Ensombl Advice Australia

Two years ago we interviewed Cathryn Gross who was just two months into launching her brand new business Twelve Wealth. Two years on from the single most downloaded XY Live podcast ever (watch it here), it was a no brainer that we had to get Cathryn back on the show to follow up and get the juicy on what it’s really like building an advice business from scratch.   From starting out with referrals from her hairdresser and GP to now working with upwards of 30 really engaged and sticky clients, Cathryn has developed a business model that targets a very specific niche clientele while providing a high level of service focusing on both the logical and emotional value she can add to client’s lives and financial wellbeing. In this episode both Cathryn and Ben are not shy in opening up about some of the important and often personal aspects of running an advice business such as: Their pricing models Their fee structures Their client exit rates Their referral process Other ways to generate income streams and acquire new clients …and all with figures included! Cathryn also explains why she has moved away from the traditional process of trying to implement all of the different elements of a full SOA all at the same time and how she has successfully retained the client’s commitment to fulfilling their implementation obligations by doing this. This episode is for anyone who has ever thought about taking the leap and going out on their own. This episode is for anyone who already owns an advice business. This episode is for anyone who wants some fresh ideas as to how they can best service their clients. This episode is for everyone in advice. Take it all in, take notes and enjoy!

Is this the most useful whitepaper ever produced in Financial Services? Benjamin Marshan is at the forefront of a digital whitepaper having just been released by the FPA and encompassing months (and months) of research looking at the marketplace relative to Fintech and the Financial Services industry. We have an accidental run-in at Bunnings to thank for the idea which kick started a project analysing over 400 Fintech startups and piecing together a document designed to act as a ‘thought starter’ when looking at practice efficiencies and the advice process. Ben addresses the obvious pain points being felt by most advisers like which technologies should we be implementing in our practices and questions that perhaps we haven’t even considered – is there a benefit to working with Fintech companies that look to exclude the adviser? Here’s our favourite takeaways from this week’s XY Live: Why it’s important to map out the entire advice giving process within your practice and how to address inefficiencies Ben’s thoughts on advisers being replaced by robots The key area in the advice process that is lacking Fintech Why Ben wants to disrupt the way we present the SOA and how he plans on doing it How ASIC is monitoring new Fintech companies and their duty of care for clients How to decide on which technologies to implement into your practice With chapter titles such as ‘Do you know how to Fintech’, this interactive digital whitepaper is chock-a-block full of useful information, tips and advice which you can implement into your practice now and evolve into the future. Don’t worry, there is also a paper version available here which can be downloaded, saved, opened, printed, stapled, read and then probably lost in amongst all the other paperwork floating around your office. Or, check out the digital version here and experience interactive technology in the way your client’s may just be able to do so with your advice presentation soon.

Daring. Different. Disruptive. Fox & Hare are taking everything we know about the ‘traditional’ approach of giving advice and breaking it, re-shaping it and re-building a framework (from the ground up might we add) that is value driven and specifically tailored to help their clients live a life they aspire to. You could say Glen Hare and Jessica Brady were both crazy (and some people did) for leaving behind highly successful corporate roles to start their own advice firm and without purchasing a single book of clients. You could say they are still crazy for the 13+ hour days they put in and the Saturday morning client meetings they organise on the regular. But it’s when you digest the ‘whys’ of what they do that you realise they’re not crazy at all, they’re passionate. From this XY Live, here’s a summary of what two courageous and driven individuals are doing to change the way we deliver advice, straight from the Fox & Hare’s mouth:    How to create a manageable and productive work/life balance Lessons learnt around building an advice firm from scratch Which area of the market they saw was not being serviced Understanding their client’s frustrations and overcoming them How to show the value of a client proposition and not sell it Why critiquing is so important for business growth and the best way to get valuable feedback (think focus groups) And plenty more… Glen and Jessica believe everyone has some kind of financial aspiration, but most just don’t have a game plan. They are making it their mission to understand their client’s pain points and then move mountains to overcome them. Enjoy!

