Challenge the Standard in Financial Advice

As part of preparing for this PY series, Nathan and Jordan put together a survey and asked people to provide some feedback on their experience of the PY. 

Employees. Business owners. Partners. Associates. Anybody with an opinion on the subject. 

In an outcome both surprising and gratifying for Nathan and Jordan, people actually responded!

And their answers are thoughtful, useful, insightful and, frankly, wonderful. 

In this week's episode, Jordan and Nathan discuss the responses and identify some of the common themes people are finding through the experience. 

They also spend a lot of time marvelling at the importance of the relationship between the adviser and their employer - and the level of trust and commitment required from all involved. 

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, Jordan and Nathan speak with Danielle Waugh - Advice Education Manager from TAL's Risk Academy - about:

• TAL's commitment and contribution to the PY process
• Insights she's found from working with multiple practices, across multiple licensees
• Why some of the terminology can be a little bit misleading

This is a really interesting discussion because Danielle does a great job in providing a macro, functional view of the on-the-ground reality of the PY across the profession. 

Additional Information:

TAL's PY Manager and Support 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. 

This episode of our Professional Year 'mini-series' is all about that pathway from university to the world of advice - and where the PY piece fits into that entire puzzle. 

Nathan and Jordan are joined by Alisdair Barr of Striver, a key player in the recruitment, training and retention of new talent in advice. 

Alisdair takes us through:

• Their ambitious goal of helping find the next 5,000 advisers over the next 10 years
• The absolutely critical role academics play in showing students the joy, satisfaction and meaning that can come from a career in financial advice (and how they help shepherd them out of those other, less appealing roles!).
• The huge gap we have in our demographic profile - not just from a lack of people coming into the profession, but also after the multitude of departures.
• The possibilities that can come by opening up our perspective on who can contribute roles into the entire advisory, employment ecosystem.
• And, in news totally gobsmacking for Jordan and Nathan, just how old the youngest PY participant was. 

It's a fascinating contribution to our PY series and should you have any questions for Alisdair at all, you can reach him via:

Striver's website

LinkedIn

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. 

In this week's episode, Jordan and Nathan are continuing their exploration of the Professional Year.

They're joined by Phil Thompson from Skye Wealth this week, who with his characteristic openness and generosity, shares the structure they've built to help people grow through the PY. 

Phil explains:

• The structure they've built to bring on, develop and grow people through the process.
• Why they don't rush into putting someone into the PY.
• Why the legacy impact of what he's doing doesn't really concern him.
• How the investment they've made in growth and leadership across the business has driven their structured approach to the PY. 
• How Skye's recently announced BHAG is feeding their commitment to growth.
• Why Jordan's wrong about the shortage of ethical dilemmas in advice. 

Keep listening to the end to hear Jordan's new favourite risk-profile based insult - and how his big mouth has made getting sponsorship for their upcoming in-person event an absolute no-go. 

If you'd like to find out more about how Phil and the team at Skye are growing their team, you can reach out to them here:

Their website

Phil's LinkedIn

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. 

So, what's the deal with this professional year thing? How's it work, why do we have it, what's wrong with it - what's right with it?

In this week's quick episode, Jordan and Nathan introduce the framework for their upcoming series on the Professional Year (PY). 

Specifically, why they're doing this. Why bother dedicating multiple episodes to something that - at this stage at least - has no bearing on their own businesses?

The simple answer is - to address some of the pockets of ambiguity still undermining the entire process. So we're introducing what we're doing, why we're doing and how we're planning on doing it. 

Plus, extra quasi-conflict towards the end of the episode while Nathan and Jordan race down yet another rabbit hole. Hint - how many times can they say dilemma?

(Oh, and also keep an ear out for the inclusion of the excellent word 'skedaddle' in this episode too).

Our Previous PY Episode (S2E5):

Spotify

Apple

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. 

Financial advisers were up in arms a few months ago, at the introduction of a new 'lite' version of financial adviser being introduced to the market.

These 'Qualified Advisers' wouldn't have the obligations of fully fledged advisers, and clients would be vulnerable to the same harms we've all spent years trying to eliminate. 

Yet - there's already another tier of 'adviser' in the market who have it relatively easy, compared to the onerous burdens on us Relevant Providers. 

Which is why in this week's episode, Nathan and Jordan explore, dance around and prod the controversial topic of Wholesale Financial Advice. 

What it is. 

How it can work well.

When it makes total sense.

Why it's such a big risk to the uninformed consumer. 

And the vast gulf between the dictionary definition of 'sophisticated' and the Corps Act version. 

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's episode sees Vanessa Bennett, from Next Evolution Performance join Jordan and Nathan which, given how often her work has been referenced on this podcast, is timely!

In this episode, Vanessa discusses:

• The corrosive impact ambiguity can have in the workplace.
• How an awareness of neuroscience can empower leaders to build the best environment for their team.
• Why multi-tasking is a myth - and gives a name to something we're all guilty of (Constant Partial Attention...yikes!)
• Why recognising the fundamental nature of humanity - and working with it, instead of against it - makes for a better life
• The potential risks of psycho-social harms in the workplace.

While Vanessa and her firm, Next Evolution Performance, are known for their work with financial advisers, this episode has so much information that would be universally beneficial that anybody should have a listen. 

Share freely!

Find out more about Next Evolution Performance's services here: NEP team Vanessa Bennett - Next Evolution Performance.

You can connect with Vanessa on LinkedIn.

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. 

Working out how much life, TPD, trauma and income protection insurance someone needs used to be a key part of a financial adviser's training. But with the decline of insurance, Nathan and Jordan thought it might be worth revisiting this crucial, but often controversial topic.

They discuss:

• how they each come up with their insurance coverage recommendations
• how falling in love with an overly complicated calculator can lead to all sorts of headaches
• the fundamental nobility that exists in persuading people to hold an appropriate level of insurance

And the key point they explore is just we can - as a profession, and as practitioners - efficiently translate this information from our 'model' or calculator, into our advice documents. 

It doesn't feel like it's been cracked quite yet, but we'd love to hear your thoughts correcting our naive ignorance!

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. 

There are two incredibly significant days in the life of any business owner - the day they buy it, and the day they sell it. 

Which is why Nathan and Jordan have invited Steve Prendeville of Forte Asset Solutions on to the pod this week.

Steve's been a key part of the M & A landscape for financial advisers for long enough to give clear insights on:

• the multiples in the market - how much, and what they're based on
• the CRITICAL importance of cultural fit between buyer and seller
• who's driving activity across the market - on the buy and the sell side
• why some of the anecdotes and rumours about activity haven't really held true

This is a topic of deep interest for Jordan and Nathan, as evidenced by how much attention they paid throughout!

We'd love to hear your thoughts, so please reach out with any complaints, comments and/or criticisms:

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. 

SMSFs - we've got a few thoughts on them. 

And, well, you should know before listening that those thoughts are really far from positive. 

In this week's episode, Jordan and Nathan do what they can to annoy those advisers out there using SMSFs responsibly. They don't do it deliberately - they're here to call out the rogues, the one-size-fits-all, conflict-heavy, bias brigade. 

But it gets...well, it gets a bit heated...so they also expect this one to generate a bit of a reaction. 

(And they look forward to it!). 

You can reach Jordan via [email protected] and Nathan via [email protected].