Goals Based Advice Podcast

We all have a specific goal in mind we aim to achieve. It is the whole point of why we do what we do. And that is why we have business planning processes to help us prepare and work towards accomplishing our goals. Now, the question is: Is your planning process effectively steering you in the right direction?

We're back with the legendary business coach and Human to Human founder, Michael Back. He's here to talk about the process Google uses to set goals. He tackles how financial advisers can apply the same goal-setting process to help small businesses grow. We also discuss what Michael sees as a must-do for financial advisers in 2020 and beyond to produce tangible statistics on the advice provided.

If you or any of your colleagues want to make your business planning process world-class, then you should not miss this episode. Sit back and tune in to the show!

Michael Back is the legendary business coach and self-proclaimed Customer Experience Enthusiast. Michael is the founder of Human to Human, where he helps financial advisers to set goals, track progress and facilitate implementation towards success. He has worked in the financial industry for over 12 years coaching over 75 financial advice businesses.

• It's impossible to make better decisions without an endpoint.
• The first step is to realise the goal and what's important to the business.
• All team members should have a connection to the goal you're trying to achieve.
• Have better conversations by asking better questions from the outset.

• The right mindset: Be brave, take risks, and leave your comfort zone.
• Businesses struggle when they stay stagnant and keep doing things the same way.
• "You can't solve a problem with the same thinking that created it."

• Google, Intel, Spotify, LinkedIn, and Airbnb, among others, use this to align their team to a bigger version of success they're looking to achieve.
• The concept: Collaborative business planning within four to six hours, based on a series of 90-day plans.
• In 90 days, you get to know what problems you need to solve and what metrics you need to change and implement the solution in the next 90 days.
• It gets the whole team involved in deciding the business focus.
• It is an excellent bridge to give people accountability for projects they're not sure would work. Consequently, it allows teams to make better plans and action steps through the acquired data.

• Decide on the direction and envision the bigger picture version of what you want success to look like.

• There's no point to having objectives if you can't measure them.
• Key results are the specific numbers that are 100% measurable and verified. This data keeps you updated on whether you're on track towards your goals.
• Its role is to reduce the average implementation time.

• You want the OKRs in a format that's good to go. Brainstorm with your team about the actions they need to take to achieve your goal.
• Get them to come up with ideas for shifting the key result numbers.
• Know which ideas you're going to filter in and out over the next 90 days.
• Do not overestimate what you can achieve in a small amount of time. Be aware of what is realistic. Determine the items you need to take off your list.
• Environment and immersive experience are vital in igniting creative space.

• Get tangible statistics through measuring quantitative data of your client's feelings before and after the first meeting.
• Through this, you can articulate your value to your clients, and you get to gauge how they're feeling.
• This can be done through online survey tools or forms.

• Linchpin by Seth Godin
• Mastering The Rockefeller Habits by Verne Harnish
• The Beginner's Guide to OKR by Felipe Castro
• The Third Space by Dr Adam Fraser

Check out the Human to Human website. You can also connect with Michael on LinkedIn.

Listen to more conversations with pioneers of the new world of financial advice on the Goals-Based Advice Podcast. You can also listen to the show on Apple Podcasts and Spotify. Follow our Facebook page for updates. 

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!

The Statement of Advice or SOA is a document that outlines recommendations of a financial planner or adviser to a client. Consumers need to understand the processes involved in their finances to make informed decisions. Thus, financial service providers should aim to make this part of the advice process more efficient.

In today's episode, we talk about the future of SOA’s with CoreData Group's CEO Jason Andriessen and Financial Planning Association of Australia's Head of Policy and Standards Ben Marshan. 

Together we discuss the digitalisation of the Statement of Advice (SOA) and the mindset shifts needed to understand the concept. We cover all aspects of this process and how it will evolve in 2020 and beyond.

If you want to keep up with all these changes coming, then this episode is definitely for you. Tune in to this episode now!

