The ifa Show

Implementing good technology into a practice is becoming critical for advisers as the amount of admin time it takes to deliver a piece of advice rapidly rises.

In this episode of The ifa Show, host Sarah Kendell is joined by Phillips Wealth Partners director and senior adviser Craig Phillips, who has recently ramped up his focus on tech and automation as a priority in his specialist aged care advice business.

Craig discusses the ways he has taken his older client base on the journey to a digital-first advice world and how software has eliminated the need for paraplanning support in his practice. He also unpacks the best resources for advisers looking to implement a technology strategy in their business and what tools he uses to efficiently keep on top of his compliance and client engagement.

Ethical investing is becoming a more mainstream part of advisers' businesses that an increasing number of practitioners are interested to know more about.

In today's episode of The ifa Show, host Sarah Kendell is joined by Marshall Brentnall, director of Evalesco Financial Services. Marshall is a member of the investment committee within his boutique licensee, Australian Advice Network, which went on a journey to create its own sustainable investing model portfolio last year following a long due diligence process. Marshall reflects on where the demand is coming from for ethical investing options among advice clients and what kind of products they are seeking. He also touches on where he believes the ESG sector needs to go in the next few years in order to create best of breed products that deliver the optimum outcomes for clients.

Self-licensing is set to be a key trend for 2021 as more advisers consider their options amid rising dealer group fees and the closure of a number of institutional licensees.

In today's episode of The ifa Show, host Sarah Kendell is joined by Conaill Keniry, managing director of ifa Excellence Awards 2020 finalists Cobalt Advisers. Conaill unpacks his experience with getting his own licence for his advice firm and why he opted for the self-licensing option over a traditional dealer group after a lengthy research process.

Conaill also busts some myths around the self-licensing process and shares how removing layers of dealer group requirements led to a huge increase in productivity for his firm.

The overhaul of AMP's advice business has dominated recent industry news, as the group's 'difficult but necessary' revaluing of its BOLR terms had devastating effects on some of its former advisers.

In this episode of The ifa Show, host Sarah Kendell is joined by The Advisers Association chief executive Neil Macdonald to get the latest on how AMP's dramatic transformation is playing out among current and former advisers. Neil discusses the progress in negotiations with advisers being exited out of AMP, how lookback audits are impacting the values planners are getting for their client books, and what the changes have meant from an emotional perspective for affected advisers.

Neil also touches on how remaining AMP advisers are being encouraged to shore up their long-term profitability in the face of further regulatory change and the impact of AMP's transformative policies on adviser workloads.

The forthcoming annual renewals legislation is causing a lot of headaches for advisers in working out how they can provide ongoing service to clients without having to drastically raise advice fees. In this episode of The ifa Show, host Sarah Kendell speaks to Perth adviser Paul Stephan, who recently overhauled his fee structure to provide more flexibility to clients around when and how they seek advice.

Paul discusses what prompted him to separate administration from advice fees, why more advisers should consider making ongoing service arrangements a thing of the past, and why he believes episodic advice is the way of the future.

Paul also touches on how increases in regulation have affected his business, what types of clients are best suited to episodic advice and how he hopes to keep advice affordable for middle-class consumers.

With the government resuming its focus on the legislative response to the royal commission, 2021 promises to be a busy year for advisers from a regulation and compliance perspective.

In this episode of The ifa Show, host Sarah Kendell is joined by BT head of financial literacy and advocacy Bryan Ashenden to discuss adviser regulatory priorities in the new year.

Bryan touches on what's next as FASEA's powers are rolled into Treasury and ASIC's Financial Services and Credit Panel, how advisers have been preparing for the removal of grandfathered revenue, and what we might see from ASIC's consultation into affordable advice.

Bryan also dives into the debate around raising the superannuation guarantee and the challenges of providing scaled advice under the current regulatory regime.

2020 was a rocky year for practice valuations, with AMP's landmark decision to revalue its BOLR terms having a butterfly effect through the market while thousands of advisers exited the industry. In this episode of The ifa Show, Forte Asset Solutions founder and managing director Steve Prendeville discusses how advisers have reformed their businesses in the face of the transition to annual renewals, the removal of grandfathered commissions and escalating business costs.

Steve also touches on why the transformation of the advice industry is viewed as an investment opportunity for many buyers, how COVID-19 has boosted business values and whether the adviser exodus will continue in 2021.

While enjoyable in a personal sense, the festive season is always a difficult one when it comes to getting clients to stay on track financially. In this episode of The ifa Show, Financial Advice Matters managing director Darren Smith and advice development manager Francis Rigby join host Sarah Kendell to discuss how their clients are facing a particularly challenging Christmas break this year following the volatility of the COVID-19 crisis.

Darren and Francis touch on the tips and tricks for advisers looking to save their clients' money over Christmas and the new year, how to get clients to think before they spend, and what to address when those who do 'overindulge' need to pay down debt in 2021.

Joe Biden's election as president of the United States is set to have significant implications for the ESG investing sector in 2021. In this episode of The ifa Show, Russell Investments' James Harwood outlines what a Biden presidency will mean for markets as the COVID pandemic continues to evolve in the new year.

James also discusses how client and adviser demand for ESG investment offerings has reached a tipping point in 2020 and offers tips for advisers looking to select the right ethical funds for their clients' needs.

Over the course of 2020, advisers have had to pivot from preparing for the regulatory response to the royal commission, to taking their businesses wholly online and holding clients' hands through the worst economic crisis in recent memory. In this episode of The ifa Show, Iress manager – practice development team, Kelli Willmer, discusses some of the lessons that have been learned by the advice profession this year, including that shifting to remote work isn't as difficult as anticipated, and that demand for advice remains strong despite the challenging regulatory environment faced by practitioners. Kelli also discusses some of her predictions for the year ahead, such as the continuation of digital client engagement post-COVID, and the importance of business continuity and resilience as the pandemic continues to evolve.