Welcome to LifeTalk Insider #13

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LifeTalk Insider
July 28, 2023 • Estimated Reading Time: 8 minutes

From the LifeTalk forum week ending 28th July

Welcome back and thanks to everyone who has subscribed to LifeTalk Insider - your weekly summary of the top posts in the LifeTalk groups. Here’s this week’s selection…

Kasia and 54 others: Platforms - if you were to add one platform to your CIP, what would it be and why? (currently using AbRDN and Royal London). Click…

Darren and 27 others: Providers who can't run their own businesses trying to lecture me about how to run mine and comply with Consumer Duty. Click…

Shirley and 34 others: When is it truly Execution Only? v non advised v advised. COBS couldn’t be less useful! Click…

Amy and 21 others: Calling all Remarkable users! We’re on the edge of taking the plunge to try and make post-meeting admin more slick - just need a little convincing. Click…

Jacob and 40 others: Are there any places/networks/firms that would allow me to work as a financial planner and coach? Not everyone needs advice but could really benefit from coaching/mindset/psychology around money etc. Click…

Andrew and 16 others:  Warning! Apologies for those who are already aware but for those that have forget or are too young in the industry… Now interest rates are recovering, be careful when recommending term deposits in a SIPP or offshore bond, your client will rank as a corporate investor and at the bottom of the creditor list if there is insolvency. With effectively no FSCS protection. I am hearing a familiar story of a platform going bust… Click…

See the graph below? This is what can happen to your LinkedIn profile views when you start a newsletter aimed at your ideal target market. All new free LinkedIn training (online) for IFAs and advisers beginning in September - including LinkedIn latest features, algorithm changes and how they affect advisers, and proven strategies for attracting more of your ideal clients.

Dozens of IFAs and advisers have already reserved their place. Register here…

Jamie and 40 others: I’m feeling really busy as I do everything in my business from marketing to processing cases. I know I need to outsource something. I had been outsourcing paraplanning but I don’t think it’s good value for money because I’m part of a network so I have support with any questions I have about cases.

Social media help is an option but I feel like it’s so much energy to tell someone what to post vs just doing it myself. I’ve been considering outsourcing admin support. Here are my questions:

1. What sort of admin tasks do you get someone else to do?
2. How many hours a week do you outsource tasks?
3. Is there anything else you’d suggest outsourcing as good value for money? Click…

Post of the Week

Matt and 57 others: Consumer Duty - Network Price Regulation…

Here’s an interesting one from a friend. I said I’d gather some other opinions on here. He charges £2,900 for cash flow forecasting, a financial plan and advice on one policy. 4 meetings involved to deliver the service. Extra £425 for further policies to be reviewed. Plus, if transfers or new policies recommended and implemented admin fees to do so.

His network isn’t happy that this would be fair value when the total fee is greater than 3% of any assets invested etc. They’ve done lots of work and 3% is fair they believe. (Or just vanilla enough not to offend…). Very much an apple and pears comparison. One method focusses more on the time and complexity required to deliver advice (he’s done detailed hourly breakdowns to arrive at his numbers) and the percentage is more linked to the invested amount.

Both ways have their merits, don’t want to debate that or the particular £ amounts. But crucially his network wants him to set a minimum wealth level as under say £100k the effective % fee would be larger than 3%. But of course, they’re not price regulators they say. Click to comment…

From LifeTalk Marketing

Marketing opportunities that have come about as a result of Consumer Duty…

As financial advisers, IFAs and financial planners prepare for the new Consumer Duty regime in the UK, there is more than just a regulatory compliance shift at play. With this significant shift in expectations from the FCA comes a unique set of opportunities for financial services businesses to differentiate themselves, strengthen their brands and create genuine, value-driven relationships with their customers. Click for more…

This afternoon I took a sample of 100 IFAs' business cards that I have collected this year at industry events. Sixty-two of them have either the Twitter bird or their Twitter URL on the card.

The bird has flown, and the URL will change in due course. Time for a trip to your printers...

Moral of the story, if you use social media as part of your marketing, be prepared for tech giants to spoil your party at a moment's notice, and start learning to 're love' and learn email marketing.  Click to learn more…

Money Quote of the Week

“I made my money the old-fashioned way. I was very nice to a wealthy relative right before he died.” Malcolm Forbes

From the LifeTalk AI Best Practice Group

Howard: As an experiment, my Paraplanner pasted some text from our website into this AI tool asking it to make a video of the firm. Without any refinement or other considerations, the first draft came out quite well... 

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AI is a fast-moving technology and your group will keep you up to date and on top of latest developments that are relevant to the financial advice community. 

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Recommended Book

Marketing and Lead Generation for Financial Advice Professionals: From Prospects to Profits - Proven Strategies for Financial Advisers to Attract More of their Ideal Clients

Out now - get your copy here…

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