The Innovating Advice Show: Recent Episodes

Kate Holmes

The show for forward-thinking financial advisers, financial planners and related professionals from all corners of the globe. Featuring innovative and action-oriented guests worldwide discussing the latest in practice management strategies and technology, fintech and FPtech (financial planning technology), diversity, business models and fee structures, and shifting consumer expectations.

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In their thought-provoking white paper, New Frontiers in Wealth Management, Matthew Jackson and Bob Veres examine how advice firms can ensure long-term survival in a changing world.

In this episode, Matthew joins to take a look at one of the challenges discussed in the paper: the three intergenerational challenges of moving from a Peak 1 firm to a Peak 2 firm.

Whether they realize it or not, most firms are grappling with this challenge.

Show notes at https://innovatingadvice.com/post/episode87

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We are going back to basics for an intro to blockchain, bitcoin, crypto and this NFT craze.

I'm joined by AJ Nary, founder of HeightZero, which is a technology platform that enables financial advisors to efficiently add digital assets to their clients’ portfolios. AJ is also great at breaking things down in an easy to understand way.

So if you've been trying to figure out what all of these things are, whether you should care and how they might fit into your clients' lives, this episode is for you.

Show notes at https://innovatingadvice.com/post/episode86

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As the world reopens and remote work continues, you or your clients may be thinking about moving internationally for fun, career or marriage. This presents unique challenges and opportunities from a financial planning perspective and is the focus of this episode.

I'm joined by Hui-chin Chen who is the owner of Pavlov Financial Planning, where she works with globally mobile clients, and the Founder of The CIGA Network, Where independent advisers located around the world come together to provide comprehensive financial advice covering their clients’ global footprint.

In this episode, we're chatting about what you should be thinking about if you're looking at moving abroad, considerations for globally mobile clients and some of the top things to think about - including whether this is an area you really want to focus on.

Show notes at https://innovatingadvice.com/post/episode85

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If you're struggling to achieve or maintain balance, as so many of us are, this episode is for you.

Dr. Travis Parry, author of Achieving Balance and founder of the Make Time Institute where he helps financial advisors reach their business and personal goals in an overworked world, joins the show to discuss the three key myths he covers in his book:

that balance means doing it all at the same time,
that productivity is the magic pill and
that personal development is the end all be all.

One of my favorite lines from Dr. Parry's book is "productivity without boundaries creates a more productive workaholic."

Be sure to listen to the end where he provides an incredible free offer to listeners of The Innovating Advice Show.

Show notes at https://innovatingadvice.com/post/episode84

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If you've been resisting marketing because it's seen as expensive, time consuming or salesy, this episode is for you.

I'm joined by Ali Marchand, CEO of Impresm in Switzerland, which specializes in accessible and innovative marketing for financial planners. She's breaking down the three things that make marketing for financial planners different, the three key things you need in your marketing foundation and how to build and solidify that foundation in just five hours per month.

And it had such great engagement during the live stream - which we do with every episode at 2pm Eastern time each Tuesday - that there's some bonus content at the very end that worth sticking around for.

Show notes at https://innovatingadvice.com/post/episode83

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If you're looking for ways to stand out, come out of your shell or battle that pesky imposter syndrome, this episode is for you. From his first job in financial services at a large company, Russell Ho leveraged his creativity and determination to stand out, impress the well-funded marketing department and make a name for himself. But that didn't come naturally. As we discuss, Russell was an introvert and wasn't sure how to connect with clients and prospects. But he threw himself in the deep end, with one creative initiative after another, knowing that failure - if it came - wasn't the worst outcome. As his success has grown he's also battled imposter syndrome, which we chat about. Show notes at https://innovatingadvice.com/post/episode82

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Francois du Toit is back on the show for a celebration of all the good things that have come out of the last year.

Amidst the many tragedies of the last year we have seen:
🌟people and initiatives evolving this profession
🥇new and thriving financial planning businesses
🚀new friends and collaborations to drive this profession forward
✅and much more

Show notes at https://innovatingadvice.com/post/episode81

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Chanelle Pattinson is a rising star and young woman in financial planning. She grew up thinking financial advice was boring and that advisors just drink tea and make money grow through watching her father.

But after dipping her toe in, she quickly fell in love with financial advice.

But when she looked around, she couldn’t find any other young women like herself.

Always up for a challenge and trying new things, Chanelle shares what she recently launched that’s helping to ensure the future is bright for young women in financial planning.

We also discuss why you should say yes to wild ideas and get out of your comfort zone and the importance of finding your people.

Show notes at https://innovatingadvice.com/post/episode80

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Michael Back, founder of Human to Human in Australia which helps financial advisors create loyal clients who make your business more profitable, joins the show. Michael is a customer experience enthusiast, business coach, people lover and multi-award winning marketing consultant.

In this episode, we're chatting about how to make each year of your client experience better than the last. And how to determine and prioritize the right activities at the right time to make that happen.

Show notes at https://innovatingadvice.com/post/episode79

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Kate Healy, who is known and admired for her expertise and passion around all things nextgen in financial planning, joins the show.

We’re chatting about how the pandemic has been a catalyst for change in how we go about attracting and developing the next generation of talent - not just in client facing roles or for younger people, but in all the important roles across an organization and including career changers.

We also discuss imposter syndrome and ways to overcome it - including by participating in the amazing Speaker & Influencer Program in the Innovating Advice Community - and Kate provides some ideas on how to overcome social media compliance challenges you may be facing.

We wrap up with Kate sharing the incredible work that’s happening at the Foundation for Financial Planning where she is the current Board Chair.

Show notes at https://innovatingadvice.com/post/episode78

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Penny Phillips, President and co-Founder of Journey Strategic Wealth, has spent years supporting financial advisors to embrace change and discover new ways to thrive.

In this episode, Penny and I discuss old belief systems and structures and how to shed them in order to grow your business.

Penny talks about the importance of understanding client psychographics - and what that means, how to lead with curious questions and not make assumptions, how to handle challenging compliance situations and, as the person that introduced me to BombBomb video email which I love, we of course talk about advisors leveraging video in their business.

Links and transcript at https://innovatingadvice.com/post/episode77

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Welcome to the return of our regularly scheduled episodes!

Natalie Yan-Chatonsky, founder of Full Time Lives in Australia, works with financial planners to help change the conversation around retirement and help people build healthy, meaningful and connected lives after full-time work.

Listen on for Natalie’s 5 key ingredients for full time living and let me know which one you’re going to focus on this year.

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After a few weeks hiatus, The Innovating Advice Show is back!

Here's a look back at the show in 2020, what I've been up to during the hiatus and what's new with the show and Innovating Advice in 2021 (hint: lots!).

Note: This was my first ever live stream and I'm uploading the audio unedited for efficiency.

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*Note: This is the last episode of 2020 and the podcast will be taking a few weeks off in January to make some fun updates. Wishing you and yours a wonderful holiday and a joyous new year!

In this final episode of 2020, we're joined by our first guest from Scotland, Keith Boyes.

Being the first guest, we chat a little about Scotland and I bet you’ll be surprised by what their national animal is!

Keith is the Founder of Spentwell, which he launched in August 2019 after spending 10 months talking with and learning from other firms and focusing heavily on what has become a multi-award winning brand.

Keith walks us through his journey, what he’s outsourcing and why, the team he’s built and what team means to him.

Links, transcript and timestamps at https://innovatingadvice.com/post/episode75.

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With the coronavirus pandemic most strongly affecting our older generations and bad press around the world from outbreaks in aged care facilities I invited Rachel Lane on to get a better understanding of aged care, how much of the news represents reality and when and how advisers should be having aged care discussions with their clients.

Rachel is the Principal at Aged Care Gurus in Australia which helps professionals up-skill and provide quality aged care advice to your clients.

Rachel also shares the designation they’ve created, The Retirement Living and Aged Care Specialist, To highlight how specialized of an area of advice and planning this is. And to further help advisers with this complex topic, she’s also developed a powerful software solution. That’s part 2 of this podcast and you can find the short demo webinar, links, transcript and timestamps at https://innovatingadvice.com/post/episode74.

Raise Your Profile and Attract Your Ideal Clients with Video

If you are currently a business owner or think it might be on your horizon, this episode is for you.

I’m joined by Dean Holmes, co-founder of The Wealth Network in Australia where they’re inspiring the entrepreneurial revolution in financial planning.

