The ifa Show

On a new episode of the ifa Show, host Neil Griffiths is joined by Shane Bell, cyber partner at specialist advisory and restructuring firm, McGrathNicol. Shane joined the podcast to discuss the recent landmark ruling, in which the Federal Court found that local firm RI Advice breached its licence obligations by failing to have adequate risk management systems to manage its cyber security risks, and what it means for advisers and practices moving forward. Shane suggested that cyber security be one of the top priorities for firms. "I completely acknowledge and appreciate that there is a huge amount of competing risk issues at the most senior levels of organisations, where it's hard to distil all that down and give everything a voice. But cyber security absolutely has to be there," he said. "If I'm a financial adviser, I'm doing things using technology every single day in my interactions with clients, in my upwards reporting. "So technology is embedded in everything that we're doing. And for that reason, cyber security has to be in some of the top risks that you're considering."

This week's episode of the ifa Show podcast sees host Maja Garaca Djurdjevic joined by Steven Bennett, Direct CEO at Charter Hall. Mr Bennett joined Maja to talk about the importance of a well-diversified portfolio and the benefits of including commercial property. "Property brings something to a lot of portfolios that's really beneficial," said Mr Bennett. "It's less volatile. "Unlisted property doesn't move other than independent valuations, as well as other out-of-cycle rental growth and so on. So, from that point of view, it does provide that lower volatility and it's not highly correlated to those other asset classes like your Aussie equities, global equities," Mr Bennett added. Also on this podcast, Mr Bennett delves into building a property investment portfolio from start to finish and explains why he still believes the office will remain the dominant place to work.

On a new episode of the ifa Show, host Neil Griffiths is joined by executive director of the Association of Independently Owned Financial Professionals (AIOFP), Peter Johnston. Peter joined the podcast to talk about the federal election aftermath, what the change of government will mean for the advice industry, and what the priorities are. "Well, the first thing that needs to be fixed is this cliff facing about up to 3,000 risk advisers," he said. "And these people, if they don't pass it by 1 September, they're actually kicked out of the industry, which would be a tragedy. "The second thing we need is to get this compliance regime fixed. Minimum 50 per cent of these need to be wiped out." On this episode, Neil and Peter also discuss shadow financial services minister Stephen Jones' previous comments about immediate action on changes to education standards and what the industry can do to work alongside government to enact positive change.

This week's episode of the ifa Show podcast sees host Neil Griffiths joined Scott Miller, CEO and co-founder of financial advice disruptor, Asendium. On this episode, Scott discusses why the advice industry is on the precipice of even more change after the impacts of the COVID-19 pandemic and with a predicted exodus of advisers by 2026. "But there's also going to be a great opportunity," Scott said. "Now, what I mean by that is, planners will be able to access and service more clients as a result of the shrinking industry… one of the reasons I see planners changing as well, and the industry on change, is technology has become the forefront of everything right now." On this episode, Neil and Scott also talk about why it's becoming more cost-effective to be an independent financial adviser, what licensees can be doing to support advisers though this change, and analyse the state of Australia's technology ecosystem in 2022.

Integrated Portfolio Solutions COO Nigel Singh joined host Neil Griffiths on a new episode of the ifa Show. On this episode, Neil and Nigel discussed the technology trends that could drive the industry forward over the next five to 10 years, including the rise of crypto-assets. "There's going to be some advisers that feel comfortable giving advice about it. There's going to be some advisers that don't want to touch it with a 10-foot pole. "So this is going to be a huge thematic, obviously over the next five to 10 years, that I think we need to be conscious of, but it's not just crypto. I think it's just alternative assets." Also on this episode, Neil and Nigel look at the opportunities for financial advisers with these rising trends and what regulators' involvement in the space.

