Connected 77 Autumn 2020

connected A Tenet Group Publication Issue 77 Autumn 2020

SPECIAL FEATURES The Opportunity Behind the Contingent Charging Ban Up Close & Personal – Meet Julie Darlington, Group Risk & Regulatory Director

OTHER FEATURES Helping Attract the Best –

MORE FEATURES Staying Connected with your Clients - a look at the portal within iO.

Tenet launch the new Applicant Tracking System and Careers Site Introducing the Tenet Assistance Programme provided by Care first

FOR INVESTMENT PROFESSIONALS ONLY

Painting a more positive picture Premier Miton INVESTORS I NCOME FOCUSSED FUNDS

Proven income from two multi-asset, multi-manager funds

Premier Multi-Asset Distribution Fund

Premier Multi-Asset MONTHLY INCOME Fund

4.9 % Historic yield income paid quarterly

5.5 % Historic yield income paid monthly

Risks: The yield is not guaranteed and will fluctuate. Past performance is not a guide to future returns and there is a risk of loss to capital. The value of investments will fluctuate which will cause fund prices to fall as well as rise and investors may not get back the original amount invested.

0333 456 9033

premiermiton.com Find out more:

For investment professionals only. Not suitable for, or to be relied on by, private or retail clients. Source: Premier Miton. The yield reflects distributions declared over the past twelve months as a percentage of the share price of the fund, class C income shares, as at 01.07.2020. Ratings correct as at 30.06.2020.

The Latest Provider Support Offering insight into market conditions and adviser opportunities

FOR INVESTMENT PROFESSIONALS ONLY

Premier Miton INVESTORS

Income focussed

• Premier Multi-Asset Distribution Fund: 50 underlying funds • Premier Multi-Asset Monthly Income Fund: 51 underlying funds • Highly experienced investment team • Research agency rated funds

Key points • Income generating investment strategies • Multi-manager investment approach • Funds include exposure to equities, bonds, commercial property and alternative investments

4.9 %

5.5 %

Premier Multi-Asset Monthly Income Fund

Premier Multi-Asset Distribution Fund

historic yield Income paid monthly

historic yield Income paid quarterly

120

180 160 140 120 100 80 60 40 20 0 -20

Premier Multi-Asset Monthly Income Fund Since launch, 05.01.2009 - 30.06.2020

Premier Multi-Asset Distribution Fund 24.06.2008* - 30.06.2020

100

80

60

40

20

0

-20

IA Mixed Investment 20-60% Shares sector

IA Mixed Investment 20-60% Shares sector

-40

Jan 09

Jan 11

Jan 13

Jan 16

Jan 18 Jan 20 Jun 20

Jun 08 Jun 10 Jun 12 Jun 14 Jun 16 Jun 18 Jun 19 Jun 20

The yield is not guaranteed and will fluctuate. Past performance is not a guide to future returns and there is a risk of loss to capital.

2020 2019 2018 2017 2016

2020 2019 2018 2017 2016

Discrete annual performance to 30.06.2020

Discrete annual performance to 30.06.2020

Fund

-6.4 3.9 2.6 15.8 -0.7

Fund

-7.2 3.2 2.8 14.8 -0.8

Sector

-0.6 2.9 2.4 11.9 1.9

Sector

-0.6 2.9 2.4 11.9 1.9

Distribution history 1

Distribution history 1

7.3p

7.2p

8 7 6 5 4 3 2 1 0

7.1p

7.1p

7.1p

7.1p

6.6p

7 6 5 4 3 2 1 0

6.5p

6.1p 6.2p

6.0p 5.8p

6.2p

5.5p 5.5p 5.6p

5.3p

5.0p

4.9p 5.1p

1.4p

0.8p

1 Source: Premier Miton, class A income shares. Premier Multi-Asset Distribution Fund financial year ending 28 February. 2020/21 includes 1 out of 4 payments. Premier Multi-Asset Monthly Income Fund financial year ending 30 April. 2020/21 includes 2 out of 12 payments. The level of income paid by the fund may fluctuate and is not guaranteed. Performance source: FE Analytics to 30.06.2020, based on a total return, UK sterling basis, net of fees, class C income shares. On 20.01.2020, the funds moved from a single pricing basis (mid) to a swing pricing basis. Performance could be shown on a combination of bid, mid or offer prices, depending on the period of reporting, and is shown net of fees with income reinvested. *Date of change to multi-asset. Ratings as at 30.06.2020.

connected A Tenet Group Publication Issue 77 Autumn 2020

SPECIAL FEATURES The Opportunity Behind the Contingent Charging Ban Up Close & Personal – Meet Julie Darlington, Group Risk & Regulatory Director

OTHER FEATURES Helping Attract the Best –

MORE FEATURES Staying Connected with your Clients - a look at the portal within iO.

Tenet launch the new Applicant Tracking System and Careers Site Introducing the Tenet Assistance Programme provided by Care first

Painting a more positive picture

The Latest Provider Support Offering insight into market conditions and adviser opportunities

When your clients get active, they can get up to two months’ premiums back as cashback on a health and life plan.

When your client takes out an eligible health1 or life2 plan with Vitality this summer, they can get up to two months’ premiums back as cashback. All they need to do is complete an online Health Review on the Vitality Member Zone so we can help them understand their health as well as reaching certain activity targets.

Offer ends 30 September 2020.