We’re chatting about the ups and downs and realities of starting and growing a successful business and Dean walks us through The Wealth Network's unique model for solving the major pain points in launching an advice or planning business.

And listen until the end where he talks about hyper-targeting and hyper-personalization and why we should all be doing it.

Links, transcript and timestamps at https://innovatingadvice.com/post/episode73.

Raise Your Profile and Attract Your Ideal Clients with Video

If you’ve been wondering how you can bring clients and prospects together for valuable virtual discussions, both large and small, this episode is for you.

We’re talking through how Private Ocean has pivoted their business development and client engagement initiatives in this virtual world.

And listen until the end for Sabrina’s free offer for five listeners to improve your mental fitness.

Links and transcript at https://innovatingadvice.com/post/episode72.

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We talked wine lists, trees growing backwards and the wild west, all in the name of continuing to build this wonderful #financialplanning profession.

Dr. Nathan Harness, Director of Financial Planning at Texas A&M University, also shares the inherent solution biases most people have based on their area of expertise and we chat about the need for more academic research.

And listen until the end where he describes the need for normative standards in the profession (say what? he explains) and talks about the delicate balance between the art and science of financial planning.

Links, transcript and timestamps at https://innovatingadvice.com/post/episode71.

Three Steps to Identify Opportunities for Innovation in Your Financial Advice/Planning Business

Stacey McKinnon is the Chief Operating Officer at Morton Capital Management in California which manages $2bn in assets and has a team of 45 people. What’s surprising, though, is that 75% of those team members came to Morton with no prior experience in financial services.

In this episode, we’re discussing how Stacey has completely flipped hiring on its head, her extreme focus on client and employee experiences and her big, hairy, audacious goal that could not only transform financial services, but make the whole world a better place.

Whether you’re a solo shop or also have a team of 45, this episode will change your thinking about how to find and build your team and the positive impact that can have on the world.

Links, transcript and timestamps at https://innovatingadvice.com/post/episode70.

Three Steps to Identify Opportunities for Innovation in Your Financial Advice/Planning Business

We’re discussing two key topics that I’ve been hearing from you: How do you attract your ideal client and how do you overcome those internal barriers that prevent you from creating and sharing content that will attract your ideal client?

And listen until the end where Tim shares a cool new feature on LinkedIn where you can highlight your personality and value in just ten seconds.

Episode and transcript at: https://innovatingadvice.com/post/episode69.

Three Steps to Identify Opportunities for Innovation in Your Financial Advice/Planning Business

Phuong Luong, Founder of Just Wealth in the U.S. is a burst of inspiration. She’s a career changer from teaching to financial planning and when she decided to make the switch, she jumped right in and started her own virtual, fee-only financial planning business.

If you know someone that’s considering a career switch into financial planning, this is a great episode to share with them.

Phuong also shares her research and experience with financial history, wealth divides and the myths we tell ourselves about why people are poor. We discuss some of the challenges with giving back through pro bono work and the most effective way for you and your clients to contribute charitable dollars.

Phuong has won many awards and recognitions but remains staunchly focused on leaving the world a better place than she found it.

Links, transcript and timestamps at https://innovatingadvice.com/post/episode68.

Three Steps to Identify Opportunities for Innovation in Your Financial Advice/Planning Business

Being a NextGen Planner is about your mindset, not age (thankfully!).

Rohan Sivajoti, co-founder of NextGen Planners in the UK, talks about what it means to have that NextGen mindset, upcoming initiatives that may be of interest to you and when you should say yes to everything.

He’s also the founder of Postcard Planning where he’s developed a really creative brand that has turned his clients into ambassadors for the business while they’re on holiday.

Finally, we chat about making it through the tough times in life and Rohan shares why it’s beneficial to talk with a loose acquaintance.

Links, transcript and timestamps at https://innovatingadvice.com/post/episode67.

Three Steps to Identify Opportunities for Innovation in Your Financial Advice/Planning Business

Marketing encompasses a huge range of activities and mediums, and in this episode we’re focusing on the staying power of email marketing to attract, retain and grow your ideal clients.

Faith Liversedge shares what your website should, and shouldn’t, have before diving in to email marketing. She then reminds us that messaging should be focused on the client, not you, and that great conversations happening amongst advisers and planners on the profession evolving should also be happening with clients and prospects.

And listen until the end where we chat about the power of bringing in a third-party to talk with your clients and uncover some wonderful gems to reshape your message and help you continue to grow.

Links, transcript and timestamps at https://innovatingadvice.com/post/episode66.

Video Series: Three Steps to Identify Opportunities for Innovation in Your Financial Advice/Planning Business

As we look towards the future (and present) of financial planning, will technical knowledge carry the same weight? Are the necessary skills for delivering true financial planning shifting?

Scott Frank, Founder of Stone Steps Financial, shares an equation he’s been working on — that IQ + EQ = Real financial planning.

He shares how the got there, including inspiration from Elizabeth Jetton’s four key competencies, George Kinder’s three questions and fellow financial planner PJ Wallin’s illustrative star.

Scott also gives us a full look into his business, from how it’s evolved over the years, to the process he now uses that gets clients to take action on his recommendations and finding time to work ON the business and not just IN the business.

Finally, Scott shares an easy and free SEO hack to boost your results on Google.

Links, transcript and timestamps at https://innovatingadvice.com/post/episode65.

Three Steps to Identify Opportunities for Innovation in Your Financial Advice/Planning Business

You know that couples fight about money and you’ve seen clients that just aren’t ready to move forward with their plan. But have you considered adding a financial therapist or relationship expert to your centers of influence?

Dr. Kristy Archuleta is a Marriage and Family Therapy expert and a Professor of Financial Planning. She joins the show to discuss when, why and how financial planners should build relationships with therapists and relationship experts.

We also talk about the Financial Therapy Association, its free Journal of Financial Therapy and its Certified Financial Therapist Level 1 designation.

And listen till the end where Kristy talks about the similarities and differences between the ever-popular coaching methods and therapy.

Links, full transcript and timestamps at https://innovatingadvice.com/post/episode64.

Three Steps to Identify Opportunities for Innovation in Your Financial Advice/Planning Business

Dr. Brad Klontz is on the show talking about the intersection of financial psychology and financial planning which is endlessly fascinating.

Dr. Klontz shares how financial trauma and money beliefs can be passed down through generations and his research on the effectiveness of financial education versus more of a visual, coaching, behavioral finance approach.

He also discusses his research on the psychology behind the ultra wealthy versus the middle class and his passion for changing the false messaging on social media about how the wealthy really live.

We wrap up talking about a few of his books, the Certified Financial Behavior Specialist designation through the Financial Psychology Institute and listen until the end for his final words on the lifesaving power of financial planning.

Links, transcript and timestamps at https://innovatingadvice.com/post/episode63.

Three Steps to Identify Opportunities for Innovation in Your Financial Advice/Planning Business

Whether you’re planning to start your own business or looking at ways to innovate an existing business, this episode is chock full of great advice.

Jessica Brady walks us through the two years of planning that she and her business partner, Glen, did before launching Fox & Hare. She discusses the focus groups they conducted, and continue to host annually, and why all advice businesses should do the same. She also shares how they gain media exposure, the many things you can do pre-launch, even if you’ve got non-competes, and why, if you’ve done your research, you should launch that business even if everyone is telling you you’re crazy.

Fox & Hare launched three short years ago and is on track to have a team of 13 by the end of 2020. What’s most fascinating about that is the neither Jess nor Glen had prior experience as advisors, proving that innovative thinking and solid planning are far more important than technical expertise.

Links, transcript and timestamps at https://innovatingadvice.com/post/episode62.

Three Steps to Identify Opportunities for Innovation in Your Financial Advice/Planning Business

I’m joined once again by Dan Haylett, a Life Centered Financial Planner at TFP Financial Planning in the UK. Dan was first on episode 52 where we took a deep dive into how TFP has structured their fees and service offerings, moving from traditional percentage charges to flat fees.

In this episode, Dan shares how they took clients on the journey to the new fee and service models, including the conversations with clients where fees both went up and went down and advice for those looking to make a similar transition in their business.

Dan also gives us a full look into the financial coaching program he’s just launched to provide accessible and affordable coaching to all. And in true, transparent Dan style, he walks us through exactly what it looks like, timelines and cost, providing a great model for other advisers to adopt.

Finally, we chat about the ridiculous concept of retirement in its current form and why we need to change the conversations with clients around retirement.

