Challenge the Standard in Financial Advice

Continuing this season's theme of asking 'yeah, but who's it for?', this week we explore some of the ethical considerations advisers have around investment portfolios.

Leaving aside Jordan's regulation soapbox-upon-soapbox ranting around the annoyingly lazy and central role 'FUM' still has in advice businesses, he and Nathan cover:

• Paying DIY client's due respect for the portfolio they've built over time - even if it clashes with your own views on what's they 'should' have done.
• Why what a client 'wants' and what they 'need' can differ - and who's call it really is.
• How the combination of our need to be seen to be doing 'something', and our preference for complexity over valuable simplicity can lead to some bloated portfolios.
• Why overthinking about this stuff is part and parcel for advisers.

You can now get CPD points for listening to two knuckleheads (and guests!) wax lyrical about financial advice for an hour at a time.

CPD For this Episode: https://quiz.cpdcheck.com/CHAL-26102211-21360001

Nathan:

[email protected]

www.nathanfradley.com.au

Jordan:

[email protected]

www.planningsolo.com.au

LinkedIn:

Challenge the Standard in Financial Advice (Podcast): Overview | LinkedIn

The information contained in this podcast is general in nature and does not take into account your personal situation. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from a financial adviser.

Jordan and Nathan are both authorised representatives of PlanningSolo Licensing, AFS Licence 526143.

Thanks again to the team at CPD Check for letting us publish our episodes using their AI-CPD certifying engine. Check out Clayton's episode on the pod for more info.

"I just want milk that tastes like real milk."

Fair to say that what started as a serious topic went off the rails pretty quickly - but today's topic was, ostensibly, client portals.

What are they, why do we have them, who wants them (hint: nobody, really), how can we use them and who benefits?

Nathan and Jordan explore this topic, proposing that security and connectivity should be our primary targets here - while also accepting just how challenging the existing ecosystem makes that.

If nothing else, we've found our theme for this season - spend your time defining your problem, not running after solutions.

You can now get CPD points for listening to two knuckleheads (and guests!) wax lyrical about financial advice for an hour at a time.

CPD For this Episode: https://quiz.cpdcheck.com/CHAL-26101511-43050001

Thanks again to the team at CPD Check for letting us publish our episodes using their AI-CPD certifying engine. Check out Clayton's episode on the pod for more info.

Pat Flynn's Blog: patrickflynn.info/digital-doorways-navigating-the-client-portal-terrain-for-financial-advisers

Nathan:

[email protected]

www.nathanfradley.com.au

Jordan:

[email protected]

www.planningsolo.com.au

LinkedIn:

Challenge the Standard in Financial Advice (Podcast): Overview | LinkedIn

The information contained in this podcast is general in nature and does not take into account your personal situation. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from a financial adviser.

Jordan and Nathan are both authorised representatives of PlanningSolo Licensing, AFS Licence 526143.

This week, we're flashing back many, many years to a more innocent time. A purer time, where both hosts were fonts of positivity, optimism and naivete.

Joking.

Because this week we're discussing this video (The Single AR Challenge) that a younger, but more hirsute, Nathan released into the void back in the early 90s. Or three years ago. One of them.

Where he expounded on where he saw the Single AR market heading in the future.

Going back, checking what he said and comparing it to where we are today was fun and, hopefully, useful.

Especially with an extra section on pricing our advice, and why it's so damned important to get it right.

Plus, a new quote from Jordan that both he and Nathan were quite chuffed by.

You can now get CPD points for listening to two knuckleheads (and guests!) wax lyrical about financial advice for an hour at a time. (Yep, they're BACK!)

CPD For this Episode: https://quiz.ensombl.com/CHAL-26100805-00030001

Thanks again to the team at CPD Check for letting us publish our episodes using their AI-CPD certifying engine. Check out Clayton's episode on the pod for more info.

Nathan:

[email protected]

www.nathanfradley.com.au

Jordan:

[email protected]

www.planningsolo.com.au

LinkedIn:

Challenge the Standard in Financial Advice (Podcast): Overview | LinkedIn

The information contained in this podcast is general in nature and does not take into account your personal situation. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from a financial adviser.

Jordan and Nathan are both authorised representatives of PlanningSolo Licensing, AFS Licence 526143.

