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Your LifeTalk Insider #74
The Weekly Newsletter for IFAs, Financial Planners and Financial Advice Professionals
LifeTalk Insider
December 20, 2024 • Estimated Reading Time: 11 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…
Most of this week’s newsletter is dedicated to sharing our Post of the Year from LifeTalk. And further down the page you’ll discover a new way that consumers are getting financial advice…
Choosing a Post of the Year has the potential to be quite subjective, so I wanted to find something that embodied the best of LifeTalk, its values, community and which also shared something of genuine interest to others.
So this year’s winner is James Wetherall who originally posted in February. James was looking for shared wisdom and experiences from others who had disengaged from unprofitable or low-profit clients.
To improve his work/life balance, as he was feeling overworked, James decided to let go of clients who didn’t meet a £500k minimum account size, aligning with his existing £1m+ limit for new clients.
His plan was to email these clients first to avoid catching them off-guard, followed by a personal conversation. In the conversation, James intended to explain the reasons, offer a final review, update their cashflow plan, and provide parting advice.
James was finding it difficult to draft the email and sought feedback on how others had approached a similar process, how their clients had responded, and what they might have done differently.
The post received 70 comments with a wide-ranging discussion and suggestions.
Then, at the end of August James took the trouble to update everyone who had contributed.
James said that he has completed the process, letting go of around 10% of his client bank, and he has shared a detailed update about his experience.
James identified two key challenges: finding a good adviser to take on these clients, as their AUM was between £100k and £250k, and communicating the decision respectfully to long-standing clients without making them feel undervalued.
With input from the community, James found a local adviser early in their business journey, who has provided excellent care to the transitioned clients. He also crafted a communication strategy that centred on transparency about regulatory changes and his firm’s focus on high-net-worth clients, introducing a minimum fee of £8,000 per year.
Client reactions were mostly positive and understanding, with many expressing gratitude for James’ care and professionalism. A few chose to self-manage, and one household was less receptive, but the majority were happy with the smooth handover to the new adviser.
The outcome has been transformative for James’ business.
The process freed up time and energy for him and his team, improved his work/life balance, and had minimal impact on revenue. He noted that just three new clients with higher AUM tripled the value of the accounts he let go. James reflected on the importance of ensuring his business serves both his clients and his own wellbeing, encouraging other advisers to prioritise their personal and professional balance.
James concluded by advising others facing similar situations to be confident, kind and willing to prioritise their own needs. With the right referral partner, everyone benefits.
Comments included:
“One of best posts ever on this group! Well done you. Brilliant.”
“Wow! Well done James not just your journey but for your honesty in this post.
Wishing you great success.”
“Very insightful and very useful. I wouldn't be surprised if many advisers reading your experience will be thinking long and hard about doing this. Bravo!”
“Great post James and a great outcome all round it seems for the clients, yourself, and the new planner that gets a boost to his own business. Thanks for sharing.”
“Amazing insight into a process that many of us are too scared to front. It’s the fear that the clients will feel that you’ve let them down and your comment about being so involved in clients personal lives that we feel so responsible is spot on. It’s certain food for thought. Thanks for the update”
“Brilliant post, James. Really helpful. Thank you”
“Brilliant well done. Inspiring.”
That’s how great community works – ask for help and give back. Thanks James and thanks everyone who contributed.
Imagine this:
It's 2026. Your ideal client walks into your office.
They’re holding your book *
They already trust you.
They already know your approach.
They're 100% certain you're the adviser for them.
They don't need to be asked to refer you.
“I read your book. It felt like you wrote it for me.”
No long meetings. No pitch. You already reached ‘yes.’
Writing a book is NOT about being an author.
It’s about:
Standing out in a crowded market.
Showing you’re an expert – without saying a word.
Opening doors you didn’t know existed.
Your book becomes:
The business card they don’t throw away.
The proof they’ve been looking for.
The reason they pick you over the rest.
It doesn’t need to be perfect. It just needs to be yours.
Worried you won’t be able to find the time? We’ll show you some writers’ tricks to getting it done.
* True story by the way. Three advisers I know told me this actually happened.
Want to know how writing a book can do this for you?
Come and join the other advisers who have taken the leap of faith and joined the adviser book writing programme for 2025. Here's where they reserved their places: https://www.philipcalvert.com/book-writing-course/
The Two Phils are back!
As a special New Year treat we will be reuniting the 'two Phils' for a special live recording of the Adviser Lives podcast. Register now for Phil Bray of the acclaimed Yardstick Agency and Philip Calvert of LifeTalk as they reveal the Financial Adviser New Year Marketing Resolutions.
Some of you will remember their amazing full day live workshop three years ago, so this is a fantastic opportunity to see them present together once again.
The recording of this free event takes place on 23rd January 2025 at midday and you can register here: Click to register…
As Featured on Forbes "7 Under-The-Radar Business Books For Entrepreneurial Freedom In 2025"
Posts from Adviser Growth Community this week:
Join now with a 7 day free trial
👉 Did you hear the news? Consumers can now get financial advice on WhatsApp
Amazing - there’s a new version of ChatGPT that you can now access via WhatsApp. While it’s not yet the full-fat version, it’s still an impressive move by OpenAI and highlights a significant trend that financial advisers cannot afford to ignore.
Here’s the reality: consumers have today started using WhatsApp to ask for personal finance information. Think about that.
Why? Because it’s ultra-quick, convenient and let’s face it - most of us already live on WhatsApp. Did you know that 79% of the UK population uses WhatsApp every month? That’s a huge audience embracing AI-powered assistance right in their pockets.
So, what does this mean for you as a financial adviser?
It’s time to think seriously about the opportunity to create your own firm-specific version of ChatGPT.
Imagine having an AI tool designed specifically for your firm, communicating in your tone, style and expertise. It’s a smart way to provide value to clients and perhaps more importantly, attract new leads who might otherwise slip through the net.
Here’s how it can help:
💡Engage prospects: Answer common questions and FAQs about your business whilst also providing insights on financial topics without you or your team needing to respond manually.
💡Build trust: Show website visitors, LinkedIn and social media followers that your firm is embracing cutting-edge technology to serve them better.
💡Generate leads: Capture details of potential clients who interact with your AI assistant, giving you valuable insight into their interests.
It’s not about replacing human connection - it’s about enhancing it. While your expertise and personal approach will always be the heart of your financial advice business, a personalised AI assistant or AI clone can complement your work by making your expertise more accessible, 24/7.
This isn’t a future concept - it’s available and working for advisers today.
If you or your team would like to understand better send me an email to [email protected] and I'll send you more information.
Adding ChatGPT to WhatsApp is a pretty smart move by OpenAI, but it's starting to change the game of how consumers access financial advice whilst giving YOU a golden opportunity to ride this new wave.
Poll: How has 2024 been for you?
Please take our quick poll - add any thoughts or observations in the comments. Thanks in advance... Click here…
👨💼 🙋♀️ 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.
👉 Now with a 7 day free trial.
If that’s you, you should come and join us…
That’s it for this week…
If you have enjoyed LifeTalk Insider, please forward this to your colleagues and suggest they subscribe here
As always, thanks for reading and see you next time.
Founder of LifeTalk
[email protected]
If you have adviser friends or colleagues, or office team members who you think would benefit from joining LifeTalk, please copy and send them this link: https://www.facebook.com/groups/AdviserLifeTalk
And visit and join our brand new group Adviser Growth here:
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
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