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VitalityHealth and VitalityLife are trading names of Vitality Corporate Services Limited which is authorised and regulated by the Financial Conduct Authority.

WELCOME – 3

CONTENTS… what’s in this issue

Editor’s Foreword

4 P ainting a more positive picture

Steve Jones, Adviser Relationship Director, takes a look at the regulatory landscape, which has been primarily dominated by reactive measures to COVID-19.

08

Welcome to your Autumn issue of connected Despite some tumultuous months, results from our insight survey in mid-June paint an overall positive picture of the mind-set of our members, even in the face of some difficult times ahead. In our regular industry update, Steve Jones, Adviser Relationship Director shares these results as well as providing an update on the regulatory landscape. You can read his article on pages 4 and 5. Also in this edition We are very pleased to introduce Julie Darlington, the new Group Risk & Regulatory Director. Julie is under the spotlight in this issue in our Up Close and Personal article. We hear from her about her home and work life as well as her reasons for choosing Tenet. See pages 12 and 13. Tenet have launched a new applicant tracking system and a new website to help source the best candidates for both your business and Tenet, as well as the ability to track applications and provide a more professional experience. You can find out more on pages 10 and 11. Supplement enclosed with this issue Our supplement – ‘Protection Insight’ is enclosed, helping you focus on the protection market, understand customers’ protection needs and offer suitable solutions. Finally… In addition to our regular events article, with the continuation of our online programme, we also have an article on the Tenet assistance programme provided by Care first. With ever increasing pressures at work and home, there are times when we all need some extra support to balance the demands of everyday life. Care first are an independent, leading provider of professional employee support services and are funded by Tenet, so the service is free of charge for you to use. Our other feature article focuses on the benefits of the iO client portal - Personal Finance Portal (PFP). Meeting with clients remains at the heart of the financial advice industry - so this portal enables you to support and communicate with clients remotely. See page 16. I hope you find connected informative and useful and as always let us know if you want us to include anything else in future issues. You can email us: marketing@tenetgroup.co.uk Best wishes Sara J Healey Marketing Consultant

6 Y our Events Programme online Continuing to support your development with all the latest events coming up this Autumn. 8 T he Opportunity Behind the Contingent Charging Ban The ban on contingent charging enables advisers to display the worth of their advice and demonstrate to clients their expertise and knowledge. 10 H elping Attract the Best – Tenet launch the new Applicant Tracking System and Careers Site Helping us draw even more top financial services talent into our member firms.

13

29

12 U p Close & Personal

- Meet Julie Darlington The new Group Risk & Regulatory Director.

14 I ntroducing the Tenet Assistance Programme

Care first - available for all Tenet Members, free of charge.

16 S taying Connected with your Clients

37

A look at the Personal Finance Portal (PFP) within iO.

PROVIDER SUPPORT 18-40 Latest News and Products

WINNER Best Network

Contacts

Editor Sara Healey

Published quarterly by Tenet Group Limited 5 Lister Hill, Horsforth, Leeds, LS18 5AZ

connected Magazine is for internal purposes only and is not intended as an advertisement. As a result this should not be issued in any form to clients. Not all the products in this feature are the responsibility of the Tenet Group Limited. Terms and Conditions. Although every effort has been made to ensure the accuracy of the information contained in this publication, The Tenet Group cannot accept responsibility for any errors it may contain. The Tenet Group cannot be held responsible for the loss or damage of any material, solicited or unsolicited. No reproduction of any part of this publication, in any form or by any means, without prior written consent from The Tenet Group. The views expressed in this publication do not necessarily reflect those of the advertisers or the publishers.

Tel 0113 239 0011 Fax 0113 239 5322

connected - a Tenet Group publication­

4 – INDUSTRY UPDATE

Painting a more positive picture Despite some tumultuous months, results from our insight survey in mid-June paint an overall positive picture of the mind-set of our members, even in the face of some difficult times ahead. There was roughly an equal split in terms of the outlook on investment and pensions business levels, with one third of advisers expecting business levels to increase, one third to remain the same and one third to decrease. Unsurprisingly, 79% of advisers anticipated their protection business levels to remain the same or increase following the impact that the pandemic has had across the nation, and it is positive to see that advisers are aiming to utilise the truly holistic value that their services can offer. We also asked firm principals what their largest concern was at that time with a range of issues being highlighted. Around a fifth of respondents said they were worried about the effect a recession could have on their business, 16% stated that social distancing measures were still causing the largest hindrance to their business and 13% stated that finding and engaging with new clients was their greatest issue. However, interestingly, 19% of respondents stated they had no current concerns. If we look at the regulatory landscape, it has been primarily dominated by reactive measures to COVID-19 over the past months, with a few key exceptions, which we’ll take a more detailed look at now. Update on DB Pension Transfer Advice Regardless of the pandemic, it seems the regulator’s eyes are still firmly focused on DB pension transfer advice, with particular attention unsurprisingly on the advice provided to members of the British Steel Pension Scheme. The FCA’s recent publicity about DB pension transfer advice, along with the online advice checker (which is not specific to former BSPS members) means that all firms who have given advice on DB transfers in the past should be familiar with these developments, due to the increased likelihood of complaints being received. Despite this, I think everyone was still surprised when the FCA published its feedback and finalised rules in relation to the ban on contingent charging for DB pension transfer advice in June, as we had been led to believe this would be postponed until the autumn. Broadly, the contingent charging proposals will be implemented as proposed and (with just two relatively minor exceptions) will come into effect on 1st October 2020. From then, unless one of the two specified exceptions applies, clients who transfer DB benefits – whether on a recommendation or on an ‘insistent client’ basis – must be charged the same total level of initial advice/implementation costs as those who receive – and follow - advice not to transfer. A significant departure from the original proposals is that the client will be able to ‘self-evidence’ the two exceptions of serious ill health or financial hardship, but of course, the adviser will be responsible for ensuring that the evidence they rely on is sufficiently robust. Although the ban on contingent charging for DB pension transfer advice doesn’t come into effect until 1st October 2020, two measures announced alongside the new rules came into effect on 15th June 2020. Firstly, you need to have ensured that all triage material/services that you provide to potential DB transfer advice clients – or that you refer them to – contains only generic/educational information on the subject. If any part of your triage process included any kind of ‘pre- purchase’ questioning such as decision trees or ‘RAG rated’ questionnaires that might help the client decide whether to proceed to advice, it must no longer be used.

