Your LifeTalk Insider #50

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Welcome back…

From LifeTalk and Adviser Growth Community this week:

Thanks to everyone who has subscribed to LifeTalk Insider - Let’s get stuck in…

LifeTalk member and 9 others: I am contemplating stepping away from my employed role to set up my own business.

I would love to speak to business owners about their experiences and give me guidance in terms of where to start. Please let me know if you’d be available for a chat. Many thanks. Click…

Jack and 34 others: Leaving a meeting knowing it's been an absolute shocker is the worst. Didn't trust the gut and really annoyed I didn't! Click…

Eugenie and 11 others: Chunky renewal commissions on life assurance policies.

New clients, not in contact with previous advisers that put two, WOL, life assurances in place in 1991. The policies are paying c.£4k (!) a year in renewal commissions, unbeknown to clients. They are pretty miffed that so much has been going out on commissions with nothing in return.

Am I right in thinking there is no obligation to provide an ongoing service in relation to WOL policies? (There is an investment element). Click…

LifeTalk member and 18 others: Do you negotiate fees with potential clients especially those with significant assets or do clients have to pay the same fees under consumer duty? Click…

Tim and 39 others: I’ve struggled with this dilemma for many years and now have a potential case that leaves me with limited options…

A 90yo lady who’s never invested has not needed to touch her savings for the last decade. She wants to ensure the money is left to her children/grandchildren in trust to save IHT on her estate. Question…

LifeTalk member and 10 others: Can somebody please answer a couple of questions associated with joining a network?

Firstly, appreciate all networks will be slightly different but what is average percentage fee split on annual gross revenue around £150k-£200k a year? (Not sure if the value affects the splits so mentioning that in case). Secondly, can somebody explain whether it’s possible to sell your business in the future to external buyers when you’re part of a network, or would you only be able to sell back to that network?

Lastly, I appreciate there’s a lot more to this and probably case by case, but what is the “average” sell on value as a multiple of a business based on annual revenue? I had in my head it’s around 4 times annual fees but I am not sure if this is accurate. Click…

Nathan and 25 others: First time using the Scottish Windows platform, is what I am being told right? You can’t produce and illustration for iSA / GIA? They only offer this on pensions?

Isn’t this part of the requirements? I know we document them in the suitability report, but all platforms seem to have different charges for portfolios etc, plus we need the RIY in figures. Really? Click…

Richard and 23 others: NRB question and gifting.

I had a conversation last week with a solicitor who is applying for probate which confused me (easily done).

Mr A died in January in Wales and the will states everything goes his wife Mrs A (total assets around £3m) - Mrs A wants to make a gift to stepson of £150k which wasn't in the will. Solicitors suggested a deed of variation and that as this wouldn't use up full NRB they could still apply for two full NRB’s later when Mrs A dies. “We normally just apply for full NRB”

Two questions - are they right? And would gift be best made as DoV (therefore using up part of NRB) or from fund once spouse receives (with a good chance she will survive 7 years) and not use up any NRB. Click…

LifeTalk member and 33 others: I just took on a new client who has a Nucleus Platform PPP, valued at £40K. There is an Adviser attached, 1% OAC, no contact for years.

Our firm doesn’t have or want a Nucleus agency. If I arrange a Letter of Authority, do you think Nucleus will helpfully provide a full schedule of plan details sufficient to advise on a transfer away to one of our preferred platforms? Click…

Eugenie and 58 others: Unfriendly/ unpleasant prospect clients in first meetings. How do you deal with these? Would you still engage?

I had a stinker this morning, a very tight lipped, cold, verging on rude woman who clearly needed advice but ‘knew’ everything I was telling her even though she very clearly didn’t.

I’ve got to say my patience isn’t great in these situations, I’m too busy to give my time to those who don’t want it. I’m always very professional and friendly but inside I’m really pee’d off.

But on a serious note, how far do you go to win people over? would you call them out for rudeness or ignore it? Click…

Posts from Adviser Growth Community this week:

Many IFA businesses don't grow for one simple reason.

They get marketing wrong.

In over 45 years studying and working with financial advice businesses, I see this all the time:

* IFAs try to market like every other company
* Their message misses the point
* They lose out on clients

Here's where that changes.

I trained an AI version of me, "Phil AI" with real world, tried-and-tested marketing and lead-generation strategies, specifically for IFAs.

ChatGPT won't give you advice based on experience, but Phil AI will.

This tool is free while in test mode. If you want to try it out email [email protected] and I'll share the link to Phil AI.

“I’ve just used your AI, wow, it's great.” John, Financial Adviser

“I’ve been asking it questions for 15 minutes and I’m really happy with the answers.” Kelly, Financial Planner

“This is brilliant and has given me a tonne of value for my upcoming marketing meeting.” Vicky, Financial Planner

Essential reading for any financial planner, I'm told

In the last week I've seen two people I like and trust mention this book.

"Quite simply this book is a must read. It may well entirely change the way you think about your future.100 years is a scary prospect, raising important questions about how much money, education and flexibility you'll need to get by. Lynda and Andrew's book provides an excellent first step in addressing these questions. The narrative looks at how to build both the tangible and intangible assets which are now essential part of life and career planning. It covers everything from savings to relationships with helpful case studies of how a 100 year life may play out." Click…

Anyone surprised at this?

Half of IFA Firms Looking to Sell in Next Two Years - According to Gunner & Co., 50% of IFA firm owners plan to sell or arrange succession within the next two years, up from 42% last year. Retirement is the main reason (56%), but regulatory changes are also driving sales (8%).

Louise Jeffreys, Managing Director of Gunner & Co., noted increased regulatory scrutiny, like the Consumer Duty, affecting the market. Despite this, sector consolidation continues. Click…

Why IFAs are joining Adviser Growth Community

Adviser Growth is a positive, supportive and vibrant community for forward-thinking IFAs, Financial Planners, Lifestyle Planners, Later Life specialists and other financial advice professionals.

It's a dynamic space where financial advisers and industry professionals network, share best practice, enhance their learning, ask questions and exchange ideas.

The focus of the group is on positivity and growth!

All members receive these great resources when joining:

• SIX full length pdf books (1,836 pages)

• Free Report: 2024 League Table of Adviser's Biggest Challenges

• Free 488 page eBook: Marketing and Lead Generation for Financial Advisers

• Free 60 mins training: How to Attract More of Your Ideal Clients

• Free Worksheet: How to Define and Market to your Ideal Client as a Financial Adviser

• Free 90 mins training: How to Attract More Clients Through Referrals and Introductions

• Free Referral Marketing worksheet

• And much more…

Come and join us! Click here.

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For Financial Advice Professionals

• Marketing consultancy, adviser lead generation training and conference speaking

• Presentation and public speaking skills coaching

• LinkedIn coaching for financial advisers - one to one and groups

• Book writing mentoring to financial advisers