Wellness: A Key Foundation for the Practice of the Future #3 – Transcript
Wellness: A Key Foundation for the Practice of the Future 17 October 2023
Proudly sponsored by MLC Life Insurance
Ryan Watson 0:00
Good morning, Tim. How are things with you
Tim Henry 0:01
heard right? How are you? Good, good.
Ryan Watson 0:04
For some reason I feel like I’ve got deja vu. Deja vu but I can’t really work out why,
Tim Henry 0:08
yes, it is true. We’ve done this before.
Ryan Watson 0:12
We may have just done this before. So I did about today’s episode, where we’re having looking at well, but we’re having a look at well be being a part of the advice practice and what the offering looks like. But I think before we get into it, Tim, I’d love to hear a bit more about for the listeners about your story to this day. What’s what’s been your advice, journey to today?
Tim Henry 0:33
Yeah, cool. Well, I won’t labor because I’ve been on the ensemble podcast before. But hive, I came into financial advice in 2009, which was just after the GFC great time, before that, I’d worked in retail, and I’ve been a buyer in retail. So that gave me a really good dad, probably a dozen years working in retail, and really looking at consumers needs constantly every week with the stuff we’ll buy. And so it was very good training in the end to come into something like financial advice, because that’s really all we’re doing. I sort of see it as setting up a shop of services that the people want to sell on services that they need. And look, I’ve been polite for financial advice. I went into a practice and bought into a practice in 2009 stayed in that or about six years and then wanted to branch out and do my own thing. A lot of what we’re going to talk about today was probably the driver for that. So I’ve been in my practice Aspire planning since then.
Ryan Watson 1:45
Fantastic. Now, given that you’ve mentioned it, what were those drivers for change? And to take the leap? To do your own thing?
Tim Henry 1:52
Yeah, look, I think I got a great grounding in those first five or six years, in that other business, getting my head around financial advice and, and how it worked, understanding their compliance needs and all that sort of thing. But I could really see that people needed more than what Well, I felt people needed more than what that compliance driven version of financial advice delivered. And, and I wanted to give them more power and provide that providing that context of what the financial advice is for trying to help them develop more of a life vision that really drove would could be the driver for the financial plan itself.
Ryan Watson 2:38
And so how long ago was that you started your own business, J
Tim Henry 2:44
2015. bargains hacked is probably pretty close to around this time of year again, I left on the first of August, so you can Yeah, it’s probably coming up for eight years.
Ryan Watson 2:57
So at the time, being eight years ago, it seems like somewhat revolution that you’re thinking a lot a lot more than just superannuation and risk insurance, just product. The operative word I heard that was life. And then vision here, big piece to add into, you know, I know, it’s it’s obviously more prevalent these days. And that’s why you and I are having this conversation. Yeah. But yeah, I easily go back. Yeah, well,
Tim Henry 3:23
I think I just had the sense that, I guess the driver for me, I did actually go and get some life coaching. Business Coaching. I think I signed up for business coaching, was a nice friendly live was really life coaching, prior to leaving that business, because I just was at a bit of a stalemate there. And some of the tools that I learned from that was with a lady by the name of Shana Kennedy, who’s written a lot of books around well being and simplifying your life and focusing on things that are important. Going through that process with her and for her helping me get that clarity just made me sort of say, well, I could do this for my own clients, or at a version of it, you know, probably not to the same degree that she can, but at least that a version of it that could then enhance their experience.
Ryan Watson 4:20
So to that point around you having gone through your own version of coaching Tim, Pat, how important is it this piece around we practice what we preach?
Tim Henry 4:29
Yeah, well, I think it’s got to be absolutely vital, because it’s actually in and even to the point of, if we’re going to sit in a room with people and and really espouse and help lead them, help inspire them to leave a calm, deliberate, focused life. We’ve got to be that ourselves. You know, with this, it’s a bit like going to the personal trainer who Just 20 kilos overweight, you sort of connect, when the grind really comes on and you’re sweating, you’re gonna be looking at them going well, telling me to work out of it, and not really buying it from you.
Ryan Watson 5:11
Well, there’s that there’s that obviously buy or that believability factor. But I think also, having already tread the path you can create, there’s true authenticity, and there’s vulnerability in that as well, because it’s easy to put yourself in their shoes and allow yourself to be affected by it. Yeah.