Steve Jones Adviser Relationship Director

INDUSTRY UPDATE – 5

The second area is if the ceding DB scheme is expected to be changed or replaced by another scheme, it is not permitted to provide a finalised personal recommendation until the proposed/expected changes have been finalised and the details ascertained. In those cases, a provisional report can be issued using the best information available on the proposed changed/replaced DB scheme that the client is considering transferring from. However, the recommendation cannot be finalised until the scheme changes have been finalised. If you encounter any such cases, any provisional suitability report will need to be signed off by a pension transfer specialist in the Advice Support Team in the usual way. In addition, the draft finalised recommendation and suitability report will need to be reviewed again and signed off by a pension transfer specialist once the proposed DB scheme changes have taken place. If the CETV value changes and/or if the finalised changes to the DB scheme are different from those on which the provisional report was based, the recommendation might change. Equity Release/Later Life Lending – FCA Key Findings On the mortgage front, the FCA published the key findings from its exploratory work on later life lending, specifically the borrowing opportunities available to consumers aged 55+, focusing on lifetime mortgages. To support this work they looked at the sales and advice process for these products by reviewing a sample of case files from a number of firms. Three significant areas of concern were highlighted, namely insufficient personalisation of advice or challenging of customer assumptions and lack of evidence to support the suitability of advice. Several of the FCA’s findings and comments were not dissimilar to those in relation to the DB pensions transfer market, e.g. not to use ‘tick box’ approaches, to capture lots of detailed and personalised information and ensuring that suitability reports are not unnecessarily long. To support firms who are active in the equity release (ER) market, we are delivering ER courses based on demand, which focus on writing compliant business and cover the issues highlighted by the review, so speak to our training team if you would like more information. FSCS Levy Our industry body, PIMFA, is trying to start a conversation again about the way this levy is shared out. Tenet spearheaded the campaign for product providers to contribute a percentage of the compensation costs that fell to the intermediation classes, which was finalised at 25% and represented some £650,000 annual saving for our members. However, recent events such as the failure of the Liberty SIPP in April this year and the resulting burden on the FSCS (with advisers effectively picking up the bill) demonstrates there is still work to be done.

The FSCS is also working with the FCA to help reduce phoenixing, particularly in relation to firms who have undertaken DB advice. Whilst this is a very positive move in terms of consumer outcomes, the FSCS levy will undoubtedly increase as a result. To summarise, we’ve been through some extraordinary times over the past few months and we’ve been working hard with our industry bodies, including PIMFA and AMI, as we believe there is more that the regulator can do in these unique circumstances and also that it needs to be pragmatic and give the industry some breathing space to recover from the huge shock that has been dealt to it. Extending the deadline for the SMCR is one such move but we are pushing for more. The COVID-19 pandemic has brought unprecedented challenges to businesses around the world, and inevitably it has impacted Tenet and our customers too. In July, we informed you about the proposed further simplification of our business structure and additional investment in technology, designed to enhance member services and improve efficiencies. These actions will ensure we are all better positioned for today’s market, and well-placed to capitalise on emerging growth opportunities as the economy recovers. Brand Simplification Based on the feedback from our members and the market more widely last year, the overwhelming feedback was that you identified with the core brand, Tenet. As a result, TenetConnect and TenetLime will consolidate under ‘Tenet Network Services’ from 1st October 2020. This will also benefit from further investment over the coming financial year and advisers will benefit from shared processes and information, supporting better services for your customers. Technology Investment New CRM We’ll be introducing a new CRM system built on leading global platform, Zoho. This has the ability to process all core functions, including AST, audit and authorisations and will be configured to respond to Tenet members’ specific needs. Zoho will sit alongside iO to provide a more streamlined and data-rich service for members and an increasingly modern customer experience. Establishment of a technology support team This front-line team is planned to focus solely on helping members maximise the use of the iO system, to facilitate a more modern customer experience and better financial performance for the member firm. Consolidating client support T&C, Helpdesk and Account Management teams will be combined into a newly formed Business Support Group, to better support members and improve efficiencies.

6 – EVENTS UPDATE

YOUR EVENTS PROGRAMME ONLINE CONTINUING TO SUPPORT YOUR DEVELOPMENT

We are pleased to announce that our online events programme will continue throughout autumn, with new events starting in September.

