II Connect resoundingly delivered a fine arena for debate around the issues of cross-jurisdictional financial planning at yesterday’s flagship Money Map Media event, our first this year, in central London.
Delegates at the Hallam Conference Centre in Marylebone were treated to a host of expert views, including Canada Life’s John Chew call for advisers to urgently contact their clients “in the next week”, if they had not already done so, to discuss how to tackle non-dom issues arising from the UK PM Rishi Sunak’s announcement of a general election on 4 July.
There was also company news with Canaccord Genuity Wealth Management’s Richard Burden revealing its plans for a Category 4 licenced office in Dubai with him at the helm.
Both of the main adviser panels highlighted the increasing difficulty in delivering cross-jurisdictional financial planning and emphasised the importance of having bespoke experts in the relevant jurisdictions to work with each other to give precise plans for clients.
There was certainly change is in the air, with our exquisitely-timed keynote speaker Lord John Hutton, who served in senior roles in the Blair and Brown governments when Labour was last in power.
He predicted a win for Labour saying it would still be a much bigger challenge than Blair faced in getting the votes, but with its likely taking of the majority of seats in Scotland getting it over the line.
Hutton also sounded a sombre tone over the threat from Russia and China supplying North Korea with highly advanced weapons that could easily wipe out the US naval presence in the region. His view was there is a very real prospect of a global war with evidence of governments around the world upping their defence spending and military enlisting in preparation.
The sessions kicked off with a discussion of how the right connections to tax lawyers, accountants, DFMs, platforms, life companies and key service providers can transform an adviser’s business.
The panellists were Bob Pain, CEO of AILO, the Association of International Life Offices, John Westwood, group chairman of Blacktower Financial Management and Phil Billingham, chartered financial planner and director of Perceptive Planning.
We asked them what are some common challenges faced by expats or individuals with international financial interests, and how they addressed them.
This was followed by the CEO of II Connect’s lead jurisdictional sponsor Finance Isle of Man, Michael Crowe, who delivered an update on the crown dependency including its plan to create and fill 5,000 new jobs by 2032, reaching a GDP of £10bn, and substantially decarbonise the service economy by 2030.
The latest developments in international pensions occupied the next spotlight with Rob Shipman, group CEO of the UAP Group flagging now the UK’s consumer duty rules are impacting financial planning in other jurisdictions in ways which some advisers are not aware.
He said this FCA focus on the customer journey with the financial services provider means the following for the adviser: Contact with their customer on a regular basis, providing their own detailed explanation of the product or service they have, pension providers will comment on DFM, platform and investment performance directly to clients.
Consumer duty has a rule on preventing future harm to their customers using their services, he further emphasised.
On the investment front, Justin Oliver, chief investment officer, Canaccord Genuity Wealth Management spoke on the state of the markets and revealed some insights into how the company intends to make the most of the opportunities.
He pointed out how 2024 had begun with the technology sector again at the fore, how China had rallied 15% from its lows and “don’t fear a US interest rate pause”.
Malborough Group’s commercial director Danny Knight highlighted the advantage of the company’s private company structure and brand values, namely ‘Great to work with’, ‘Growth mindset’ and ‘Get it done’.
Nathan Sweeney, Marlborough’s CIO of Multi-Asset then focused on the client primary concern to see interest rate cuts ‘or no landing clearance’ and why although markets are hitting highs we well off bubble territory like in the year 1999.
John Chew, technical specialist: pension, tax, trust and estate planning, Canada Life outlines the latest developments across the UK and international cross- border trust and estate world, honing in on non-dom territory and nuanced details of the double tax treaties all pre-1975 with India and Pakistan, France and Italy.
After a networking lunch, David White, managing director of Isle of Man base QB Partners, set the scene for the on-stage case study which involved a father and son Joseph and Joe, originally from France where Joe still lives and have been running a successful business there for several years. They were seeking advice on whether they should settle in the UK, or not in the longer term.
Gary Robinson next introduced and hosted 5 minute fireside chats with Simon Pickering, Finance Isle of Man, Kevin Ballard, Block Asset Management and John France of Abbey Wealth
This was followed by a lively discussion in our controversially titled ‘Does Cross-Border Advice Have a Future?’ main panel session with Mark Clubb, executive chairman, TEAM plc, Gavin Pluck and John Westwood of Blacktower Financial Management, and rounding off the packed day with the impressive keynote insights from Lord Hutton.
