Sometimes it can't be helped, if you are relying on profits and the accounting year ends in March, then timescales are tight to say the least!
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Thanksfully, apart from this we really don't have an end of tax year rush. I put this down to good procedures and service levels and of course good planning. I'm sure you're all reading this thinking that of course, you have the same experience. You organise things well in advance and don't have a mad rush each March. But, it hasn't always been this way, certainly not for everyone. Before becoming a Financial Planner, reviews weren't the same; it was all very much reactive. Whilst we would have identified some very good clients, we still relied on them contacting us if they needed something. We would do end of year mailings for ISAs and Pension contributions creating the end of tax year rush! Looking back, I feel a little stupid that we didn't think to be more proactive back then, that I had to wait until joining the IFP before I learnt what 'service' really looked like. Of course, I have plenty of excuses, I was young and still early into my career, but importantly didn't have the role models that I have now.
Financial Planning is a safe haven, an area where we can work and be comfortable that we are providing help and good advice to our clients, safe in the knowledge that we are following a tried and tested Financial planning process.
Finally, I hope lots of firms will enter this year's David Norton award. It's a fabulous competition that you really will benefit from whether you win or not. There are amazing prizes for the winner which will take you from where you are now, to where you want to be with help and guidance from the experts. However, many of the firms that have entered in the past have told me that it's like doing a management consultancy job on your own business – and free of charge. I wish you all good Luck!
