The ifa Show is your guide to the stories behind the headlines in financial advice. Join the ifa team as they discuss the latest developments in the advice sector.
How to become a tech-focused advice business
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.
The evolution of ethical investing in advice
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.
Should you consider getting your own licence?
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.
What next for AMP advisers?
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 question of fees
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.
New year, new regulations
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.