Are you an insurance adviser who will be affected if the removal of insurance commissions goes ahead? If the RC’s final report has given your confidence a hit, Dean Mannix (LinkedIn:/deanmannix) of SalesITV (https://www.deanmannix.com) is here to remind you of the valuable work you are doing and why he believes you should absolutely be remunerated accordingly.
This episode hits the proverbial ‘nail on the head’ on many topics, and there are so many incredible nuggets of information shared which relate directly to Advisers and how they can do their best work.
Dean Mannix is the undisputed expert when it comes to customer centric sales. He has taught sales in over 28 countries and to some of the smartest people in the world. Dean has also created two courses on the www.xyadviser.com training platform, and both expand on everything he talks about in this episode with Adrian.
Episode highlights:
5:26 – Why Dean supports insurance advisers being compensated via commissions for the hard work they do
9:46 – How can advisers better articulate their value when it comes to insurance?
17:36 – Six key reasons why Advisers don’t get referrals, and how to avoid them
20:41 – Why your clients should be part of your BDM team
35:09 – How advisers can set the expectation of their value to the client
36:36 - The importance of telling a compelling story to your target demographic
40:26 – How to get out of the trap of trying to serve all prospects, and only focus on the ones you can deliver the most value to
Show Notes:
The SalesROI Methodology Course - http://link.xyadviser.com/deanmannix-salesroi
Grow Your Pipeline With Referrals - http://link.xyadviser.com/deanmannix-referrals
XY Adviser Online Training Platform - www.xyadviser.com
General Disclaimer - www.xyadviser.com/disclaimer/
This podcast is brought to you by HUB24 (https://www.HUB24.com.au), an ASX listed company with over $10b in funds under management and one of the fastest growing platforms in the market. They believe in connecting advisers to innovative solutions that create opportunity, while delivering an awesome user and client experience.
They’re big time supporters of advisers going solo and their BDM team are great to work with. We’re proud to partner with HUB24 - they’re big fans of the XY community and are continuing to help drive the positive evolution of financial advice.
Which areas of the Financial Planning process do you really enjoy? What if you could eliminate the areas of Financial Planning you don’t like, and focus on the ones you enjoy most? Well, that’s exactly what Amie Baker (LinkedIn: /amie-baker-10975828) of Rekab Advice (https://www.rekabadvice.com.au) did.
Amie realised being her client’s active investment manager was not how she could provide the most value, so she made a conscious decision to outsource all areas of FP she doesn’t enjoy, to focus on what she does best - helping her client’s articulate what they want out of life and tailoring a financial plan to help them get there.
This is a great episode for anyone who wants an insight into what one successful adviser is doing in her business.
Episode highlights:
12:30 – How has your life experiences helped you as a Financial Advisor?
18:41 – The elements of Financial Planning Amie has outsourced and why
22:50 – What did you do to get better at behavioural finance?
27:48 – The scarcity mindset with money, and how to help your clients who have this
32:25 – Why Advisors need to get creative in changing the perception of advice to the average Australian
47:40 – As an Advisor, do you ever feel like there’s an end date to working with a client?
Show Notes:
Dare to Lead book by Brene Brown (amazing idea for Advisors) - http://link.xyadviser.com/brene-brown
Tribes book by Seth Godin (great for business and getting your confidence to influence and lead) - http://link.xyadviser.com/seth-godin
Nudge book by Cass Sunstein & Richard Thawler - http://link.xyadviser.com/cass-sunstein
Misbehaving book by Richard Thawler - http://link.xyadviser.com/richard-thawler
Thinking Fast And Slow book by Daniel Kahneman - http://link.xyadviser.com/daniel-kahneman
XY Adviser Online Training Platform -
https://www.xyadviser.com
General Disclaimer -
https://www.xyadviser.com/disclaimer/
This podcast is brought to you by HUB24 (https//www.HUB24.com.au), an ASX listed company with over $10b in funds under management and one of the fastest growing platforms in the market. They believe in connecting advisers to innovative solutions that create opportunity, while delivering an awesome user and client experience.
They’re big time supporters of advisers going solo and their BDM team are great to work with. We’re proud to partner with HUB24 - they’re big fans of the XY community and are continuing to help drive the positive evolution of financial advice.