Links, show notes and full transcript at https://innovatingadvice.com/post/episode61.

Three Steps to Identify Opportunities for Innovation in Your Financial Advice Business

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If you’ve been wondering about up-skilling beyond a CFA or CFP designation, and want to work more on the human side of money and increase your soft skills, this episode is for you.

I’m joined by Mariette Tappan, who holds the distinction of being the first Certified Financial Transitionist® in South Africa.

We chat about what a Certified Financial Transitionist — which is a designation from the Financial Transitionist Institute — does and why, after more than 25 years as a financial planner, Mariette was prompted to go down this path after having five clients pass away in one year.

This episode is not an ad for the institute or designation. Rather, it’s a look at the importance of always upskilling, even after decades in the profession, and the growing importance of being skilled in the human side of money, in addition to the technical side.

Links, show notes and full transcript at https://innovatingadvice.com/post/episode60.

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Nick Elston is one of the highest profile and leading inspirational speakers on the lived experience of mental health. We're chatting about the masks we wear, whether we realize it or not, and how to evolve company culture around anxiety.

Nick also shares how vulnerability, when practiced daily, is a super power and how vulnerable leadership and advisors should be with their employees and clients. Plus, he discusses emotional storytelling.

Links, show notes and full transcript at https://innovatingadvice.com/post/episode59.

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Humans Under Management virtual event happening 8th September: https://bit.ly/IAHUM2020
Tickets: R500, US$30, £23, AU$42.

As attention and efforts on diversity, equity and inclusion grow in financial services, you may be wondering what specifically you can (and should) do within your organization.

In this episode, Cait Howerton, MBA, AFC®, CFP® talks us through the evolving language and terminology used in the LGBTQ+ community and how financial services professionals can be more inclusive to LGBTQ+ colleagues and clients. We also discuss gender norms, unconscious biases and Cait walks us through how to review and shift the language you use on forms, documents and websites to be more inclusive.

Links, timestamps and full transcript at https://innovatingadvice.com/post/episode58.

Humans Under Management virtual event happening 8th September: https://bit.ly/IAHUM2020
Tickets: R500, US$30, £23, AU$42.
#HUMconf

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Andy Hart, founder of Maven Adviser in the UK and the Humans Under Management Behavioral Finance Conference, joins the show. He shares what Humans Under Management (HUM) means, how the HUM events came about and we discuss this year's virtual event happening on the 8th of September with great speakers from around the world.

We also chat about what behavioral finance means, what it looks like in practice and how it ties in to those Humans Under Management. And Andy shares why he thinks everyone should call themselves a financial advisor even if they fancy themselves a coach, planner, lifestyle adviser, wealth manager or a myriad of other titles.

Links, show notes and timestamps at https://innovatingadvice.com/post/episode57.

Humans Under Management virtual event happening 8th September: https://bit.ly/IAHUM2020
Tickets: R500, US$30, £23, AU$42.
#HUMconf

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A true thought leader, entrepreneur and inspiration for this generation, Dasarte joins the show and:

shares the powerful story behind his Onward to Greatness brand;
discusses how he’s structured Berknell Financial Group, which he started at age 24, with three distinct client groups to serve clients at every stage, including traditionally overlooked and underserved people;
chats about the three books he’s written, his podcast and weekly blog; and
shares how he’s working towards quadrupling the number of households that Berknell serves.

May we all follow Dasarte’s lead and keep being human and moving Onward to Greatness.

Links, show notes and timestamps at https://innovatingadvice.com/post/episode56.

Humans Under Management virtual event happening 8th September: https://bit.ly/IAHUM2020
Tickets: R500, US$30, £23, AU$42.

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Dominique is a proud Tall Poppy Woman (who shares what that means for those outside of Australia and New Zealand!). We discuss how divorce and separation are different for women than men, special financial planning considerations and how to empower women with their finances before they’re going through a divorce or separation.

Dominique also provides one simple, clear call to action for you to complete this week. Plus, she shares the incredible power of financial planning and how, done properly, it can prevent couples from ever reaching divorce or separation.

Links, show notes and timestamps at https://innovatingadvice.com/post/episode55.

Humans Under Management virtual event happening 8th September: https://bit.ly/IAHUM2020
Tickets: R500, US$30, £23, AU$42.

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I’m joined by David Haintz, founder of Global Adviser Alpha in Australia which he started after a very successful exit from his prior firm in 2015. With a 30 year career as an adviser, David is now focused on his passion of helping global advice businesses become world class.

In this episode, we’re talking through the two areas where advisers provide client value, which David describes as below the line - the largely tangible elements like evidence based investing, benchmarking and rebalancing - and above the line, which are those valuable but intangible elements.

David shares how to add value both above the line and below the line and we discuss the seismic global shift happening in advisers moving above the line to a client goals and lifestyle focused coaching profession.

Links, show notes and timestamps at https://innovatingadvice.com/post/episode54.

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Humans Under Management virtual event happening 8th September: https://bit.ly/IAHUM2020
Tickets: R500, US$30, £23, AU$42.

Olga Miler is co-founder of SmartPurse which is empowering women from all over the world to build each other up and reach new heights of financial independence.

In this episode, Olga, who co-founded and developed UBS Wealth Management’s award-winning global female program and the Gender ETF, shares why she co-founded SmartPurse, the global impact they’re seeking to make and how financial advisers around the world can leverage the platform to grow their own businesses.

We also chat about Olga’s current research around women and money which, despite being a highly researched topic has had really slow progress, and how she’s hoping to change that.

And finally, as an expert in gender-smart investing, we chat about what that means and why advisers should be more knowledgeable in this area.

Links, show notes and timestamps at https://innovatingadvice.com/post/episode53.

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Humans Under Management virtual event happening 8th September: https://bit.ly/IAHUM2020
Tickets: R500, US$30, £23, AU$42.

We’re taking a deep dive into how TFP Financial Planning in the UK has structured their fees and service offerings. This was was a big transition for them moving to fixed fees for both initial and ongoing services.

My guest is Dan Haylett, a Life Centered Financial Planner at TFP which is at the forefront of evolving fee and service models in the continuing shift away from the AUM model.

Dan also shares why the AUM model doesn’t make sense anymore and his passion for full transparency of what they do and how they charge, and why they clearly list it all online.

Links, show notes and timestamps at https://innovatingadvice.com/post/episode52.

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Humans Under Management virtual event happening 8th September: https://bit.ly/IAHUM2020
Tickets: R500, US$30, £23, AU$42.

Carolyn McClanahan, who is both a medical doctor and a CFP professional, specializes in the intersection of health and money.

She joins the show to chat about leveraging this opportunity to introduce or expand conversations with clients around health and estate planning, reviewing insurance coverage and how her approach to projecting life expectancy has evolved through the years.

Carolyn also cuts through the mixed messages and misinformation surrounding COVID-19 and reminds us that science takes time and that science is messy.

Links, show notes and timestamps at https://innovatingadvice.com/post/episode51.

Humans Under Management virtual event happening 8th September: https://bit.ly/IAHUM2020
Tickets: R500, US$30, £23, AU$42.

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Hard to believe it’s been 50 amazing episodes already! Thank you for being part of this journey, for allowing me into your lives each week and for all you’re doing to propel this profession forward.

In this episode, I’m joined once again by Brian Foster, founder of The Financial Caddie - a global community of forward thinking financial planners - based in beautiful Cape Town, South Africa.

Brian was first on the show on episode 32 where we talked through what Brian describes as the four stages - starting with product sales, to assets under management, progressing to financial planning and then to the all important stage four which we realized was worthy of its own episode.

So here it is, diving into what it means to operate at stage four, which Brian describes as the only client-centric model of the four stages.

Links, time stamps and the drama triangle graphic we discuss throughout the episode at https://innovatingadvice.com/post/episode50.

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Humans Under Management virtual event happening 8th September: https://bit.ly/IAHUM2020
Tickets: R500, US$30, £23, AU$42.

Michelle Hoskin, Founder and Director at Standards International which is the powerhouse behind professionalism and operational excellence in financial services, joins the show. Michelle, whom many may know as Little Miss WOWW, gives us the real story behind where that name came from.

She also shares why standards are so important and how they provide definition and help to shift the language we use; for example, in moving from practice management to business management and in clarifying and defining the paraplanner role.

We also touch on the vast regulatory changes in Australia and how they tragically led to an increase in financial advisers dying by suicide. And with some important words on how to avoid that happening to others, listen till the end.

