Advice can only be holistic with life coachingBY HARRY GOLDBERG | THURSDAY, 23 JAN 2020 5:40PM There is no doubt about it: The financial advice industry is changing. We have advisers leaving the industry, more stringent compliance requirements, constantly shifting legislation ... Upgrade your subscription to access this article
Join the growing community of financial advisers
with unlimited access to our latest news, research and analysis of the industry.
Become a premium subscriber today. |
Latest News
HNW clients value quality over fees: Praemium
High-net-worth (HNW) Australians who receive ongoing financial advice are more confident in their investments than those managing their wealth alone, new research from Praemium and CoreData found.
TAL launches new campaign focused on mental health
TAL has launched a new campaign, working with youth media group The Daily Aus, and partners with the AFLW, aimed at promoting mental wellbeing.
Selfwealth expands into full-fledged wealth platform
Trading platform Selfwealth has launched three managed portfolios, expanding from online brokerage into a wealth platform.
Adviser increase the 'strongest' since FY20: Padua WealthData
The number of financial advisers has risen to 15,169, with net gains of six new members this week, according to Padua WealthData's analysis.
Further Reading
Cover Story
Advice with soul
SACHA BURCHGART
FOUNDER & MANAGING DIRECTOR
BURCHEART PTY LTD
FOUNDER & MANAGING DIRECTOR
BURCHEART PTY LTD
Though she initially tried, Sacha Burchgart couldn't escape the call of a career in financial advice; it just took staring down her own mortality to see what's possible when you do things differently. Jamie Williamson writes.
Expert Feed
What America's $1 trillion direct indexing boom tells us about the evolution of MAs
What Australia can learn from direct indexing, a tax-efficient form of managed accounts utilised in the US.
SMSF changes unlikely to deter those seeking greater control over superannuation
HLB Mann Judd's Mitchell Markwick believes the recent changes will not slow down the rapid growth in SMSFs.
Stonepoint is another lesson in fund governance and investor protection
The demise of the Stonepoint Capital Fund may have gone under the radar for many, but proves an important point for independent governance when examined.
A never ending story of levies
The extensive processing period for Shield and First Guardian complaints means financial advisers will likely not be able to see an end to a series of ...
This is a pretty liberating approach Harry, I had a manager once who said - you are a good manager if you make yourself redundant. I guess, being a good financial adviser is much the same. At some stage, your clients should be strategically at least, able to go off into the abyss without failing terribly, at that stage - if they choose to stay, its through relationship and the desire to delegate that management, rather than a requirement to do so.
Wealth coaching is to financial planning as homeopathy is to medicine.
It is dependent upon fakery and delusion, but most of all on the credulity of customers swallowing the weasel-worded narrative necessary to support the charade.
"It's about utilising their finances intelligently to support them living the life they love."
"We go deeper to make sure clients leave our meetings empowered to actually live the life they love."
"So what does the fulfilled life look like? There is no single answer"
Apparently, with a homeopathic planner...sorry, 'wealth coach', you can expect to be asked:
"Why aren't you playing full-out in life?"
"What is holding you back from being playful, curious, loving & joyous?"
"[What is your] depth of connection with community?"
"[What are your] ways of contribution (sic) to society?
To suggest this is the changing face of financial planning is a big fat lie.
This is what con artists do; they take words (e.g. financial planning) and either change the ordinary meaning of the word or they co-opt the words to lend legitimacy to wholly unconnected activities.
But don't take it from me, read this article and see if you can spot what's actually going on here (https://bit.ly/38HmwFC).