Challenge the Standard in Financial Advice

We've thought about doing an episode about private credit, equity and markets for a while now - but couldn't ever work out the right angle to take on such a big topic.  Then the news cycle swooped in and gave us the link we never knew we needed - between private credit investments and Target Market Determinations (TMDs).  This is a big topic, and Nathan and Jordan do their best to: Define just what all these private market investments are Acknowledge the tough path last week's news will have left for advisers who've recommended these products Why they don't use these products in their own portfolio advice The issues they have with these funds Why TMDs have never made much sense - until, perhaps, now At some point Nathan plays the guitar.  With a tasty side dish of acronym soup - TMDs, DDO, RG, ASIC, LIF, BID, CoE and, naturally, CSLR.  Finally, it might be hard to tell, but we also try to tread a very fine, please-don't-sue-us line as we navigate this story too.   Nathan: advice@nathanfradley.com.au www.nathanfradley.com.au Jordan: jordan@planningsolo.com.au www.planningsolo.com.au LinkedIn:  Challenge the Standard in Financial Advice (Podcast): Overview | LinkedIn The information contained in this podcast is general in nature and does not take into account your personal situation. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from a financial adviser. Jordan and Nathan are both authorised representatives of PlanningSolo Licensing, AFS Licence 526143.   

You've heard the experts (and these two mugs) repeatedly say "you should niche". But they never pay you the courtesy of explaining how.  Well, let us rectify that oversight in this week's episode by giving you one, easy answer: "Roll a dice". Or, more accurately, a set of D&D dice. This week, Nathan and Jordan set up a number of different categories and roll the dice to build out and explore potential niches.  Not to build a business around them, but instead to demonstrate some of the thinking, considerations and options that come from building out your own financial advisory niche.    Nathan: advice@nathanfradley.com.au www.nathanfradley.com.au Jordan: jordan@planningsolo.com.au www.planningsolo.com.au LinkedIn:  Challenge the Standard in Financial Advice (Podcast): Overview | LinkedIn The information contained in this podcast is general in nature and does not take into account your personal situation. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from a financial adviser. Jordan and Nathan are both authorised representatives of PlanningSolo Licensing, AFS Licence 526143.   

What's stopping you from being more active on social media? From a professional perspective, that is - I'm sure you're forever taking photos of your meals on your own account.  But when it comes to work (or your business), what's stopping you from getting your voice out there? Is it shyness? Impostor syndrome? Perfectionism? Disdain? Or a mix of the above? Well, that's why we asked Deline Jacovides from Mazi Wealth on for this week's episode, because she has entirely grown her business using social media.  And she helps us by running through: The low(er than previously) time investment she makes in her overall marketing each month How many new leads 3 posts per week have earned her over the last few months The biggest bottleneck in her business Why her intentions in starting her social media presence matter Our hope in this one is to inspire at least one listener to start sharing more of themselves on social media. For the commercial and economic benefits, yes.  But also because there are a lot of other great people out there that you might get to meet. And the longer we're in this game, the more we're beginning to realise that it's the people you meet and work with along the way that make the biggest impact.  Except for that one person at Deline's Brisbane FAAA presentation - they'll probably think it's all a bit "pointless".   Deline Instagram No phone number. Natch. Nathan: advice@nathanfradley.com.au www.nathanfradley.com.au Jordan: jordan@planningsolo.com.au www.planningsolo.com.au LinkedIn:  Challenge the Standard in Financial Advice (Podcast): Overview | LinkedIn The information contained in this podcast is general in nature and does not take into account your personal situation. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from a financial adviser. Jordan and Nathan are both authorised representatives of PlanningSolo Licensing, AFS Licence 526143.   