Links, show notes and timestamps at https://innovatingadvice.com/post/episode49.

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Humans Under Management virtual event happening 8th September: https://bit.ly/IAHUM2020
Tickets: R500, US$30, £23, AU$42.

Mike Kelly had a long and successful career in corporate America and, with a love for helping people, first entered financial services as a side hustle. Quickly dismayed by the focus on selling, he left.

But having seen and experienced systemic racism in financial services since childhood and knowing how few people of color are in financial services, and even fewer that are CFP professionals, Mike returned to be a role model to others and to create a business that serves people from all walks of life.

In this episode, Mike shares some of the history of racism in financial services, including how insurance companies used bad science to discriminate, and shares a number of things we can all do to increase diversity, equity and inclusion within financial services and for the benefit of all.

Mike also shares the importance of having a personal mission statement and a few of his favorite quotes which have stuck with me.

Links, timestamps and full transcript at https://innovatingadvice.com/post/episode48.

Join the Global Community | Connect with Kate on LinkedIn

Humans Under Management virtual event happening 8th September: https://bit.ly/IAHUM2020
Tickets: 500 ZAR, 30 USD, 23 GBP, 42 AUD.

Gretchen Betts, Managing Director at Magenta Financial Planning in the UK, which has a team of all women, joins the show.

Gretchen shares how and why the name Magenta, and its fantastic name-inspired branding, came to be. We chat about building a team of all women, how to bring more women into the profession and into client-facing roles, how Gretchen acquired the skills and support structure to succeed as a Managing Director and the things Magenta outsources to make sure their time and energy is spent where it’s most effective.

We wrap up by chatting about Gretchen’s love of ceramics and crafting and her Persian cat, Basil, who has 21k followers on Twitter.

Links, show notes and timestamps at https://innovatingadvice.com/post/episode47.

Join the Global Community | Connect with Kate on LinkedIn

Humans Under Management virtual event happening 8th September: https://bit.ly/IAHUM2020.
Tickets: 500 ZAR, 30 USD, 23 GBP, 42 AUD.

Ben started Pivot Wealth five years ago and I've always been in awe of his branding and marketing. We’re talking through his approach to both, including his experience and success with videos, social media, webinars and in person events where he’s getting up to 85% conversion, LinkedIn, podcasts and how he repurposes the same content across different platforms.

We also chat about the positive impact that Pivot Wealth is having on the world by being a B1G1 - a buy one give one - Business for Good.

Links, show notes and timestamps if you’d like to jump to a particular part at https://innovatingadvice.com/post/episode46.

Connect with Kate on LinkedIn.

Carissa Fairbrother, who is the first guest from New Zealand, joins the show to chat a little about the country and the advice market in New Zealand before diving in and learning about RIVAL Wealth which Carissa started with her husband Tim in 2008.

They now have 20 employees and won a national award for being the best business in the country for work-life balance. Carissa shares what that looks like, how they’re building the McDonald’s of financial advice in terms of systems and processes; why they’ve decided to continue hiring instead of staying small and highly profitable and how an external advisory board has helped them grow.

Links and show notes at https://innovatingadvice.com/post/episode45.

Connect with Kate on LinkedIn.

Chris Budd, author of The Financial Wellbeing Book, host of the Financial Wellbeing podcast and founder of The Initiative for Financial Wellbeing, joins the show to chat about financial wellbeing which is the study and application of how money can make us happy.

Chris shares the personal journey of why he wrote The Financial Wellbeing Book, and why he donated the proceeds to a cancer center; we chat about money and happiness; what they’re building at the Initiative for Financial Wellbeing and he shares a bit about the Financial Wellbeing podcast.

Links and show notes at https://innovatingadvice.com/post/episode44.

Connect with Kate on LinkedIn.

Eric Roberge, CEO of Beyond Your Hammock in Boston, Massachusetts joins the show for what is essentially an awesome masterclass for anyone considering or in the process of starting their own business or moving in a new direction.

Eric followed his gut and started Beyond Your Hammock in 2013 as a monthly subscription model to work with people in their 20’s and 30’s before there was a blueprint for how to do so. Here, he’s sharing everything about his journey from setting aside his ego and waiting tables in the early days to how he hustled to grow the business, how he’s focused his niche over the years, his fee model and his client journey.

Links and show notes at https://innovatingadvice.com/post/episode43.

Connect with Kate on LinkedIn.

Emily Blanch, Head of Community and Platform Experience at XY Adviser in Australia, joins the show to chat about technology and processes that amplify the human element, how sometimes the smallest acts have the biggest impact and building a community for your clients. Emily goes out of her way to help people feel inspired, connected to a bigger vision and clear in their direction and shares all of that here.

We also chat about the great stuff happening at XY Adviser, how I’ll be using it to bring listeners together and what’s coming up next for XY and the global community.

Links and show notes at https://www.innovatingadvice.com/post/episode42.

Connect with Kate on LinkedIn here.

Bonus: Adele Martin [guest on episode 23] is hosting a free, 30-day social media challenge throughout the month of July on the XY Adviser platform. Join XY and the challenge for free here.

Louis van der Merwe joins the show to talk about starting WealthUp in South Africa when he was in his mid-20’s. We also chat about how Louis gained the confidence and skill to start a financial planning business so young, how it’s grown to have four employees - all on salary, Louis’ thoughts on whether business owners should be worried about advisors leaving and have strong non-compete’s in place, and how much of Louis’ success has come from stumbling across great ideas and opportunities.

Links and show notes at https://www.innovatingadvice.com/post/episode41.

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Thank you to the many listeners that have reached out wanting to learn more about my story and specific approach. As more listeners have reached out I thought it would be valuable to answer the eight most common questions I receive.

So in this episode with me, myself and I, I’m sharing more about how I built Belmore Financial back in 2013; the fee model; how I worked with clients; technology I used and how clients found me. I also share my top advice for financial planners, where I see the profession going and what I’m building at Innovating Advice.

Links and show notes at https://www.innovatingadvice.com/post/episode40..

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Thrilled to be partnering with NextGen Planners in the UK to bring you amazing guests from around the world during free, virtual, 30-minute shows live-streamed on YouTube from 08:30h-09:00h a.m. in EVERY time zone around the world from 8:30am UK time on Monday, 22 June - 8:30am UK time on Tuesday, 23 June.

It’s a wonderful way to bring the global community together and learn from each other throughout 24 action-packed shows across 24 hours!

In this episode, I’m joined by Adam Owen, a Director at NextGen Planners and the producer of The Global Commute. We chat about how The Global Commute came about, provide a sneak peek of some of the great guests, discuss the various segments during the show and the charity challenge element. All challenges and all charities are welcome! If you’d like to participate, let me know.

Follow me on LinkedIn or Twitter to see the incredible lineup of guests from around the world and links to watch the YouTube livestreams. You can tune in to one, many or all shows throughout the 24-hours!

Also follow NextGen Planners on Twitter.

With a tagline like “Transforming human hamsters into action heroes” you know you’re in for a fun chat!

In this episode, I’m delighted to be joined by Peita Diamantidis who has an actuarial background and 20 years of experience in financial services but combines her quirky sense of humor and storytelling to empower the public to take charge of their finances.

Peita shares her great insights into why financial advisors haven’t had to be entrepreneurial, how you can go to comical lengths to narrow your niche (and the benefits of doing so!) and how to design your customer journey.

Links and show notes at https://innovatingadvice.com/post/episode38.

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While The Innovating Advice Show is resuming after participating in #PodcastBlackout last week in support of #BlackLivesMatter, know that my commitment to continue learning and using my platform however I can to fight racism, injustice and inequality continues.

We know that financial planning has long been seen as elitist and only accessible by the already-wealthy, who are often white. The racial wealth gap is astounding and racial discrimination in financial services is prevalent.

At Innovating Advice, I have always been interested in people creating solutions to these problems. People creating processes, fee structures, systems, cultures and technology that make giving or receiving advice inclusive to all.

That’s the mindset and approach that I appreciate about Chris Shuba, CEO of Helios Quantitative Research and Helios Integrated Planning in this episode. Chris is all about creating tools that help to level the playing field and he seeks to continually evolve. We chat about how Helios is innovating advice, not only through their quantitative research but through their integrated planning and additional tools that will be rolled out this year.

Links and show notes at https://innovatingadvice.com/episode37.

Connect with Kate on LinkedIn.

