In association with
November 2020
Options for helping clients
Inheritance in focus
Holding on to all generations
How can advisers offer the best service for their clients?
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Introduction by Money Marketing editor Justin Cash
What is the biggest challenge facing financial advisers today? The shifting sands of regulatory change? The spiralling costs of compensation levies? Untenable professional indemnity bills? While all undeniably a huge burden on the profession, I would suggest one other key challenge that is frequently overlooked: the impact of ageing client banks and intergenerational wealth transfer. Yes, the average age of advisers remains older than we would wish it to be, but the average age of the sector’s users isn’t coming down either. Like it or not, many millennial clients are gravitating towards execution-only digital investment offerings and robo-advice solutions. Advisers must meet a tough test to prove their worth to a younger, savvier generation of potential investors. One of the ways they can do this is through inheritance tax planning, as we explore in detail in this special report. IHT advice isn’t just an opportunity to offer something of value to the clients in front of you. It’s also an opportunity to talk to beneficiaries and foster new relationships, with a view to intergenerational planning and taking that fresh blood on as clients of your own. Forging that link with the next generation at a key point in their financial lives is a sure-fire way to secure a client’s trust for life, as well as all the family assets that come with it. Focusing on IHT planning also plays neatly into the modern, progressive image of financial planners as holistic problem solvers rather than product salesmen. IHT advice is just one part of a wider financial jigsaw, and requires a breadth of solutions to match. And with the political pressure still on to put wealth in the chancellor’s headlights, it is only going to grow in importance. Solid technical skills are needed to meet the IHT challenge and advisers will certainly need to stay up to date on legislative movements, and enlist expert assistance where required. But, as ever, soft skills will come to the fore at times of major stress for families suffering bereavement. We hope the case studies we draw on in the coming articles are a useful guide in showing what real-life advisers have found helpful in their own discussions. Yes, IHT planning is complex. But that is exactly why it plays into the hands of advisers when done right, showing that an expert individual is worth so much more than the alternative, which would be either to go it alone and chance it with the taxman or to put your trust in an amateur.
‘IHT planning is complex, but that is exactly why it plays into the hands of advisers when done right’
The holistic IHT approach
Chapter 1
Client wins and the IHT dilemma
Chapter 2
Leading clients through the IHT labyrinth
Interview
Octopus Inheritance Tax Service
Data
Home
Inheritance tax is a growing concern for many clients. Money Marketing looks at the benefits of using a rounded process for planning
the holistic iht approach
Often described as Britain’s most hated tax, inheritance tax is an increasing worry for many families. Recent figures show more people are having to pay 40 per cent tax on assets above £325,000, or £650,000 for a married couple, which has made IHT planning an increasingly important part of an adviser’s overall skillset. But as influential as it may be, IHT still forms only one part of an individual’s ongoing financial planning requirements, which is why many advisers champion a holistic approach to looking at the tax. Quilter Private Client Advisers financial planner Ian Cook says adopting a more comprehensive and joined-up view can help advisers gain a better understanding of their clients’ IHT circumstances. “To get a truly holistic view of a client’s financial life it is crucial to fully understand their whole family’s financial circumstances and consider the needs of any of the estate’s beneficiaries, such as their children and grandchildren,” Cook says. “By doing a diligent fact-find you can then start to exhaust all the various planning solutions at your disposal and decide which will produce the best results for their individual circumstances. Whether that is using pensions and nominating beneficiaries or whether it is through IHT planning and encouraging the use of lifetime gifting, a meticulous fact-find ensures that you have a full picture of their needs and the appropriate action is taken.”
