Your LifeTalk Insider #67

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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…

Hey, our separate group about AI for financial advisers is growing.

So today we're announcing our first monthly Zoom chat about all things AI as they impact advisers.

It's relaxed, informal, fun, no geek stuff and inclusive of ALL advisers. There's no formal agenda either.

Fair warning... There is some wild stuff that will drop jaws. Just saying.

Directly regulated, AR, tied, employed, whatever - anyone interested in how AI might impact financial advice is welcome to join. We've got a few paraplanners joining too.

Register for our our very first AI Lunch and Learn - aka “Chew and ChatGPT” at 12.30pm on 6th November here. 👉 Click here to register…

Brian and 58 others: There’s nothing more annoying to an adviser than a client who… Click…

Chris and 23 others: I have a client in a position where surviving parent has been placed into a care home and have had a care fees assessment.

The only property remaining is two houses, each of which are half owned by the will trust set up by late husband and half owned by the person in care. Both are rented out to provide funds to pay care.

It was my understanding that usually in this circumstance the properties would be disregarded due to the principle that there isn’t a value to half a house. The local authority are stating that there is no financial support available due to the ownership of 50% of the properties.

Regardless of the rights or wrongs of the approach, has anyone had this situation come up and if the client ‘digs their heels in’ would they likely be able to secure the disregard? Click…

Philip and 58 others: New SJP initial fee charging structure has just dropped. And apparently it’s capped at 20k . The days of selling a 5 million offshore bond and pocketing a cool quarter of a million for yourself are over. Well done consumer duty. Click to comment…

LifeTalk member and 11 others: Could anyone recommend a web design company that specialises in Financial advice sites? Click…

Darren and 27 others: Not often I'm lost for words, as any who know me will tell you. LOA submitted to ReAssure on their portal, full plan details returned by email within 30 minutes.

Stunned. Click…

Vicki and 68 others: What percentage of your clients have you assessed as vulnerable? [Poll]

LifeTalk member and 6 others: I am right in thinking a firm must approve a person as fit and proper before they can apply to the FCA for that individual’s SPS? Click…

LifeTalk member and 9 others: Just starting out on my own and wondering if anyone has a preference between Sense network (ASHL) and Valid Path - they both seem so good!! Thanks. Click…

LifeTalk member and 5 others: Out of interest - anyone who does outsource paraplanning how do you charge? Do you have a retainer for each client or an hourly charge or a fixed fee per case? Click…

👉 Need some ideas to get better results from ChatGPT?

Take a look at the AI Prompt Vault - a brand new resource and community with the focus solely on making the most of ChatGPT and other generative AI tools.  Includes new AI prompts you can copy every day. Visit here Click…

LifeTalk member and 20 others: Am after work efficiency hints, tips and hacks, pls.

I now spend 80% of my time sat at my desk doing client work and admin. I like meeting clients, not so much a fan of the paper/computer work though. I thought about outsourced paraplanning but the cost seems a bit much versus my average client AUM of £150k.

Our back office is forced upon us by our network, and is an archaic web-based system from about 100 yrs ago, originally designed just to record and report "sales" (for income reconciliation) rather than as a decent "CRM". So maybe upgrade that for my own use?

Am I best ploughing money into a new firm-level CRM, other software or outsourced paraplanning? Or something else? (My work is probably 80% ongoing and 20% new biz). Click to comment…

Jamie and 40 others: A client wants us to invest some money for their son who received it as inheritance from grandparents, circa £50k. Terms of will specify he shouldn't have access until he's 25 which makes it complicated.

Question is how do we set this up? A bond would minimise reporting, but will the trust need to be registered? And whose name is the bond set up in? Not something I've had to deal with before. Any pointers appreciated. Click…

😮 The real prize of AI for IFAs, financial planners and advisers is nothing to do with streamlining processes, writing suitability reports or creating marketing content.

True, it's a good place to start - but the real prize is much bigger than that.

It's the opportunity to create new propositions for new markets, create completely new income streams from your expertise and to transform your business and your lifestyle in ways you had never before imagined.

Oh, and you can do it now.

Think about that for a moment... Click…

Harry and 78 others: I’ve recently had a new client push back on fees (even suggest they will manage things for themselves).

At what point do other advisors walk away from new business when fees are a barrier for the client. Should I go back with a counter offer or walk away. For various reasons I have already spent several hours on this case.

We can really add value to the client’s situation and they were referred us to from a long standing client. I wouldn’t normally consider a counter offer but am interested to see other people’s thoughts. Click…

Posts from Adviser Growth Community this week:

👨‍💼 🙋‍♀️ Here’s why financial advisers like you are joining Adviser Growth Community

The Adviser Growth Community - brings together financial advisers experiencing change or transition in their business so that they can gain clarity whilst also attracting more of their ideal clients.

If that’s you, you should come and join us…

👉 Quick poll

Do you work with clients in the later life lending/equity release space? Click…

👉List of financial planning firms that are recruiting

I spotted this on LinkedIn - it's quite impressive and could be useful for someone here…

🚀 Latest networking events

Here is the latest list of online and in person networking events around the UK. Click here…

😮 Which personal goal would make the biggest difference in helping you achieve your best year ever?

Take the poll…

If you could change one aspect of the financial planning world, what would it be?

...and how do you think that change would improve things for both clients and advisers? Whether it’s about regulations, client engagement or industry practices, share your thoughts on what could make a real difference. Click…

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That’s it for this week…

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

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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

• AI Clones for financial advisers