Streamlining the Court of Protection process with financial planning support

The role of deputy can often present time constraints, important reporting requirements and the need to provide support to vulnerable individuals. Similarly, the Court of Protection (CoP) process can be a challenging one. From our experience, many law firms find that having access to specialist financial planners can help with overcoming unexpected hurdles and managing the process more efficiently.

Why would you need the support of a financial planner in CoP matters?

At PM+M, our investment proposition, financial planning advice process, tax expertise and CoP specialism has enabled us to develop a unique service. We aim to deliver a more efficient process, whilst offering a caring and holistic approach. Our tax planners will also submit any necessary tax returns.

We understand the sensitive nature of the work involved and the breadth of work that the appointed deputy must do for their client – managing spending sustainably, dealing with periodic payments, benefit assessments, supporting everyday care and housing needs and making submissions to the CoP. We aim to support legal teams in the best way possible to ensure they are able to spend valuable time where it really matters.

We care about managing finances sustainably and prioritise safeguarding. We consider short, medium and long-term planning, including retirement needs. We can work alongside legal teams for the duration of a court order and continue to offer a client support thereafter, if deemed to have the capacity to act for themselves by the CoP.

How can a financial planner assist with CoP matters?

Every client is provided with a dedicated financial planner, someone from our client relationship team, a technical paraplanner and tax adviser. We offer a wide range of financial support to cover various matters, including:

• Annual performance reporting and review meetings in line with CoP reporting periods
• An annual assessment of investment risk profile to ensure that we meet ongoing client objectives and court order requirements
• Annual financial planning, tailored to suit individual requirements and the needs of clients
• Annual tax returns (included as part of our ongoing service), plus wider tax advice, such as, capital gains, income, dividend, and inheritance tax planning (subject to agreed fee)
• Tailored lifetime cashflow planning to satisfy court order requirements, whilst managing wealth sustainably
• Access to valuations anytime via an online portal and mobile app
• Client cash management and income planning advice
• Access to our in-house discretionary managed portfolio service, advisory or ESG (environmental, social and corporate governance) investment offerings
• An AI transcribed file note of our meetings to help with your file

Our Court of Protection services are cost effective, not subject to any exit fees, include robust investment due diligence, and are fully tailored to suit individual requirements.

What makes PM+M’s CoP service different?

Our approach is fully joined up across our firm, allowing us to support in all areas of financial planning, tax, private client work and accounting. Our core values (Quality, Achievement, Fun and Doing the Right Thing) underpin everything we do and align closely with our CoP services – providing you with the reassurance that we’ll deliver a knowledgeable approach, whilst maintaining compassion, respect and sensitivity.

In addition to our strong roots in Lancashire and the North West, we have excellent remote working capabilities – meaning we can provide dedicated support regardless of location.

What do others say about our CoP service?

“We have no hesitation in recommending PM+M’s CoP services. We have found that the services save us time and improve our processes, and we have found that PM+M’s approach with our clients is professional and knowledgeable, whilst maintaining sensitivity. It’s great to work with a company you can trust!” Stephen Greenwood, Farleys Solicitors.

How do I find out more?

We tailor the service to the individual needs and processes of each law firm we work with. To find out more about how our service can support legal teams in streamlining the CoP process, please contact our financial planning team at financialplanning@pmm.co.uk or call 01254 679131.

PM&M Financial Planning Ltd is authorised and regulated by the Financial Conduct Authority.

The information contained within this article is for guidance only and does not constitute advice which should be sought before taking any action or inaction.