‘To get a truly holistic view of a client’s financial life it is crucial to fully understand their whole family’s financial circumstances’
By Stephen Little
Advisers have a number of tools at their disposal that they can use to reduce the burden of IHT, including trusts, gift allowances, business property relief and whole-of-life policies. Although advisers are spoilt for choice when it comes to IHT planning strategies, there can be a reluctance to explore them all. The Private Office financial planner Kirsty Stone says advisers need to investigate all of these strategies for clients and not avoid the more complex options, such as trusts. “Just because trusts are more complicated, advisers should not shy away from them,” she says. “As advisers, we have to be careful because we are not solicitors; but, if you have a long-standing client who wants to talk about trusts, you have to be confident and engage in a conversation.” However, Henwood Court Financial Planning financial planning manager Jason Ashman says advisers should start with simple planning solutions before presenting clients with more complicated products. “Sometimes there can be a mismatch between the risk of the product and the client,” he says. “With products such as Aim portfolios or business property relief, you should really only look at these solutions once you have dealt with everything else, as those at the top end are not going to be right for the majority of people.”
the holistic
IHT has proved to be a huge money-spinner for the Treasury over the past decade, bringing in a record £5.36bn in the 2018/19 tax year. Meanwhile, the number of estates paying IHT has also steadily increased (peaking at 28,100 in 2016/17), which highlights a growing opportunity for estate planning advice.
Planning solutions
Ashman warns advisers to be careful of products that are not approved by HM Revenue and Customs. He says: “New products are coming out all the time but, once you start scratching the surface, they can be very complicated and many have not been approved by HMRC. You have got to be sure that, when push comes to shove, they are actually going to deliver what they say they will.” Finding the right strategy for a client’s IHT needs is important, says Stone, who, with experience of using other sophisticated strategies for The Private Office’s high-net-worth clients, recommends the use of a solicitor to tackle the more onerous and technical issues of these structures. “For us, business property relief is for more sophisticated investors as it is a more complex strategy with a greater level of risk,” she adds. “Whole-of-life insurance policies can play a really important role. For someone with a high level of guaranteed income, such as a final salary pension, it is something to consider. “It’s important to have a conversation about longevity with the client, as this will dismiss some strategies. Advisers also need to be confident in explaining all the options and open to hearing what the client wants to do.” When it comes to aligning a client’s current and future income needs, as well as explaining the various strategies being deployed, cashflow modelling can play a useful role within IHT planning and put a client’s mind at ease. This was the case for Cook recently when helping clients concerned about long-term care costs and IHT liabilities after giving away part of their estate to their children. “I used cashflow modelling to demonstrate that their current income level was enough to cover any long-term care needs,” he says. “To mitigate their IHT worries we looked at various scenarios. We took a three-pronged approach and invested in a business property relief product, and set up a discretionary trust and a gift and loan trust for the bulk of the capital. “This enabled me to calculate the subsequent IHT liability and we then bought a whole-of-life insurance product, which will cover the remaining liability when they pass away.”
Official approval
‘IHT has proved to be a huge money-spinner for the Treasury over the past decade, bringing in a record £5.36bn in the 2018/19 tax year’
IHT planning means advisers are not only faced with difficult technical challenges; many have also had to hone their soft skills. Despite a growing demand for IHT and later-life planning, recent research suggests there is still a reluctance to engage with the topic. According to Co-op Legal, four in 10 advisers feel their clients are hesitant about discussing death and later-life planning, while nearly a quarter say they would be better placed to help clients if they were given more support around conversations regarding death. So how should advisers best approach what is often a delicate subject to raise with a client? Cruze Financial Solutions IFA Sarah Drakard says that conversations about IHT can become very personal, so it is important to be both patient and a good listener. She says: “Some people really struggle to talk about IHT, so you have to be sensitive and able to read people. “Asking the right questions can help advisers better understand the requirements of clients and manage their needs more effectively. At the same time, you must also be pragmatic and bold because the client is going to die at some point, so you must be prepared to explain what is going to happen.” As part of a holistic financial planning approach, the discussion around IHT should not be rushed, according to Progeny director of wealth Andrew Clarke. “Setting up trusts or restructuring wills takes clients out of their comfort zone and often beyond their level of knowledge and understanding, so it is important they feel secure with their adviser,” says Clarke, who counsels that the steps taken towards IHT planning are gradual and part of a natural progression in the client relationship. “A long-term client-adviser relationship not only builds trust but also helps the adviser in understanding the softer side of a client’s circumstances, such as when the client is ready to move to the next phase of their financial life, and the decisions and plans that come with this.”