This is not the time to discuss innovation in financial planning, business efficiencies or technology. It is not the time to return to business and life as usual.

This week, I am participating in the #PodcastBlackout to protest the murder of George Floyd, police brutality, racism, injustice and inequality.

In lieu of new episodes this week, I share a few thoughts and many resources from colleagues in podcasting and financial planning.

Please take whatever time you might otherwise have spent this week listening to The Innovating Advice Show and spend it educating yourself and learning what you can do to fight against racism, injustice and social inequality. I will be doing the same.

#BlackLivesMatter

https://innovatingadvice.com/BLM

Forbes called her the next Steve Jobs. The United Nations named her an icon. She’s developed the top financial literacy product in the world. And in this episode, Angel Rich, Founder and CEO of The Wealth Factory, shares her infectious passion for changing the world and why she walked away from a full-ride MBA scholarship and being put on the CEO track of a major institution.

We also touched on a shared hot button issue that highlights the importance of financial literacy and areas where innovation in financial services is in dire need. Will you be the one to follow in Angel’s steps and create a solution that helps to change the world?

Links and show notes at https://innovatingadvice.com/post/episode36.

Connect with Kate on LinkedIn.

In the most eye-opening episode yet, Dr. Mara Catherine Harvey shows us how far the financial services industry still has to go to engage women. She shares shocking research she’s done on the financial risks that women face throughout their lives, how younger women are engaging less with long-term financial decisions than prior generations and why it’s imperative that we begin to engage girls from a young age.

Mara also shares how financial advisers and financial planners can help to close the economic gender gap, what you should be looking at in your value proposition to clients and considerations for how women are supported within your organizations.

We also discuss Mara’s financial literacy book series for children, which is a perfect gift for your client’s kids and grandkids!

Links and show notes at https://innovatingadvice.com/post/episode35.

Connect with Kate on LinkedIn.

As technology continues to displace much of a financial planner's traditional value proposition, the skills that financial planners need to adopt have changed.

Recognizing this shift, FP Canada (the national professional body leading the advancement of professional financial planning in Canada) underwent a multi-year project to revamp the entire professional curriculum to focus on and emphasize the human element of financial planning.

In this episode, Cary List, FP Canada CEO, speaks directly about the need for financial planners to adapt in order to survive and shares how FP Canada is preparing the next generation of financial planners.

Links and show notes at https://innovatingadvice.com/post/episode34.

Connect with Kate on LinkedIn.

If you like smiling and making eye contact, how do you react if a client doesn’t smile or make eye contact? If they interrupt you, does that feel rude? How do you discuss death or a serious illness if they won’t speak about it?

In this episode, Stephanie J. Lee shares how to be culturally intelligent and shows that culture goes far beyond ethnicity and geography. We discuss how to open our minds and embrace cultural differences to understand different values and behaviors in financial planning.

Links and show notes at https://innovatingadvice.com/post/episode33.

Connect with Kate on LinkedIn.

Which stage are you at and which stage would you like to be at?

In this episode, we’re talking through what Brian Foster of The Financial Caddie describes as the four stages: starting with product sales, to assets under management, progressing to financial planning and then you’ll have to listen to the end where we discuss what stage four is and what makes it the most valuable stage for both you and your clients.

Links and show notes at https://innovatingadvice.com/post/episode32.

Connect with Kate on LinkedIn.

There’s a perception that coaching is separate from financial planning but it's integral to true financial planning. It’s an essential element of the process with clients of all ages, incomes and asset levels.

In this episode, Kim Potgieter of Chartered Wealth Solutions in South Africa shares their innovative approach to Retiremeant, the key role that coaching plays and how she’s helping visionary financial planners.

Links and show notes at https://innovatingadvice.com/post/episode31.

Connect with Kate on LinkedIn.

There are a few things Daniel wished he learned earlier in his career. In this episode, we talk through those so you can learn from his hard-earned lessons. And we focus on one of the most important - what’s needed, and what isn’t, to build a truly valuable business and how that’s different from building a practice.

Links and show notes at https://innovatingadvice.com/post/episode30.

Connect with Kate on LinkedIn.

There’s a much needed shift happening as financial services professionals realize that helping clients is rarely accomplished through selling products or just managing investments. The qualities of listening, coaching and changing financial behaviors are increasing in demand.

In this episode, Catherine Morgan of The Money Panel shares her journey through financial services, how personal trauma changed her course, the saving grace of NextGen Planners and how she’s built a hugely successful financial coaching business for busy women.

Links and show notes at https://innovatingadvice.com/post/episode29.

Connect with Kate on LinkedIn.

Most people enter financial services and begin selling financial products. Many remain there through their career, or get disillusioned and leave the industry. In this episode, Amyr Rocha-Lima shares his career journey and when the penny dropped for him, realizing that the value he brings can only be provided through client-centric financial planning, not product sales.

Amyr has invested heavily in his education and continued learning to become a true financial planning professional. He shares advice for financial planners and advisors at all stages of their career and for those at both ends of beginning a firm’s succession plan.

Links and show notes at https://innovatingadvice.com/post/episode28.

Connect with Kate on LinkedIn.

As advisors are rapidly adjusting to a virtual model, Derek Notman, CFP and founder of Intrepid Wealth Partners joins the show to share the path that led him to going virtual in 2013. We discuss how to build trust online and how to determine what your ideal client looks like, after doing some internal work. Derek also gives some great tips on how to build a successful virtual practice and shares the turnkey system he’s built for advisors that are ready to embrace the digital world.

Links and show notes at https://innovatingadvice.com/post/episode27.

Connect with Kate on LinkedIn.

Having a website, social media presence, blog and newsletter are one thing, but knowing how to leverage them for maximum impact for you, your clients and prospects is another. To break it down and provide clear, actionable advice you can start implementing today, Tim Slatter of Slatter Communications in South Africa joins the show.

For the Venn diagram we discuss, links and show notes go to https://innovatingadvice.com/post/episode26.

Connect with Kate on LinkedIn at https://www.linkedin.com/in/kateaholmes/.

Why are men promoted more often than women? Why do we still follow a Mon-Fri 9-5 schedule? Should you lean in, lean out or is there another option? We discuss all this and more in today’s episode with Claudia Reuter, MD at Techstars and author of the new book, Yes, You Can Do This! How Women Start Up, Scale Up and Build the Life They Want.

It’s a valuable read for women (and men) at all stages of their career and I want to buy a copy for a listener. DM on LinkedIn with what resonates most to you in this episode and I’ll do a drawing on 30 April.

Links and show notes at https://innovatingadvice.com/post/episode25.

Lovaii Navlakhi joins the show and shares how he started a financial planning practice in India nearly 20 years ago, before he had even been introduced to what financial planning was. We discuss what it’s like to be a first-to-market practice, scaling up and serving cross-border clients while building relationships with colleagues around the world.

Links and show notes at https://innovatingadvice.com/post/episode24.

Adele Martin, CFP has built a truly innovative financial planning practice and joins the show to share her six foundational tools for running a virtual practice, how she’s built such a successful business that she no longer takes on one-on-one clients and the importance of building your personal brand, even if you work in a large firm.

Links and show notes at https://innovatingadvice.com/post/episode23.

While the U.S. is unlikely to phase out or ban commissions as other countries have, more and more financial advisors are choosing to join or create a fee-only practice. To discuss this growing trend, unique regulatory challenges the U.S. faces and whether it’s important have a niche practice, I’m joined by Geof Brown, CEO of NAPFA, the professional association of fee-only advisors on the U.S.

Show notes, links and full transcript at: https://innovatingadvice.com/episode22.

Connect with Kate on LinkedIn.

Financial advisors, who largely remain paper-based with manual processes and face-to-face meetings, have suddenly been forced to work remotely or suffer an inability to continue operations. So how are advisors adjusting to working from home? Jen McKay of Linktank in South Africa and I surveyed advisors last week to find out and she joins the show to discuss the results.

We also hear Linktank's story and the benefits of being majority women in the advisor and tech space, and the changes advisors and tech providers need to make if they want to survive.

Show notes, links and transcript at: https://innovatingadvice.com/episode21.

Clients are concerned about the markets and economy. Advisors are adjusting to working from home, with kids and spouses around. So how can you prioritize which clients to talk with and the most impactful topics? Dave Bruno of NVISO is on the show to share the digital platform they’ve built, Insights ADVISE, which is powered by AI software to help advisors build more meaningful client relationships and gain deeper insights into their clients need and wants.