Tim Henry 5:26
And I think that’s the important part. You mentioned that vulnerability. We’re all as financial advisors, I think we’re problem solvers. So it’s easy for us to jump straight in and be the problem solver and put up a solution. And sometimes that might come across to people as to these guys are a perfect specimen sinner, they just know everything about everything. And I think it’s really important to illustrate or tell stories about your own struggles and all that when you’ve needed to get advice or coaching or any of your experiences, I think it helps people to say, Okay, well, you know, maybe I can go on this journey, too.
Ryan Watson 6:05
I just want to pick up on that point, Tim, about potentially advisors, especially when they’re learning or in their early is having thinking that they always have to be the problem solver or the solutionist. I think every person or every advice professional who’s been on this journey, thinks they have to do that. But what insights would you have around that, for those younger advisors or aspiring advisors that are listening?
Tim Henry 6:28
Yeah, well, I think it’s okay to say that you don’t have the knowledge on anything. Really. Look, we’ve all got a heap of knowledge. Now, a great point that someone said to me once when I think I was actually saying early on, in financial advice, I will just get a bit stressed in a meeting if I don’t know something. And it was an older gentleman said, Whatever you don’t know, at any stage, you know, he’s more than the person sitting opposite you. So I think that it’s okay. It’s okay to say, look, I, I’ve got some pretty good knowledge in that area. But I wouldn’t Yeah, I want to really check up on the detail around that and make sure I’ve got up to date knowledge, before I give you a final answer. Or if if it’s really out of use for you. And this is what we’ve probably made a big point of doing this in our business is collaborating with groups for common problems. So you know, if it’s estate planning or if it’s aged care, or if it’s send a link, where there’s real expertise needed, that you just are not going to be able to fulfill how have a go to person that you can recommend? Yeah, a
Ryan Watson 7:39
couple of points as well. And unconscious. You know, when I was a practicing advisor, what I really loved was, I could give you a 95% answer. But what about I go away, confirm it, I come back and give you 110%? I think you can build real trust with clients. Even that, you know, demonstrating that as well as the other part as well is, I think some of the greatest growth for clients is not providing the solution or being the problem solver. It’s actually the listening piece, and enabling or allowing them to have the light bulb moment, depending where it is. Yeah. And to that conversation as well, that can be really uncomfortable for an advisor to counter.
Tim Henry 8:17
Well, yeah, that’s right. I think it’s, I was having a chat with someone recently about this. It’s something that we’ve really tried to do this year, particularly with such volatility and interest rate rises, and mortgage pressure, investments are down all that sort of thing. And similar, when you get something on a repetitive basis like that, with people coming in with the same concerns, I think we can tend to go into solution mode straightaway. And so what myself and Leandro error advisor were made the point this year to make sure we sat in that emotion with the client. So first of all, encourage them to share their emotions about how they’re feeling. You’d be amazed what comes back. And then rather than then justifying why they shouldn’t have that emotion actually validated and even asked them what’s your greatest fear about this? What’s going on? And then maybe once all that’s out on the table, then let’s just talk about maybe why I don’t have to panic that much and why this might just be a cycle or whatever. But I think the fact that you’re then talking about it together, rather than them feeling like you know, my greatest fear in that situation is someone feels like they don’t even want to share their emotion because if they dislike our teams is going to tell me I’m being foolish, that that would be a really a bad situation. I wouldn’t want that with a client. You really want them to be able to come in and you’re they’re confident and you know, share how they’re feeling, share where they’re at, and let’s send them back out it out there with a bit more of a renewed confidence.
