What is keeping you awake at night?

August 10, 2021by Jonathan Elcombe0
young man in bed with eyes wide opened suffering insomnia , stress and sleep disorder thinking about his problem
And please don’t tell me it’s coffee…
After last week’s topic on the State of Adviser wellbeing, we thought we should share some more recent survey results.
Last week, a survey, collated by the Australian Advisory to Advisors outside their group, found that the top 3 things keeping Advisers awake at night were:
  1. Compliance
  2. The cost of running a business
    • Dealer Group fees
    • PI insurance
    • Education and training requirements
    • Membership fees
    • Staffing costs
  3. Educational requirements
We are probably not telling you anything you don’t already know or are not experiencing yourselves. We understand the financial advice industry is going through its fair share of challenges.
The survey also indicated that 62% of Advisers have also been thinking of leaving and 52% thinking of selling and getting out of the industry in the last 12 months.
That’s what 12 months have done to the industry since the previous survey.
That’s a significant indicator telling us that Advisers have, quite frankly, had enough.
The challenge with walking away or selling your book is, what are your options if you still have a passion for helping and caring for your clients?
30% of those surveyed, however, indicated that were considering offering other services to complement their business and improve their income opportunities outside of the Advice space.
37% indicated they were expanding their business.
Unfortunately, LGen cannot help you with compliance, or help you get through your FASEA exams and ongoing educational requirements, however, we CAN help you add a new income stream to your business.
An income stream that:
  • Takes a small amount of time to learn
  • Takes a small amount of time to implement
  • Takes minimal resources from your business, and
  • Takes a small amount of time to introduce to your clients
  • Has no compliance component
  • Has no formal educational requirements
  • Can help cover the costs of your dealer fees, PI insurance and significant other running costs of your business within a few months of operation.
If you want to reduce the stress in your life and start adding profit to your bottom line, then chat to us at LGen to find out how we are helping Advisers add a profitable Estate Planning arm to their business with minimal effort and time.
It’s a natural process for an Adviser to be talking with their clients about their Estate Plan as part of your everyday conversation.
You no longer have to outsource or refer it to others. You can add an in-house Estate Planning service to your business using the LGen team to help facilitate it.
With our organic referral process, you can be earning a whole new income not previously tapped
in to.
  • Easy to get started
  • Easy to implement
  • Easy to introduce
  • Affordable for your clients
  • Profitable for your business.
Let us help you recover some of those enormous costs of running an Advice business and keep you motivated and interested in helping your clients in a different capacity.
Everyone needs a Will. And we know that 75% of Aussies do not have a current one.
Since the pandemic, Google searches for Wills have skyrocketed.

You have helped your clients protect themselves with the appropriate insurances and personal financial advice.

NOW help them protect it after they have gone.

It’s a great way to stay in the industry, keep the relationships with your clients, and with our built in organic referral system, it could even replace your whole advice revenue stream within your first 12 months.
Feel free to contact Jonno or Deena for more information to see whether or not this is a good fit for your business. We would love to chat with you about how we can help you easily implement a profitable Estate Planning arm to your business.
Thinking of you and please take care of yourself and your business.
From Jonathan Elcombe
On behalf of the LGen ( Your In House Estate Planning) team
Helping Advisers add a profitable in house Estate Planning arm to their business.
Efficient | Affordable | Timely | Profitable

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