This week's episode is all about the upcoming changes to the Aged Care rules. Nathan's good enough to take an oddly political Jordan through the changes this week, covering:

• The expansion of the options in the Home Care arena from 4 to 8+2.
• The value and impact the new 'End of Life' package is going to offer people who want to spend their last days in their home.
• The changes to the fees - upfront and ongoing - for residential aged care.
• How the new-but-not-new hotelling fee is adding to the overall cost.
• Why these changes mean the middle class is going to feel the squeeze the most.

Nathan and Jordan also expound on why this is important and relevant for all advisers, not just those directly practicing in the space.

This was a fun one, with lots of ranting and political gasbagging amongst the - hopefully useful - practice insights.

Nathan:

advice@nathanfradley.com.au

www.nathanfradley.com.au

Jordan:

jordan@planningsolo.com.au

www.planningsolo.com.au

LinkedIn:

Challenge the Standard in Financial Advice (Podcast): Overview | LinkedIn

The information contained in this podcast is general in nature and does not take into account your personal situation. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from a financial adviser.

Jordan and Nathan are both authorised representatives of PlanningSolo Licensing, AFS Licence 526143.

Friend* of the show, Phil Thompson from Skye Wealth joins us this week to discuss the very specific, very niche, but very important topic of duration discounting in insurance.

Phil takes us through just what he's talking about, why it matters and the damage it's doing to the entire insurance ecosystem.

Importantly, though, he also shares what he sees as the best fixes to this problem. His confidence that the industry will see sense and fix this rolling issue is encouraging.

Stay on to the end to hear his unvarnished thoughts on the burgeoning general advice model of life insurance (non) advice too.

To be honest, this won't be the most uplifting episode you ever listen to - this stuff is heavy, the consequences severe and the options limited.

But damned if it isn't fantastic to be part of such a mature conversation relevant to our entire profession.

Thanks again, Phil.

*Perhaps 'former' is more accurate, given the arguing that goes on in this one...and the opening slander too.

Phil

LinkedIn

Phil's Article We Discuss

Skye Wealth

Nathan:

advice@nathanfradley.com.au

www.nathanfradley.com.au

Jordan:

jordan@planningsolo.com.au

www.planningsolo.com.au

LinkedIn:

Challenge the Standard in Financial Advice (Podcast): Overview | LinkedIn

The information contained in this podcast is general in nature and does not take into account your personal situation. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from a financial adviser.

Jordan and Nathan are both authorised representatives of PlanningSolo Licensing, AFS Licence 526143.

This week, we conclude our Ongoing Advice series with the one, the only Michael Back.

Renowned by advice firms that know what's what, Michael has long helped advice practices take their client experience to the next level.

So we've asked him to come on to help us explore the CX part of Ongoing Advice, with a very particular focus on the value of all the coaching advisers do for their clients.

What is coaching, how does our version differ from the one you might have in mind, and why are we all so hung up on charging for these amazing, but intangible, services?

Jordan says this one was hard to keep on track, with the digressions and diversions threatening to overwhelm.

"But a Goofyphile would say that, wouldn't he" says Nathan.

It's a fun episode - and a worthy cap to this enjoyable series on Ongoing Advice.

You can reach Michael via his LinkedIn Page.

Nathan:

advice@nathanfradley.com.au

www.nathanfradley.com.au

Jordan:

jordan@planningsolo.com.au

www.planningsolo.com.au

LinkedIn:

Challenge the Standard in Financial Advice (Podcast): Overview | LinkedIn

The information contained in this podcast is general in nature and does not take into account your personal situation. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from a financial adviser.

Jordan and Nathan are both authorised representatives of PlanningSolo Licensing, AFS Licence 526143.

Continuing the Ongoing Advice series, this week Nathan and Jordan dive into the mechanics of delivering ongoing advice. Specifically - designing the review meeting/s (don't let it be said this podcast goes too wide with its topics...).

They talk about how their own view has evolved through the series, and examine the different ways you could structure your time in the review.

Start by asking lots of questions:

• How many meetings?
• Will the meeting be a data gathering one, an engagement one, or a proposal/signing one?
• Will you have advice and info prepped going in?
• When will you position your fee - and how will you do it?
• How can you best discuss client goals - old and new? And how can you tie them into the values your clients are bringing into the process?

And, finally, stay tuned to find out the one area that Nathan and Jordan think financial advisers are miles ahead of every other professional on...

Nathan:

advice@nathanfradley.com.au

www.nathanfradley.com.au

Jordan:

jordan@planningsolo.com.au

www.planningsolo.com.au

LinkedIn:

Challenge the Standard in Financial Advice (Podcast): Overview | LinkedIn

The information contained in this podcast is general in nature and does not take into account your personal situation. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from a financial adviser.

Jordan and Nathan are both authorised representatives of PlanningSolo Licensing, AFS Licence 526143.