Show notes, episode transcript and demo webinar at https://innovatingadvice.com/episode20.

Claire Phillips, Partner at First Wealth, joins the show to share how First Wealth is building a future-proof independent financial advisor and financial planner practice in the UK.

We discuss how everyone is doing during this coronavirus pandemic; First Wealth as a signatory on the HM Treasury Women in Finance Charter; creating a culture where everyone has a voice; building a forward-thinking, transparent practice that refuses to get complacent; and why fees should be clearly listed on an advisor’s website.

Show notes and transcript at https://innovatingadvice.com/episode19.

Fraser Jack, Head of Partnerships at Advice Intelligence and host of the Goals-based Advice podcast, joins the show. We chat about what goals-based advice is and the value of tracking ‘Goals under Management’ versus Assets under Management. We also discuss what aspects of the advice process deter consumers and what they’d like to see more of, and why advisors are often slow to add to their tech stack.

Guest Bio

Fraser Jack is an ex-financial planner and ex-RegTech founder currently working for AdviceTech provider Advice Intelligence, and Host of Goals-based Advice (GBA) podcast.

With many years experience as an adviser, licensee, and technology consultant, understanding every pain point in the old world advice process, Fraser's passion and purpose in life is to solve these industry problems and promote the new world of goals and values-based professional advice, because clients deserve it.

Advice Intelligence (a.i.), is the first real goals-based advice platform in financial advice, helping planners and clients focus on the 'Goals Under Advice,' the outcomes and tracking of the goals, not the FUM or AUM.

Resources and Terminology

Fraser’s LinkedIn
Advice Intelligence website
Goals-based Advice podcast

Samantha Wong joins the show as the first guest from Singapore. We chat about the many innovations that make Singapore the smartest city in the world, how financial planning is evolving in Singapore and the work that FPAS is doing to raise professionalism and increase consumer awareness.

You’ll Learn

What makes Singapore the Smartest City in the World.
How financial planning technology and business models are evolving.
That building the profession should be focused on quality of professionals, not quantity.
How FPAS is emphasizing that financial planning isn’t just for the wealth.
About Singapore’s interesting pension and savings scheme, the Central Provident Fund (CPF).
- Additional note on CPF: Apart from the difference in salary contribution, for different age groups the contribution also differs. For example, below 55 years old, the contribution at this time is 37%, comprised of 20% from the employee and 17% from the employer.

Guest Bio

Samantha Wong, CEO of the Financial Planning Association of Singapore (FPAS), has over 15 years of experience in financial services. She has a BSc in Computing from Staffordshire University in the UK and a Master in Finance from University College Dublin in Ireland.

Resources and Terminology

Samantha’s LinkedIn
Financial Planning Association of Singapore (FPAS) website
MAS: Monetary Authority of Singapore
CPF: Central Provident Fund

Joel Drake, a technology specialist, joins the show for the most actionable episode yet. We are discussing the top four must-dos for advisers and their clients to stay secure in today’s digital world. Download the one-page checklist and follow along at InnovatingAdvice.com. We also discuss leveraging the tools you already have for increased efficiency.

You’ll Learn

The importance of cybersecurity and the #1 thing advisers can do to increase their level of security.
Where to start with cybersecurity and why you should bring your clients along on the journey.
How facial/emotion recognition software impacts risk tolerance outcomes.
What one of the most underutilized tools that advisers already have is.
What to watch out for in technology and solutions marketed to financial advisers.

Guest Bio

Joel Drake is a Systems Analyst at TownSquare Capital. Joel's role is all about helping TownSquare Capital and its advisors leverage technology to enable them to spend more time focused on providing value to their clients.

Resources

One-page checklist with links: Cybersecurity: Top Four Must-Dos
Joel’s LinkedIn
TownSquare Capital website
NVISO: Facial Recognition
Genivity
FP Alpha
PreciseFP
Orion Advisor Tech
LaserApp

Adam Carolan, Managing Director of Xentum and co-founder of NextGen Planners, is on the show sharing how Xentum transitioned from being a traditional financial planning practice to one that serves next gen clients. He provides actionable advice for advisers looking to do the same and for those wanting to take on more of a leadership role. Adam also shares why he and Rohan Sivajoti founded NextGen Planners and how they’re building a community of Spartans to propel the profession forward.

You’ll Learn

About the financial services market in the UK, including qualification requirements and positive regulatory changes.
Why Xentum put so much effort into building the best adviser website I’ve seen.
How to transition from a traditional business to one serving younger clients.
Adam’s great advice for advisers wanting to be the succession plan and/or to take a business in a different direction.
What Adam and Rohan Sivajoti are building with NextGen Planners.
How Xentum lives their core values, especially being nextgen led.

Guest Bio
Adam Carolan is Managing Director of Xentum, a financial planning company that specialises in working with business owners going through a transition, many of which are in their 30s and 40s. Adam himself specialises in dealing with the creative, digital and tech sectors. Adam also founded NextGen Planners, the leading independent community and training platform for the next generation of financial planners the UK.

Resources and Terminology

Adam’s LinkedIn
Adam’s Twitter
Xentum website
NextGen Planners website
PFS: Personal Finance Society
CISI: Chartered Institute for Securities & Investments (the CFP certification licensing body in the UK)
FCA: Financial Conduct Authority
RDR: Retail Distribution Review
MiFID II: Markets in Financial Instruments Directive

Hannah Moore, CFP®, owner of Guiding Wealth and consultant to the Financial Planning Association (FPA) in the U.S. is on the show chatting about the FPA and its NexGen Gathering 2020 and the innovative product she’s created to change the conversation and approach to budgeting called BudgetingBlocks™.

You’ll Learn

About FPA NexGen 2020 and why it’s a can’t miss conference for those in the first decade of their career.
That financial planning turned 50 in the U.S. in 2019 and is still a young and evolving profession.
That the profession is in great hands with the next generation.
What a Certified Financial Transitions Expert is.
What BudgetingBlocks™ are, how they work and why Hannah created them.

Guest Bio

Hannah Moore, CFP® is the owner of Guiding Wealth in Dallas, Texas. She is passionate about promoting financial planning to the next generation of financial planners and consults with the Financial Planning Association on their next generation initiatives.

Resources

Hannah’s LinkedIn
Hannah’s Twitter
Guiding Wealth website
BudgetingBlocks™ website
FPA NexGen Gathering 2020
Las Vegas: Things to do off the Strip
You’re A Financial Planner, Now What? Podcast
The transitions chart Hannah mentioned

Lauryn Williams, CFP® is a 4-time Olympian, 3-time Olympic medalist and the first American woman to medal in both the Summer and Winter Olympic Games. Lauryn retired from professional sports in 2015 and launched Worth Winning, a virtual financial planning practice.

Lauryn discusses her career transition, her complete dedication to making financial planning accessible and affordable and building a profession where her race and gender are no longer a topic of conversation.

You’ll Learn

The skills from being a professional athlete that have translated to becoming a financial planner, and the one that hasn’t.
How Lauryn has grappled with the fact that her race and gender are a topic in financial services.
Why we shouldn’t assume that wealthy, successful clients understand the basics of personal finance.
How integrity and trust are built when you admit that you don’t know something and commit to finding the answer.
Lauryn’s views on conflicts of interest.

Guest Bio
Lauryn Williams, CFP® is a 4-time Olympian, 3-time Olympic medalist and the first American woman to medal in both the Summer and Winter Olympic Games. Her company, Worth Winning, offers virtual services to help young professionals get the answers to the financial questions that matter most to them.

Resources

Lauryn’s LinkedIn
Lauryn’s Twitter
Worth Winning website

Sophia Bera, CFP®, Founder of Gen Y Planning joins the show for a raw, unedited conversation between friends. We’re discussing health, wellness, anxiety, therapy, the importance of self care and the dangers of social media. This is an episode we all need at different points in our career and life, to know that we’re not alone in our struggles and we need to give ourselves grace.

You’ll Learn

The great advice Sophia was given when deciding whether to start her own practice or work for someone else.
That starting a business can be like a mullet - business in the front and hot mess in the back (no offense to mullets).
How to balance self-care with professional success.
What masculine versus feminine approaches to business are.
Why entrepreneurs need to get their own financial house in order before starting a business.

