Lifestyle Financial Planning
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- Milton Whitehead
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1 Lifestyle Financial Planning And How It Can Help You To Provide Better Advice! Paul Armson Founder
2 Thank you for inviting me! Brief Bio... Fell into Financial Services in 82 Lucky guy! Great mentor! Financial Planning mind set! Fee Based for nearly 15 years Semi Retired Age 45 I Now Help Financial Advisers transition to a PROFITABLE Fee Based Financial Planning Model in the UK, Ireland & Holland
3 ECONOMY! RECESSION!
4
5 te Tex
6 One or Two Regulatory Changes? Complete Transparency Complete Transparency No more Smoke & Mirrors No more Smoke & Mirrors Eventual removal of commission Eventual removal of commission Clients can go online and do it themselves! Clients can go online and do it themselves! THINGS ARE TERRIBLE!
7 WRONG!
8 One or Two Regulatory Changes? Thereʼs never been a better time to be a Financial Planner!
9 But to succeed.. Be prepared to do the opposite to what everyone else is doing!
10 More Important...
11 Don t let the media determine your future!
12 Thereʼs NEVER Been A Better Time! People don t want or need products or investments! Now more than ever... They need clarity! They need to hear the truth! They need to know where they stand! They need to know where they are heading! They need to know what their financial future looks like! They need to know what they must do to secure their future! That s our job!
13 Now is the time... To take the focus OFF the economy And OFF investments Its time to DELIVER... REAL FINANCIAL PLANNING
14 ALL YOU HAVE TO DO IS GIVE PEOPLE WHAT THEY WANT! But what is it that people want?
15 What clients really want... Peace of Mind! Financial Security! Financial Independence! BUT THEREʼS ACTUALLY SOMETHING EVEN MORE IMPORTANT!
16 There is only ONE thing clients want! Lifestyle!
17 Lifestyle Financial Planning... What is it? Helping clients to identify, achieve and maintain their desired lifestyle......without fear of ever running out of money!
18 Lifestyle Financial Planning... Itʼs not about products and investments They are just ʻtools in the bagʼ - used (when required) to get the job done! If no products are required, you can still get paid! Why? Because itʼs... Advice that revolves around YOU not your money!
19 Lifestyle Financial Planning... Financial Planning done properly!
20 Why you need to wear THREE HATS... Why you should be EXTREMELY well paid for the THREE jobs that you do! 1)Lifeplanner 2)Financial Planner 3)Financial Adviser Broker / Adviser / Product Implementer Fact Find Financial Plan The Boring Bit!
21 Why you need to wear THREE HATS... Why you should be EXTREMELY well paid for the THREE jobs that you do! 1)Lifeplanner 2)Financial Planner 3)Financial Adviser Broker / Adviser / Product Implementer Monthly Retainer 0.5% or 1% pa fund based Fee/Commission X = 2,500pa per client MINIMUM What s your X?
22 Don t under value the first job... And make damn sure you can DELIVER the second!
23 The Bucket How to explain Lifestyle Financial Planning helping you succeed as a Lifestyle Financial Planner
24 POSSIBLE DOWN SCALE TFC Pension Fund BUSINESS Child Benefit x 2 Dividends State Pension x 2 Future Inflows ONE OFF S PEPs / ISAs / Endows Bank Acc / Shares etc Salary x 2 Current Inflows RIP helping you succeed as a Lifestyle Financial Planner
25 POSSIBLE DOWN SCALE TFC Pension Fund BUSINESS Child Benefit x 2 Dividends State Pension x 2 Future Inflows ONE OFF S PEPs / ISAs / Endows Bank Acc / Shares etc Salary x 2 Current Inflows RIP helping you succeed as a Lifestyle Financial Planner
26 POSSIBLE DOWN SCALE TFC Pension Fund BUSINESS Child Benefit x 2 Dividends State Pension x 2 Future Inflows ONE OFF S PEPs / ISAs / Endows Bank Acc / Shares etc Salary x 2 Current Inflows RIP helping you succeed as a Lifestyle Financial Planner
27 POSSIBLE DOWN SCALE TFC Pension BUSINESS Fund Child Benefit x 2 State Pension x 2 Future Inflows ONE OFF S PEPs / ISAs / Endows Bank Acc / Shares etc Salary x 2 Dividends 40% Current Inflows Inheritance Tax RIP helping you succeed as a Lifestyle Financial Planner
28 ONLY THREE TYPES OF CLIENTS! 1) Not enough! > Savings > Savings & & Accumulation Programme Programme 2) Got Too Much! > Spending > Spending / Gifting / Gifting Programme! Programme! Estate Estate Planning! Planning! 3) Just Right! > Need > Need for for Security! Security! Peace Peace of Mind! of Mind!
29 You need to crunch the numbers!
30 Quick Case Study... Bernie & Maureen Bernie 63, Maureen 60 Just Sold Business for 1.5 Million No children or dependents Hobby: Motor Bikes... & Tenerife! Have seen TWO other Advisers about investing their money All he wants to know from me is... How much can return can you get me?
31 Bernie & Maureen Current Net Worth (whatʼs inside / outside their bucket!)
32 Bernie & Maureen Current Net Worth (whatʼs inside / outside their bucket!)
33 Bernie & Maureen Annual Inflows / Outflows (Blue = income Red = Expenditure)
34 Bernie & Maureen Their Bucket! (Blue = is good Red = is Bad!!!)
35 Bernie & Maureen Their REVISED Bucket! (Blue = is good Red = is Bad!!!)
36 Bernie & Maureen THE ACTUAL RETURN THEY NEEDED!
37 Bernie & Maureen What they actually needed: Less Risk! Prudence not Performance! Security & Peace of Mind! The knowledge that they could continue to live & enjoy their desired lifestyle without ever running out of money!
38 Bernie & Maureen... Q. DID THE OTHER TWO ADVISERS DO THE JOB PROPERLY? According to UK rules & regulations... Technically ʻYESʼ! The both ʻknewʼ their client. (Well... name, address, age, affordability) They did a ʻrisk profileʼ (Both assessed them as average to above average risk profile!) Then both Advisers made a recommendation to meet their risk profile! Risk Profiling is like ʻsticking in pinsʼ...
39 POSSIBLE DOWN SCALE TFC Pension Fund BUSINESS Child Benefit x 2 Dividends State Pension x 2 Future Inflows ONE OFF S PEPs / ISAs / Endows Bank Acc / Shares etc Salary x 2 Current Inflows RIP helping you succeed as a Lifestyle Financial Planner
40 SUMMARY Lifestyle Financial Planning... Itʼs a service that revolves around your client, not their money It enables you to offer a service that genuinely helps your clients get what THEY want (Financial Independence, Peace of Mind, Security, Clarity!) It captures ALL of their assets (so you increase your funds under management, QUICKLY!) It helps you get and KEEP more of the RIGHT clients (More referrals!) RESULT: You make more money! (for all the RIGHT reasons) And most important! You get the fun back!
41 Thank You For Listening Any Questions? Workshops Coaching Mentoring To find out more go to: www.
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