Your LifeTalk Insider #51

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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…

Tim and 41 others: I’ve struggled with this dilemma for many years and now have a potential case that leaves me with limited options… Click…

LifeTalk member and 34 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…

LifeTalk member and 38 others: What are people charging a brand new client for moving their funds from their current platform to our preferred platform? If it is detrimental to the client, then we wouldn’t do it, but if it is a saving to the client due to us getting preferential terms with a particular provider, what would you charge? Contentious issue at work right now. Click…

LifeTalk member and 18 others: We are taking on a new adviser with a decent salary. They will be looking after a client bank from a colleague that’s retired. What % is reasonable to pay on the ongoing income and what about new business? Click…

Joe and 10 others: Would anyone have a paper fact find document they would be willing to share? Click…

LifeTalk member and 10 others: I am taking the leap of faith and going self employed and I'm a fairly new adviser too. Needless to say it's exciting but a little scary. Can I please pick your brains and ask for lead generation tips as finding new clients is top of the to do list. Click…

LifeTalk member and 9 others: What are your thoughts on regular social media posting?

I work for a company that is hesitant to let me post content summarising the ways in which we have helped clients solve the problems they face. I've see a growing number of other advisors do this on LinkedIn and appear to be having at least some success with this.

I'd like to commit to doing it as I can see it definitely shows what type of advisor I am and how I go about helping people. Just the compliance team and the owner are reluctant to let me do this. How would you go about changing their minds? 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:

Need free help with your marketing and lead generation?

“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

"Phil AI" has been trained 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 visit Phil AI here.

Advice for the masses

How to work with 'lower value clients'. I get it that many advisers' business models aren't designed for such a market, but there is massive value to be had when this is approached strategically.

I'm putting together a webinar on just this topic - feel free to post Yes in the comments if you would be interested in attending. Click…

Clients' behavioural biases

Whilst some planners like Mike LeGassick have made this central to their proposition for quite a while now, just a couple of years ago behavioural bias wasn't really discussed/covered in our industry press. But it's great to see that it's much more common now, with an acknowledgement that understanding behavioural biases can really enhance our client relationships.

How do you spot and deal with behavioural biases in your clients' decisions? What tips and tricks have worked best for you? Click…

Strikes me this is a market offering real potential for advisers

Three in Five Homeowners Considering Equity Release for Later Life needs - The Equity Release Council reports that 61% of homeowners are considering equity release, up from 57% in 2021. This shift indicates a growing acceptance of later-life mortgages, with 39% finding them more common and acceptable.

Jim Boyd, ERC CEO, notes that products like ultra-long mortgages are necessary for managing home purchases, pensions, and daily expenses. Nearly half (46%) of homeowners aged 55+ view property wealth as a way to meet later-life needs, with even higher interest among younger homeowners (75%). Main motivations for equity release include paying for home care (17%), boosting retirement funds (16%), and funding travel (15%). Additionally, 14% want to support younger family members financially.

Given these trends, the equity release market seems to present significant potential for advisers to assist clients in managing their property wealth and planning for retirement. 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

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