Continuing our Ongoing Advice series, this week Nathan and Jordan unpack some of the various ethical dilemmas that advisers can face while maintaining a long-term relationship with clients.

And we're talking about the real dilemmas, not the no-brainer ones. Things like:

• For new clients, how do you judge if they even need ongoing advice?
• If your business has the position that all clients need to become ongoing clients, how do you resolve that when you feel like some clients might not need it?
• How do you build offramps to help clients off the ongoing advice track?
• Pricing for those legacy clients who you know you're over-servicing and under-charging.
• What do you do when you feel a client doesn't need your services - but they desperately want to keep working with you? How do you bridge that self-perceived value gap?
• Thorniest of all - what do you do when the fees you need to charge the client that needs your help far exceeds any measure of value?

It's a fun chat, and they spend some time at the end checking in with what they've learnt so far through the series - and how it's challenged their own views about ongoing advice.

Nathan:

advice@nathanfradley.com.au

www.nathanfradley.com.au

Jordan:

jordan@planningsolo.com.au

www.planningsolo.com.au

LinkedIn:

Challenge the Standard in Financial Advice (Podcast): Overview | LinkedIn

The information contained in this podcast is general in nature and does not take into account your personal situation. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from a financial adviser.

Jordan and Nathan are both authorised representatives of PlanningSolo Licensing, AFS Licence 526143.

A key question for Nathan and Jordan as they explore this series on Ongoing Advice is whether or not it's different to 'upfront' advice.

This week's guest, Thabojan Rasiah of Rasiah Private Wealth Management, firmly believes that it's not.

That it's all 'advice', and that the real value of working with a financial adviser comes from the exponential benefits of a longer term relationship.

Thabojan thinks about advice differently, which is why when he discusses things like:

• The difference between a 'financial plan' and 'financial planning'
• The quarterly cadence of the work they do with clients
• The rare, but powerful value of being able to collaborate with a clients other advisers
• The importance of values when designing the strategy and tactics for a client

we like to listen.

And we think you will too!

(Oh, and pardon the intro).

Thabojan:

Rasiah Private Wealth Management

LinkedIn

Nathan:

advice@nathanfradley.com.au

www.nathanfradley.com.au

Jordan:

jordan@planningsolo.com.au

www.planningsolo.com.au

LinkedIn:

Challenge the Standard in Financial Advice (Podcast): Overview | LinkedIn

The information contained in this podcast is general in nature and does not take into account your personal situation. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from a financial adviser.

Jordan and Nathan are both authorised representatives of PlanningSolo Licensing, AFS Licence 526143.

Continuing our series on Ongoing Advice, this week we are joined again by Martin McGrath of Financial Edge Group.

Martin, former CFP of the year and - arguably more important - former guest on the show, shares with us:

• how critical an ongoing relationship is with their clients
• numbers around how many new clients go from onboarding to ongking
• how they’ve worked out their fees
• the touch points they use to deliver value to their clients across the year
• the challenges of pricing work beyond the scope of an ongoing arrangement
• the joys of providing Centrelink services to people in retirement

As ever, Martin’s generosity in sharing his insights, data and opinions shines through.

Full of practical tips from a frontline operator, you’ll want to share this one with anybody else you know in advice.

Find Out More About Martin

Nathan:

advice@nathanfradley.com.au

www.nathanfradley.com.au

Jordan:

jordan@planningsolo.com.au

www.planningsolo.com.au

LinkedIn:

Challenge the Standard in Financial Advice (Podcast): Overview | LinkedIn

The information contained in this podcast is general in nature and does not take into account your personal situation. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from a financial adviser.

Jordan and Nathan are both authorised representatives of PlanningSolo Licensing, AFS Licence 526143.

In this episode of Challenge the Standard in Financial Advice, the boys welcome Celine Ertak from Tangelo Advice Consulting.

They discuss the evolution of Tangelo, the importance of compliance as an outcome of good business practices, and the challenges faced by financial advice firms in establishing clear strategies.

The conversation delves into the significance of ongoing advice, client engagement, and innovative community-building events. They also explore the cadence of client interactions, and the need for streamlined processes to enhance efficiency while balancing personalization.

Lastly they explore how to empower staff to innovate, the significance of tracking time and efficiency, and the need for standardized processes. The discussion also highlights the emotional toll on staff and the necessity of focusing on ongoing service processes while leveraging technology for better client engagement.

Nathan:

advice@nathanfradley.com.au

www.nathanfradley.com.au

Jordan:

jordan@planningsolo.com.au

www.planningsolo.com.au

LinkedIn:

Challenge the Standard in Financial Advice (Podcast): Overview | LinkedIn

The information contained in this podcast is general in nature and does not take into account your personal situation. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from a financial adviser.

Jordan and Nathan are both authorised representatives of PlanningSolo Licensing, AFS Licence 526143.