Are you a Financial Advisor who needs to implement a marketing strategy from scratch? Have you dabbled in the marketing game across different social platforms, but not sure if you’re seeing results?
Do you want to know THE magic formula to creating the ultimate marketing strategy for yourself or your Financial Advice business?
Well, we hate to be the bearer of bad news but unfortunately there is no magic formula or cookie cutter approach to nailing the marketing game as an advisor (sorry!). However there ARE several strategies you can use to determine the kind of marketing approach best suited to yourself or your business, and it all starts with delivering a great…. client experience.
Michael Back (LinkedIn:/michaeljback) is the business coach, customer experience and marketing expert for Financial Services. His company Human to Human (https://www.humantohuman.business) works closely with advice businesses helping them create a win-win-win situation; which includes an aligned team, happy clients and a thriving business.
There are so many nuggets of marketing gold shared in this episode, here are just a few highlights:
7:05 – The power of podcasting and getting your message in front of the right person at the right time
15:40 – Digital marketing vs human marketing. Do marketing cycles exist? Have we come full circle?
20:50 - Why business owners are getting distracted by ‘shiny marketing objects’ and how to avoid the scatter gun approach
30:35 - How long should you test a marketing strategy before analysing if there is a valuable ROI?
36:40 - What are the biggest problems you’re seeing advisors facing in the client experience phase?
46:45 – What is the best way for growing businesses to attract new and sticky clients?
Show Notes:
Human to Human - https://www.humantohuman.business
Screw Work, Let’s Play Book by John Williams - bit.ly/screwworkletsplay
The Psychology of Persuasion book by Robert B. Cialdini - bit.ly/psychologypersuasion
XY Adviser Online Training Platform - www.xyadviser.com
General Disclaimer - www.xyadviser.com/disclaimer/
This podcast is brought to you by HUB24 (http://jo.my/hub24), an ASX listed company with over $10b in funds under management and one of the fastest growing platforms in the market. They believe in connecting advisers to innovative solutions that create opportunity, while delivering an awesome user and client experience.
They’re big time supporters of advisers going solo and their BDM team are great to work with. We’re proud to partner with HUB24 - they’re big fans of the XY community and are continuing to help drive the positive evolution of financial advice.
It seems most Financial Advisors are no longer of the mindset that Fintech is going to replace them, but rather complement them and their value proposition for clients.
So if this is the case, surely the question then has to be - how can Advisors leverage the power of Fintech in a post royal commission world?
Chris Ridd (LinkedIn: /chrisridd) has an impressive career history in tech. After working at Microsoft for 15 years, he then took on the role of CEO at Xero and led the growth of the company from a handful of employees to over 300. Now, he is part of the executive team at myprosperity (https://www.myprosperity.com.au) and believes the key for an advisor to not just exist, but to flourish in a post RC world, is to first help their clients feel like they’re in control.
In this episode you’ll learn:
4:22 – The three elements Chris looks for in a sound startup.
12:44 – What’s the key for an advisor to not just exist, but to flourish in the next 5- 10 years?
31:00 – How to be an effective leader and drive a great company culture
35:10 – Why leaders DON’T need to know everything, and the importance of authenticity
39:17 – What is the best thing advisors can do to grow their business?
41:24 – Are advisors using MyProsperity as a lead generation tool? If so, how?
XY Adviser Online Training Platform -
https://www.xyadviser.com
General Disclaimer -
https://www.xyadviser.com/disclaimer/
This podcast is brought to you by HUB24 (https://www.HUB24.com.au), an ASX listed company with over $10b in funds under management and one of the fastest growing platforms in the market. They believe in connecting advisers to innovative solutions that create opportunity, while delivering an awesome user and client experience.
They’re big time supporters of advisers going solo and their BDM team are great to work with. We’re proud to partner with HUB24 - they’re big fans of the XY community and are continuing to help drive the positive evolution of financial advice.
A question the Financial Advice industry has been asking for a long time is - how do we attract the 80% percent of people who do not seek advice?