SPECIALIST INVESTMENT WORKSHOPS - TWO ONLINE

We are still able to support your development through these online events, which offer the same CPD that you would expect to receive at our live events, and we encourage you to attend as many online events as possible, not only to satisfy your CPD requirements, but to keep your knowledge and understanding of industry changes and developments at the highest level. All of our events are free to attend, and open to advisers, paraplanners and administrators. To help advisers with the transition to online events, we’ve also updated our Tenet Events App, adding new features that enable you to use the app to complete your reflective statement, view online events, and register for future online events. COMING UP THIS AUTUMN Specialist Investment Workshops - Two Lend - Two Protect - Two Lend Business Focus Event - Two

These events focus on specialist investments and the value they can add to your business. Tenet will utilise the expertise of providers and fund managers, to create a valuable event; giving key industry insights, technical guidance and sales support. The purpose of these events is to provide a higher level of education, through the use of case studies and planning scenarios to provide you with a greater understanding of each product and a proposition’s place in the market. Total CPD Available: 4 hours structured & 40 minutes unstructured Book your place: http://webinars.tenetgroup.co.uk/specialist-Investment-2

Online Event Date

Time

Tuesday 13th October 2020 Thursday 15th October 2020 Tuesday 20th October 2020 Thursday 22nd October 2020

1.00pm – 2.30pm 1.00pm – 2.30pm 1.00pm – 2.30pm 1.00pm – 2.30pm

LEND TWO ONLINE These events will focus on mortgages and lending. They are designed to meet advisers’ development needs and provide a valuable insight into the growing lending market, with sessions from a wide variety of niche and highstreet lenders, packagers and other providers who can help you develop further business opportunities. These events will conclude with sessions from Tenet’s Senior Management and Tenet Adviser Training. Total CPD Available: CPD – 2 hours and 20 minutes unstructured & 1 hour structured CPD Book your Place: http://webinars.tenetgroup.co.uk/lend-two/ Time Thursday 17th September 2020 1.00pm – 2.20pm Monday 21st September 2020 1.00pm – 2.20pm Wednesday 23rd September 2020 1.00pm – 2.10pm Friday 25th September 2020 1.00pm – 2.20pm Online Event Date

EVENTS UPDATE – 7

Online Events available to watch On-Demand If you didn’t manage to view any of online events live, those that have already taken place are available to view on-demand, at any time. Simply use the link below to access all our previous events. https://extranet.tenetgroup.co.uk/tenet-events/on-demand-online-events/ CPD WEBINARS Get your 30 minutes of CPD for each webinar you view! During 2020, Tenet will host a series of 9 webinars on the morning of the last Friday of every month with a single Provider, Fund Manager or Lender. You will have the opportunity to view the webinar and interact with the speakers, asking any questions you may have. So if you need to top up your CPD, take a look at the webinars that are available.

ONLINE ADVISER FORUM 2020

Monday 30 th November – Friday 4 th December Registration Now Open https://events.tenetgroup.co.uk/ AdviserForum2020

Webinars available to watch on-demand

NO 1: Bank of Ireland - ‘Serving the complex customer’ Presented by Lauren Wiles, National Account Manager on 28th February 2020 https://events.streamgo.co.uk/webinar-1-2020 NO 2: Just - ‘Technological Developments – A new approach to retirement income’ Presented by Karl Steadman, Retirement & Later Life Specialist on 27th March 2020 https://events.streamgo.co.uk/webinar-2-2020 NO 3: LV= - ‘Change is the only constant: Are you generation future-proof?’ Presented by Marcus Primhak, Business Protection Product Manager on 24th April 2020 https://events.streamgo.co.uk/webinar-3-2020 NO 5: Zurich - ‘Why Protection Should Be a Keystone of your Clients’ Plans ’ Presented by Andy Woollon, Retail Specialist Presenter on 29th June 2020 https://events.streamgo.co.uk/webinar-5-2020

PROTECT TWO ONLINE These events will focus on the protection market. With Tenet and the industries focus in this area, they are designed to meet advisers’ development needs and provide a valuable insight into this market. All of the sessions at these events will offer IDD CPD. Our Provider partners will also look at other ways you can obtain further IDD CPD. Total CPD Available: Approx. 4 hours and 30 minutes IDD CPD & 1 hour structured CPD Book your Place: http://webinars.tenetgroup.co.uk/protect-two Online Event Date Time Tuesday 29th September 2020 1.00pm – 2.50pm Thursday 1st October 2020 1.00pm – 3.05pm Tuesday 6th October 2020 1.00pm – 2.50pm Thursday 8th October 2020 1.00pm – 2.15pm LEND BUSINESS FOCUS EVENTS – ROUND TWO These events will focus on mortgages and lending. They are designed to meet advisers’ development needs and provide a valuable insight into the growing lending market, with sessions from a wide variety of niche and highstreet lenders, packagers and other providers who can help you develop further business opportunities. Total CPD Available: Approx. 4 hours and 30 minutes unstructured CPD Book your Place: http://webinars.tenetgroup.co.uk/bfe-lend-two

NO 6: The Exeter - ‘An Unhealthy Situation’ Presented by Wendy Ellison, Regional Account Manager on 31st July 2020 https://events.streamgo.co.uk/webinar-6-2020

NO 7: Unum - ‘How to Write Group Risk Business’ Presented by Presented by James Lawley, Adam Aldred and Laura Bilgic, Business Development Consultants, on 28th August 2020. https://events.streamgo.co.uk/webinar-7-2020/

Webinars coming soon.. We recommend registering for all the webinars, then opt out as and when, if you are not available or the content is not relevant.

