Andrew Inwood's guest appearances

Andrew Inwood

Listen to the Experts

Between Meetings with Matt Heine

Ensombl Advice Australia

Dante De Gori

Jonathan Christie

Neil Younger

Jeremy Cooper

Andrew Walsh

Vanessa Bennett

Paul Barrett

Joel Robbie

Fraser Jack

Clayton Daniel

Aleks Vickovich

Geoff Wilson

Rob Jones

Chris Ridd

Brad Fox

OwlTail

Discover the current trends shaping the advice landscape from Andrew Inwood, principal of CoreData, as he shares his team's latest research. Andrew discusses what advisers should be doing to succeed in this changing environment, how industry funds are trying to better understand their customers, the needs of high net worth individuals, and learnings from the UK and US advice experience.

Discover the current trends shaping the advice landscape from Andrew Inwood, principal of CoreData, as he shares his team's latest research. Andrew discusses what advisers should be doing to succeed in this changing environment, how industry funds are trying to better understand their customers, the needs of high net worth individuals, and learnings from the UK and US advice experience.

Ep 29: Industry trends financial advisers should know - Andrew Inwood

Today, Clayton talks with Andrew Inwood - the founder and CEO of the Coredata Group with global operations. He focuses on the area of Behavioural Economics, with a particular interest in the process of trust transfer between individuals and corporations.   Episode Resources: Core Data Website: https://www.coredata.com.au/ Andrew Inwood Linkedin: https://www.linkedin.com/in/andrew-inwood-0207178/   General Disclaimer – https://www.xyadviser.com/disclaimer/   This podcast is brought to you by HUB24 (www.HUB24.com.au), an ASX listed company with over $15b in funds under management and one of the fastest-growing platforms in the market. They believe in connecting advisors to innovative solutions that create opportunity, while delivering an awesome user and client experience. They’re big-time supporters of advisors going solo and their BDM team are great to work with. We’re proud to partner with HUB24 - they’re big fans of the XY community and are continuing to help drive the positive evolution of financial advice.   New XY platform now available: App Store: http://co.xyadviser.com/xyistore Google Play: http://co.xyadviser.com/xygplay Desktop: https://www.xyadviser.com/   Get CPD points for the XY Podcast here at Caddie https://thinkcaddie.com/ 20% off for XY+ members https://www.xyadviser.com/plus

Today, Clayton talks with Andrew Inwood - the founder and CEO of the Coredata Group with global operations. He focuses on the area of Behavioural Economics, with a particular interest in the process of trust transfer between individuals and corporations. Episode Resources: Core Data Website: <a href="https://www.coredata.com.au/" rel="nofollow" target="_blank">https://www.coredata.com.au/</a> Andrew Inwood Linkedin: <a href="https://www.linkedin.com/in/andrew-inwood-0207178/" rel="nofollow" target="_blank">https://www.linkedin.com/in/andrew-inwood-0207178/</a> General Disclaimer – <a href="https://www.xyadviser.com/disclaimer/" rel="nofollow" target="_blank">https://www.xyadviser.com/disclaimer/</a> This podcast is brought to you by HUB24 (<a href="http://www.HUB24.com.au" rel="nofollow" target="_blank">www.HUB24.com.au</a>), an ASX listed company with over $15b in funds under management and one of the fastest-growing platforms in the market. They believe in connecting advisors to innovative solutions that create opportunity, while delivering an awesome user and client experience. They’re big-time supporters of advisors going solo and their BDM team are great to work with. We’re proud to partner with HUB24 - they’re big fans of the XY community and are continuing to help drive the positive evolution of financial advice. New XY platform now available: App Store: <a href="http://co.xyadviser.com/xyistore" rel="nofollow" target="_blank">http://co.xyadviser.com/xyistore</a> Google Play: <a href="http://co.xyadviser.com/xygplay" rel="nofollow" target="_blank">http://co.xyadviser.com/xygplay</a> Desktop: <a href="https://www.xyadviser.com/" rel="nofollow" target="_blank">https://www.xyadviser.com/</a> Get CPD points for the XY Podcast here at Caddie <a href="https://thinkcaddie.com/" rel="nofollow" target="_blank">https://thinkcaddie.com/</a> 20% off for XY+ members <a href="https://www.xyadviser.com/plus" rel="nofollow" target="_blank">https://www.xyadviser.com/plus</a>

