The ifa Show

Just 15 per cent of Australians seek financial advice and consumer research shows that most clients do not see the value in advice delivered at the common price point of $3,000 – so, how can that be addressed? On a new episode of the ifa show, host Neil Griffiths is joined by financial adviser- turned money coach and chief executive and founder of Women Talking Finance, Karen Eley, to tackle the issue. As well as sharing a bit about her background and career transition, Karen gives her take on the issue of affordability and access to financial support and what both the sector and consumer can do in finding a solution. For more on affordable advice strategies, be sure to check out the ifa Future Forum taking place at the Four Seasons Sydney on 8 October. Click here to learn more about the ifa Future Forum and register your interest.

The need for financial advisers to embrace technology has only been accelerated on the back of the COVID pandemic and Sharesight is one online portfolio tracking tool many are turning to.

On this episode of the ifa show, host Neil Griffiths is joined by Chris Stojcevski from Sharesight's partnership team to discuss exactly what the tool does and why it's proving to be incredibly popular within the sector.

As well as sharing the progress of Sharesight since its inception to today, Chris details the structural trends of financial advisers moving away from platforms to reduce costs for their clients and how his experience at June's AI Summit drove that point home.

https://cutt.ly/sharesight

Advice affordability is a popular subject in industry conversations at the moment, with a raft of new compliance obligations coming in off the back of the royal commission and the cost of advice continuing to rise.

In this episode of the ifa Show, Asendium co-founder and chief executive Scott Miller joins host Sarah Kendell to unpack some of the issues surrounding advice affordability and how he believes they can be solved.

Scott reflects on his former career as an award-winning adviser and struggles he faced with keeping costs down and implementing the best technology in his business. He also discusses how long it's taking many advisers to produce an SOA currently and why better collaboration between licensees, advisers and technology providers is key to improving the productivity logjam currently facing practitioners.

In this episode of the ifa Show, multi-award-winning adviser Hugh Robertson joins host Sarah Kendell to discuss his practice's goals-based approach to advice and investment and the benefits of being part of a cooperative licensee model.

Hugh unpacks how the concept of goals-based advice has evolved over the years and what practices can do to effectively tie clients' values to their investment strategy, keeping them on track to achieve long-term goals that are important to them.

He also looks at the process of setting up a boutique adviser cooperative that can allow practices to be more in control of their own destiny from a licensing perspective, and gives his thoughts on how the advice industry will emerge from the current challenging period.

Accessibility of advice has become a key topic of discussion in the industry as the cost of advice rises and the adviser exodus exacerbates supply issues for "mum and dad" consumers.

In this episode of the ifa Show, Midwinter head of product Ivon Gower joins host Sarah Kendell to discuss how digital advice can help educate and engage lower balance clients to get started on their advice journey.

Ivon looks at the simple ways for advisers to get started on a digital advice strategy and how practices are using digital tools to make the advice process more seamless and engaging for clients. He also unpacks how large institutions are introducing super fund members to the advice process and the learnings that independent practices can take from this.

In this episode of the ifa Show, WealthO2 managing director Shannon Bernasconi and chief distribution officer Andrew Whelan join host Sarah Kendell to discuss the latest developments in the platform space as advisers grapple with the need to automate and reduce their cost of advice.

Shannon and Andrew touch on how adviser platforms are dealing with regulatory change such as the incoming fee consent rules, and whether advisers have lost trust in some of the incumbent players. They also look at why innovation in the advice technology space has historically been slow and how advisers can capture more margin in a fee-for-service world.

In this episode of the ifa Show, Praemium head of distribution Martin Morris joins host Sarah Kendell to discuss some of the latest research the group has conducted around adviser benchmarking, and how platform selection and managed account usage are adding to practice bottom lines.

Martin Morris, who is presenting at the Adviser Innovation Summit event series in June and July, uncovers some of the key statistics around how the use of managed accounts can impact adviser admin time, and how having a detailed strategic plan in place can optimise the way practices use the investment structures.

Martin also touches on the evolution of platforms from their beginnings as an all-in-one adviser business tool to a more competitive multiplatform marketplace, and discusses some of the key business benchmarks practices should be aiming for if they want to be performing at the top of their game.

Ahead of his presentation at the Adviser Innovation Summit next month, Implemented Portfolios general manager of partnerships and distribution Phil Pilgrim joins the ifa Show to discuss the evolution of managed accounts from their initial adoption to the bigger question of how they can be optimised in adviser practices. Phil discusses why some advisers may still be sitting on the fence about using managed accounts and the challenges of using traditional managed accounts with a more bespoke client base. He also unpacks how practices can strike a better balance between automation and an individualised approach to client portfolios, and provides tips around approaching the managed account conversation with clients.

In this episode of the ifa Show, BT head of financial literacy and advocacy Bryan Ashenden joins host Sarah Kendell for a deep dive into some of the specifics announced in this year's budget and how advisers can factor these into their planning with clients.

Bryan unpacks some of the new concessions for retiree clients, including the extension of downsizer provisions and two-year amnesty on legacy retirement products. He also details the benefits for women, part-time workers and younger investors, and what these changes mean for advisers with a federal election looming.

The transition to annual opt-in agreements is just around the corner and advice practices are having to reassess how they clearly articulate and deliver on client goals to make clear the value the client is getting from their fee each year.

In this episode of the ifa Show, host Sarah Kendell is joined by AstuteWheel managing director Hans Egger to discuss some of the concerns and challenges for advisers when transitioning their practice to focus on goals-based advice. Hans talks about what's on practitioners' minds as the annual opt-in start date approaches and how the best performing practices are clearly demonstrating value when it comes to the all-important annual review.

He also unpacks how advisers can look at new business models such as scaled advice delivery using technology and what software providers are most focused on in their drive to assist adviser efficiency as the industry evolves.