Online Event Date

Time

Tuesday 3rd November 2020 Thursday 5th November 2020

1.00pm – 2.30pm 1.00pm – 3.05pm

Date

Provider

Monday 9th November 2020 1.00pm – 2.30pm Wednesday 11th November 2020 1.00pm – 2.30pm

25/09/2020 30/10/2020 27/11/2020

Vitality

Precise Mortgages

LV=

To register for any of these webinars visit: https://events.tenetgroup.co.uk/tenetcpdwebinars2020

8 – SPECIAL FOCUS

SPECIAL FOCUS – 9

The Opportunity Behind the Contingent Charging Ban

With the publication of PS20/6, the FCA have sought to remove the conflict of interest that may be evident through contingent charging, which they deemed to potentially incentivise advisers to recommend a transfer. Whilst the majority of advisers may not agree that the move will improve outcomes, the potential for contingent charging to be contributing to what the FCA believes is a high incidence of unsuitable advice was enough to prompt them to act. How Did We Get Here? Since pension freedoms were introduced in 2015, the FCA have confirmed that approximately 235,000 DB members have received advice on transfer values totalling over £80bn. Given the FCA requirement that the starting point for advice should be that a transfer is unlikely to be in the client’s best interests, it is surprising that over 170,000 of these members were advised to transfer benefits to a DC arrangement. These figures are far too high to expect the FCA to not intervene. Now if we assume that each of those 170,000 recommendations to transfer were in the client’s best interests, this could then cast doubt on the numbers quoted by the FCA of individuals seeking advice. In practice, it is likely that there are a large number of potential clients who withdrew from the advice process following triage, the process used to educate clients on the drawbacks and benefits of a potential transfer prior to progressing to regulated advice. However, the FCA have deemed that having over 70% of cases that proceed to regulated advice resulting in a recommendation to transfer is unacceptably high and counter to their initial assertion that it will not be in the best interests of the client in the majority of cases. One of the conclusions drawn by the FCA was that advisers are potentially being financially

should obviously be the outcome. However, clients should not enter the process under the impression that they are paying a fee to potentially facilitate a transfer. It is important to make it expressly clear during initial conversations with clients that they are paying for your expert knowledge and professional advice and that, in the majority of cases, it is highly unlikely to be in their best interests to transfer an existing defined benefit pension. The ban on contingent charging enables advisers to display the worth of their advice and demonstrate to clients their expertise and knowledge. Whilst this may lead to difficult conversations and potentially disappointed clients, the challenge will be to demonstrate the value of a recommendation to remain. This will involve a full appraisal of their retirement objectives and existing arrangements and working to meet these via the lowest risk and least disruptive method possible. The ban on contingent charging may result in a number of DB members being priced out of advice, with upfront fees acting as a barrier to clients with smaller DB pensions. There will always be examples of clients where a transfer may be demonstrably in their best interests but with insufficient liquid cash to cover an advice charge in the result of a recommendation to remain. Whilst these clients may be negatively impacted by these changes, the recently launched client focussed Advice Checker page on the FCA website confirms that a recommendation to transfer where the DB pension is a client’s only or largest guaranteed pension, and where they have few other assets, is likely to be deemed poor advice in the event of a complaint. Whilst this ban on contingent charging may result in some advisers having to revamp their approach to DB advice, it should be welcomed and seen as a move in the right direction and an opportunity for good advisers to thrive.

incentivised to recommend a transfer if their fees are structured in a manner which results in a higher charge following a transfer. Coupled with ongoing advice charges, this can have a significant negative impact on transferred funds and, as a result, the client’s retirement income and financial security. The Way Forward The ban on contingent charging provides advisers with the opportunity to review their advice process and potentially move to an even higher level of professionalism. As qualified specialists, clients should not be paying for a transfer but for the detailed analysis undertaken to assess whether it is in their best interests to take this life changing decision. Many clients may not have realised they were sitting on a pension valued in the many hundreds of thousands of pounds. In these situations, advisers are often faced with clients with a preconceived notion that a transfer is in their best interests due to the large sums made available to them. Given the current financial situation many will find themselves in, with the fallout from Coronavirus still unveiling itself, clients may see the large sums offered by pension trustees as a way of relieving some financial pressure. Clients can often underestimate the true value of the guaranteed income provided by a Defined Benefit pension when faced with an appealing transfer value that can be accessed as and when they please. This lump sum bias can lead to clients identifying objectives that have potentially been driven by the availability of this large transfer value as clients begin to imagine what these funds can be used for. One has to wonder whether the increase in DB transfers in recent years has led to a corresponding increase in the number of campervans being purchased. Clients should be under no illusion that they are paying for a review of their retirement plans and how their existing defined benefit schemes can be used to achieve their objectives. If, following this review, it can be clearly demonstrated that it is in their best interests to transfer their pension, then this

David Lloyd Technical Services and Research Team Leader

The Technical Services & Research team are always on hand to answer any questions you have about anything technical, so feel free to give us a call on 0113 239 0011, then press 2, then 2 again, or email tsandr@tenetgroup.co.uk.

10 – SPECIAL FEATURE

Helping Attract the Best Tenet launch the new Applicant Tracking System and Careers Site

If you’ve visited the adviser jobs section of our website recently you may have noticed a few improvements.

apply for a role within Connect, Select, Lime and Aspire. Some of the features and benefits of the ATS and careers site include: Improved candidate experience – the candidate’s recruitment journey can be tracked at all stages through the ATS so we can now see exactly where any candidate is in the process at any point. We can also send automated emails to keep candidates engaged and up to date on their applications.