Overcoming barriers
Death and taxes are life’s two certainties, and both subjects come up when advisers broach inheritance tax planning with clients. With the unprecedented expectation of some £1.2trn in inherited funds set to transfer to future generations, however, advisers can no longer ignore family members off screen. Almost two-thirds of 25- to 45-year-olds expect to receive an inheritance from their parents and grandparents, according to research carried out by Sanlam in its 2018 ‘The Generation Game’ report. A third expect at least £50,000 in fixed assets or money, but the mean average foresee £233,000 — all of which equates to potentially £1.2trn in trickle-down assets. Other estimates put that figure at as much as £5trn. “Financial planners have a real opportunity to start supporting the heirs to this wealth,” says Holland Hahn and Wills financial planner Amyr Rocha-Lima. “If adult children are not fully briefed on what we are doing for their folks – why and how valuable our work is in the stewardship of the wealth that they’re going to inherit – I expect they’ll leave as soon as they get their hands on the money.”
Get inheritance planning right and it can help attract and secure the next generation of clients
By Laura Miller
‘The generation looking at IHT planning now are not used to these discussions with their children’
Advisers face a dilemma. IHT planning is an obvious avenue to pursue new clients, and arguably the figures point to it being a business necessity for firms that want to secure their own future. But sensitivities around death and wealth are often not easy to overcome. Research by Accenture in 2018 found a fifth of advisers had never met with their clients’ children. Red Star Wealth managing director Kristen Cunliffe is an adviser of 20 years’ standing and some clients have been with her from the start. “You get to know each other well in that time, including family dynamics with their own idiosyncrasies of which you must be mindful,” she says. Involving family members in IHT discussions can meet with resistance, she adds. “We are a nation not comfortable discussing money, and the generation looking at IHT planning now are not used to these discussions with their children or wider family. I certainly would not compromise my relationship with an existing client to pursue new introductions.” How advisers navigate the delicate balance between today’s and tomorrow’s clients in their IHT planning conversations and introductions will be crucial to the next stage of their firms’ success. More than half of those aged under 30 responding to a survey by wealth manager JM Finn in November 2019 said they did not intend to obtain any financial advice once they had received their inheritance.
Offers such as ‘Would you like me to explain these plans to your son or daughter?’ usually get the conversation started for Cunliffe. She says talking honestly about how planning will benefit younger generations is a skill to develop. “It can make some people uncomfortable, so you need a little humour, a lot of empathy, and to make things simple to understand,” she says, adding that she offers to discuss how her advice for older relatives feeds into younger family members’ own plans “without a hard sell”.
Broaching the subject
Rocha-Lima seeks opportunities to demonstrate an interest in, and to care for, the family down the generations by learning about clients’ children and grandchildren. One way he does this is via social media. “Are we telling prospective customers we care about our clients’ families? Social media is a useful platform for engaging with, and providing value to, prospective clients – by posting informative content and showcasing results achieved for similar clients,” he says. Children and grandchildren are not the only inheritance considerations, however. Wives are most likely to inherit first, as women on average live around four years longer than men, but seemingly they are often overlooked by financial advisers.
