Your LifeTalk Insider #52

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LifeTalk Insider
June 21, 2024 • Estimated Reading Time: 10 minutes

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 32 others: You see a new client who has existing life cover and it's not been put through their ltd company and there appears to be no rationale as to why and you've seen a copy of the recommendation report. It was arranged by another broker do you? [Poll]

Stephanie and 29 others: I have a client a Grandma who wrote 4 x Investment Bonds under absolute trust for 4 grandchildren. All 4 are now going to receive benefits. They are not massive and each has a gain. Under absolute trust beneficiaries are liable to any tax payable (there shouldn't be any as we can use top slicing). My question is completing the claim forms… Click…

Chris and 34 others: If you were providing a pure financial planning report for a brand new client, say voyant, cashcalc, truth etc or similar and then walking them through the report what would you think is an appropriate charge for this service? 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…

Paddy and 29 others: other than paying some income tax, if a client is receiving income protection and then begins drawing from their drawdown pension, this won't effect an income protection currently paying out. Or will it? 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 31 others: From peoples experience what would be a fair basic salary for a level 4 qualified adviser with CAS, additional exams but not anything level 6 yet. 3 years in the profession but only been sitting with clients for last 18 months or so. No bonus / ongoing income yet because well that’s another story. Click…

Bhavisha and 2 others: Someone I know is working towards starting his own firm and is looking for insights from firm owners who are with Valid Path. Please could you share your experience and things he needs to be aware of. He is not in the group so asking on his behalf. Click…

Dave and 6 others: Does anyone know if there’s a simple calculator online I can show to a client (and leave with them to play around with) that will show their overall tax position based on pension income, savings interest and then any potential contracting work they may do.

I know how to sit and work out the various scenarios but they want to look at it themselves! Click…

LifeTalk member and 10 others: I have a client who has recently moved up into the £100k plus income bracket and is considering making an additional pension contribution with some excess savings. His income on his 2024 P60 was £105k and in 2023 was £111k. (He obviously lost a bit more personal allowance in 2023). He has about £15k in total to contribute.

Would it be prudent/beneficial to split the contributions retrospectively across the two tax years to effectively make back the lost personal allowances or does it not make a difference? 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…

Creating a crisis management plan for your financial advice business

We all face challenges in our businesses and hopefully they don't turn into a full blown crisis. That said, we should still be prepared.

A friend of mine has suggested a great ChatGPT prompt to help you come up with a crisis management plan. Adapt it and give it a go: Click…

Artificial Intelligence in Financial Advice conference

Due to overwhelming interest, Financial Technology Research Centre (FTRC) have organised an event designed specifically for advice firms eager to explore the advancements AI technology offers. The "Artificial Intelligence in Financial Advice" conference will take place in central London on Wednesday 10 July 2024.

This one-day event will help advisers to understand how AI can streamline their operations and heighten client interactions. Through expert-led sessions, they’ll discuss practical topics, such as improving client onboarding with AI, enhancing compliance processes, and expediting client recommendations and reviews.

Prepare for a dynamic showcase in our "Battle of the Tech." Up to 16 software vendors will present rapid, 8-minute demonstrations, competing for your attention with their innovative solutions.

Additionally, the exhibition hall invites you to engage with up to 14 companies ready to discuss how their software can benefit your firm.

Here are compelling reasons to attend:

  1. Gain comprehensive insights on elevating the client experience through AI.

  2. Network with industry peers, thought leaders, and potential tech partners.

  3. Leave with actionable knowledge on integrating AI technologies seamlessly within your business.

  4. Earn 5-hours CPD credits as a valuable addition to your professional development.

For businesses committed to harnessing the power of AI, this event is an unparalleled opportunity for growth and advancement.

Reserve your spot today and be at the forefront of innovation within the industry. Visit https://www.advisersoftware.com/ai-in-financial-advice/ for more information and to register.

Adviser Growth Community members can save £70 on the standard ticket price by quoting code LifeTalk70 at check-out.

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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That’s it for this week…

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As always, thanks for reading and see you next time.

Founder of LifeTalk
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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

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