On a new episode of the ifa Show, host Neil Griffiths is joined by co-founder of financial planning software company, Plutosoft, Vincent Holland. Vincent joined the podcast to discuss the importance of running an efficient and profitable financial planning business and how businesses are tracking in 2022. "Look, rightly or wrongly that the compliance framework is what it is, others will judge whether that's a good or bad thing. We can only deal with what's in front of us. And it is a very compliance-driven industry," he said. "So that really underscores why you need to be efficient, because that red tape puts so much more time in the process. So you need to be able to automate those parts of the process which don't add value. And really the goal is to free up the adviser's time so that you're spending your time on the things where you can add the most value for the client." On this episode, Neil and Vincent also look at what financial planning businesses are doing right, what needs to be improved, and what Vincent's thoughts are heading into the Quality of Advice Review in December.

On a new episode of the ifa Show, host Neil Griffiths is joined by DASH CEO, Andrew Whelan.

The head of the advice software and platform solutions provider joined the podcast to discuss the company's recent rebrand from WealthO2, its recent merger with Roar Software and what that means for its role in the advice industry.

"I don't think there is a world out there and a version of this world where the advisers start to view the platform as being commoditised," Andrew said.

"And I think the fact that also you have now 2.0 platforms per practice on average… which suggests as a technology solution, if you've got between three and six of anything in your practice, are they actually providing a solution or are they just a straight vendor? Or is that a product that you've got and you use from time to time?

"So we really sort of challenged ourselves from a strategic point of view - what do advisers need in our platform to add to that line-up that they've already got? What are the problems they're facing? Is there a need for another platform on its own?"

Also on this episode, Neil and Andrew discussed the need for the tech and platform industry to step up for advisers, regulation in the space, and expectations over the next few years.

This week's ifa Show podcast is joined by special guest and head of advice sales at Midwinter, Stacey Cowan. Stacey sat down with show host, Neil Griffiths, to discuss the large amount of movement and change in the advice industry in recent years, particularly following the Royal Commission and throughout the COVID-19 pandemic. Rather than looking at it through the lens of the global great resignation movement, Stacey prefers to call it "the great advice reset". "I think this idea of the advice reset is more that when we're talking to advice businesses, a lot of them are really interested in evolving with this change," she said. "It's actually more about how do we embrace the change and adapt with it? And I think the idea of the reset rather than the resignation is really coming through when you see all these great updates and exciting changes that people are starting to explore and implement." Also on this episode, Stacey and Neil look at what adviser expectations are in 2022, how concepts like digital adoption can help practices and what the biggest trends are in the industry right now.

On this week's ifa Show, host Neil Griffiths is joined by MetLife Australia's head of customer strategy and propositions, Matt Lippiatt.

On this episode, Matt and Neil discussed how Australian financial advisers can use health services to grow their businesses and how that has changed in recent years.

"I know of some businesses out there… who have been on this journey for a number of years. And for them, health and wellbeing, tied to a goals-based advice process, this is their bread and butter," Matt said.

"For others, the value proposition that they've had has been quite focused and it's been fit for purpose. So not knocking it, but it's been quite focused on 'how do you add value through superior investment performance, structuring tax efficiency', all the bread and butter things that we would associate with what a financial planner does.

"But I guess there's an opportunity there, and really it's about advisers working out what's right for them."

Neil and Matt also looked at how the insurance industry has shifted throughout the COVID-19 pandemic, as well as the adviser-client relationship, and shared expectations and predictions for the sector over the next 12 months.

On a new episode of the ifa Show podcast, host Neil Griffiths is joined by FinClear CEO David Ferrall and general manager, Dean Jagger. On this episode, David and Dean react to the announcement of the clearing, settlement and wealth management technology and service provider's new digital facility, FCX, and the future of investing and what that looks like for financial advisers. In particular, the role of regulation in regards to technology and growing features such as crypto-assets, will play a big part. "The problem with this unregulated world is that it's unregulated and the regulators don't have any transparency. They can't see into it. It's all decentralised peer to peer," David explained. "Financial markets have always operated up till now on central trusted counterparts that the regulator oversees and can always look into and chase you down if need be… with this centralised capability, that capability is just not there. "The regulators are struggling with how to regulate that world, how to look at that world, how to make it more transparent. "Really what we are doing here is saying we actually don't know how that resolves itself, and it might take some time, but what we are doing is bridging the old world into the new world."