You’ve heard the latest industry buzzwords popping up left, right and centre – disruption, innovation, Fintech. But what do that actually mean and more importantly, how do they relate and what benefit are they to financial advisers? Back from a recent expedition across the seas to the annual Fincon Conference and jumping on the opportunity to further understand the people and technologies that have changed the world in Silicon Valley, Pieta Diamantidis, Co-Founder of Caboodle Financial Services and aspiring ‘bionic adviser’ helps us to understand how far we’ve come since the first ‘tech bubble’, to what’s happening (or not happening) in the industry now and where this ever-evolving digital space is headed. As this informative (and energetic) discussion coincides with the upcoming XY Adviser event ‘Silicon Valley on Bridge Street’; Peita, Ray & Adrian delve down the rabbit hole of some interesting and thought provoking topics such as: Looking for ideas with applied innovation that can be effectively implemented to create real and lasting improvements to clients and/or staff and practice efficiencies Why focusing on ‘creating’ the marketplace around an idea and then building the product is much more effective than the other way around Companies in the tech space capturing psychological data with A.I. and how financial advisers can implement this into their advice proposition Startups creating the tools to help advisers bridge the gap between data capture and the human connection Looking for the next ‘Hoover’ idea and why it needs to change the way people engage with their money…   Identifying such interesting and at times controversial topics, Peita is excited as ever to expand on this by asking the hard-hitting questions with guest speakers Joel Robbie (Nod Money), Ben Heap (H2 Ventures) and Clayton Daniel (Sprout Super) at next week’s event. If you have a question surrounding the disruptive Fintech space, feel free to shoot it through to contact@xyadviser.com and Peita be sure to address them on the night. Or better yet, grab your ticket for the event and ask the experts yourself. It’s going to be a cracker of a night!

Investing with your head and your heart. This sums up the work of Geoff Wilson and his team of investment fund managers at Wilson Asset Management (WAM). With over 37 years’ experience in the investment market industry, Geoff Wilson pioneered Australia’s first ever listed philanthropic wealth creation vehicles (Future Generation Investment Company & Future Generation Global Investment Company) and has crafted a philosophy that benefits shareholders and investors and uses this as a driver to give back to the community by donating a percentage of investment returns to Australian and International charities. Geoff brings the what’s, the how’s and the why’s of philanthropic investing by exploring some key elements including: The major benefits offered to investors including access to top performing fund managers and the opportunity to be involved in the philanthropic process The best types of clients suited to this style of investing The benefits of investing in a system with increased job fulfilment, high fund manager retention and positive brand awareness The abilities of top tier fund managers to pinpoint undervalued assets and investment mispricing opportunities to generate significant returns for shareholders and in turn charities The benefits of having a scalable business model that produces positive philanthropic returns The benefits of a Listed Investment Company (LIC) as opposed to other trusts Geoff believes that as we move up the Maslow hierarchy of needs, there comes a time when we should ask ourselves how we can give back to the community we operate in. “We all have a responsibility and a right to give back, and we are simply providing the funnel or the structure for this to happen” – Geoff Wilson.  You’re going to love this one!

“Having rubbish content is like trying to put lipstick on a pig” – Thea Cowie from 99Content Thea Cowie is the editor and content marketing guru from 99Content who understands the importance of using content marketing to make your business’ brand really shine. In today’s episode we explore all of the components that make up great content marketing and how you can implement these best practices to provide consistent, engaging and personalised content that will continually add value to your current and future clients and in turn, your bottom line. During this exciting and comical Q&A discussion, Thea gives us the low down on the following: How the Financial Services Industry has embraced content marketing Why having good quality content is critical for successful content marketing The do’s and absolutely do not’s of content marketing Free online programs to help amplify the quality of your images and visuals Traditional vs. Progressive advisers and how content marketing can benefit both How to outsource content creation when you are not a natural writer (it’s really easy!) How injecting your personality into your content is going to make you stand out from the crowd Guest posting, the best types of content to create and how much time you should spend creating it… …and much more!   There’s a piece of content on the internet for just about every topic. How are you going to ensure you position yourself as an expert in your industry and provide clients with quality, value added content to best help them through their financial journey?   Enjoy!

On this episode of XY Live, we will be discussing with Chris how to balance out all the competing priorities in your business, from business development to service innovation and getting the right people around you. As the current CEO of MyProsperity and ex CEO of Xero Chris will share the mistakes he’s made and many of the things he’s learnt at the business start up stage which are useful to financial advice practices. Note: there was some great value shared in this session, however, audio issues were experienced at times. Please use the fast forward function to skip through when low audio quality is experienced.

Interviews by Adrian Patty Michael Back, a specialist consultant to Financial Advice businesses, will be joining us to unpack how people can achieve more fulfillment in the workplace. We’ll be running through how employees can find more passion in what they do and also what businesses can do to help them achieve this. Michael will share his personal story as well as the insights he’s gleaned from working with some of the best advice businesses in Australia.

Interviews by Ray Jaramis So you’re in your business and wondering how you can get better relationships with your clients and keep them around for longer whilst leveraging referral opportunities at the same time. Social proof in the digital age is huge and potential clients are googling more than ever to learn about the people they’re considering doing work with. Join us with Ray McHale to discuss all things building a digital presence and what this means for your business now and into the future.

Interviews by Clayton Daniel. Join us on this exciting episode with Steve Crawford, Financial Coach & Adviser at Experience Wealth to discuss Cash Flow and a lot more. Watch it here.