Author Archive for: garyweigh
Entries by Gary Weigh
Clients pay for value, not time
Clients aren’t paying for our time and we should not be selling time. The key to making money is to disconnect income from time, and connect it to value. The reason is that there are only so many hours in a day / month / year to sell, and that puts a limit on the […]
The Commissions-to-Fees challenge
One of the challenges I have set myself in Mentor Circle is to help advisers solve the problem of moving away from insurance commissions to fees for advice. There is no shortage of risk advisers who say they have tried, and conclude it can’t be done. And yet the problem has been solved by independent […]
The Experience Pathway; to be or not to be?
I am regularly asked whether I think the ‘experience pathway’ promise will ever become a reality. My answer is always the same. Don’t wait for the Labor government to rescue you. That does not appear to be any government’s agenda. If you want to stay in the industry, make a start now on upgrading your […]
FORGET PRODUCT! BUILD A STRATEGIC SERVICE BUSINESS IN MENTOR CIRCLE
Do you really think that financial products are the first priority for millions of people who have never learnt to manage their money? Yesterday I conducted a Zoom Q&A session ahead of the February adviser exam. By way of explaining the overall context of Ch 7 Corporations Act, I said that it relates to financial […]
FINANCIAL PRODUCT ADVICE – HIGH COST, HIGH RISK & DIMINISHING REWARDS
The provision of financial product advice is becoming a high risk, high cost, diminishing rewards business model, particularly for sole practitioners and small practices. Although there are one or two exceptional value for money ‘boutique licensees’ in the AFSL market, licensee fees among the larger providers are becoming an increasingly prohibitive fixed cost to cover […]
WHEN WILL THE ADVISER CARNAGE STOP?
How many adviser suicides does it need for the Australian government is say “Enough!”. According to AIOFP executive director, Peter Johnston, in a recent letter to Parliamentarians, 29 suicide deaths have occurred in our industry over the past five years. In the same letter, Peter also expressed concern that the 1st October 2022 exam deadline […]
THE NEW ERA OF THE NON-LICENSED FINANCIAL SERVICES
Image credit: Chase Clark (@chaseelliottclark) The great irony of financial advice regulation in Australia is that Chapter 7 of the Corporations Act covers every aspect of selling financial products, including the disclosure and behaviour obligations of AFS licensees and their representatives who advise, arrange and sell those products. Meanwhile, life-changing strategies not involving a financial product, […]
ONLINE INFLUENCERS AND UNLICENSED PRODUCT ADVICE
Financial influencers (Finfluencers) are unlicensed people who discuss financial matters online and in some way influence their audience and or promote affiliate links. They have been in the news lately mostly because of a recent ASIC crackdown over concerns that many are providing unlicensed financial advice. Not every statement made online by an unlicensed online […]
SUPERANNUATION – THE PLANNING CONVERSATION STARTER
Please read the advice warning below this article. Superannuation is so much more than a financial product. It is the start of a ‘strategy conversation’ that can be used to reach into every aspect of a client’s financial life. Think about it. If you undertake even the simplest ‘superannuation review’ you will address the following […]