This week we’re back with a Q&A episode, tackling three big questions that have been landing in our inbox from our listeners.  New and exciting Annuity products: With a wave of new products hitting the market, we unpack what advisers should watch out for, why a healthy dose of skepticism is essential, and the dangers of shiny innovation that later gets grandfathered or disappears. Tax-deductible advice fees: how to think about in-super vs out-of-pocket charging Insurance commissions. Do they really serve advisers, or just the insurers? We share our own experiments with nil-com, rebates, and referrals, and why Independent advisers are better (jokes, they aren't) Drown-Drought cycles for referrals and workload: We get a bit vulnerable on this, as we haven't figured it out yet.  It’s a meaty one, blending the usual product skepticism, practice pragmatism, and a few rants about the system (as always).   Nathan: advice@nathanfradley.com.au www.nathanfradley.com.au Jordan: jordan@planningsolo.com.au www.planningsolo.com.au LinkedIn:  Challenge the Standard in Financial Advice (Podcast): Overview | LinkedIn The information contained in this podcast is general in nature and does not take into account your personal situation. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from a financial adviser. Jordan and Nathan are both authorised representatives of PlanningSolo Licensing, AFS Licence 526143. 

This week's episode is about an incredibly serious, meaningful topic.  Just kidding.  It's a gameshow!! Mr Fradley has designed an excellent gameshow to put his (bewilderingly bad) co-host and (outstanding) guests, James d'Apice of Gravamen and Morgan Hayward of Lume Wealth through their paces.  He's also managed to keep it in the realm of financial advice!  More fun than should be allowed in any professional endeavour, we hope this works as a palette cleanser after the last few weeks of capital-S Seriousness.  Incredibly fun - be sure to reach out to James or Morgan if you've enjoyed the episode, thank them for coming on for us!   Morgan: Morgan Hayward - Lume Wealth James: Gravamen Law | Co-owner dispute specialists Nathan: advice@nathanfradley.com.au www.nathanfradley.com.au Jordan: jordan@planningsolo.com.au www.planningsolo.com.au LinkedIn:  Challenge the Standard in Financial Advice (Podcast): Overview | LinkedIn The information contained in this podcast is general in nature and does not take into account your personal situation. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from a financial adviser. Jordan and Nathan are both authorised representatives of PlanningSolo Licensing, AFS Licence 526143.   

This week's episode is all about the immense difference a network of peers can have on your career, practice and life.  Joined by Charmaine Hall of Unbound Financial, Nathan and Jordan find out: How the peer network Charmaine's part of came to be The pros (and cons) of facilitating, and participating in, a peer group What good practice as a participant looks like A cracking example on the immediate impact advice from peers can have on your business Later in the episode, Jordan expands on his experience with a Practice Group in his time in Ballarat, and the pros and cons of his approach to it all.  We may have also uncovered the real star of this podcast too - see if you can catch his name mentioned in passing.    Nathan: advice@nathanfradley.com.au www.nathanfradley.com.au Jordan: jordan@planningsolo.com.au www.planningsolo.com.au LinkedIn:  Challenge the Standard in Financial Advice (Podcast): Overview | LinkedIn The information contained in this podcast is general in nature and does not take into account your personal situation. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from a financial adviser. Jordan and Nathan are both authorised representatives of PlanningSolo Licensing, AFS Licence 526143.   

Whether it's sheer coincidence or not, Nathan and Jordan have happened to have a few...interesting pricing cases float their way since last week's episode on Pricing.  So in this one, they take the time to examine two examples of pricing in the market. Anonymised, but detailed enough to provide lots of meaty discussion, including: How much is too much to charge for financial advice? Who are we to have an opinion about what other advisers are charging? Are our own biases colouring how we see things? What responsibility do individual advisers have to bear the cost of fixing a clients previous  mistakes? Is an SoA going to give us enough information to make an informed judgment of another adviser's fees? What of Standard 12? Hmmm? Well, hmmm? This one was a lot of fun, and that fun was amplified by the wonderful occurence this past week of having multiple advisers get in touch to say nice things about this podcast. It's so nice and rewarding for us to hear that this little project of ours is having an impact in the lives of practitioners out there.  We really hope we're hitting the mark, and capturing those conversations we know other practitioners are having out there. And, as always, trying to remind you that there are way more of us out there than you'd think - you're not alone, you glorious oddball you.   Professional Planner article: Push to serve 200 clients throws adviser burnout risk into spotlight - Professional Planner LinkedIn:  Challenge the Standard in Financial Advice (Podcast): Overview | LinkedIn   Nathan: advice@nathanfradley.com.au www.nathanfradley.com.au Jordan: jordan@planningsolo.com.au www.planningsolo.com.au The information contained in this podcast is general in nature and does not take into account your personal situation. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from a financial adviser. Jordan and Nathan are both authorised representatives of PlanningSolo Licensing, AFS Licence 526143.   

