underlying principles to your solutions
From the simple to the complex
Once you've identified a potential risk are the solutions always complicated?
A deeper dive into the solutions that are available for protecting a businesses profits, its ability to repay any debts, or ensure the ownership is protected, and also taking care of employees with tax efficient benefits.
These need to take into account the types of business structures that we find usually take these plans out and why, but businesses don't stand still so we'll also move into some of the more complex requests we see with the likes of Holding companies, shareholder set ups, SPV’s, EOT’s & MBO’s to name a few. We'll also include some of the areas to consider from an underwriting perspective which considering income multiples, company valuations and those larger cases.
We want to make sure that should these questions come up they don’t surprise the adviser and they know enough to know where to go for support.
Learning objectives
By the end of the session you will
1. Understand the range of solutions available to address a businesses needs and be able to identify the most likely options for them
2. Appreciate the information needed to assess the most complex situations to help with your advice and to facilitate the underwriting process
panellists
Conversations to bring to life the need for business protect
build your confidence to "talk the talk in the boardroom"
Business owners think about many risks within their businesses but they rarely consider the catastrophic effect on the business of loosing an owner, key person, or an employee; and certainly don't appreciate that it could be the end of the business. The role of the adviser is to bring this risk to life and essential to use all their skills in doing this.
They need to use all their questioning skills, and importantly listening skills, to help the business owners understand the risks they may face. The consequences of those risk can then be positioned and often with some great "story telling", or positioning, the business owners will be looking for solutions long before you're ready to go into the potential solutions.
The discussion will cover that there is no single set of questions to use and every conversation should be approached with an open mind (definitely no pre-conceived solutions!) but many skills are used by the successful advisers in this market. Some practical hints & tips to take away.
Learning objectives
By the end of the session you will
1. Identify the different conversation approaches that can be taken with businesses and the skills needed to help them understand their risks.
2. Understand how you could apply some of the practical tips within your conversations.