By Philippa Barrett, intern at Anstee & Co.
My final week as an intern gave me a brief introduction to paraplanning such as the method that goes into the report process and the tools they use to aid. Dynamic planner is the main software used by the paraplanners in the office which is where information regarding the client’s case is stored and subsequently where the most suitable funds for the client are chosen, depending on their level of risk aversion. I spent some time scoring the client’s risk profile questionnaires onto dynamic planner to determine their level of risk. This result is the most pivotal part of the research process but also the most generic as most clients end up within the medium risk band.
The work of an intern.
I also spent a lot of time on another program called CashCalc which many advisors are beginning to use in their client meetings since it provides a graphical representation of their financial future and is thus preferred by the average client. In detail, by providing the value of client’s savings, investments, pensions and outgoings, we are able to determine if, and at exactly what age, the client will run out of money. The adviser is then able to adapt and create different scenarios to explain the reason for their recommendation. If the client has any objectives then it also shows the affordability of that goal.
For example, one of the CashCalcs I was tasked to create two scenarios for a client who was thinking about either saving her capital or using it to build a property on the land next to her house for rent. The CashCalc showed that she could indeed afford to build the property.
A trip to London to meet the fund managers.
On Thursday I took a trip up to London with Caroline to Seven Investment Management to gain an insight to the process adjoining Caroline’s advice. I attended a client trust meeting with Caroline and the Senior Relationship Manager, Andrew Smith. In this case it was crucial for Andrew Smith to be present since he needed to know what funds were required to be available to the beneficiaries and when. It is in 7IM’s interest to limit withdrawals from the portfolio since their investment strategy is most effective over the long term. He also spoke briefly about the composition of the portfolio explaining why the manager had increased or decreased the weight in a particular asset class, due to prevailing political and economic conditions. This was particularly interesting and is something I hope to expend on in the future.
Interested in being an intern at Anstee & Co?
If you are interested in working as an intern or are looking for work experience then please contact our office manager Jane Lumley-Walker to see if we can help. As a company we are interested in attracting bright, talented people like Philippa to our profession.