Your LifeTalk Insider #91

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Welcome back…

From LifeTalk and the Adviser Growth Community this week:

Thanks to everyone who has subscribed to LifeTalk Insider - Let’s get stuck in…

Yes, finally - and sorry it took so long… But when you’re trying to answer one of the biggest questions in the advice profession, you need to do it properly. It's a question I’ve heard thousands of times over 47 years working with financial advisers:

👉 “How do other advisers find new clients?”

It’s asked by new advisers, established advisers and top financial planners alike - often quietly, sometimes urgently.

So I started collecting answers.

From workshops, webinars, conferences and consultations. From advisers who consistently attract brilliant clients without ever sounding like they’re “marketing.”

What I noticed was… patterns.

Not random tactics. Not magic hashtags. But systems - often unspoken, but repeatable.

So, I wrote it all down. And have been doing so, piece by piece since 1978. Real examples and proven strategies. No fluff. No fads. Just what works.

And now - 47 years later - here it is: The Financial Adviser Lead Generation System™

If you’ve ever looked at another advice firm and thought “They seem to have cracked it…” - this book reveals their secrets.

Find out more at https://www.philipcalvert.com/adviser-lead-generation-system/

Stuart and 5 others: I have a client who is looking to retire and is currently employed. For the purposes of income for the remainder of this tax year am I right in thinking the personal allowance is used at the rate of 1/12th with every month’s earned income? Therefore, if the client has 6 months of earned income, retires and takes income from his pension that he will have precisely half of 12,570 remaining? Click…

Sarah and 9 others: We have typically used the Embark SIPP over the last few years but their service has just gone down and down, primarily down to timescales around procedures and limitation on producing amendment illustrations. We’ve looked around numerous times but we’re nervous to take the jump, so what are people’s real life recommendations for good SIPP providers? This is really for the more generic SIPP/ DFM cases. Thanks in advance. Click…

Simon and 6 others: Brain scratching time! Clients are husband and wife with IHT liability. Husband owned rental property. After he passed away deed of variation done to pass ownership to children. Just found out that children have arranged for rent to go directly back to mum and she will declare it. So red flags are; 1. Mum deriving benefit so no IHT mitigation. 2. Who is liable to income tax on rent ?. The children or mum. Seems to me like the children are effectively gifting the rent to mum ? Any thoughts on who rental income falls on and IHT implications gratefully received. Click…

Liam and 49 others: Our network is introducing a requirement for all Suitability reports and review reports to be signed by the client. We can use e signatures but its another process we just have to get used to, understand and manage. Does anyone else insist on client signatures on advice reports? Click…

Andrew and 42 others: What are folks thoughts on Unbiased? It’s now approved for us to use. Seems quite expensive, but if the leads are actually decent then fine. My last experience with it was when it was pretty much free and you just got a stream of very variable quality enquiries. Click…

LifeTalk member and 8 others: The recent FCA questionnaire. They ask, at the end, to put the number of FTE hours spent on filling it in. Then the cost, therefore, to the firm.

Well it took two directors a whole day to do it. 2 x 8 hours = 16 hours and therefore that's £200 per hour of lost fee earner's time.

Cost to us, therefore, of £3,200. What have other people assumed as their costs to complete it? Click…

Thomas and 10 others: I use Calendly for clients to schedule meetings but wondering if there is a more automated way of emailing the link to book annual reviews.

Each month I send every client that is due a review that month an email with my calendly link, but there must be a way to automate this so I am not manually sending out 15 odd emails at the beginning of the month with my calendly link. Any suggestions? Click…

LifeTalk: There are just three places remaining for the forthcoming book writing course for financial advisers. If you have ever felt that you might just have a book inside you - or even a message you feel people could benefit from, now's your chance to bring it to life.

Never written anything other than a Christmas thank you letter? We'll show you how to come up with ideas and how to get it on paper.

We'll show you how to find the time to get it written and we'll reveal all the different publishing options - and in the final session we'll show you how to market and monetise your book.

The first session is on 31st July - which we repeat on the 5th August. Every session is recorded and you go at your own pace.

When you tell friends and clients that you now have your own book, the perception of you as an adviser changes instantly. It opens doors, you get more referrals and research shows your business grows and you make more money. In fact one survey showed that 34% of new authors doubled their earnings after publishing a book.

Are you ready to take a leap of faith? Advisers in this group have been reserving their places here:

Tom and 26 others: Met a client who, during onboarding, we've uncovered that their employer never opened the client's workplace pension, so they've had no contributions going back nearly 10 years!

Employer is currently showing willingness to make good on their "mistake", but the problem is that the size of the employer pension contribution would exceed the client's annual allowance.

Anyone experienced something similar and know if providers can do something in such a scenario, like backdating the contributions with HMRC? Click…

LifeTalk member and 60 others: Posting anonymously as I’d prefer my current network not to know I’ve been exploring potential changes.

Like many on here, I’ve grown increasingly disillusioned with the current situation in the UK - rising taxes, economic stagnation, and a general sense of decline. I’ve now begun to give serious thought to a move overseas, to somewhere like Dubai, where one might continue advising existing clients remotely or even explore new opportunities to advise locally as well.

A post on here earlier this week recently sparked some reflection around how such a move might work in practice, and particularly one of the comments that put forward the idea of joining one of the firms based out there that holds an FCA licence. It struck me as a potentially sensible way to maintain regulatory continuity with my UK clients, whilst starting afresh in a more dynamic environment.

I started browsing websites for a few firms with a presence in the region to see whether any information was publicly available about joining. There was one name that popped up a lot that also has a few members on here, and which I noted had an entire section on its site dedicated to careers. (I won’t mention the name of the company, as don’t want this to be a hit piece, as I imagine what I am about to bring up is endemic).

However, whilst I found some useful information on their website, what I read under their “Trainee Wealth Manager” role gave me real pause. Initially, I was heartened to see a firm advertising trainee adviser positions, as that is something I believe the UK sorely lacks. But on closer inspection, it became clear that this was far from a structured adviser development programme. The role appeared to revolve around cold calling and lead generation, hardly what most professional advisers would consider legitimate trainee adviser work. Presumably that’s allowed under local rules, but it feels so wrong. Below is an excerpt, but the screenshot of the job listing is attached.

Performance Expectations

To succeed, candidates must consistently meet these minimum weekly standards:

• 500 dials

• 5 hours of talk time

• 5 booked meetings

• 3 sat meetings

I wanted to share this with the group to get others’ perspectives.

Am I missing something? Perhaps there’s more to it behind the scenes, or perhaps this is par for the course in some of these offshore setups?

Curious to hear others’ thoughts or experiences. Click…

Forty-seven years in the making - the ultimate guide to attracting new clients for financial advisers. No fluff, no fads - just proven strategies you can model.

Find out more here…

From the Adviser Growth Community:

News from the Adviser Growth Community

👉 We now have a map feature in the group so that you can see where other members are located. Why not arrange impromptu meetups?

👉 We now pay you for introducing new paying members to the group - that’s 40% affiliate payment to you.

👉 The group has a Calendar feature so that you can keep up to date on our own and industry events.

👉 The Classroom area of the group has hundreds of hours of fantastic content.

👉 You can filter posts within the group by topic, making it incredibly easy to find posts of interest to you.

👉 There’s no algorithm that decides which posts you see!

👉 You can now get a 7 day free trial when you join Adviser Growth Community - come and check us out before you subscribe.

👨‍💼 🙋‍♀️ 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…

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