Guest Bio
Sophia Bera, CFP® is not your father’s financial planner. After working in traditional financial planning firms since 2007 she quit her job at a NY start-up to launch her own firm, Gen Y Planning. Now, she runs a 6-figure online business from her laptop. Her recent accolades include the “Top 40 Under 40” by Investment News, “10 young Advisors to Watch” by Financial Advisor Magazine, and “10 of the Best Personal Finance Experts on Twitter.” When she’s not working from a coffee shop, you can find her in a yoga class or eating a breakfast taco in Austin, TX.

Resources

Sophia’s LinkedIn
Sophia’s Twitter
Gen Y Planning website
Gen Y Planning newsletter signup

Maddy Roche, Director of Member Services at XY Planning Network, inspires with her journey into the profession and her passion for building a financial planning community with a 100x impact.

Correction from the episode: XYPN has almost 22% female advisers, not 18%.

You’ll Learn

How a cold email changed Maddy’s career from paralegal to Director of Getting Sh*t Done at XY Planning Network (XYPN).
The impact Maddy is making on the profession without being a financial adviser or financial planner.
What XYPN is and how it's disrupting financial planning in the U.S.
What XYPN did to change conference culture.
Why the abundance mentality is so important in building this profession.

Guest Bio
Maddy Roche is the Director of Member Services at XY Planning Network (XYPN), and has been making moves and getting sh!t done since she joined the team in May of 2014 when the Network was made up of its first 30 founding members.

Driven by sharing positive energy, Maddy seeks out any opportunity to mingle and exchange ideas with her inspiring community members. She lives and works in Bozeman, Montana helping make financial planning accessible to young people. She is passionate about leaning into feelings, skiing and beautiful food.

Resources and Terminology

Maddy’s LinkedIn
XY Planning Network Website
XYPN Live 2020
RIA: Registered Investment Advisor (Independent)

Jocelyn Wright, CFP®, Founder of The Ascension Group and special adviser on gender diversity joins the show to kick off a week-long special on U.S. women in the profession. We discuss why diversity, equity and inclusion are so important in financial services and what we can all do to build a more diverse, equal and inclusive profession.

You’ll Learn

How the profession is working towards greater diversity.
The differences between diversity, equity and inclusion and importance of all three.
What you can do to increase diversity, equity and inclusion.
The impact that mentors can have on professionals and why you should be one, at every stage of your career.
About different business models and taking time to find the one that works best for you.

Guest Bio
Jocelyn Wright is a CERTIFIED FINANCIAL PLANNER professional, founder of The Ascension Group and special adviser on gender diversity for the CFP Board Center for Financial Planning.

Resources

Jocelyn’s LinkedIn
The Ascension Group website
Why Black Women Are Aging Alone article
CFP Board: The Center for Financial Planning website

Francois du Toit, CFP®, Founder of Francois du Toit Consulting and Technology is on the show discussing the successes and challenges of the financial services environment in South Africa, how business and career decisions — much like a financial or life plan — rarely go in a straight line, turning learning into doing and client engagement strategies.

You’ll Learn

About the South African financial services market.
How South Africa is handling the need for increased financial literacy.
What the Retail Distribution Rule (RDR) is and how it’s impacting the industry.
Why we should be vulnerable and real with our colleagues in the industry.
The importance of trying new things in your business and knowing that not all new initiatives will be successful.
The challenges of adopting technology in a developing country when all power is turned off for hours at a time.

Guest Bio
Francois du Toit, CFP is a financial planning and tax consultant, with more than 20 years’ experience. He offers various solutions to help financial professionals unlock growth, including career counseling and bespoke tech products. He’s also the host of the PROpulsion podcast, which seeks to inspire professionals in the industry.

Resources and Terminology

Francois’ LinkedIn
Francois’ Twitter
Francois du Toit Consulting and Technology website
PROpulsion Podcast
Financial Planning Institute of Southern Africa website
RDR: Retail Distribution Review
FSCA: Financial Services Conduct Authority
RiseAboveTheRest

André Novaes, CFP®, Founder and CEO of LifeFP™ in Brazil joins the show to share how he’s built an incredible life-centered financial planning practice that serves almost 5,000 families on a purely monthly retainer basis with recurring revenues of US$10 million. He also provides advice for those just starting their own practice and discusses his four proposed reforms for the global financial planning profession.

You’ll Learn

André’s unique definition of what it means to be “independent” and questioning if that’s the right goal.
Why being a little bit irresponsible can be good for business.
André’s advice for someone starting from scratch to get their first client.
The bet that André recommends you make with new clients.
How LifeFP™ gets clients to sign up paying 3%-5% of their monthly income as a pure retainer fee.
André’s four proposed reforms for the profession:
- From transparency to clarity.
- From AuM to DuM (Dreams under Management).
- From Inheritance to legacy.
- From fiduciary to courage.

Guest Bio
André Novaes, CFP® is Founder and CEO of LifeFP™, a life centered financial planning company in Brazil that serves almost 5,000 families on a purely monthly retainer basis with recurring revenues of US$10 million. He is also the Founder of LifeAcademy™, a digital school that has over 5.000 students on its online courses.

André is a keynote speaker in Brazil for PLANEJAR (the CFP certification organization in Brazil), was named the “planner of planners” by one of the largest business magazines in Brazil and has been married for 13 years, is a father of 2 girls and a basketball player.

Resources and Terminology

André’s LinkedIn
André’s Twitter
LifeFP™ website
LifeAcademy™ website
PLANEJAR website
PSA: Problem, Solution, Aspiration

Stephen Handley is on the show talking all things technology, from making sure you’re getting the most out of your existing tech to determining when you need to search for a new platform and how to go about doing that.

You’ll Learn

How the broader financial services industry is evolving in the wake of the Royal Commission.
Embracing technology to improve the client experience and reduce client fees.
The average number of clients per adviser in Australia.
How to evaluate brand new tech platforms.
A philosophy for determining and reviewing your technology needs.
To review your business expenses for subscriptions you’re not using but still paying for.
What features are beneficial for financial advisers to have in a CRM.
How Fin365 has built a platform that can handle multiple currencies and creating statements on demand.
About client’s expectations of financial advisers.
Ways to highlight the value that advisers provide in client review meetings.
How Fin365’s innovative software enables financial services businesses to deliver a better experience to more customers with greater efficiency.

Guest Bio
Stephen Handley, by his own admission, likes to try stuff. His diverse career has included stints at BHP, Texas Instruments and Microsoft, a couple of start-ups, the family financial planning business and even a beachside boutique hotel. He has degrees in electrical and music engineering and, prior to the arrival of 3 children, could frequently be found gigging at his favourite pub or fretting over his latest batch of wine. He is currently CEO, of Fin365 a fintech software solution that helps financial services professionals deliver better quality and more affordable advice to their clients.

Resources

Stephen’s LinkedIn
Fin365 website

Dr. Rufaro Mucheka shines a bright light on Africa in this episode. While people often look to mature markets to see trends and developments, Rufaro shares why we should all have an eye on the innovations coming out of Africa.

You’ll Learn

About Rwanda’s incredible developments over the last 25 years.
That Rwanda is aspiring to become the financial center and fintech hub in Africa.
How fintechs are influencing the financial sector throughout Africa, including bridging the gap of the financially excluded in rural areas.
That financial planning now exists in Nigeria, Ghana, Senegal and Côte d’Ivoire.
How expansive and important entrepreneurship is in West Africa.
A growing area for financial planners in South Africa - voice and digital departments (‘call centres’).
What Nedbank’s financial planners spend the bulk of their time on (not calculations!).
The importance of all women being educated.
Why Africa is the best place to test new technology

Guest Bio
Dr Rufaro Mucheka is Head of Strategy & Rest of Africa at Nedbank Wealth, South Africa. She has spent extensive periods with their partner Ecobank in West Africa setting up a Wealth Management business. As a CERTIFIED FINANCIAL PLANNER professional, she writes thought leadership articles for publications and gives talks on financial advice.

Resources

Rufaro’s LinkedIn
Rwanda's Economic Outlook 2020
FINTEX Africa: Africa’s Flagship Banking & Fintech Innovation Event
M-Pesa
Nedbank
Ecobank
Eva: Nedgroup Investments Digital Advisor
Zipline: Vital, On-Demand Delivery for the World

Rajen Devadason brings a wealth of knowledge to the show, covering history, global impacts from politics and population growth, the looming retirement crisis in Asia and why he created a model-neutral financial planning practice. This episode goes beyond just financial services and has something we can all learn from.