We've talked about pricing before. We've discussed the options, the methods and (some of) the considerations.  But, let's be honest, the audio sucked and we had even less of an idea than we have now.  So it's time to revisit this foundation stone of the financial advisers practice. Get pricing right, we believe, and yours will be a successful career.  Get it right, or fall for the propaganda that says it's our responsibility to provide cheap advice to all people, and your career will be electron-esque - filled with anxious motion, but little progress. (Yes, there'll be bonding, but not always with the atoms you want to bond with...).  In this episode we hit all the highlights: Why minimum fees are important - and what yours should be What empathetic quoting really looks like Why fees are only one part of the pricing equation How your choices around pricing feeds into every other element of a successful advice practice The benefits of the 50/50 pricing structure We also didn't even mention the CSLR once in the whole episode.  (We did mention Shield, Guardian, MDAs and a variety of other irritants though, so huzzah).    Nathan: advice@nathanfradley.com.au www.nathanfradley.com.au Jordan: jordan@planningsolo.com.au www.planningsolo.com.au LinkedIn:  Challenge the Standard in Financial Advice (Podcast): Overview | LinkedIn The information contained in this podcast is general in nature and does not take into account your personal situation. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from a financial adviser. Jordan and Nathan are both authorised representatives of PlanningSolo Licensing, AFS Licence 526143.   

This week's episode is all about the conversations advisers are having - or should be having - with their clients about their truly long-term questions.  Robert Rich of Unite Wealth joins Nathan and Jordan to discuss: The challenges he's found in exploring client views on inheritance, bequests, wealth and support for their kids The way he's structured his process to draw out a person's real financial priorities and values The impact his background in marketing has had on the (rapid) growth of his business, Unite Wealth.  A favourite part comes at the end when he distinguishes the professional financial advisers out there with the historical approach of inherent people pleasing instincts.    The information contained in this podcast is general in nature and does not take into account your personal situation. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from a financial adviser. Robert: www.unitewealth.com.au  Robert and Unite Wealth are authorised representatives of Lifespan Financial Planning Pty Ltd ABN 23 065 921 735 Australian Financial Services License 229 892. Nathan: advice@nathanfradley.com.au www.nathanfradley.com.au Jordan: jordan@planningsolo.com.au www.planningsolo.com.au LinkedIn:  Challenge the Standard in Financial Advice (Podcast): Overview | LinkedIn Jordan and Nathan are both authorised representatives of PlanningSolo Licensing, AFS Licence 526143.   

This one gets weird... Or, more professionally, it gets introspective. Philosophical. Meandering. Circuitous. Solipsistic. Navel-gazing.  Because this week, Nathan and Jordan are exploring the most arcane topic they've yet covered on Australia's Nichest Podcast: When does a client become a client - and when do they stop being a client? Because while we all 'know' what a client is, did you know it's not defined in any of the legislative or regulatory material we carry around on our shoulders, Atlas-like? And so we explore this topic - from the top-down, to the side, to the other side, inside out, upside down, on our heads, from around the corner and in all sorts of interesting, looping ways.  Like a Christopher Nolan film, but with a slightly smaller SFX budget, this one will hopefully make you think, make you yell at your podcast player and ask your own odd question about this thing we all do.   The LinkedIn Post: https://www.linkedin.com/posts/jordan-vaka_for-the-financial-advisers-out-there-two-activity-7348599291512356865-jtah?utm_source=share&utm_medium=member_desktop&rcm=ACoAAAETjYwBJl-o206ehOjE85kiX12WAEVN4Uk   Nathan: advice@nathanfradley.com.au www.nathanfradley.com.au Jordan: jordan@planningsolo.com.au www.planningsolo.com.au LinkedIn:  Challenge the Standard in Financial Advice (Podcast): Overview | LinkedIn The information contained in this podcast is general in nature and does not take into account your personal situation. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from a financial adviser. Jordan and Nathan are both authorised representatives of PlanningSolo Licensing, AFS Licence 526143.   

