Goals Based Advice Podcast

When your clients strive to reach their goals, there are generally three pieces to the puzzle:

The head, the heart, and the hands;

The numbers, the motivations, and the actions;

As the adviser plays the part of the planner, the coach and the implementer.

In this episode number 158 of The Goals-based advice Podcast, we speak to Financial Planner turned Money Coach, Financial Educator & Keynote Speaker; Karen Eley, CEO of Women Talking Finance.

Karen chats about how clients have different money archetypes, from their past, that play a big part in how they feel about their money.

We cover how clients filter what you say, hearing something more related to their past, beliefs, and how they focus more on the things that are happening right now.

We also cover how she gets results for females, bridging the confidence gap, and financial relationship dynamics with couples.

So if you are open to seeing how financial coaching could work in your business or with your clients, then this episode number 158 of the Goals-based advice Podcast is a must.

To reach out to Karen Eley, please contact her via her LinkedIn profile or her website womentalkingfinance.com.au

For more conversations with the thinkers and movers in the world of financial advice, go to Goals-Based Advice Podcast. You can also access more episodes on Apple Podcasts and Spotify. For updates, follow our Facebook page. 

If you have more questions, don't forget to reach out to me on LinkedIn and to send an email at [email protected].

Thanks for tuning in!

We spend a lot of time talking about Goals-based Advice, what it is, and what it is not.

It is not product-based advice, it is not specialist advice, it is not transactional advice, it is not a collection of funds under management or investment-based advice.

But all these things exist and can work alongside goals-based advice.

In this episode number 157 of the Goals-based Advice Podcast, we speak to Phil Thompson, who has niched his business to specialise in risk insurance advice,and work alongside goals-based advisers to help them service their clients in what is now an unprofitable, and possible unsustainable piece of the advice process.

Phil took his holistic advice business and realised he had to double down on creating efficient systems and processes to sustain the growth long term, and to serve the clients he enjoys servicing, young families. 

It was interesting chatting about how the two areas can and should work together, to keep advice affordable to the average Australian.

So if you’re interested in understanding how you may partner with other advice businesses, then Phil’s story in this episode number 157 of the Goals-based Advice Podcast will give you plenty to think about.

To reach out to Phil Thompson, please contact him via his LinkedIn profile. 

For more conversations with the thinkers and movers in the world of financial advice, go to Goals-Based Advice Podcast. You can also access more episodes on Apple Podcasts and Spotify. For updates, follow our Facebook page. 

If you have more questions, don't forget to reach out to me on LinkedIn and to send an email at [email protected].

Thanks for tuning in!

How can you think a little differently when it comes to bringing new clients to your business in a Goals-based advice world?

How can you run workshops, where clients work on their financial goals, with the use of smart thehnology?

In this episode number 156 of the Goals-based Advice Podcast, I chat with Noni Crawford from Hello Wealth in Sydney.

Noni has worked in many areas of advice, for many institutions before settling her business up the way she wanted to provide advice, embracing smart technology and Goals-based advice.

Noni has also build networks of referrers through her volunteer work with local professional business groups, that fuels the business she runs today. 

And runs group workshops to help clients think about their financial goals before working with them.

If you are thinking about how you can implement a clever goals-based advice process in your business, embracing technology, then this episode number 156 of the Goals-based advice podcast is for you.

Resources:

To reach out to Noni Crowford, please contact her via his LinkedIn profile. Alternatively, contact Hello Wealth on 02 8319 1903

For more conversations with the thinkers and movers in the world of financial advice, go to Goals-based advice podcast. You can also access more episodes on Apple Podcasts and Spotify. For updates, follow our Facebook page. 

If you have more questions, don't forget to reach out to me on LinkedIn and to send an email at [email protected].  

Thanks for tuning in!

In challenging times for the advice industry, it is important that those with influence step up to the plate and encourage Australians to seek financial advice. Financial wellbeing empowerment is a growing topic of discussion in Australia, especially in the midst of a recession. The great news is, there are companies out there spreading this message. 

In this episode, we speak to David Harvie, the National Financial Wellbeing Manager at IOOF to find out what the team are working on to promote financial advice in Australia. We discuss the importance of language when addressing financial knowledge with clients, understanding client bias and tendencies, and get some fascinating insight into new industry statistics. 

This episode is all about looking at how we can start a conversation around promoting good financial advice for Australians, starting with the support of large corporations like IOOF.  We even talk about one of the lesser recognised ‘taxes in Australia - the lazy tax!