Ryan Watson 9:57
And that’s something that’s that real well have been paced him that security and that freedom of choice. At the end of the day, we’re all human. And our connection is built off the back of our imperfection, right? So, if advisor is leading that conversation and sitting in more of that uncomfortable space we see here as well at Tribeca. That’s where the real breakthrough is. That’s where the real trust, that’s what it is. That’s where the implicit goals and needs come out, potentially partners or couples get back on the same page, the amount of time we hear, I’ve never heard you say that before. I didn’t know that was important. And that’s where, you know, you’re getting somewhere, right? Yeah,
Tim Henry 10:37
I agree. I think, well, if we were to you, and I sit here right now and say, Out of the two, these two factors, having the right structures, or having the right behaviors, which one of those would you choose for your clients first? Yeah. And it’s the behaviors. And I think, you know, stress, volatility uncertainty, if they’re going through a bad time in their life, that’s when if they’re, if they’ve had behaviors that haven’t supported their financial position before, and they might have some bad habits or whatever. And that’s where you can add the most value is to help help them stay on track, I’ve got a great time, we can all go off on a tangent. Oh, love it, go for it cigarettes. It’s a great quote. It’s probably one of my favorite books called ikigai, written by God called Hector Garcia, and the in there. Now, they mentioned about the word resilience. And we often I think, think of resilience as the ability just to keep laboring on through stressful times, or whatever. But what they mentioned about resiliency is the people that are resilient are just people who know how to stay focused on their objectives, then clear about what their objectives are, and they don’t give into distraction, and they can stay focus on what that is, control what you can control, don’t worry about what you can’t. And so I liked that some simplicity of that, because in some ways, this is where we can play the role to say, look, there’s things we can’t control here. But there’s some things we can say, let’s stay focused, to help us stay focused on what we’re doing. Let’s work on those things that we can control. So
Ryan Watson 12:24
I love what you’re saying there around being clear on your objectives, and staying focused, because I think, all too often people can perceive that money is in charge of them, or that things are happening to them. And they can be a bit of this blame mindset, without judgment for me in that, but the opportunity, working with someone like you, for clients to get clear on their objectives, and they’re specific to them, and they have an emotional attachment to them. And their ability to stay focused on them. They’re then put in charge. They’re in the driver’s seat, and they’ve got this real growth mindset around, you know, what they can change or improve?
Tim Henry 12:58
Yeah, that’s right. And I think when, when things really become hard for them, or like any of us when you know, that old sort of you played a lot of footy. Ryan, I think, yeah, the NBA back to basics, go back to the front of adults, you know, when things get tough, when we’re not doing well. Or we’re up against the discount due to the basics well, and I think if you can do those and they’re aligned to your objectives, then things aren’t quite as bad as what we think at times.
Ryan Watson 13:32
And especially if they your objectives, either without the casting opinion, or dispersion in a society that’s pushing all this information to us. It’s about money and what they how they define success, the ability to work with a trusted person like you to get clear about what your goals and objectives are. There’s that’s the real gold, you’re running your own race, right?
Tim Henry 13:54
Yeah, that’s right. Well, I mean, it’s interesting, you mentioned that because I think that when we look at the media, and what gets pushed out at times, and maybe even from ourselves is we’re tempted to click on something that says, you know, the five, on one of the things I’ve not really rep for his life, life hacks, like all hacks, five quick tips, just to make me feel good today that I’ve got those five lined up the site, they’re pretty normally, at best 1%. It’s, and if we can go back to the fundamentals, we could probably now 80% Just by doing the basics. So you sort of think, well, the life hacks might be nice, but maybe if you work on the basics, is a good place to start, because I think that’s got a lot more, it’s more solid for people make it feel really grounded.
Ryan Watson 14:45
Yeah. And so Further to that, Tim, could you give the listener an insight into what your engagement process looks like with the new clients, and what tools that you work through to help them get a lined around that 80 or 90%, and donating just to the 1%.