You’ll Learn

History of Malaysia and neighboring countries (including Singapore and Brunei) and history’s impact on Malaysia’s economy.
Financial services business models in Malaysia.
The first country to regulate and license financial planning.
A new way of looking at the pneumonic (EGADIM) for the six-step financial planning process.
A long-term look at global population growth and it’s impacts on longevity, life and financial planning.
A variety of ways professionals can give back (pro bono, writing, speaking).
About the looming retirement crisis in Asia.
That even strong, mandated retirement contribution rates don’t always lead to financial stability in retirement.
Why the general rule of younger = higher risk tolerance and riskier investments can be detrimental to long-term investing.
A unique way of connecting with and working with the next-generation of clients.
The benefits of running a model-neutral practice including fee-only, fee + commission and commission only

Guest Bio
Rajen Devadason is a CERTIFIED FINANCIAL PLANNER Professional and a Malaysian Securities Commission-licensed financial planner. He is the CEO of consulting company RD WealthCreation and has authored or co-authored 10 books so far, including Malaysia's first holistic financial planning book Financial Freedom back in 1998. Rajen graduated with a BSc Honours in Physics and Computing from King's College, University of London, and has been a member of MENSA UK (British Mensa) for more than 30 years.

Resources and Terminology

Rajen’s LinkedIn
Rajen’s Twitter
Rajen’s Website
FPAM: Financial Planning Association of Malaysia
FPSB’s History Book: “Our Journey To A Global Financial Planning Profession"
PRS: Personal Retirement System
EPF: Employee Provident Fund

Andrea Middel joins the show and highlights the impressive fintech landscape in The Netherlands, why the majority of financial planners are specialists, not generalists, and how we can increase access and awareness of financial planning for all.

The Netherlands banned financial product commissions in 2013 so technology has stepped in to provide execution-only platforms for financial products (like life insurance) and ‘financial planning lite’ options since consumers are now aware that advice isn’t free — both developments that Andrea embraces as being good for consumers and financial planners.

You’ll Learn

Why carrots are orange (really!).
That the majority of financial planners in The Netherlands, including CFP professionals, specialize in one area, like mortgage planning, divorce planning and asset management.
Business models in The Netherlands following a ban on commissions in 2013.
What happened to those product providers when commissions were banned.
About the robust Fintech environment in The Netherlands, including lots of B2C platforms being embraced by financial planners.
What DURF Financieel Planners means in English and how its slogan translates to all aspects of life.
One of the most impactful ways we can expand access and exposure to financial planning — through it being provided as an employee benefit

Guest Bio
Andrea Middel worked at ABN AMRO Bank for 13 years before starting her own fee-only financial planning firm in 2006. In January 2020, she became a partner in a new independent, fee-only firm, DURF Financieel Planners. In 2011, she was named Financial Planner of the Year in The Netherlands; served on the Board of the Federation of Financial Planners (FFP) from 2012-2018; and is currently a member of the Board of Directors of Financial Planning Standards Board Ltd.

Resources and Terminology

Andrea's LinkedIn
Andrea’s Twitter
DURF Financieel Planners website
Holland Fintech

Emeka Udeagha is on the show today chatting about his home country of Nigeria and where he lives now, in Canada. We dive into Nigerian culture, break down preconceived notions and discuss the tremendous opportunities in financial services in that country of almost 200 million people.

We also chat about the financial advice market in Canada, seeking efficiencies in practice and the need to embrace technology or get left behind. Enjoy this cross-Atlantic twofer!

You’ll Learn

An overview of the financial advice market in Canada and the regulation that’s leading to an increase in comprehensive financial planning.
Emeka’s path from would-be-cardio-surgeon to financial planning.
Nigeria’s culture and the importance of higher education and prestigious careers
.What the financial services market looks like in Nigeria, including the strong trust in banks.
How only listening to bad news about a country can cause you to miss out on all the great things.
Why a lack of efficiencies and leveraging technology can be detrimental to your practice

Guest Bio
Emeka Udeagha is a financial consultant at IG (Investors Group) Wealth Management in British Columbia, Canada providing wealth management strategies for individuals, businesses and professionals. He also instructs and teaches Finance at the Vancouver Island University. Outside of work, he sits on the board of the Nanaimo Affordable Housing Society and Vancouver Island University, is the current president-elect for the Oceanside Rotary club, Ambassador for the Nanaimo Chamber of Commerce and Co-chair for the Alzheimer’s Nanaimo walk.

Resources and Terminology

Emeka’s LinkedIn
Emeka’s Twitter
IG Wealth Management website
CRM2 Regulation: Client Relationship Model - Phase 2
CRA: Canada Revenue Agency
MFDA: Mutual Fund Dealers Association of Canada

Ana Cláudia Utumi of Utumi Advogados in Brazil discusses the global tax environment, transitioning from a large firm to her own boutique practice and how low interest rates have paved the way for innovative companies in Latin America.

You’ll Learn

Ana Claudia’s professional journey and her involvement in bringing CFP certification to Brazil in the early 2000’s
Why private banks committed to have 75% of their client-facing bankers hold CFP certification
About the largest Fintech startup in Latin America that’s changing the way Brazilians bank
How Brazil’s largest brokerage, inspired by Charles Schwab, is leveraging technology and independent advisers
The value that CFP certification brings to being a tax advisor
When it’s time to make the leap from a big firm to your own boutique practice
The work being done to create global consistencies in tax matters and the current level of global collaboration among tax authorities
How to build a global network of tax advisors for collaborating on cross-border clients

Guest Bio
Ana Cláudia Utumi, PhD, CFP®, TEP® has 28 years of experience in tax advisory, is a member of the NYU International Tax Program Practice Council and is a Professor of International Tax in different post-graduate courses. She was part of the group that brought CFP certification to Brazil back in 2003 and is a member of the board of Financial Planning Standards Board Ltd. She holds a Ph.D in Financial and Economic Law (University of Sao Paulo), Master in Tax Law (Catholic University of Sao Paulo) and MBA in Finance (Insper University Sao Paulo).

Resources

Ana Cláudia's LinkedIn
Ana Cláudia's Twitter
Utumi Advogados (Utumi Law) website
Planejar - the organization for CFP certification in Brazil
Nubank
XP Investments
OECD: The Organization for Economic Co-operation and Development
International Fiscal Association
International Bar Association
Tax Executives Institute

Full show notes and transcript at: innovatingadvice.com/002

Clayton Daniel of XY Adviser in Australia joins the show to discuss driving the positive evolution of financial advice in Australia and around the world.

Episode Notes
Australia has gone through massive regulatory changes in a short amount of time and while the current road is bumpy, the outlook is positive and the bar of financial planning professionalism is being raised.

You’ll Learn

Why almost 20% of financial advisers have left the industry in Australia over the last 12 months
What a Royal Commission is and what it could mean if something similar happened in your country
The journey and growth of XY Adviser and its resilient community
How transitioning from commission-based advice to fee-for-service can benefit your clients
Why the licensing structure in Australia creates a challenge for technology to serve advisers
The value of creating a strong marketing campaign up front and using it to weed out the clients you don’t want
The cost of starting an advice practice in Australia (it’ll blow your mind!)
The challenges and opportunities for aspiring financial advisers in navigating the rapidly shifting landscape in Australia

Guest Bio
Clayton Daniel is an Australian-based former tax accountant and financial adviser, author of Fund Your Ideal Lifestyle and Managing Director of XY Adviser, which is focused on driving the positive evolution of financial advice through their social media platform for financial advisers and aligned professionals to learn and share from each other.

Resources and Terminology

Clayton Daniel’s LinkedIn
XY Adviser Website
XY Adviser Twitter
XY Adviser Podcast
Ben Nash, Pivot Wealth
Clayton’s Book: Fund Your Ideal Lifestyle
FOFA: Future of Financial Advice
ASIC: Australian Securities and Investment Commission
SOA: Statement of Advice

Full show notes and transcript at: innovatingadvice.com/001

Fund Your Ideal Lifestyle: Buy time, Find new experiences, and Keep more of what you worked for

Welcome to the Innovating Advice show!

Since this is our first session together, I share why I created the show, what to expect from future episodes and I introduce myself.

Future episodes will be interview-style with rotating guests from all over the world and I am committed to featuring 50% women.

The show launches on 25 February 2020 and will have new episodes every Tuesday and Thursday.

You can subscribe for a sneak peek at upcoming episodes and additional resources at https://innovatingadvice.com.