Family background
Half of advisers have lost a female client once the client’s partner has passed away, according to findings from Fidelity International’s 2020 report, ‘Unlocking the Power of Advice’. At 49 per cent, the most common reason women left was they did not want to continue receiving financial advice. Cunliffe points to another cause too. “This might sound controversial, but when this happens I believe it has started way before the husband’s death. If a wife leaves an adviser when her husband dies, I would suggest she never liked the adviser, didn’t trust them or felt left out of the discussions and planning while her husband was still alive,” she says. To overcome this problem of a female client exodus, Smith and Wardle partner Helena Wardle makes sure everyone who needs to be is fully included in the life and death planning discussions, not least wives and girlfriends. “I always try to ensure both clients have an involvement in the meeting. Our reviews and discussions are more focused on their spending needs and plans, so it is easier to engage both partners, especially if you’re encouraging them to spend to reduce the IHT bill,” she says. In an environment still overwhelmingly dominated by men, Wardle has also had enquiries from widows who felt more comfortable with a female adviser. “If an adviser hasn’t involved the wife in the meeting and they don’t know the wife as well as the husband, I can see why they would leave,” she says. Encouraging multiple family members to remain as clients with your firm not only helps the smooth transition of their affairs but creates a ready pipeline of new business — potentially worth up to £5trn, research shows. “Inheritance issues and intergenerational planning are very important to me as many of my clients are now approaching their 80s and older,” says Cunliffe. “I would want to be in the position to support their children when the time of inheritance comes.”
Female client exodus
Where family members live at a distance, she makes it known travel is not an issue. Based in the Northwest, Cunliffe has clients as far away as Newcastle and Somerset, and has embraced the use of technology for meetings, such as Skype and Zoom, which can appeal to younger generations more used to this type of communication, as well as being Covid-19 secure. “I also do a lot on social media, which I believe makes the firm more approachable in general,” she says. Holland Hahn and Wills has started implementing a tiered, hybrid offering, which Rocha-Lima says “empowers the client to DIY their investments, while giving them the ‘safety net’ of a financial planning framework to act upon”, potentially allowing for a more family-wide management of money affairs in the home. The model enables clients to interact with their portfolio via an online portal, but speak with a human if they need a ‘gut check’ on certain decisions. As they accumulate wealth or approach a major life event, they can opt to move up to the next tier of service. Inheritance or no inheritance, says Rocha-Lima, advisers need to adapt to the incoming generation of potential clients, who often come from a very different financial position than that of their parents and grandparents. “Stagnant wage growth, burgeoning student debt and rising inflation have created challenging economic circumstances for many young adults, who’ll likely need to save more than their parents did to enjoy a comfortable life in retirement,” he points out. “We need to adopt a nimbler approach that enables us to serve this next generation of clients in a way that resonates, meets their needs and augments the likelihood of them engaging with us.”
Embracing technology
‘It can make some people uncomfortable, so you need a little humour, a lot of empathy, and to make things simple to understand’
‘Many of my clients are approaching their 80s and older. I want to be in a position to support their children’
Octopus Investments head of tax Jessica Franks on the vital role advisers have to play in demystifying and explaining an often confusing tax
By Cherry Reynard
Jessica Franks
Head of tax Jessica heads up the team that manages tax-efficient investments, including Venture Capital Trusts and investments that qualify for Business Property Relief from inheritance tax. She joined Octopus in 2014 and is a qualified tax adviser.
Despite a number of concessions in recent years, HMRC still collected £5.2bn in inheritance tax during the 2019-20 financial year. At the same time, the rules remain complex and more people are subject to investigations. IHT is undoubtedly a headache, but there are options, says Octopus Investments head of tax Jessica Franks In its most recent review of IHT, the Office of Tax Simplification said: “It is surely a fundamental requirement for the legitimacy of a tax that its framework should be reasonably clear to the majority of those potentially liable to it. The OTS’s extensive consultation exercise revealed many areas where IHT is either poorly understood, counter-intuitive, requires substantial record keeping, creates distortions, or where the application of the law is simply unclear.” This is a damning assessment of the current rules on IHT and Franks says people are often thrown into a complicated tax situation at a sensitive point in their lives. To avoid these difficulties, advisers have a vital role in helping their clients plan ahead. She says: “There is rarely a one-size-fits-all solution and advisers will need to consider a range of estate planning solutions.” She says the first step for many will be making lifetime gifts to children and grandchildren, which will be free from IHT if the client survives seven years. However, this approach has its limitations. Some clients may have life-limiting conditions and know they will not survive for seven years. Others may feel they have a long life ahead and be reluctant to give away their assets, particularly if they are concerned about needing money for care home fees further down the line. “Another problem we hear about is that the older generation doesn’t want to see how their gift is spent by the younger generation,” she adds. “They are worried it might be frittered away or lost to a spouse on divorce.” Trust planning can get round some of these issues, but she believes advisers should also be looking at other solutions.