Tim Henry 15:03
Here, cool. Well, from a client new client coming into us, we use the street wheel system. Well, we’ve got it, we’ve got a nice, I guess, a flyer that we send them when they make an appointment when they’re about to make an appointment that talks about our philosophy on financial advice, and really positions financial advice as the support act to that life vision. So, you know, we really want to get that out straight away, because we know that there’s going to be clients who, who, nothing wrong with that they might have that value of, I want to make a heap of money. I’m not really into this life stuff. But we probably want them to realize we’re not may not eat for them. Yeah, that’s their values, because we’re not set up to serve them. And that there is a lot of people out there when we, when we speak about our philosophy that say, Look, I don’t aspire to be wealthy, but I aspire to be wealthy enough to do really what’s important to me. And this is the interesting follow up question that you get, because how many people really know have articulated what I just said, what’s really important to them, because they do want that. But they haven’t, in a lot of cases, I’ve got a loose vision, vague vision, that but it’s, in some ways, it’s about getting a real, articulated detailed vision on it. Even if that vision evolves, that’s fine. They’re not locked in stone, let’s get it down on paper and actually really shoot for it. So that requires them to have that that courage to say, I’m going to do that. So look, we get them that when they do come in for a meeting, we’ve we’ve got a series of things that they’ve got to complete for us. One of those is f5, we call a five minute financial health check. That’s a great thing that Stuart wheel has, right they rate themselves on how they’re feeling in six areas, their finances. And I that’s even just a great starting point, because you’ll have, if it’s all green, that means they’re very comfortable. And if it’s red, they’re very uncomfortable. So quite often, they feel that out in a dramatic way I find which is where they’re really feeling stressed, they score that down heavily, where they’re feeling sort of not too bad. The reality might might be more in the middle of that, but it’s a great starting points. Yeah, well, it’s pretty clear what you were how you’re feeling. And so it’s just a good set out on the table straightaway, to talk about that. We make a big deal of going through those goals, if I as much as we can in that first meeting. And when we would send them a quote, at the end of that, we send them a proposal letter of engagement, we will send that back with what we heard on those life goals, and we will write them up pretty in a pretty detailed manner. Even the university is marked as best you can in the words. Yeah, well, the nice thing about that system is it’s it’s got there was a section for their words and a section for our words. So we can say what we heard them say. And then in our words, we can say what we think we can do to help them with that. So when they’re reading it back as a proposal, they’re saying it well, I did say that. And that’s right. They said they could do these things. So we’d also challenge them back to say, look, if if we’ve got any of these wrong or needs to be refined, just let us know. But I think what it does is says, look, we’ve taken these goals seriously, we’ve actually put work into your goals already. You haven’t committed to spend one set with us. So I feel like we’re sending a clear message that if you sign up, you need to come ready to we’re gonna go after these goals. Yeah. So, you know, they’ve got to really buy into it. And that’s why we’ve had people, other advisors that have said it put a lot of work in before you can get any commitment and salt. Yeah, well, we do because I think we we equally if people aren’t up for it, they they take themselves out and and it’s better for them not to say it’s better for us that they don’t proceed.
Ryan Watson 19:13
Yeah, it’s it’s a good filtering process is I hear it, you know, I understand it. Because, you know, I think there are some times there are some analogies or similarities between advice and say, like a personal trainer, right? So even people engaging with an advisor, there is some hard work for them to do, because we can’t always be there. And they, at the end of the day need to help execute the strategy. So what I’m here, you know, you’re helping with the wrong term, but you’re understanding what people’s commitment level is because this is a duty, right?
Tim Henry 19:44
Yeah. And I think as well, you know, like we probably have to put ourselves in their shoes at times. Probably not that exciting for us. We’d probably do 100 episodes a year. We’ve seen goals written up many times for a lot of people, they’ve never seen their financial position presented back to them. I’ve never actually seen, they’re these chunks, chunky goals that they’ve just told us about the reflected back to them like this. So I feel like it can be exciting for them.
Ryan Watson 20:11
I’m sorry to interrupt him. I love that point. So I think given that we do this day in, day out in advice, we don’t often appreciate to put ourselves in the clients shoes, when they’re coming in for a discovery appointment or a first appointment, there can be real emotion with man, it could be like, their version of going to the dentist, I think I’d love to get I know, we all do a pre call or 15. I think it often gets missed. What a journey like for people coming in, if it’s a partner couple what conversations are their head? And by starting, you know, capital, you know, started with more of the qualitative side. But, you know, I don’t I don’t want people listening to forget that what that experience can be like, and because we know what to expect, how to like?