#140 Andrew Inwood

 Today on Listen to the Experts I’ll be talking with Andrew Inwood, the Principal &amp; Founder of CoreData research. In the wake of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industries, Andrew has some insights into how we should move forward in a world who’s seen its confidence in the financial sector pummeled in recent weeks.  (02:00)  – Five Ways to Rebuild Trust in the Wake of the Royal Commission – In his recent article, Five Ways to Rebuild Trust in the Wake of the Royal Commission, Andrew talks at length about how to move past the mistrust created by the Royal Commission. Many people have had their lives fundamentally changed for the better by their financial planner. There are no systems with zero error, fraud or malpractice. It’s important to acknowledge that fact, but also to recognize the fact that the vast majority of experiences are unquestionably positive. (03:30) – What You, as a Financial Adviser, Should be doing in the Wake of the Royal Commission – Talk to your clients. Reach out and let them know what you’re doing, how you’re feeling, and what’s happening. It’s important to start to segment your customers behaviorally. What does happiness look like for each of your clients? The more you know about your clients’ motivations, the better you can serve them.  (07:45) – How to Start the Conversation – The best way to have a conversation about something as impactful as the Royal Commission is in person. Face-to-face meetings are time-consuming, so if that’s not practical, a phone conversation is the next best option. If you have to send out mailers or emails, make sure they’re personal. Don’t send form letters. Make a connection. Construct an outline of the ways you, as a financial planner, add value to people’s lives.  (10:00) – Demonstrating Value – We in the financial sector do a lot of things well. One thing we don’t do particularly well is talk about the ways we’ve transformed people’s lives. We don’t talk about the decisions we’ve made with our clients that have taken them from financial chaos to stability; this is a psychological construct called anchoring.  (12:20) – What to Write in a Letter to Clients Regarding the Royal Commission – All financial advisors should be pointing out that the system is under examination. As with any system under examination, the commission is finding problems; false charges, people being recommended into poor products, etc. It’s essential to demonstrate that there’s a reason those things aren’t happening to them. The segment of the sector engaging in these bad behaviors is small.  (13:20) – What to do if Your License Aligns with a Big Financial Institution – The key to surviving the Royal Commission, regardless of who your license aligns with, is to be able to articulate the value of your services. Is there a platform fee on your client’s invoice? Make sure you can explain that charge. Every cost must be articulated for your client. (14:25) – If I Ignore This, Will it Go Away? – Putting your head in the sand because you’re not proud of the work you’re doing won’t make the problem go away. If you’re charging for services you’re not providing, you’re going to be found out. Lead the change. Provide services you’re proud to charge for.  Be proactive, talk to your clients, and get out in front of this thing. If you’d like more information about CoreData or would like to read Andrew’s piece on surviving the Royal Commission check out the company’s website, CoreData.com.au. If you’d like a copy of Andrew’s research, send him an email at andrew@coredata.com.au. Thanks so much to Andrew Inwood for putting the time aside to talk!   The post What to Say to Clients in the Wake of the Royal Commission with Andrew Inwood appeared first on SRSCC.

Today on Listen to the Experts I’ll be talking with Andrew Inwood, the Principal &amp; Founder of CoreData research. In the wake of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industries, Andrew has some insights into how we should move forward in a world who’s seen its confidence in the financial sector pummeled in recent weeks. (02:00)  – <a href="https://www.coredata.com.au/blog/five-ways-to-rebuild-trust-in-the-wake-of-the-royal-commission/" rel="nofollow" target="_blank">Five Ways to Rebuild Trust in the Wake of the Royal Commission</a> – In his recent article, <a href="https://www.coredata.com.au/blog/five-ways-to-rebuild-trust-in-the-wake-of-the-royal-commission/" rel="nofollow" target="_blank">Five Ways to Rebuild Trust in the Wake of the Royal Commission</a>, Andrew talks at length about how to move past the mistrust created by the Royal Commission. Many people have had their lives fundamentally changed for the better by their financial planner. There are no systems with zero error, fraud or malpractice. It’s important to acknowledge that fact, but also to recognize the fact that the vast majority of experiences are unquestionably positive. (03:30) – What You, as a Financial Adviser, Should be doing in the Wake of the Royal Commission – Talk to your clients. Reach out and let them know what you’re doing, how you’re feeling, and what’s happening. It’s important to start to segment your customers behaviorally. What does happiness look like for each of your clients? The more you know about your clients’ motivations, the better you can serve them. (07:45) – How to Start the Conversation – The best way to have a conversation about something as impactful as the Royal Commission is in person. Face-to-face meetings are time-consuming, so if that’s not practical, a phone conversation is the next best option. If you have to send out mailers or emails, make sure they’re personal. Don’t send form letters. Make a connection. Construct an outline of the ways you, as a financial planner, add value to people’s lives. (10:00) – Demonstrating Value – We in the financial sector do a lot of things well. One thing we don’t do particularly well is talk about the ways we’ve transformed people’s lives. We don’t talk about the decisions we’ve made with our clients that have taken them from financial chaos to stability; this is a psychological construct called anchoring. (12:20) – What to Write in a Letter to Clients Regarding the Royal Commission – All financial advisors should be pointing out that the system is under examination. As with any system under examination, the commission is finding problems; false charges, people being recommended into poor products, etc. It’s essential to demonstrate that there’s a reason those things aren’t happening to them. The segment of the sector engaging in these bad behaviors is small. (13:20) – What to do if Your License Aligns with a Big Financial Institution – The key to surviving the Royal Commission, regardless of who your license aligns with, is to be able to articulate the value of your services. Is there a platform fee on your client’s invoice? Make sure you can explain that charge. Every cost must be articulated for your client. (14:25) – If I Ignore This, Will it Go Away? – Putting your head in the sand because you’re not proud of the work you’re doing won’t make the problem go away. If you’re charging for services you’re not providing, you’re going to be found out. Lead the change. Provide services you’re proud to charge for. Be proactive, talk to your clients, and get out in front of this thing. If you’d like more information about <a href="https://www.coredata.com.au" rel="nofollow" target="_blank">CoreData</a> or would like to read Andrew’s piece on surviving the Royal Commission check out the company’s website, <a href="https://www.coredata.com.au" rel="nofollow" target="_blank">CoreData.com.au</a>. If you’d like a copy of Andrew’s research, send him an email at andrew@coredata.com.au. Thanks so much to Andrew Inwood for putting the time aside to talk!   The post <a href="https://srscc.com.au/podcast/say-clients-wake-royal-commission-andrew-winwood/" rel="nofollow" target="_blank">What to Say to Clients in the Wake of the Royal Commission with Andrew Inwood</a> appeared first on <a href="https://srscc.com.au" rel="nofollow" target="_blank">SRSCC</a>.

What to Say to Clients in the Wake of the Royal Commission with Andrew Inwood