To tackle this problem head on, Paridhi Jain (LinkedIn: /paridhi-jain) instead started asking - how can I educate people on money fundamentals and enable them to progress to a point in their life where they can afford to engage the services of a Financial Advisor? Enter Skilled Smart (https://skilledsmart.com.au).
Before Paridhi founded Skilled Smart, she spent a lot of time talking to both potential students and financial advisors to better understand their problems and how she might be able to bridge this gap in money education.
Through Skilled Smart, Paridhi has developed a six week program and partners with finance professionals to teach and help adults navigate their way around the ‘money game’.
In this episode you’ll learn:
4:30 - What inspired you to start Skilled Smart?
14:53 – What are the other options for those who can’t afford advice?
20:50 – The importance of dialling down financial jargon and taking it back to basics when educating clients
24:50 - Two techniques you can use to better understand your clients problems
42:28 – What is the most important thing to learn about money?
48:40 – Is your program white labelled?
XY Adviser Online Training Platform -
https://www.xyadviser.com
General Disclaimer -
https://www.xyadviser.com/disclaimer/
This podcast is brought to you by HUB24 (www.HUB24.com.au), an ASX listed company with over $10b in funds under management and one of the fastest growing platforms in the market. They believe in connecting advisers to innovative solutions that create opportunity, while delivering an awesome user and client experience.
They’re big time supporters of advisers going solo and their BDM team are great to work with. We’re proud to partner with HUB24 - they’re big fans of the XY community and are continuing to help drive the positive evolution of financial advice.
There’s a new wave of Financial Advisors emerging. They’re courageous, they’re status quo disruptors and they want to deliver great advice with purpose.
And when it comes to purpose-driven advice, there’s arguably no one more determined than Tristan Scifo (LinkedIn:/tristanscifo) - the financial advisor, mentor and coach behind Purpose Advisory (www.purposeadvisory.com.au).
Tristan is a proud optimist and passionate ‘equipper of people’ who helps clients discover a deeper understanding of themselves, identify their purpose and mould a wealth creation strategy to suit.
He was also one of the 400 Dover Financial Advisors who were abruptly left without a license back in July 2018. So how did he bounce back from this challenge, and what has he been up to in his business? You’ll learn about this and much more over the next 45 minutes.
Episode highlights:
3:30 - So Dover collapsed and you lost your new license. What did you do next?
12:14 - How are you blending fulfilment retreats with Financial Advice?
24:21 - What is the new wave of Financial Advice?
28:45 - A real-life example helping clients find their truth and taking action
30:18 - The power of asking questions and challenging your clients goals
32:40 - The 'Awesome Advisor' concept and what a purpose-driven advice business looks like
41:35 - What’s the one thing the advice industry should change to become better?
XY Adviser Online Training Platform -
https://www.xyadviser.com
General Disclaimer -
https://www.xyadviser.com/disclaimer/
This podcast is brought to you by HUB24 (www.HUB24.com.au), an ASX listed company with over $10b in funds under management and one of the fastest growing platforms in the market. They believe in connecting advisors to innovative solutions that create opportunity, while delivering an awesome user and client experience.
They’re big time supporters of advisors going solo and their BDM team are great to work with. We’re proud to partner with HUB24 - they’re big fans of the XY community and are continuing to help drive the positive evolution of financial advice.
Most Financial Advisors know how to deliver amazing advice to their clients, but have absolutely no idea how to market themselves to new or existing clients.
There are however a select handful of Advisors who truly understand the power of content marketing and use this as a tool to engage and educate their client base while maximising every opportunity to attract new and sticky clients. So, which advisor are you? Or a better question might be, which kind advisor do you want to be?
David Barbeler (LinkedIn:/davidbarbeler) and Thea Cowie (LinkedIn:/theacowie) are the brains behind 99Content (www.99content.co), a white label content subscription service specifically for Financial Advisors and Mortgage Brokers. They’re helping Advisors deliver punchy and digestible content direct to their clients, leaving them more time to do what they do best - give great advice.
Here’s what you’ll learn in this episode:
8:15 – Why is content creation such a powerful form of marketing?
9:00 – How are you nailing the process of getting content in front of advisers’ clients?