Nathan:

[email protected]

www.nathanfradley.com.au

Jordan:

[email protected]

www.planningsolo.com.au

LinkedIn:

Challenge the Standard in Financial Advice (Podcast): Overview | LinkedIn

The information contained in this podcast is general in nature and does not take into account your personal situation. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from a financial adviser.

Jordan and Nathan are both authorised representatives of PlanningSolo Licensing, AFS Licence 526143.

UPDATE - CPD points are back!!

CPD For this Episode: https://quiz.ensombl.com/CHAL-26100804-20560001

Thanks again to the team at CPD Check for letting us publish our episodes using their AI-CPD certifying engine. Check out Clayton's episode on the pod for more info.

Putting aside their avowed determination to stop talking about AI, this week Jordan and Nathan explore the growing role AI is playing in adviser businesses. The rapid escalation of AI's position in advice reminds them both of the way hiring Virtual Assistants (VAs) took off in the mid 2010s.

They're particularly interested in the overlap between the different options advisers face to grow their business.

But before we can even discuss that - it's key to define just what problems you're trying to solve.

Throw in some ranting, existential dread and Jordan's admission about what he's doing on public footpaths, and it makes for a pretty standard episode of CTS...

Nathan:

[email protected]

www.nathanfradley.com.au

Jordan:

[email protected]

www.planningsolo.com.au

LinkedIn:

Challenge the Standard in Financial Advice (Podcast): Overview | LinkedIn

The information contained in this podcast is general in nature and does not take into account your personal situation. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from a financial adviser.

Jordan and Nathan are both authorised representatives of PlanningSolo Licensing, AFS Licence 526143.

"Sorry, our PI insurer says you can't do that - we're not covered."

"Our PI says we need to have this 27-step process in place before you can recommend an industry super fund."

"That's what's so good about wholesale advice - PI doesn't care, it's not covered!"

Nathan and Jordan have long suspected the PI insurers have been used as a convenient boogeyman for lazy, or perhaps dodgy, licensees to threaten advisers with.

The kind of ogre that only the licensee can speak with, because advisers couldn't possibly understand the intricacies of professional indemnity insurance.

Which is why they asked Richard Silberman of Numerisk Insurance Brokers to come on to the show, and unpack some of the realities of the insurance we all have to have - but might not always be clear on. Richard's helps us understand:

• Why underwriting is such a critical skill within insurers
• The issues with insuring to the lowest common denominator
• The power of the human emotion to 'get' the big premiums onboard
• The depth great brokers go to when assessing the multiple, cascading clauses built into a policy (get ready for nightmares here, licensees)
• The single question you should ask your broker to work out if they understand this weird and wonderful profession we're in.

It's a fun, deep discussion - Nathan and Jordan enjoyed it and reckon you will too.

Richard's Details:

[email protected]

Website

You can now get CPD points for listening to two knuckleheads (and guests!) wax lyrical about financial advice for an hour at a time.

CPD For this Episode: https://quiz.cpdcheck.com/CHAL-26100804-40440001

Thanks again to the team at CPD Check for letting us publish our episodes using their AI-CPD certifying engine. Check out Clayton's episode on the pod for more info.

Nathan:

[email protected]

www.nathanfradley.com.au

Jordan:

[email protected]

www.planningsolo.com.au

LinkedIn:

Challenge the Standard in Financial Advice (Podcast): Overview | LinkedIn

You can now get CPD points for listening to two knuckleheads (and guests!) wax lyrical about financial advice for an hour at a time.

CPD For this Episode: S9E1 CTS Professional Indemnity Quiz - CPDcheck

Thanks again to the team at CPD Check for letting us publish our episodes using their AI-CPD certifying engine. Check out Clayton's episode on the pod for more info.

The information contained in this podcast is general in nature and does not take into account your personal situation. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from a financial adviser.

Jordan and Nathan are both authorised representatives of PlanningSolo Licensing, AFS Licence 526143.

This week, regular listeners may ask themselves, much like the hosts, 'haven't they done this episode before?'.

Turns out that, no, not really - but it does cover a lot of the same territory these chatty terriers have covered before:

• The importance of branding and niching
• How vital it is to have support, processs, and spend time on marketing
• Intentionality in your business
• The pros and (many, many) cons of working with friends and family
• Why activity is important
• As is being on top of your costs and being frugal
• And, finally, why paying yourself first is the most critical of all business truisms.