Octopus specialises in investments that qualify for Business Property Relief – a relief from IHT – and Franks believes this can be a useful tool in an adviser’s kitbag of IHT planning options. This offers a shorter time-frame – after two years, investments qualify for relief and can be left on death free from IHT. 100 per cent business relief is available on a privately held business or shares in an unlisted or Aim-listed qualifying company. There is also 50 per cent business relief on shares controlling more than 50 per cent of the voting rights in a listed company, or land, buildings or machinery used in a business. “The main reason clients like it,” says Franks, “is they don’t have to give up access to, or control of, their wealth. This means if there are care home needs or another financial emergency, the investment can be sold. “Octopus offers two BPR-qualifying investment portfolio services – one that invests into unlisted companies and one into Aim-listed companies. The Octopus Inheritance Tax Service invests into unlisted companies operating across sectors including renewable energy, property lending (loans to commercial and residential landlords), the healthcare sector (particularly healthcare infrastructure such as care homes and private hospitals) and fibre broadband.”
Minimising liability
‘You’ll see us upgrade our digital assets and how IFAs interact with us. We’ll integrate with their systems’
The Aim-listed portfolio holds 25-30 companies across a range of sectors. Franks says: “In our Aim portfolio, we have businesses from a diverse range of sectors, including software and computer services, online retailers and pharmaceutical companies. We tend to have companies with real growth strategies and that contribute to the UK economy. We see this as very valuable.” The group has a team of 10 Aim specialists who meet with the companies regularly. “Both options qualify for IHT relief, but each has a different investment profile and tends to attract a different type of investor. The Octopus Inheritance Tax Service targets more predictable growth at modest levels, while the Aim-listed portfolio has the potential for higher growth.” She adds: “With the Aim portfolio investors have to be comfortable with listed market investing and understand that can bring sentiment risk. The second option won’t be pursuing the same level of growth and it may be a more stable journey. This tends to operate in areas that have good visibility on revenue streams, often underpinned by real estate.” However, in both cases, to ensure that the business qualifies it needs to be relatively small and to observe specific criteria. It can’t be an investment business, for example, predominantly dealing with securities, stocks or shares, land or buildings. There are limits on the amount of cash that the companies can hold. Invariably, this brings higher risk. Equally, investors need to be confident that they are going to get the tax relief, which means they need someone who understands the parameters for qualification. That said, the risk can be managed to some extent by skilled investment management. Franks says of the unlisted portfolio: “During the pandemic, the fact that we have invested across multiple sectors provides a level of stability and enables us to target new funds towards the best opportunities at any one time.” On the Aim portfolio, they ensure there is a balance of sectors at all times and pick their investments with care. There is a wide choice in the Aim market, which means they can navigate round its riskier areas. These should be seen as longer-term investments as to benefit from relief shares need to be held at death, even though the qualifying time for IHT is only two years. Liquidity is typically available, but the level of natural liquidity is lower than it would be for main market stocks and for the unlisted portfolio it will be even lower. For either investment option, investors are solving an IHT problem while potentially investing in higher-growth UK businesses. As such, BPR-qualifying investments are a natural part of an investment tax planning suite for advisers.