Jason Andriessen is the Managing Director of CoreData Group. His experience in the finance industry spans over 20 years, including advising, marketing, and product management. Through CoreData, a market research and data analytics consulting company, he helps clients turn evidence-based insights into strategies for business growth.

Ben Marshan is the Head of Policy and Standards of the Financial Planning Association of Australia. The association, in collaboration with all key stakeholders, strives to advance the financial planning industry to the benefit of Australians. Ben is passionate about turning the complex into something simple and efficient.

• It focuses on how to help members create advice processes that are more efficient, more engaging, and cheaper.
• For FPA’s report last year, Ben wanted a solution for his frustration regarding the dated practice of using hundreds of pages of SOA to give to clients.
• Ben's challenge is to deliver advice better and engage consumers through technology without using paper.

• The pushback they've been receiving from members is concerned with licensing around producing advice digitally.
• The regulator says it's alright to use pictures, audio, video, and infographics to produce advice digitally.
• They gathered lawyers, compliance experts, members, fin-tech experts, representatives of consumers, and researchers that concluded nothing is stopping the digital production of advice.

• The purpose of the SOA is for financial service providers to communicate important information so that consumers or clients can make informed decisions.
• It should be focused on the problem the client is seeking to solve.

• There are two camps in the focus group: Some who read the SOA and some who wouldn't read it.
• The information asymmetry when it comes to advice has never been felt more acutely than it is right now.
• Through the SOA, financial advisors should be able to empower clients. However, can you do that if your clients are not involved in the advice process?
• The value a client sees is in conversations with their planner, the relationship, and the outcome—not in the SOA document.
• Financial planners taught consumers to expect the advice to be a document.

• We're not respecting the clients when we assume they don't want digital.
• You can get feedback loops and see all the proof points of understanding in the digital world.

• The status quo bias: where I am right now is safer than where I'm going to be.
• It requires a full organisational decision to innovate and do things differently.
• The code of ethics allows us to challenge assumptions from the compliance team.

• A small percentage of the population enjoys engaging with paper-based documents.
• Visual cues (images, infographics, videos) tend to be the number one learning predicate.
• It becomes a barrier to implementation and the right access if your clients don't understand the information.

• They tested it with eight typical Australians who had advice in the past, and they loved the digital SOA because it was less daunting and less overwhelming.
• What the consumers loved the most about it is the ability to comment and highlight particular sentences.

Check out the Interactive Guide to the Future of the SOA on the FPA of Australia's website.

Listen to more conversations with pioneers of the new world of financial advice on the Goals Based Advice Podcast. You can also listen to the podcast on Apple Podcasts and Spotify. Follow our Facebook page for updates. 

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!

Planning a goals based retirement well is essential to ensure that, after your clients work hard for most of their lives, they are able to achieve their post retirement goals. The role of a retirement coach is to provide clients with the most effective approach in retirement planning.

In today’s episode, Glenn Malkiewicz of Endorphin Wealth Management joins us to talk about a different approach to planning a fulfilling and prosperous retirement. We’ll discuss Glenn’s four cornerstone frameworks that he works through with each of his clients. By the end of this episode, you’ll learn how you can also apply the framework in your coaching so you can make the best goals based retirement plan.

Make sure to subscribe and tune in to this episode to get the golden nuggets on effective retirement planning.

Glenn Malkiewicz is a senior & trusted financial adviser and a retirement coach at Endorphin Wealth. Glenn prides himself on establishing financial plans that help his clients retire successfully by achieving their goals as well as living fulfilling, energising and satisfying lives. 

• Glenn has been advising for ten years and he has been in the industry for 13 years. 
• He has a Bachelor’s degree in business with a financial planning specialisation.
• As a client services officer, he learned the administration side of financial planning.
• He then learned about the strategic side of financial planning when he took on a paraplanning role.
• The client exposure and the client meetings with adviser colleagues honed him to become a financial adviser.

• To turn his career into something that he enjoys doing, he thought he has to know which clients he likes working with the most.
• He made a decision to focus on retiree clients who he can provide the most value to.