18:14 – Easy things you can do to create content (when you’re not a writer)
27:40 – How do you go about deciding on the content? What are you seeing trending?
30:55 – It’s all about the hook! What is it? How do you draw your readers in?
46:18 – Your #1 tip for advisors to improve their content or get started
Show Notes:
99Content Two Month Free Trial for XY Advisers - www.99content.co
Trint Online Transcribing - www.trint.com
XY Adviser Online Training Platform -
https://www.xyadviser.com
General Disclaimer -
https://www.xyadviser.com/disclaimer/
This podcast has been brought to you by Sunsuper (www.sunsuper.com.au), one of the country’s fastest growing profit for members super funds with more than one million members and $49 billion in funds under management. They’re committed to providing advisers with a timely service, flexible products and innovative member services.
They’re long-time supporters of XY Adviser and believe this highly passionate community represents the future of financial advice. We’re proud to partner with Sunsuper who are helping drive the positive evolution of financial advice.
“Is the licensee creating the right environment for the adviser to do their best work in the best interests of the client?”
You’ll hear the above quote delivered by this week’s guest, Mark Hoven (LinkedIn: /markhoven) - CEO Wealth at Adviser Ratings. You’ll also hear why this particular question is part of the reason Adviser Ratings are now looking to roll out a rating system for licensees within the Financial Services industry.
Mark’s professional career is an impressive (and mixed bag) of engineering, stock broking and corporate finance. Though it’s his current role where he really shines, leading a growing and highly responsive startup team.
In this episode you’ll learn:
8:53 – Why you can be truly responsive as a scaling startup.
13:18 – How Adviser Ratings are becoming a bridge to the industry between consumers and advisers.
19:20 – The limitations advisers face with licensees in delivering their best work to clients.
22:09 – Will a lack of uncertainty remain if there is a change of government?
26:01 – How we can start servicing groups, who have traditionally not been touched by advice.
34:15 – Is technology the answer to all advisers problems?
Show Notes:
Adviser Ratings Robo Register - https://www.adviserratings.com.au/pdf/RoboRegister_ONLINE.pdf
XY Adviser Online Training Platform -
https://www.xyadviser.com
General Disclaimer -
https://www.xyadviser.com/disclaimer/
This podcast has been brought to you by Sunsuper (www.sunsuper.com.au), one of the country’s fastest growing profit for members super funds with more than one million members and $49 billion in funds under management. They’re committed to providing advisers with a timely service, flexible products and innovative member services.
They’re long-time supporters of XY Adviser and believe this highly passionate community represents the future of financial advice. We’re proud to partner with Sunsuper who are helping drive the positive evolution of financial advice.
Sara Lucas (LinkedIn: /saralucas1) is an expert when it comes to UK based pensions. She works exclusively with British clients who have frozen pensions, advising them of their options and what they can do with them here in Australia. With over 30 years’ experience in global Financial Services, Sara loves using the knowledge she’s gathered to help people achieve better outcomes in their lives.
Here’s what you’ll learn:
1:45 – Your professional and personal background
4:26 – Your niche specialty as a Financial Advisor
9:04 – The importance of diet to reach peak performance
9:32 – Do you incorporate your passion for health in your Financial Planning work?
12:30 – What are some easy things people can do to work towards better health and performance
14:00 - A detailed insight into what British clients can do with their UK pensions in Australia
24:46 – How you’re working with other advisers who have clients with UK Pensions
XY Adviser Online Training Platform -
https://www.xyadviser.com
General Disclaimer -
https://www.xyadviser.com/disclaimer/
This podcast has been brought to you by Sunsuper (www.sunsuper.com.au), one of the country’s fastest growing profit for members super funds with more than one million members and $49 billion in funds under management. They’re committed to providing advisers with a timely service, flexible products and innovative member services.
They’re long-time supporters of XY Adviser and believe this highly passionate community represents the future of financial advice. We’re proud to partner with Sunsuper who are helping drive the positive evolution of financial advice.
As a new(ish) self-employed financial advisor, Ron Pratap (LinkedIn: /ronaldpratap) has discovered his keys to success include having a strong licensee relationship, spending plenty of time investing in education and taking on the role of president of the BNI Narellan chapter.