An alternative title for this episode was CSLR 2: The Rage Cometh, because it is getting messed up.  And one of the journalists really working the beat on this topic is Keith Ford of ifa.com.au, who was good enough to come on and talk us through the latest updates on this rolling snowball of an issue.  From the various product failures potentially adding $2bn to the pipeline, to the labyrinthine ownership entanglements underpinning these latest rounds, through to the phoenixing-esque loophole somehow left in the legislation - Keith has the inside running on it all.  It was simultaneously wonderful having somebody with Keith's level of detail and knowledge walk us through the intricacies of this issue - and hair pullingly frustrating at just how bad this is going to get.  Enjoy!   Nathan: advice@nathanfradley.com.au www.nathanfradley.com.au Jordan: jordan@planningsolo.com.au www.planningsolo.com.au LinkedIn:  Challenge the Standard in Financial Advice (Podcast): Overview | LinkedIn The information contained in this podcast is general in nature and does not take into account your personal situation. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from a financial adviser. Jordan and Nathan are both authorised representatives of PlanningSolo Licensing, AFS Licence 526143.   

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 most.  Nathan and Jordan also expound on why this is important and relevant for all advisers, not just those directly practicing in the space.  This was a fun one, with lots of ranting and political gasbagging amongst the - hopefully useful - practice insights.    Nathan: advice@nathanfradley.com.au www.nathanfradley.com.au Jordan: jordan@planningsolo.com.au www.planningsolo.com.au LinkedIn:  Challenge the Standard in Financial Advice (Podcast): Overview | LinkedIn The information contained in this podcast is general in nature and does not take into account your personal situation. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from a financial adviser. Jordan and Nathan are both authorised representatives of PlanningSolo Licensing, AFS Licence 526143.   

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 insurance (non) advice too.  To be honest, this won't be the most uplifting episode you ever listen to - this stuff is heavy, the consequences severe and the options limited.  But damned if it isn't fantastic to be part of such a mature conversation relevant to our entire profession.  Thanks again, Phil.    *Perhaps 'former' is more accurate, given the arguing that goes on in this one...and the opening slander too.    Phil LinkedIn Phil's Article We Discuss Skye Wealth Nathan: advice@nathanfradley.com.au www.nathanfradley.com.au Jordan: jordan@planningsolo.com.au www.planningsolo.com.au LinkedIn:  Challenge the Standard in Financial Advice (Podcast): Overview | LinkedIn The information contained in this podcast is general in nature and does not take into account your personal situation. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from a financial adviser. Jordan and Nathan are both authorised representatives of PlanningSolo Licensing, AFS Licence 526143.   

Following what was a steep learning curve for both of our hosts, in this episode Jordan and Nathan reflect on each episode and wrap up their thoughts on best practice for PY.  They cover The importance of communication and structure for a PY.  The cost/investment in the PY for a business Staging PYs for greater skill and advice capability in your business How they would roll out a PY Nathan: advice@nathanfradley.com.au www.nathanfradley.com.au Jordan: jordan@planningsolo.com.au www.planningsolo.com.au LinkedIn:  Challenge the Standard in Financial Advice (Podcast): Overview | LinkedIn The information contained in this podcast is general in nature and does not take into account your personal situation. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from a financial adviser. Jordan and Nathan are both authorised representatives of PlanningSolo Licensing, AFS Licence 526143.   