The Adviser Recruitment (New to Existing) team have recently introduced a new Applicant Tracking System (ATS) and careers site to help us draw even more top financial services talent into our member firms. The new ATS and careers site is already enhancing the recruitment service we offer to our member firms, raising our profile as a ‘go-to’ organisation when financial services candidates are looking for a new opportunity. The new site also provides a professional and enjoyable experience for those who choose to

SPECIAL FEATURE – 11

Austin Burrell Adviser Recruitment Consultant

Employer branding and awareness – the new site further improves our brand awareness and increases traffic as candidates are directed to the Tenet site to apply rather than applying on a job board. Talent pooling – we now have a functionality to begin building our own pool of talented financial services individuals. Going forward, when the Adviser Recruitment team receives a request from a firm for a new individual, we can check in our own talent pool for people

who have already engaged with us about opportunities and search by skill, experience, location or key words. You can explore the new site and view our current opportunities by navigating through the careers section of the Tenet website or by visiting: https://recruitment.tenetgroup.co.uk/ If you’re thinking of recruiting into your firm, or if you just feel you could benefit from a chat about recruitment, please let us know. Also if you have any friends, family members

or contacts within the financial services sector who are looking for a new role please don’t hesitate to share the link above. Alternatively, you can contact me direct on 0113 239 0011 extension 2232 or email me at austin.burrell@tenetgroup.co.uk

12 – SPECIAL FEATURE

UP CLOSE & PERSONAL

with Julie Darlington

Can you give us a brief history of your career to date? Like a true Yorkshireman, my Dad had me working from a young age. He didn’t send me into the mills, but I worked with him on his market stall and later in his off licence. He was a hard taskmaster and paid me a pittance. But I did get free a lunch. I managed to find a real job in financial services and I’ve done just about everything in the back office, including technical, policy, paraplanning, financial promotions, complaints, supervision, audit, training, file reviews and even a short time in payments. With the support of some amazing mentors, I moved into management and then onto compliance leadership roles. I like being in the hot seat. I’ve mostly loved working in financial services; it’s full of creativity and energy, with problems to solve and businesses to build. It’s a good feeling to support an adviser to support their clients. Why did you choose to work at Tenet? Because it’s big enough to make its mark and small enough that you can make a difference. And having met some of the leadership team during the interview process, I was influenced by their charisma, competence and ambition. They care, want to make a difference and build a fantastic business. I wanted to be part of that. What are you looking forward to in your new role? Building on what has been started by Caroline and Karina. Working with good people who like being in work and want to do a good job. Making a difference and helping our firms build their businesses, supporting them to evidence the good job they do for their clients. Under the spotlight in this issue is our new Group Risk & Regulatory Director, Julie Darlington. We caught up with Julie to find out a bit more about her work and home life, as well as why she chose to join Tenet.

What do you envisage for Tenet over the coming year? A period of challenge and change but also pulling together, working things out and as Mark says; the ambition is “not just to survive but thrive”.

SPECIAL FEATURE – 13

When you were young what did you want to be? A journalist, specifically Kate Adie, a writer or an actress.

What’s your favourite film of all time? I have a few - Breakfast Club, Drop Dead Fred and Jo Jo Rabbit. If you could trade places with anyone for the day who would it be and why? I wouldn’t, I like being me and am grateful for the life I have.

What do you see as your greatest achievement? I haven’t achieved anything great but I’m happy with the life I’ve chosen… And finally, tell us an interesting fact about yourself. I’m really not an interesting person, but a silly fact is that I took up roller booting again at 50 and have a funny video of me roller booting in my back yard. It’s fair to say I’m not yet at the skate park stage...

What are your hobbies and interests outside the office? Running, reading, writing and roller booting…..

What music do you listen to in the car? Playlists. My current favourite includes Paolo Nutini, Joseph and Stereophonics. There may also be some 90s dance…. What is the last book you read? I read a lot, but the most recent was called – ‘Expectation’ by Anna Hope. It may become one of my all-time favourites… I also love ‘The Hours’ by Michael Cunningham.

What’s the biggest lesson you’ve learnt in life?

To make time for people that I care about. It’s a cliché, but when my mum died I wished I’d made more time for her and had more patience.

14 – SPECIAL FEATURE

Available for all Tenet Members Care first

Introducing the Tenet Assistance Programme

Who are Care first? With ever increasing pressures at work and home, there are times when we all need some extra support to balance the demands of everyday life. Care first are an independent, leading provider of professional employee support services who employs professionally qualified Counsellors and Information Specialists, experienced in helping people to deal with all kinds of practical and emotional issues. These include wellbeing, family matters, relationships, debt management, workplace issues, and much more… How do I use the service? The service is funded by Tenet and is free of charge for you to use. Just call 0333 212 7712 and you can speak to a professional counsellor or information specialist in confidence. Care first is available 24 hours a day, 7 days a week, 365 days a year and is accessible by phone or online. Care first can provide information booklets, articles, resource information on support services in your local area and even short term face-to-face counselling to help get you back on track. Online Services The Care first Lifestyle website offers extensive resources including articles on health, issues at home, issues at work, management support tools, stress questionnaires and online counselling in real-time.

