The ifa Show

In this episode of the ifa Show, Wealthwise senior financial planner Dawn Thomas, who was recently appointed chair of the AFA Inspire women's network, joins host Sarah Kendell to discuss her experience as a female leader in advice and how the industry can evolve to become more inclusive in the future.

Dawn discusses her plans for the network to give women a space to discuss their issues in the professional sphere and with clients, and how female staff and advisers in financial planning practices can often struggle to reach senior positions.

She also unpacks how advisers can better tailor their services to women clients, what policy issues need to be addressed to put women on a better financial footing and why women may be uniquely suited to a career in advice as the industry pivots to a more service-based value proposition.

Most advisers would not dispute that the industry is moving towards a service-based value proposition that is more about soft skills and client relationships than products and returns. But how do you measure client progress over time when it's not just about numbers on a page?

In this episode of the ifa Show, host Sarah Kendell is joined by HPH Solutions managing director Rob Pyne, whose practice took home the FPA Professional Practice of the Year Award in 2020. Rob discusses how his business is turning the intangible into tangible with unique reporting that measures the progress in clients' mental health and attitudes towards money over time, demonstrating how the adviser relationship is contributing towards their overall wellbeing.

Rob also touches on how his practice is facing into regulatory disruption in the sector and gives his predictions as to what the industry could look like in five years' time as the transition to professionalism evolves.

Recent industry research points to the fact it's almost impossible to profitably service clients for less than $3,000 in fees, but as the cost burden on advisers rises, there are some planners who have managed to retain a successful low-cost fee model for suburban mums and dads.

In this episode, Future Financial Services principal planner Alex McKenzie joins host Sarah Kendell to discuss how he balances compliance pressures and affordability issues for his client base in Western Sydney.

Alex unpacks how he keeps his average fees below the "magic number" of $3,000 through a balance of outsourcing, leveraging technology and strong internal admin support. He also looks at some of the challenges and opportunities for advisers in the current difficult regulatory environment and how practitioners can look to reduce the time it takes to provide advice.

Managed accounts have seen explosive growth in the advice sector over the past 12 months, as COVID-related volatility created new investment implementation challenges for advisers.

In this episode of The ifa Show, MLC director of managed accounts Jason Komadina joins host Sarah Kendell to discuss new research into how rapid portfolio implementation using managed accounts can leave a tangible impact on client outcomes.

Jason discusses how quick execution of portfolio changes is paramount as financial markets begin to move more rapidly, and the new ways that high-performing advice firms are using managed accounts as the structures evolve to become more sophisticated.

He also touches on how practices can best implement managed accounts for maximum efficiency benefits and where the managed account market is likely to head next.

With a federal election on the cards in the next 12 months, both sides of politics are showing more interest in what can be done to balance consumer outcomes with red tape reduction in the advice sector.

In this episode of The ifa Show, AIOFP executive director Peter Johnston joins host Sarah Kendell to discuss the adviser association's campaign to make MPs sit up and take notice about the impact of regulatory change in the industry.

Peter unpacks the main points of contention for AIOFP members, including the government's poor implementation of the FASEA standards and rapidly rising compliance costs as a result of the annual opt-in legislation. He also discusses why advisers may want to consider abandoning the traditionally pro-business Coalition at the ballot box in the coming months.

Advisers are under more pressure to add value to the client experience as part of the transition to upfront, annual fees, at the same time as clients are demanding they leverage technology to provide a more holistic wealth management experience.

In this episode of The ifa Show, Praemium chief commercial officer Mat Walker joins host Sarah Kendell to unpack some of the innovation going on in the platform space as providers develop new features that allow advisers to better engage with and service clients at all levels.

Mat unpacks some of the regulations due to come in later this year and how platforms are responding, as well as the different client demand trends between the wholesale and retail advice markets. He also discusses how platforms are striving towards the 'holy grail' of allowing advisers to see and manage the totality of their clients' assets in one place.

The advice industry is experiencing a once in a generation change that has challenged many practitioners. In this episode of The ifa Show, Shadforth Financial Group founder and Global Adviser Alpha principal David Haintz joins host Sarah Kendell to discuss how advisers can refocus and adapt to develop a value proposition that's in line with what clients really want.

David unpacks the difference between cost and value, and how advisers can zero in on the activities that create the most value for clients. He also discusses the shift that is likely to occur in the sector over the next few years as advisers focus less on products and returns and more on the meaning and purpose they create in their clients' lives.

In a fee-for-service world where the cost of advice is rising, many practitioners have struggled with how to demonstrate the value clients are getting from their fees.

In this episode of the ifa Show, Implemented Portfolios general manager of partnerships and distribution Phil Pilgrim joins host Sarah Kendell to discuss the difference a values-based conversation can make to advisers' service proposition and client relationships.

Phil reflects on his own experiences as an adviser and how talking to clients about their passions and hopes for the future led to more clarity about what they want to achieve and how to get there. He also touches on the need for advisers to let go of their focus on investment management and the importance of consistency in providing an outstanding client experience.

In this episode of The ifa Show, Centrepoint Alliance chief executive Angus Benbow joins host Sarah Kendell for a deep dive into the group's half-year results and how these reflect broader trends going on in the mid-tier space.

Angus discusses the group's decision to increase dealer fees, how Centrepoint is leveraging technology and data within its advice practices and the business challenges for mid-tier licensees in the current environment.

He also unpacks what the dealer group of the future may look like and the importance of scale in providing a sustainable offering for advisers.

Following ifa's recent reporting on the large institutions culling single-adviser practices from their ranks, debate has been hot in the industry as to whether one-man bands can thrive in today's advice market given the increasing compliance demands.

In this episode of The ifa Show, host Sarah Kendell is joined by Peter Mancell and Andrew Wootton from national advice group FYG Planners, and adviser Danny Maher from Fiducia Financial Advice, who ran a single-adviser business for a number of years before scaling up his practice recently.

Peter, Andrew and Danny unpack some of the myths about running an advice business solo and discuss what they think are the essential ingredients for success in a single-adviser practice. They also talk about why one-man bands may be best suited to boutique licensees and how advice groups can support their single-adviser practices to be more efficient and profitable.