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 this one was hard to keep on track, with the digressions and diversions threatening to overwhelm.  "But a Goofyphile would say that, wouldn't he" says Nathan. It's a fun episode - and a worthy cap to this enjoyable series on Ongoing Advice.    You can reach Michael via his LinkedIn Page.   Nathan: advice@nathanfradley.com.au www.nathanfradley.com.au Jordan: jordan@planningsolo.com.au www.planningsolo.com.au LinkedIn:  Challenge the Standard in Financial Advice (Podcast): Overview | LinkedIn The information contained in this podcast is general in nature and does not take into account your personal situation. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from a financial adviser. Jordan and Nathan are both authorised representatives of PlanningSolo Licensing, AFS Licence 526143.   

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 your fee - and how will you do it? How can you best discuss client goals - old and new? And how can you tie them into the values your clients are bringing into the process?   And, finally, stay tuned to find out the one area that Nathan and Jordan think financial advisers are miles ahead of every other professional on... Nathan: advice@nathanfradley.com.au www.nathanfradley.com.au Jordan: jordan@planningsolo.com.au www.planningsolo.com.au LinkedIn:  Challenge the Standard in Financial Advice (Podcast): Overview | LinkedIn The information contained in this podcast is general in nature and does not take into account your personal situation. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from a financial adviser. Jordan and Nathan are both authorised representatives of PlanningSolo Licensing, AFS Licence 526143.   

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 legacy clients who you know you're over-servicing and under-charging. What do you do when you feel a client doesn't need your services - but they desperately want to keep working with you? How do you bridge that self-perceived value gap? Thorniest of all - what do you do when the fees you need to charge the client that needs your help far exceeds any measure of value? It's a fun chat, and they spend some time at the end checking in with what they've learnt so far through the series - and how it's challenged their own views about ongoing advice.    Nathan: advice@nathanfradley.com.au www.nathanfradley.com.au Jordan: jordan@planningsolo.com.au www.planningsolo.com.au LinkedIn:  Challenge the Standard in Financial Advice (Podcast): Overview | LinkedIn The information contained in this podcast is general in nature and does not take into account your personal situation. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from a financial adviser. Jordan and Nathan are both authorised representatives of PlanningSolo Licensing, AFS Licence 526143.   

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 they do with clients The rare, but powerful value of being able to collaborate with a clients other advisers The importance of values when designing the strategy and tactics for a client we like to listen.  And we think you will too! (Oh, and pardon the intro).  Thabojan: Rasiah Private Wealth Management LinkedIn Nathan: advice@nathanfradley.com.au www.nathanfradley.com.au Jordan: jordan@planningsolo.com.au www.planningsolo.com.au LinkedIn:  Challenge the Standard in Financial Advice (Podcast): Overview | LinkedIn The information contained in this podcast is general in nature and does not take into account your personal situation. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from a financial adviser. Jordan and Nathan are both authorised representatives of PlanningSolo Licensing, AFS Licence 526143.   

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 retirement As ever, Martin’s generosity in sharing his insights, data and opinions shines through.  Full of practical tips from a frontline operator, you’ll want to share this one with anybody else you know in advice.    Find Out More About Martin   Nathan: advice@nathanfradley.com.au www.nathanfradley.com.au Jordan: jordan@planningsolo.com.au www.planningsolo.com.au LinkedIn:  Challenge the Standard in Financial Advice (Podcast): Overview | LinkedIn The information contained in this podcast is general in nature and does not take into account your personal situation. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from a financial adviser. Jordan and Nathan are both authorised representatives of PlanningSolo Licensing, AFS Licence 526143.   

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 personalization. Lastly they explore how to empower staff to innovate, the significance of tracking time and efficiency, and the need for standardized processes. The discussion also highlights the emotional toll on staff and the necessity of focusing on ongoing service processes while leveraging technology for better client engagement.    Nathan: advice@nathanfradley.com.au www.nathanfradley.com.au Jordan: jordan@planningsolo.com.au www.planningsolo.com.au LinkedIn:  Challenge the Standard in Financial Advice (Podcast): Overview | LinkedIn The information contained in this podcast is general in nature and does not take into account your personal situation. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from a financial adviser. Jordan and Nathan are both authorised representatives of PlanningSolo Licensing, AFS Licence 526143.