To reach out to Dave Harvie, please contact him via his LinkedIn profile. Alternatively, contact the team on 1800 325 171. 

• What does financial wellbeing mean?
• Why ‘financial literacy’ may not be the right term to use with clients
• Why the feeling of agency is so crucial to clients
• How to handle clients who ‘self prescribe’
• How prevalent is financial stress in Australia? 
• How to discuss cashflow in a way that is easy for clients to understand 
• Online tools that you can use in the advice process
• What is the ‘lazy tax’ and why you should talk to your clients about it
• The importance of being clear on your value proposition 
• Are financial wellbeing programs valued in workplaces?

David Harvie is the National Financial Wellbeing Manager at IOOF, with over 20 years of experience in the industry. David came from a country upbringing and has carried those community values throughout his career, working areas such as sales, distribution and providing advice to clients at Shadforth. David is known for his passion for making quality advice accessible to more Australians. 

For more conversations with the thinkers and movers in the world of financial advice, go to Goals-Based Advice Podcast. You can also access more episodes on Apple Podcasts and Spotify. For updates, follow our Facebook page. 

If you have more questions, don't forget to reach out to me on LinkedIn and to send an email at [email protected].

Thanks for tuning in!

Financial coaching is a small, but growing community in Australia. From what we understand, it involves a lot of behavioural coaching, discussing cashflow, and not a whole lot of real financial advice. With a growing interest, and a move towards developing strong client relationships, how can you go about incorporating coaching into your business?

In this episode, we speak to Catherine Morgan, a UK based qualified financial planner and coach to find out how she is helping advisers across the world to add coaching to their services.  We discuss ways to approach coaching, when the client needs it and what the client is looking for. Catherine also provides valuable information on where to learn more about the psychology of money, touching on financial therapy, money trauma, value systems and more.

This episode is all about looking at coaching with an open mind and considering how such an offering could fit into your business. Catherine provides valuable insight from her experience and studies, and even gives you a few tips on how to dig deeper in client conversions.

To reach out to Catherine Morgan, head to her website at https://themoneypanel.co.uk/ 

• How to incorporate coaching into your business
• When to introduce coaching into the advice process
• What are the key indicators that a client may need coaching
• How to use motivational interviewing to encourage goal completion
• Why the difference between advice and coaching is the least important point
• How Catherine aims to financially empower one million women
• What is financial therapy and money trauma?
• What resources you need to understand the psychology of money
• How to uncover your clients true, uninfluenced values
• The importance of removing jargon from the advice conversation

Catherine Morgan is a UK based qualified financial planner and coach, on a mission to change the financial services industry from one of complicated financial products to one that helps educate in simple language with no financial jargon. Starting in the industry at 18, Catherine was frustrated by the product centric approach prevalent in advice, and yearned to connect with clients on a deeper level. Today, Catherine is a powerhouse, on a million to financially empower over one million women worldwide through her coaching, podcast, masterminds, and training of the next wave of financial coaches. 

For more conversations with the thinkers and movers in the world of financial advice, go to Goals-Based Advice Podcast. You can also access more episodes on Apple Podcasts and Spotify. For updates, follow our Facebook page. 

If you have more questions, don't forget to reach out to me on LinkedIn and to send an email at [email protected].

Thanks for tuning in!

Many financial advisers have been working in this industry for many years, amassing a wealth of experience and knowledge that can only be attained with time. In that same vein, many advisers have experienced great success, and have reached a level in their career where growth of a client base is no longer the priority. So how can you start to give back?

In this episode, we speak to Jackie Kirkwood, a Hobart based Private Client Adviser at Shadforth, to find out how she is doing just this. We hear about Jackie’s experience working at a university in both lecturing and tutoring, we find out how she is tackling the professional year while mentoring an associate adviser, and we also gain access into the minds of potential young advisers coming into the industry. 

This episode is all about thinking about how we can give back, not only to our clients but to the community at large. In this episode we also discuss the goals based advice process that Jackie follows, touching on meeting frequency, cashflow and goals tracking. We even get an insight around what went into Jackie’s 2020 Women in Finance Financial Planner of the Year award.