Ron opened the doors of RP Wealth Management (www.rpwealthmanagement.com.au) nearly two years ago and has put a lot of effort into growing his referral reach and online strategy organically. We asked Ron to swing by the studio and give us an update on how things are tracking in his business since jumping on one of our earliest XY Live episodes back in April 2017.
Here’s what you’ll learn:
2:30 - The target market Ron is focusing on at the moment
6:00 – How a typical RP Wealth Management review meeting starts
7:25 – What’s the metric you look at to measure performance in your business?
11:37 – How did you get started in your own business?
16:00 – At what point in the advice process do you ask clients to review you online, and how do you start that conversation?
24:00 – Being a coach vs being a technical advice specialist
35:28 - Why Ron loves helping younger advisers and his ‘pay it forward’ mentality
Show Notes:
RP Wealth Management - www.rpwealthmanagement.com.au
Ronald Pratap LinkedIn - www.linkedin.com/in/ronaldpratap
XY Adviser Online Training Platform - www.xyadviser.com
General Disclaimer - www.xyadviser.com/disclaimer/
This podcast is proudly supported by Netwealth (www.netwealth.com.au), an ASX listed company ranked #1 for overall platform functionality and user satisfaction by Investment Trends for the past three years.
Netwealth understands that the Financial Advice landscape is changing and is providing market leading technology to help you explore new perspectives and realise new efficiencies. Through excellent customer service and expertise, Netwealth are working with XY Advisers to innovate and drive Financial Advice forward.
Dr. Carla Harris’ (LinkedIn: /drcarlaharris) professional career is nothing short of diverse. After completing her PhD in Environmental Science, she then pivoted into the Workplace Gender Equality Agency’s Research & Analytics division.
More recently, she completed her MBA and spent a lot of time looking at how to reduce the superannuation gap, which is so prevalent for many Australians.
Highlights from this episode:
5:20 – What is LongevityApp and how does it work?
9:30 – What Financial Advisors can do to help close the super gap
6:15 – Why consumers won’t think about their future if they have to make an immediate or lifestyle sacrifice now
14:17 - Why Advisors play a really important role in creating early engagement around super
17:36 - Is the statement ‘young people don’t care about super’ really true?
Show Notes:
Longevity App - www.mylongevityapp.com/
XY Adviser Online Training Platform - www.xyadviser.com
General Disclaimer - www.xyadviser.com/disclaimer/
This podcast is proudly supported by Netwealth (www.netwealth.com.au), an ASX listed company ranked #1 for overall platform functionality and user satisfaction by Investment Trends for the past three years.
Netwealth understands that the Financial Advice landscape is changing and is providing market leading technology to help you explore new perspectives and realise new efficiencies. Through excellent customer service and expertise, Netwealth are working with XY Advisers to innovate and drive Financial Advice forward.
If you’re a Financial Advisor, you probably champion a preferred investment philosophy – active or passive. Though when it comes to having the ‘investment discussion’ with clients, do you really understand how indices work? How often they’re rebalanced? Or how to accurately measure an ETF’s performance?
Enter Stuart Magrath (LinkedIn:stuart-magrath-9b6a147/). He’s the Head of Channel Management for the S&P Dow Jones Indices (a business unit within S&P Global) who works with Financial Advisors, educating them on how to incorporate a strong passive investment methodology in their service model.
In this insightful episode, you’ll learn:
11:54 – Stuart’s professional career with S&P Dow Indices and whether he thinks there’s no such thing (really) as passive investing
14:38 – The S&P ASX Methodology and where you can learn more about it
15:50 – Does passive investing trump active and what is the SPIVA report?
18:00 - What is the ‘Persistence of Active Funds Report’?
26:16 – How Stuart and his team are working with Financial Advisors
27:45 –What U.S. Advisors are currently doing in the ETF space vs Australia
31:05 – Can Advisors in Australia create their own ETF? How can they do it?
