KCT’s CEO Simon Hancox on its partnership with Tower Street Finance
We caught up with Simon Hancox who has been CEO of Kings Court Trust since February 2019 about its recent partnership with us…
Why have you partnered with Tower Street Finance?
We liked their products, as we thought that they addressed a real need in the market, and the way they work with us does not put extra processes or required effort into our business so it’s a win-win.
How can Inheritance Advance and our IHT Loan help your clients?
They help by offering our clients financial support when they might need it most. It is already a difficult time for clients having suffered a recent bereavement. The Probate process can be both complicated and drawn out because of the number of third parties we have to deal with, especially when these are government agencies, so being able to put clients in touch with Tower Street Finance and know that they will be offered an appropriate solution is comforting.
How have they been reacting to the offerings?
When our colleagues mention them some of the first reaction is often surprise that products such as these exist, but once they are explained there is also an element of relief and they often wonder why it has taken someone so long to come up with the idea!
How easy is the process of introducing TSF products to clients?
Couldn’t be easier – we include their brochures with the information we send out to Executors/Beneficiaries and our colleagues know that if they get a client who is asking about challenges to paying inheritance tax or the length of time to receive their inheritance it is an easy introduction to make – we then just pass the client’s details across to Tower Street Finance and they take it from there.
Do they help your team?
“Yes, where we have offered these products to clients they are clearly pleased that we have been able to offer them an additional service. The fact that we are able to offer a solution for inheritance tax payments has, in some cases, been the only way we have been able to progress the client’s case. Whilst one of our key aims is to complete estate administration as quickly as possible, for various reasons, this can very often be out of our direct control. So the ability to be able to offer this facility really does give us the chance to offer additional support to those clients who might need it.
Our research showed that 50% of people expect their estate administrator to know about products to access inheritance sooner – what are your thoughts on this?
“I agree – the more that we can help clients when they are going through the bereavement and Probate process the better; products such as these just improve the service that we can provide to our clients and should hopefully show clients that we are the experts in what we do.
A bit about you – you were appointed as CEO in March 19 so had a year in role before the pandemic struck – how has the landscape changed at KCT/in the industry?
No different from anybody else, probably the biggest change has been the fact that the vast majority of our staff have moved to working from home. We had a robust business continuity plan in place, so this was able to happen seamlessly and clients will have seen little difference in our service. The issues with, for example, government agencies, not being able to move as quickly as many private businesses has added additional delay in many cases, which increases the relevance of Tower Street Finance products. Add to this the fact that we are in an economy that has seen many people furloughed or made redundant, which has pushed the financial pressures to get to estate funds sooner.
The Quick-Fire Round:
If this wasn’t your job what would you do?
I’d have loved to have been a vet.
What would your autobiography be called?
Hancox Half Hour.
If you could take credit for any great piece of art, song, film, book etc what would it be?
You’re on death row – what’s your last meal?
Ribeye Steak with all the trimmings.
Ideal dinner party guest?
Chas and Dave
To find out more about becoming a Tower Street Finance partner call 0343 504 7100 or email firstname.lastname@example.org