To reach out to Jackie Kirkwood, please contact her via her LinkedIn profile or email her directly at [email protected]

• How to educate the next generation of advisers
• The soft skills that cant be taught in university
• How to introduce an associate adviser to the client meeting process
• How to tackle the professional year as a mentor
• How to incorporate digital fact finds into the meeting process
• How to draw goals out of clients they may not have realised were there
• How to track client goals on an ongoing basis
• When to incorporate cashflow into the advice process
• How to build a solid referral circle from scratch
• How to write an honest and reflective award submission 
• How to get referrals from your clients

Jackie Kirkwood is a Private Client Adviser at Shadforth, based in Hobart. Starting in the finance world as a teller in the late 80s, Jackie found herself moving from South Africa to Australia, landing a career in financial planning. Jackie’s hard work was recognized this year when she won the 2020 Women in Finance Financial Planner of the Year award. Today, Jodie cares for a group of valued clients, mentors, and also balances working at a university, teaching financial planning. 

For more conversations with the thinkers and movers in the world of financial advice, go to Goals-Based Advice Podcast. You can also access more episodes on Apple Podcasts and Spotify. For updates, follow our Facebook page. 

If you have more questions, don't forget to reach out to me on LinkedIn and to send an email at [email protected].  

Thanks for tuning in!

Applying goals based advice to your business without a framework to follow can prove difficult. Knowing where to start, and how to build your goals based advice values is incredibly important. Like many things in life, often the best way to learn is to take lessons from those who have mastered it themselves. 

In this episode, we speak to Dean Lombardo, who has recently written a book on just this. Dean is a financial advice business coach who is passionate about transforming traditional advice businesses to that of a future focused goals-based advice business. We discuss his new book, Benchmarking: A Blueprint for Success, and touch on topics such as coaching, cashflow, contingency plans, and measuring the value of your advice. 

This episode is all about setting in place actionable steps towards building an advice offering that directly benefits the clients, by understanding their needs on a deeper level. Dean gives us a plethora of useful information to consider when redesigning your advice model, and even provides some fascinating insights into what goes into publishing a book!

To reach out to Dean Lombardo, please contact him via his LinkedIn profile. To purchase a copy of Dean’s new book, Benchmarking: A Blueprint for Success, head to Amazon.

• How to combine coaching and advising
• How to encourage short term changes for long term benefit 
• What constitutes true piece of mind for a client?
• How to incorporate cashflow planning into your business
• How to use cashflow in a behavioural context without focusing on the minute detail
• How to build contingency plans with clients that are reviewed regularly 
• How to provide clients with an executive summary of the advice provided
• How to measure the value of your advice to clients 
• What different options are available for self-publishing?
• How to break down your message into chapters when writing a book
• How to define your message when writing a book

Dean Lombardo is an author and the owner and financial planning business coach at Effortless Engagement with 20+ years of experience in the industry. Dean works with advice businesses and institutions to help realise their purpose and build meaningful connections with their clients. Starting out as a paraplanner in Melbourne, Dean has a wealth of experience managing and leading financial planning businesses. He is known for his ability to visualise the long term goals of business planning while also focussing on the small, everyday value-adds that make for a strong adviser-client relationship.

For more conversations with the thinkers and movers in the world of financial advice, go to Goals-Based Advice Podcast. You can also access more episodes on Apple Podcasts and Spotify. For updates, follow our Facebook page. 

If you have more questions, don't forget to reach out to me on LinkedIn and to send an email at [email protected].

Thanks for tuning in!

With financial advisers under more pressure than ever, it is not unusual to have experienced some negative changes to your mental health over the last couple of years. It is easy to feel separated from the pack, and often it can be hard to gauge how others are feeling.

In this episode, we get Dr Adam Fraser back on the show to discuss a new study soon to be launched, investigating the mental health of financial advisers. The Adviser Voice Health and Wellbeing Study, conducted by Deakin University with the support of AIA, aims to get a detailed understanding of how advisers are coping in their roles, and in turn produce research that can be used to shape the future of the profession.

This episode is all about how you can and should be involved in this important research, while also emphasizing the importance of processing emotions in a productive manner, being open and honest with your colleagues, and working towards maintaining and building a supportive network of financial advisers.

To get involved with the Adviser Voice Health and Wellbeing Study, please contact your local AIA BDM, reach out to Fraser Jack at [email protected], or contact Dr. Aam Fraser via https://www.dradamfraser.com/. 

• What is the Adviser Voice Health and Wellbeing Study?
• What levels of involvement can you partake in?
• How many advisers are needed for the study?
• What will the research be used for?
• How to get involved in the study 
• How to accept negative thoughts and process them constructively

Dr Adam Fraser is a peak performance researcher who helps organisations and individuals push beyond their potential. Dr. Adam started out with a bachelor of biomedical science, then moving on to a PhD focusing on the impact of lifestyle on wellbeing and happiness. Adam now spends his time in research, presenting keynotes, and running intervention programs with professionals, focusing on issues such as professional burnout and mental health. In more recent times, Dr. Adam has been working alongside AIA conducting research into the mental health of financial advisers. 