What do I use the service for? Care first is designed to help you with a wide range of work, family and personal issues. From work-life balance to childcare information, relationships to workplace issues, health and wellbeing. Let Care first support you on the issues that affect all of us at some point in our lives. Topics include, but are not limited to:

• Work-life balance

• Elder care information

• Relationships

• Life events • Immigration

• Childcare information • Health and wellbeing

• Anxiety and depression

• Debt

• Family issues

• Disability and illness

• Bullying and harassment

• Careers

• Education

• Bereavement and loss

• Consumer rights • Workplace pressure

• Stress

Is it confidential? Your organisation or Tenet does not know who uses our service unless the individual personally chooses to tell someone about his or her contact with Care first. We do provide statistics to Tenet Group to show how many members use the service and the broad types of issues that members raise with us, for example; ‘relationship breakdown at home’ or ‘bullying and harassment in the workplace’, so no information is ever passed on which could potentially identify you.

SPECIAL FEATURE – 15

Who answers the phone? If you require emotional support you can choose to hold the line to speak with a Counsellor. Your call will then be answered by a professionally qualified Counsellor at Care first to support you in the moment. Alternatively, if you require practical advice and wish to speak with an Information Specialist you’ll need to press 1 on your telephone key pad. What qualifications do the Counsellors and Information Specialists have? Care first employs BACP accredited Counsellors who are all Management trained and qualified with the minimum of a Diploma. The Care first Information Specialists are all Citizens Advice Bureau trained and are all money trained experts. The Counsellors and Information specialists at Care first are all experienced in helping people deal with all kinds of practical and emotional issues such as wellbeing, family matters, relationships, debt management, workplace issues, and much more… What to expect when you call

What will the Counsellor ask me at the beginning of the call?

The Counsellor will ask for your name, this is just for rapport building and will not be passed back to your organisation because the service is confidential - nobody will know when or if you have accessed Care first. However you do not have to give your name if you do not want to. What support will be offered to me? Everyone has very individual needs for support. Care first provides short term solution focussed counselling, so the Care first Counsellor will assess your circumstances when you call to establish what the most appropriate form of support will be right for you. It might be that you just need a brief conversation with the Counsellor that day, or it could be that you may benefit from a few more sessions. Counselling sessions can be provided either over the phone with the same Counsellor you speak to that day, or based on your assessment, it may be appropriate for you to see a Counsellor face to face or access some online based support. How long would I have to wait to see a Counsellor? If following your assessment, it is considered appropriate for you to have face to face sessions or video counselling, these can be arranged within 3-5 working days.

Care first Just call 0333 212 7712 Or visit carefirst-lifestyle.co.uk (Username: tenet001 and Password: group1234) 24 hours a day, 7 days a week, 365 days a year.

What are the benefits of telephone counselling?

Having counselling over the phone means that it’s always on your terms, the service is 24/7 and you’re able to access support in a place that’s comfortable for you to talk. The Counsellors you speak to over the phone are just as qualified as those you may see face to face and it also means that you don’t have to worry about travelling to appointments around your work and home commitments.

16 – SPECIAL FEATURE

Staying Connected with your Clients

As the financial advice community continues to navigate its way through the changes caused by the coronavirus, you will no doubt have found the usual ways of interacting with your clients has changed. With online services and smartphone apps transforming the way we interact, consumers’ attitudes to managing their finances are also changing. However, meeting clients remains at the heart of the financial advice industry - so how do advisers continue to support and communicate with their clients remotely? One simple way to overcome this challenge is to introduce a client portal. Not only do portals give you and your client an invaluable tool on which to easily communicate securely, they also help to: • reinforce your adviser brand • significantly improve client engagement • save your business money by reducing servicing costs • meet regulatory and GDPR demands Research from our own client portal, the Personal Finance Portal (PFP) reinforces some of these findings. We’ve seen those businesses using the portal experience significant client engagement with their brand monthly, when previously it was only annually at client review. Our research also shows age is no barrier either, with the 50 to 70 year olds the most prolific users of this capability. So we believe it has never been more important for advisers to embrace technology and the value that comes with doing so.

PFP allows both you and your clients to pre-populate fact find data, get up-to-date portfolio valuations and communicate urgent or important information securely (and GDPR compliant) at the touch of a button.

With the introduction of PFP along with Glia’s co-browsing technology, advisers can now offer a safe and modern way to ‘meet’ with clients in a time efficient, cost effective and fully compliant way. This capability enables advisers to meet with their clients in a virtual space, via video, text chat and audio, as well as discuss and share documents like portfolio valuations in a secure environment, therefore alleviating the need to introduce several pieces of software. The PFP is also ‘mobile-friendly’ with adviser and client versions available on laptops, tablets and phones, so you and your clients can have all the information at your fingertips wherever and whenever you want it.

Saving your business money

By making PFP available to your clients as part of your ongoing service model, you can reduce your servicing costs whilst enhancing their experience and putting vital information at their fingertips. PFP can be an invaluable component of your standard advice process, making client servicing cheaper by saving processing time, postage and printing costs. Time can be saved, for example, at the outset of a new client relationship by automatically pulling bank account information via Open Banking into the Intelligent Office fact find, supporting the timely and accurate input of cash flow and product information before your client meeting. As well as the ability to jointly populate fact find information, you can expose the tasks you are undertaking for your client, enabling them to better understand the advice process. Vitally, your clients will be able to view both their long and short-term finances at the touch of a button, giving them up-to-date information and peace of mind. With PFP we’ll help you get started and support you in the long run so that you’ll be able to offer a more efficient, smoother advice process to your clients whilst also tackling regulatory prerogatives.