48:08 – Three things that make ETFS a good vehicle for Advisors and clients
Show notes:
S&P Dow Jones Indices - https://au.spindices.com/
SPIVA® Australia Scorecard (Mid-Year 2018) - https://www.xyadviser.com/wp-content/uploads/2019/01/spiva-australia-mid-year-2018.pdf
Persistence of Australian Active Funds Report (Mid-Year 2018) - https://www.xyadviser.com/wp-content/uploads/2019/01/research-persistence-of-australian-active-funds-september-2018.pdf
A-VIX - https://au.spindices.com/theme/a-vix/
XY Adviser Online Training Platform -
https://www.xyadviser.com
General Disclaimer -
https://www.xyadviser.com/disclaimer/
This podcast is proudly supported by Netwealth (www.netwealth.com.au), an ASX listed company ranked #1 for overall platform functionality and user satisfaction by Investment Trends for the past three years.
Netwealth understands that the Financial Advice landscape is changing and is providing market leading technology to help you explore new perspectives and realise new efficiencies. Through excellent customer service and expertise, Netwealth are working with XY Advisers to innovate and drive Financial Advice forward.
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S&P Dow Jones Indices LLC, S&P, Dow Jones and their respective affiliates (“S&P Dow Jones Indices”) and their third party licensors makes no representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and S&P Dow Jones Indices and its third party licensors shall have no liability for any errors, omissions, or interruptions of any index or the data included therein. Past performance of an index is not an indication or guarantee of future results. Some of the information contained within this podcast or video may represent hypothetical historical performance. Any back-tested information contains inherent limitations and may not result in performance commensurate with the back-test returns shown.
Except for certain custom index calculation services, all information provided by S&P Dow Jones Indices is general in nature and not tailored to the needs of any person, entity or group of persons. S&P Dow Jones Indices receives compensation in connection with licensing its indices to third parties and providing custom calculation services. It is not possible to invest directly in an index. Exposure to an asset class represented by an index may be available through investable instruments offered by third parties that are based on that index. S&P Dow Jones Indices does not sponsor, endorse, sell, promote or manage any investment fund or other investment product or vehicle that seeks to provide an investment return based on the performance of any index. S&P Dow Jones Indices LLC is not an investment or tax advisor. S&P Dow Jones Indices makes no representation regarding the advisability of investing in any such investment fund or other investment product or vehicle. A tax advisor should be consulted to evaluate the impact of any tax-exempt securities on portfolios and the tax consequences of making any particular investment decision. S&P Global keeps certain activities of its various divisions and business units separate from each other in order to preserve the independence and objectivity of their respective activities. As a result, certain divisions and business units of S&P Global may have information that is not available to other business units. S&P Global has established policies and procedures to maintain the confidentiality of certain non-public information received in connection with each analytical process. Please see the Performance Disclosure at http://www.spindices.com/regulatory-affairs-disclaimers/ for more information regarding the inherent limitations associated with back-tested and/or hypothetical performance.”
After looking at the current state of the advice process, Shaun Green from Advice Revolution and Spark Partners found a huge inefficiency in the way information is transitioned from adviser to the back-office team.
As a result, he and his business partner Adrian Patty have built a solution to tackle this inefficiency. This piece of tech was never the end goal of their new business though, at least not to begin with. So how did they end up here? And where is the future of advice headed?
Highlights from this episode:
6:45 – How would you provide advice for $500?
11:28 – What’s hindering the process of automating data capture?
18:40 – Whether to get rid of grandfathered commission and the impact this would have on the industry
25:16 – The Advice Revolution journey and how it all began
29:47 – What do you think advice businesses struggle with the most?
48:29 – Why can’t we have a one page SOA?
Show Notes:
Advice Revolution - www.advicerevolution.com.au
Spark Partners - www.sparkpartners.com.au
Shaun Green - www.linkedin.com/in/shaungreen1/
XY Adviser Online Training Platform - www.xyadviser.com
General Disclaimer - www.xyadviser.com/disclaimer/
This podcast is proudly supported by Netwealth (www.netwealth.com.au), an ASX listed company ranked #1 for overall platform functionality and user satisfaction by Investment Trends for the past three years.
Netwealth understands that the Financial Advice landscape is changing and is providing market leading technology to help you explore new perspectives and realise new efficiencies. Through excellent customer service and expertise, Netwealth are working with XY Advisers to innovate and drive Financial Advice forward.