Because, this week, Nathan and Jordan discuss the harrowing, terrifying, wonderful, rewarding, soul-destroying and defining path of going out on your own.

You can now get CPD points for listening to two knuckleheads (and guests!) wax lyrical about financial advice for an hour at a time.

CPD For this Episode: https://quiz.cpdcheck.com/CHAL-26101600-43410001

Thanks again to the team at CPD Check for letting us publish our episodes using their AI-CPD certifying engine. Check out Clayton's episode on the pod for more info.

Nathan:

[email protected]

www.nathanfradley.com.au

Jordan:

[email protected]

www.planningsolo.com.au

LinkedIn:

Challenge the Standard in Financial Advice (Podcast): Overview | LinkedIn

The information contained in this podcast is general in nature and does not take into account your personal situation. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from a financial adviser.

Jordan and Nathan are both authorised representatives of PlanningSolo Licensing, AFS Licence 526143.

Didnt we do this already? Few emails lately asking for this

brings together several common aspects of this pod

branding, niching, support, process, time spent on marketing, intentionality, working with friends and family, activity is important, costs and being frugal, licensing costs, your salary and superannuation

You've done it - you're at a point where you have enough enquiries coming in each week to fill your books. Plenty of meetings, plenty of engagements, plenty of clients.

But, sorry, what's that? Now you don't have plenty of time? Now there isn't enough hours in the week to do all the work you've promised all these wonderful clients?

What's the solution?

Well, this week, we discuss one possible solution - filtering and screening the enquiries that cross your desk.

We cover:

• When should you start filtering and screening the people you can help?
• How can you do it?
• What role can your fees play in ensuring the people that you work with meet your personal and business objectives?
• The shift in power as advisers move towards being price makers, instead of takers.
• Why working in a niche makes everything easier (once you commit to it).

And, to close, the mighty power of gold sluices.

Sluushes.

Slooches.

Sloosheshhs.

Anyway, the power of sluices. Definitely not sieves.

You can now get CPD points for listening to two knuckleheads (and guests!) wax lyrical about financial advice for an hour at a time.

CPD For this Episode: https://quiz.cpdcheck.com/CHAL-26101600-34520001

Thanks again to the team at CPD Check for letting us publish our episodes using their AI-CPD certifying engine. Check out Clayton's episode on the pod for more info.

Nathan:

[email protected]

www.nathanfradley.com.au

Jordan:

[email protected]

www.planningsolo.com.au

LinkedIn:

Challenge the Standard in Financial Advice (Podcast): Overview | LinkedIn

The information contained in this podcast is general in nature and does not take into account your personal situation. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from a financial adviser.

Jordan and Nathan are both authorised representatives of PlanningSolo Licensing, AFS Licence 526143.

Phil Anderson, General Manager Policy, Advocacy & Standards, has announced his retirement. So, naturally, we thought we'd drag him onto the podcast again to run through:

• The FAAA's response to Dr Mulino's policy release the other day
• The greatest hits of his many years at the helm of the profession's response to policy and regulatory changes
• The importance of all members getting involved in responding to those matters that concern us
• How the next generation of advocates can plan to apply for Phil's role when the time is right

And, to close, Nathan has composed a very lovely, very fitting farewell to Phil that goes some way to expressing our gratitude for him fighting the good fight.

You can now get CPD points for listening to two knuckleheads (and guests!) wax lyrical about financial advice for an hour at a time.

CPD For this Episode: https://quiz.cpdcheck.com/CHAL-26101600-20150001

Thanks again to the team at CPD Check for letting us publish our episodes using their AI-CPD certifying engine. Check out Clayton's episode on the pod for more info.

Nathan:

[email protected]

www.nathanfradley.com.au

Jordan:

[email protected]

www.planningsolo.com.au

LinkedIn:

Challenge the Standard in Financial Advice (Podcast): Overview | LinkedIn

The information contained in this podcast is general in nature and does not take into account your personal situation. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from a financial adviser.

Jordan and Nathan are both authorised representatives of PlanningSolo Licensing, AFS Licence 526143.

You can now get CPD points for listening to two knuckleheads (and guests!) wax lyrical about financial advice for an hour at a time.

CPD For this Episode:

Thanks again to the team at CPD Check for letting us publish our episodes using their AI-CPD certifying engine. Check out Clayton's episode on the pod for more info.

