Advice Mentor
Gary Weigh BComm MFinPlan
Advice Mentor is broad-based mentoring for those wanting to develop overall as a provider of financial advice, regardless of advice discipline. It can cover one topic or many topics as you require. It can include teaching and compliance elements, or I can play a ‘sounding board’ role. So to tailor the service to your needs, it is important to prioritise the issues you wish to address by completing the ‘Advice Mentor Priority Checklist’.
INTRODUCTION
One of the things I noticed on my adviser exam tutoring journey was the level of personal turmoil in so many of the advisers I spoke to. Many fell ill; some disconnected from their families through separation and divorce, and a few contemplated self harm. This was exacerbated by endless lock downs, exam pressures and in many cases, business stress caused by falling revenues and rising compliance costs.
Even without all of this, advisers have a lot to cope with, including compliance pressure, deadlines and client expectation. Adviser stress is invisible to clients and the world at large, but it causes significant internal harm. Knowledge and skill are not the only essentials required for adviser longevity, so it helps to have someone in your corner who understands what advisers go through.
ADVICE MENTOR CONCEPT (no CPD available)
Advice Mentor aims to develop ‘the complete adviser’ and, depending on your needs, focuses on one or more of the following aspects:
- You the person – the stable base
- You the professional adviser – the valuable resource
- Your advice attributes – quality help for clients
Advice Mentor Rates
Advice mentor is delivered by way of 4 x 1-hour Zoom mentoring time blocks ($1,320).
Super Mentor
Super Mentor is a ‘Superannuation & Retirement’ guide and coaching service for advisers who have covered the academic side of super in their tertiary studies, and who now want to put theory into practice by learning how to (actually) provide superannuation & retirement planning advice.
You have the choice of purchasing the 10-Module Adviser Guide to Super Advice (only) OR purchasing the Adviser Guide to Super Advice plus a 4 x 1-hour mentoring session pack.
(a) Comprehensive Adviser Guide to Super & Retirement Advice (only – no mentoring) $990
OR
(b) Combination of Adviser Guide to Super & Retirement Advice + 4-Hours Personal Mentoring $2,310
Here are the contents of the ‘The Adviser Guide to Super & Retirement Advice’ (no CPD available):
Module 1 – Introduction
Module 2 – Super advice to employers
Module 3 – Basic rules of super
Module 4 – Client engagement
Module 5 – Superannuation Strategies
Module 6 – Investing in Super
Module 7 – Insurance in Super
Module 8 – Navigating Industry Funds
Module 9 – Super Retirement Planning
Module 10 – Intro to Aged Care
Module 11 – Case Studies
Zoom Mentoring
The Zoom mentoring sessions will focus on the Adviser Guide to Super Advice material only. The purpose is to answer questions and to help you understand the advice concepts. Whilst I am very happy to guide you with current client superannuation & retirement issues, I cannot provide de facto advice or review SoAs. That is the responsibility of your licensee.
The role of superannuation advice is changing
In 2022, we continue to cope with the condensed changes and navigate what is obviously the dawn of a new era of advice. The volume and combination of changes are forcing many advisers to change their advice offering and their business model. Superannuation is part of the story.
WHY ADVISERS CAN’T AVOID SUPER
Here’s why:
1. Part of your ethical obligations
In December 2021, ASIC released an Information Sheet INFO267, titled ‘Tips for giving limited advice‘. Although ASIC uses the term ‘limited advice’, it is referring to ‘limited personal advice’ (i.e. scaled advice). In the section, sub-titled, “Revising the subject matter of advice”, the following example appears:
“When providing advice about personal insurances, you should inquire about and consider the client’s existing superannuation and insurance policies. Where advice is provided to hold insurance(s) through superannuation, you may need to consider whether to also provide superannuation advice. (see Standard 6 of the Code of Ethics.)”
AND
2. A great opportunity & good for business
- Most people who have worked or are currently working have superannuation and to most, it remains a mystery
- Competition is relatively low as many advisers continue to be intimidated by superannuation and its inherent investment component
- 70% of employees passively accept their employer’s MySuper default fund because they don’t know what else to do
- For many Australians, compulsory super is the only savings they have and together with their home, these are their two major assets
- Superannuation is the #1 tax-advantaged investment in Australia
- Most people don’t need to leave their current super fund to be put into a better position
- Demonstrating high level expert super & investment knowledge to clients quickly engenders trust
- For all of its tax advantages, super is preserved; therefore it represents only one aspect of a client’s financial life (i.e. retirement). Most clients need advice about more immediate aspects of their family budget – i.e. debt reduction, accessible savings and wealth building