• Focus on the lifestyle aspects of retirement first before getting into financial or economic issues.
• A lot of people live a very well-funded but empty existence in retirement.
• The Australian version of retirement: A life of consumption in retirement is all you need. ‘However, it’s a life of contribution that satisfies retirees’, Glenn says.
• It’s all about finding the right balance between work and leisure in retirement.

• Retire to something, not from something.
• Explore the meaning of work in retirement.
• Solve the couple’s conundrum.
• The need to get a greater return on life, not just on investments.

• Leisure
• Connecting
• Renewing
• Engagement

• Well-being
• Progress
• Freedom

• Financial question: Do I feel well-compensated (financially or non-financially) for the value that I bring?
• Lifestyle question: Do I get great satisfaction and meaning from the work that I do?
• Return on the residence, leisure, health, relationships, purpose, financials

• Getting married
• Starting a family
• Travelling
• Buying a house
• Paying down debt
• Work and career change
• Health
• Retirement

• Move from the heart to the head.
• Understand the client’s motivations, physically and philosophically, as to why he/she is seeking advice.
• Discuss possible strategies.
• Provide a defined finish line that’s aligned to their unique circumstances.

• Your Clients For Life by Mitch Anthony
• Texas Tech Life Centered Financial Planning Online Course

You can reach Glenn via his LinkedIn profile or by sending him an email at [email protected]. Visit Endorphin Wealth Management’s website to know more about their services.

Listen to more conversations with pioneers of the new world of Financial Advice at Goals-Based Advice Podcast. You can also listen on Apple Podcasts and Spotify. 

Follow our Facebook page for updates. 

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 listening!

In this episode, we chat with US Adviser Luna Jaffe. Luna is not your normal financial planner, she combines her background in art and physiotherapy to uncover her client's emotional side of money.

You can hear our conversation with Luna (see links below) and while you’re at it, why not subscribe to hear our future conversations as soon as they’re released.

Connect with Luna:

linkedin.com/in/lunariafinancial

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

In this episode, we chat with award-winning, specialist risk adviser, Aaron Zelman and talk about how the new world of advice will effect risk advisers, and if they will be able to remain sustainable.

You can hear our conversation with Aaron (see links below) and while you’re at it, why not subscribe to hear our future conversations as soon as they’re released.

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

In this episode we chat with Rachel Lane and discuss what aged care really is, all the different options available to clients, and when we should kickstart these conversations with clients.

You can hear our conversation with Rachel (see links below) and while you’re at it, why not subscribe to hear our future conversations as soon as they’re released.

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

In this episode, we chat with Duncan McPhearson and discuss the need for both ongoing relationship advice and transactional advice, for different clients at different stages in their lives.
We also chat about how the FASEA Code of conduct affects their business, and ideas around "General Advice" and "Behavioural Finance"

You can hear our conversation with Duncan and while you’re at it, why not subscribe to hear our future conversations as soon as they’re released.

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

In our 100th episode of the goals-based advice podcast, we chat to Jacqui Henderson, founder & CEO of advice intelligence. She provides us with an extensive analysis on goals-based advice by going through each chapter of her GBA whitepaper. Jacqui gives us a theoretical and practical application of goals-based advice demonstrating how advice intelligence can shift advisers to a new world.

You can hear our conversation with Jacqui (see links below) and while you’re at it, why not subscribe to hear our future conversations as soon as they’re released.

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In this episode, we chat with Adele Martin about business marketing, how she combined her podcast with her Instagram stories to get more new clients than she can cope with.

You can hear our conversation with Adele (see links below) and while you’re at it, why not subscribe to hear our future conversations as soon as they’re released.

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Today we chat with Dante De Gori to celebrate the recent FPA Congress.  We also look ahead and identify the priorities for 2020.

You can hear our conversation with Dante (see links below) and while you’re at it, why not subscribe to hear our future conversations as soon as they’re released.

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