Nathan:

[email protected]

www.nathanfradley.com.au

Jordan:

[email protected]

www.planningsolo.com.au

LinkedIn:

Challenge the Standard in Financial Advice (Podcast): Overview | LinkedIn

The information contained in this podcast is general in nature and does not take into account your personal situation. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from a financial adviser.

Jordan and Nathan are both authorised representatives of PlanningSolo Licensing, AFS Licence 526143.

Fair to say the Professional Year experience has involved a lot of pioneering spirit from all involved. And it's now been around long enough that we're seeing people roll out from the 18m-long-year into being fully fledged financial advisers.

And Jordan and Nathan were curious about how that looks for the now-advisers brave enough to weather the experimental process.

Which is why this conversation with Hannah Elliott was so much fun. We were able to cover:

• The challenges that come with learning the process as it's being built
• Navigating changing licensees midway through the PY
• The honesty behind becoming known as the adviser who failed the exam
• How Hannah's approach to social media embodies her approach to advice

On top of this, they find time for Hannah to allocate karaoke songs to both Nathan and Jordan, and explore the at-times difficult realities of being a woman in the financial advice world.

Plan Your Pennies (Hannah's Podcast): Spotify | Youtube

Hannah's Socials: Instagram | LinkedIn

You can now get CPD points for listening to two knuckleheads (and guests!) wax lyrical about financial advice for an hour at a time.

CPD For this Episode: https://quiz.cpdcheck.com/CHAL-26101512-20140001

Thanks again to the team at CPD Check for letting us publish our episodes using their AI-CPD certifying engine. Check out Clayton's episode on the pod for more info.

Nathan:

[email protected]

www.nathanfradley.com.au

Jordan:

[email protected]

www.planningsolo.com.au

LinkedIn:

Challenge the Standard in Financial Advice (Podcast): Overview | LinkedIn

The information contained in this podcast is general in nature and does not take into account your personal situation. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from a financial adviser.

Jordan and Nathan are both authorised representatives of PlanningSolo Licensing, AFS Licence 526143.

Like most of our listeners, we at Challenge the Standard believe that the regulatory landscape for financial advisers has been too stable, for too long. Just the same rules, nothing changing, for years and years and years.

Which is why we were so overjoyed at the prospect of there finally being some reform in the works, some evolution in the rules around financial advice for us and our clients.

No more complacency for us financial advisers, comfortable practicing in the same rules and methods since time immemorial.

Nathan and Jordan enjoyed working through the fact sheet supporting the Hon Dr Daniel Mulino, Assistant Treasurer's speech to the National Press Club on the 19th August (that's right - TWO DAYS AGO!).

There's lots of ground covered (it's a long ep) and just so much cursing. So be warned, responsible adults who listen to this with their kids in the car.

And one of your hosts decides to tee off on all sorts of people, for very little discernible reason.

Enjoy!

(There's also more harmonica than you'd expect).

You can now get CPD points for listening to two knuckleheads (and guests!) wax lyrical about financial advice for an hour at a time.

CPD for this episode: https://quiz.cpdcheck.com/CHAL-26101512-08510001

Thanks again to the team at CPD Check for letting us publish our episodes using their AI-CPD certifying engine. Check out Clayton's episode on the pod for more info.

Protecting Consumers and the Promise of Superannuation in an Evolving Financial Ecosystem

National Press Club address and Q&A, Canberra | Treasury Ministers

Options paper – Compensation Scheme of Last Resort (CSLR): Reform options to support ongoing sustainability

You can now get CPD points for listening to two knuckleheads (and guests!) wax lyrical about financial advice for an hour at a time.

CPD For this Episode: https://quiz.ensombl.com/

Thanks again to the team at CPD Check for letting us publish our episodes using their AI-CPD certifying engine. Check out Clayton's episode on the pod for more info.

Nathan:

[email protected]

www.nathanfradley.com.au

Jordan:

[email protected]

www.planningsolo.com.au

LinkedIn:

Challenge the Standard in Financial Advice (Podcast): Overview | LinkedIn

The information contained in this podcast is general in nature and does not take into account your personal situation. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from a financial adviser.

Jordan and Nathan are both authorised representatives of PlanningSolo Licensing, AFS Licence 526143.