Meeting regulatory demands

This capability ticks the compliance box too. MiFID II requires that all conversations between advisers and clients are recorded. Glia technology records all conversations, including files shared and discussed, then saves them against the client record in Intelligent Office. This offers you a full and easily accessible audit trail of all client conversations and meetings. Regulation also requires that advisers protect the security of their client data and clients themselves are increasingly demanding to know how this is handled. Regular post and email can be insecure methods of communicating sensitive personal and financial information such as that contained in a fact find or annual review.

Maximising client engagement

Working hand-in-hand with Intelliflo’s award- winning web-based business management system, Intelligent Office, the PFP gives you and your clients an invaluable tool on which to view financial information and interact via a secure, online ‘hub’.

SPECIAL FEATURE – 17

If you would like any further information on the PFP and how to register, please contact your Account Manager at Tenet. For any general questions about iO, please contact ioquestions@tenetgroup.co.uk.

20 – PROVIDER SUPPORT

Multi-asset investing

Simon Morris, Premier Miton’s National Business Development Manager, highlights some of the benefits of multi-asset investing and using Connect, Premier Miton’s no-cost online portal to hold and manage your clients’ investments. A popular method of client segmentation when choosing a Centralised Investment Proposition (CIP) has historically been the size of a client’s assets; within this approach multi-asset funds are often used for clients with a smaller asset pot and advisory/DFM model portfolios are often used for higher net worth clients. This method of segmentation has its flaws. Fundamentally, it is not compliant with the Product Governance and Product Intervention Rules (PROD) introduced in January 2018. This is because it is not explicitly driven by and focussed on a client’s needs and requirements and has no direct relationship with the cost of delivering the advice services. PROD requires advisers to identify their target market and build a distribution strategy using information about the client’s needs and status, which could be wealth accumulation, at retirement or post retirement, and investment needs, for example, a regular income, above inflation returns or long-term capital growth. Within these new distribution strategies and in any CIP or Centralised Retirement Proposition (CRP), we believe that multi-asset funds can play an important role. The range of multi- asset funds available means that there are plenty of options to help meet clients’ different investment objectives, which could include building wealth, or generating a long-term sustainable income for retirement. As well as the enhanced diversification benefits of investing across a broad range of assets, multi-asset funds are not restricted to only accessing investments held on a platform as is often the case with a model portfolio. The portfolios are rebalanced continuously, with the fund managers able to manage new inflows to

their funds to the benefit of all fund holders. Using a multi-asset fund also removes potential contractual complications such as the ‘agent as a client’ structure that exists with many DFM models and there is no requirement to provide immediate notification of a 10% fall in the value of the portfolio. Performance is highly transparent, being net of all investment cost and charges, making it easy for advisers to monitor and compare different funds in the marketplace. Post MiFID II, transparency has come into greater focus, with fund providers expected to disclose all costs associated with running a fund, including transaction and research costs. In comparison, it can be more challenging to compare the costs and returns of model portfolios, especially across different platforms. Given the increasing importance of cost and the requirement to be able to demonstrate value for money for clients, Premier Miton has launched Connect. Connect is a no-cost online service which enables advisers to hold and manage their clients’ investments in a range of Premier Miton multi-asset funds. Unlike a platform, there are no adviser or client platform fees to pay thereby reducing the total cost of ownership for clients investing in Premier Miton multi-asset funds. Importantly, the Connect portal puts advisers in control of managing their clients’ investment accounts, 24/7. This includes creating quotes, making applications, organising transfers, fund switching, top-ups, changing income payment choices and generating business and client reports when needed. The portal also facilitates customer-agreed adviser remuneration, full look-through personalised portfolio reporting showing all the underlying holdings within the multi- asset funds, and a choice of income payment options including the facility for dividends to be reinvested, paid directly into a client’s bank account or paid into a product cash account. Connect puts you in control of managing your clients’ investments in Premier Miton multi-asset funds. As the need to demonstrate value for

money increases in importance, we believe that Connect can play a significant part within an advisory firm’s business model. Risks All types of investment carry a degree of risk. It is possible your client could lose some, or all, of the money they invest. The level of risk varies depending on the type of investment. Find out more For more information, including a demo of Connect, please contact our Business Development team on 0333 456 9033 or email info@premierfunds.co.uk. IMPORTANT INFORMATION: For information purposes and only to be issued to investment professionals. It is not for circulation to retail clients. It expresses the opinion of the author and does not constitute advice. Reference to any particular stock does not constitute a recommendation to buy or sell a stock. Persons who do not have professional experience in matters relating to investments should always speak with a financial adviser before making an investment decision. For your protection, calls may be monitored and recorded for training and quality assurance purposes. Financial Promotion issued by Premier Miton Investors. Premier Portfolio Managers Limited is registered in England no. 01235867. Premier Fund Managers Limited is registered in England no. 02274227. Both companies are authorised and regulated by the Financial Conduct Authority and are members of the ‘Premier Miton Investors’ marketing group and subsidiaries of Premier Miton Group plc (registered in England no. 06306664). Registered office: Eastgate Court, High Street, Guildford, Surrey GU1 3DE.

Simon Morris Business Development Manager

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