S4E1 Christmas Client Conversations
Challenge the Standard in Financial Advice
Release Date: 12/12/2024
S6E2 Aged Care Changes
Challenge the Standard in Financial Advice
This week's episode is all about the upcoming changes to the Aged Care rules. Nathan's good enough to take an oddly political Jordan through the changes this week, covering: The expansion of the options in the Home Care arena from 4 to 8+2. The value and impact the new 'End of Life' package is going to offer people who want to spend their last days in their home. The changes to the fees - upfront and ongoing - for residential aged care. How the new-but-not-new hotelling fee is adding to the overall cost. Why these changes mean the middle class is going to feel the squeeze the...
info_outline
S6E1 Duration Discounts With Phil Thompson
Challenge the Standard in Financial Advice
Friend* of the show, Phil Thompson from Skye Wealth joins us this week to discuss the very specific, very niche, but very important topic of duration discounting in insurance. Phil takes us through just what he's talking about, why it matters and the damage it's doing to the entire insurance ecosystem. Importantly, though, he also shares what he sees as the best fixes to this problem. His confidence that the industry will see sense and fix this rolling issue is encouraging. Stay on to the end to hear his unvarnished thoughts on the burgeoning general advice model of life...
info_outline
S5E8 Ongoing Advice - Coaching with Michael Back
Challenge the Standard in Financial Advice
This week, we conclude our Ongoing Advice series with the one, the only Michael Back. Renowned by advice firms that know what's what, Michael has long helped advice practices take their client experience to the next level. So we've asked him to come on to help us explore the CX part of Ongoing Advice, with a very particular focus on the value of all the coaching advisers do for their clients. What is coaching, how does our version differ from the one you might have in mind, and why are we all so hung up on charging for these amazing, but intangible, services? Jordan says...
info_outline
S5E7 Ongoing Advice - Designing the Review
Challenge the Standard in Financial Advice
Continuing the Ongoing Advice series, this week Nathan and Jordan dive into the mechanics of delivering ongoing advice. Specifically - designing the review meeting/s (don't let it be said this podcast goes too wide with its topics...). They talk about how their own view has evolved through the series, and examine the different ways you could structure your time in the review. Start by asking lots of questions: How many meetings? Will the meeting be a data gathering one, an engagement one, or a proposal/signing one? Will you have advice and info prepped going in? When will you position...
info_outline
S5E6 Ongoing Advice - Ethical Dilemmas
Challenge the Standard in Financial Advice
Continuing our Ongoing Advice series, this week Nathan and Jordan unpack some of the various ethical dilemmas that advisers can face while maintaining a long-term relationship with clients. And we're talking about the real dilemmas, not the no-brainer ones. Things like: For new clients, how do you judge if they even need ongoing advice? If your business has the position that all clients need to become ongoing clients, how do you resolve that when you feel like some clients might not need it? How do you build offramps to help clients off the ongoing advice track? Pricing for those...
info_outline
S5E5 Ongoing Advice - Providing Value with Thabojan Rasiah
Challenge the Standard in Financial Advice
A key question for Nathan and Jordan as they explore this series on Ongoing Advice is whether or not it's different to 'upfront' advice. This week's guest, Thabojan Rasiah of Rasiah Private Wealth Management, firmly believes that it's not. That it's all 'advice', and that the real value of working with a financial adviser comes from the exponential benefits of a longer term relationship. Thabojan thinks about advice differently, which is why when he discusses things like: The difference between a 'financial plan' and 'financial planning' The quarterly cadence of the work...
info_outline
S5E4 Ongoing Advice - Pillars of Value with Martin McGrath
Challenge the Standard in Financial Advice
Continuing our series on Ongoing Advice, this week we are joined again by Martin McGrath of Financial Edge Group. Martin, former CFP of the year and - arguably more important - former guest on the show, shares with us: how critical an ongoing relationship is with their clients numbers around how many new clients go from onboarding to ongking how they’ve worked out their fees the touch points they use to deliver value to their clients across the year the challenges of pricing work beyond the scope of an ongoing arrangement the joys of providing Centrelink services to people in...
info_outline
S5E3 Ongoing Advice Efficiency with Selin Ertac
Challenge the Standard in Financial Advice
In this episode of Challenge the Standard in Financial Advice, the boys welcome Celine Ertak from Tangelo Advice Consulting. They discuss the evolution of Tangelo, the importance of compliance as an outcome of good business practices, and the challenges faced by financial advice firms in establishing clear strategies. The conversation delves into the significance of ongoing advice, client engagement, and innovative community-building events. They also explore the cadence of client interactions, and the need for streamlined processes to enhance efficiency while balancing...
info_outline
S5E2 Ongoing Advice Series - Legislation & Regulations
Challenge the Standard in Financial Advice
Starting off a new series with an episode dedicated to reviewing legislation and regulations might, for any other podcast, be pretty dull. But that's exactly what Jordan and Nathan take on this week - what the actual legislative and regulatory background is when it comes to Ongoing Advice. From INFO256 to INFO286, pre-FoFA, Corps Act and the documentary requirements of a compliant Ongoing Advice Agreement, we get right into the weeds. Partly because this is new to us, partly out of curiousity - but largely to try and answer the question of whether Ongoing Advice Agreements...
info_outline
S5E1 Intro to Our Ongoing Advice Series
Challenge the Standard in Financial Advice
After the success of our series on the ins and outs of the PY, Nathan and Jordan have decided to launch another series focused on a very specific, very important part of financial advice - Ongoing Advice. In this week's episode, they walk through their plans for the series, as well as where they're coming from as they embark down this path. They agree on a few big points: Ongoing assistance of clients is hugely valuable. Defining what you want to achieve with ongoing advice is crucial. Ongoing service can lead to significant positive impacts on clients' lives. And they land on a...
info_outlineAdvisers are, famously, an empathetic bunch of people.
So, let's imagine a situation our clients could very possibly find themselves in this festive season.
Christmas lunch with the extended family. The matriarch of the family is at the head of the table, with the various siblings, cousins, in-laws and hangers on scattered around the festive tablecloth and grossly optimistic piles of food.
Wine's flowing, as are beers and sparkling apple juice for the rest of us.
Between polishing off the third plate and the regret that follows, your client trundles up to Grandma, sits down and asks how she's been.
And in the space of 15 minutes, has the startling realisation that something is wrong with her 88 year old Grandma.
Nothing drastic - but a fuzziness and repetitiveness that wasn't there last Christmas.
Called away to help clear the table, or join the conga line of dishwashers, your client is left wondering - what should I do now?
Well, this conversation is all about exploring the ways we can help our clients answer that very question.
Not to say we have all the answers - today's episode (and all our favourite ones, if we're honest) - is all about exploring the topic, testing the waters, pushing the boundaries. Licking our finger and sticking it in the air to see if maybe, this is the thing that could help.
It's not about us telling people what we do - but hopefully it's about helping people think about what they would do to help their clients with their own challenging, Christmas conversations.
PS: Editorial decisions have been made about the first 2 minutes of this week's episode, and we're in complete agreement that it was the right call to leave it in.
PPS: Maybe don't listen to this one with the kids in the car - not those first 2 minutes anyway.