For more conversations with the thinkers and movers in the world of financial advice, go to Goals-Based Advice Podcast. You can also access more episodes on Apple Podcasts and Spotify. For updates, follow our Facebook page. 

If you have more questions, don't forget to reach out to me on LinkedIn and to send an email at [email protected].

Thanks for tuning in!

Amongst the flurry of regulatory changes introduced by FASEA in the last couple of years, one major change has been pushed to the back of the minds of many: The professional year. With the number of registered advisers reducing rapidly, it is time we start getting serious about the pathways for new entrants, but where do we start? 

In this episode, we speak to Jemimah McMurray, Student Engagement Manager at the Financial Planning Association of Australia (FPA). Jemimah walks us through exactly what a professional year entails, what is involved for the practices supporting a new entrant, and where to find all the resources required to start. Jemimah also shares some of the great ways in which advisers are engaging with the next generation of advisers, and how you can help. 

This episode is all about demystifying the professional year and breaking it down into simple, easy to understand steps. Jemimah provides clarity in a time of great confusion and provides great tips and insights for financial planning businesses and new entrants alike!

To reach out to Jemimah McMurray, please contact her via [email protected]

• What is the professional year?
• What is involved in each of the PY quarters?
• What duties are required of practice, licensee and new entrant?
• What are acceptable job titles for new entrants?
• How long should a professional year go for?
• When can you start a professional year?
• Where to find resources including professional year logbook templates
• What does the professional year application look like for practices?
• Gender statistics of current financial planning students
• How advisers can attract the next generation through storytelling
• What are the motivators driving new entrants into the industry?

Jemimah McMurray is the Student Engagement Manager at the Financial Planning Association of Australia (FPA). Jemimah has become a subject matter expert on all things professional year, helping engaged students learn more about what a career in financial planning looks like, and how to get there in a new regulatory environment. Jemimah is passionate about supporting the next generation of advisers, and is consistently creating opportunities for industry progression through events, collaboration and innovation.

For more conversations with the thinkers and movers in the world of financial advice, go to Goals-Based Advice Podcast. You can also access more episodes on Apple Podcasts and Spotify. For updates, follow our Facebook page. 

If you have more questions, don't forget to reach out to me on LinkedIn and to send an email at [email protected].

Thanks for tuning in!

Amongst all the pressures advisers face in 2020, it is not unusual for many businesses to feel their work is losing meaning, they are undervalued, or their businesses are simply losing profitability. When the news outlets promote media that further this thought, we can find ourselves in a dangerous spiral of negativity and self-doubt. 

In this episode, we speak to Brian Foster, who hopes to change this mindset. Brian founded The Financial Caddie, a community that supports the development of forward-thinking financial planners so that they feel confident about the difference they make, are inspired and energised by their work and are able to build a sustainable business. The Financial Caddie brings together planners who share the goal of wanting to master the art of coaching conversations.

This episode is all about looking past the traditional challenges of advice and instead, looking for areas of innovation and improvement, becoming inspired to reach out to your community and create change. We tapped into Brian’s mind and even picked up some great resources to connect better with your clients!

To reach out to Brian Foster, please contact him via his LinkedIn profile, email ([email protected]) or via his website. To complete the future financial planner scorecard, click here. 

• How to master coaching conversations
• How to begin to articulate value to clients
• How to transition existing clients into a new service offering
• Managing relationships when selling or buying a book of clients
• What is involved in the ‘future financial planner scorecard’
• Why many advisers are having the wrong conversations with clients
• Why the public needs to be educated on the role of an adviser
• The 4 stages of the evolution of financial planning
• How to tailor your conversations to the client

Brian Foster is the creator of the Financial Caddie, a community designed to support the development of forward-thinking financial planners in their careers. Based in South Africa, Brain actually started his expansive career as an adviser in the UK in 1988. Brian believes that the public perception of advice can be changed with the right financial planners, the right mindset, and the right skills and the commitment to do what needs to be done.

For more conversations with the thinkers and movers in the world of financial advice, go to Goals-Based Advice Podcast. You can also access more episodes on Apple Podcasts and Spotify. For updates, follow our Facebook page. 

If you have more questions, don't forget to reach out to me on LinkedIn and to send an email at [email protected].

Thanks for tuning in!