‘Clients like it because they don’t have to give up access to, or control of, their wealth’
‘There is rarely a one-size-fits-all solution. Advisers need to consider a range of estate planning solutions’
The value of an investment, and any income from it, can fall as well as rise. Investors may not get back the full amount they invest. Tax treatment depends on individual circumstances and tax rules could change in the future. Tax relief depends on portfolio companies maintaining their qualifying status.
www.octopusinvestments.com
Helping clients pass on more wealth to their loved ones
Octopus Inheritance
Traditional estate planning can be inflexible. Seven years can be a long time to wait to be certain that planning has worked as intended. For others, including those with a power of attorney in place, retaining access to and control of their wealth is paramount. And for many clients, just the sheer thought of giving away their hard-earned assets can be enough to halt the conversation. That’s why, for more than a decade, the Octopus Inheritance Tax Service has been helping thousands of people to plan for the future.
Launched in 2007, the Octopus Inheritance Tax Service is a discretionary portfolio service that invests in one or more unquoted UK companies operating in sectors that make a valuable contribution to the UK. We select companies expected to qualify for Business Property Relief (BPR), a government-approved relief from inheritance tax. Shares in a BPR-qualifying business can be left to beneficiaries free from inheritance tax, provided they have been owned for at least two years and are still held at the time of death. We only invest in companies we believe are capable of delivering a modest and predictable level of long-term growth. And we only invest in areas in which we have built expertise, including renewable energy, healthcare and property.
How does the Octopus Inheritance Tax Service work?
As the largest provider of investments that qualify for BPR*, we have a long track record of delivering on the core objectives of the service.
Tried and tested
*Tax Efficient Review, April 2020.
BPR qualification
We only invest in companies we expect to qualify for relief from inheritance tax.
We aim to give clients access to their money within 10 days of their request.
Liquidity
We target steady, predictable growth for investors over the long term.
Target 3% growth p.a
In addition, we only take our annual management charge after the investor or their beneficiaries asks us to sell shares, and we only take our full AMC if our target return has been met. Since inception to 1 July 2020:
Number of estates that have been entitled to claim BPR
3,650
Amount of liquidity provided
£775m
Longest time taken to provide liquidity
4 weeks
Number of investors
17,000
Most investors hold shares in Fern Trading Limited (Fern). Please note that Fern’s performance should not be viewed as performance information for the Octopus Inheritance Tax Service.
Performance
Fern share price since inception (£)
Past performance is not a reliable indicator of future results. Performance is calculated based on the share price for Fern’s shares at 2 July each year. The performance data in the table and graph here show Fern’s share price only. They do not take account of initial fees, dealing fees or annual management charges associated with investing in the Octopus Inheritance Tax Service.
• The value of an investment, and any income from it, can fall as well as rise. Investors may not get back the full amount they invest. • Tax treatment depends on individual circumstances and tax rules could change in the future. • Tax relief depends on portfolio companies maintaining their qualifying status. • The shares of unquoted companies could fall or rise in value more than shares listed on the main market of the London Stock Exchange. They may also be harder to sell.
Key risks
The Octopus Inheritance Tax Service is not suitable for everyone. Any recommendation should be based on a holistic review of your client's financial situation, objectives and needs. We do not offer investment or tax advice. Issued by Octopus Investments Limited, which is authorised and regulated by the Financial Conduct Authority. Registered office: 33 Holborn, London, EC1N 2HT. Registered in England and Wales No. 03942880. Issued: October 2020. CAM010268.
For further information visit
octopusinvestments.com
or call one of our experts on
0800 316 2067
Tax Service
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Money Marketing Disclaimer
Octopus products are not suitable for everyone. Any recommendation should be based on a holistic review of your client's financial situation, objectives and needs. We do not offer investment or tax advice. Issued by Octopus Investments Limited, which is authorised and regulated by the Financial Conduct Authority. Registered office: 33 Holborn, London, EC1N 2HT. Registered in England and Wales No. 03942880. Issued: October 2020. CAM010268.
