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.