Tim Henry 20:50
Yeah, that’s right. Look, I think there’s a big part of that, I think one of the things that we’ve tried to do, and I think it’s, or this wellbeing aspect, or our client is, you know, we would all have this, especially more experienced advisors, there’s someone probably within half an hour you can you already know what you’re going to do with them, probably, you can see that now you could, in your head, you could walk them around the bases very quickly. But I think for their, for them to get back to home base, and feel really empowered, and understand and articulate what they’ve done and why they have done it. And what it means to their future before you can take them around those bases slowly and deliberately. You know, when they get to that home base, they’re in a much better position,
Ryan Watson 21:38
that and that’s more of that coaching aspect come through isn’t a team because it’s their journey, you’re there to help facilitate that. And for them to have those penny drop or those light bulb moments. Yeah, therefore, they really aren’t. And they grow from that, as opposed to just being told.
Tim Henry 21:53
That’s right. And I think, you know, we would both be in this boat, I think Ryan, we’re trying to challenge ourselves on the client experience, because that is the difference between a client experience and just providing a solution, you’ll hear when at home base there that they’ve got the same solution in both cases. But in the client experience version, they’ve, they’ve enjoyed it, they’ve invested themselves into it, they’ve got a heap out of it, and they understand what they’re doing and why they’re doing it, which gives them the hyper confidence going out into the world to try and achieve it.
Ryan Watson 22:29
And that’s the key point, you know, you’ve taken them on a journey to grow. And that see word, confidence, you know, you see, in any walk of personal professional life, people who have confidence can often achieve a lot of things, yeah, our job to, to get them there and to, I suppose to build those tools, so they can generate that confidence as an outcome. And then they’re almost unstoppable, you know, in charge of their money in charge of their life and charge what they want. And I’ll be a lot happier, let’s be honest. And that’s a key piece to
Tim Henry 22:58
well, a lot happier, absolutely a lot happier. Because it’s, it’s about that they’re driving the growth, and they’ve, they’re chasing the things that are going to mean something to them. And look, if we were to think about designing a business with our perfect clients, and you had the perfect number of clients that you want, and that if you could design that client, would you prefer to have a client that isn’t sure what they want to do, and is always deferring to you or someone that’s totally inspired, got a long list of things they want to achieve. And they’re just saying, Come on, help me do this, I’m gonna Of course, we’re gonna want that that second client,
Ryan Watson 23:35
and the second, the second client as well. They’re the ones that won’t cancel an appointment or reschedule an appointment, or they’re the ones that will execute the strategy. They’re also the ones that will be your best advocate, which we know, greatest success of engaging a new client, for us here at Tribeca anyway, is from an existing client and the value that they’ve seen best piece of marketing, inverted commas we could ever do.
Tim Henry 23:59
Exactly. And I think the best advocate is just going to be in the way they are living their life. And their mates. And we’re we’ve all got mates, who seem to slog, but you really got things together, you didn’t feel that you’d seem really balanced and all that sort of thing. And you’re successful in what you’re doing. And what’s what’s your secret. Yeah. And,
Ryan Watson 24:21
and you might be part of that, that, that team that’s helped help put them together. Yeah. And in terms of, I know, purpose gets thrown around a lot these days, Tim, but in terms of bringing purpose back to your job or what you choose to do on a day to day basis. What a fulfilling job. Right, and I think, largely it’s why everyone got into advice because they want to help.
Tim Henry 24:41
Yeah, exactly. Right. So it’s look it’s it requires for us I think to you know, it’s not to downplay our financial skills, not to downplay what we do financially because that is really our key and playing if you like, but it It’s the start adding, adding those other skills around around that. And as you’re starting to have more, as you said vulnerable discussions and LED lighting that inviting that into the meetings. You’ve got a great framework that you use to do that, don’t it? Yeah, we
Ryan Watson 25:17
do we really enjoy that goals based conversation and in around the football, what we call the four L. So live love, learn and legacy. Yeah, we’re in a really enjoyable experience, when you see clients buy into that, especially part of the couples, obviously, we’re not relationship counselors or anything like that. But when you see them, as I said earlier, when you see them get back on the same page, or fact, I’ve never heard you say that, or that that’s something he wanted to do. And that’s when the real work can be done. Because clients come and see an advisor and all this all the research says that expertise is implied. You know, they they believe they know, you know, what you’re doing. And we’ll we talk about it we’ll do we do the doing the doing is your cash flow and your investment contingency. So your insurance, and then we’ll refer the estate planning, but the real gold is in the building trust with clients and helping them understand those implicit needs. What’s really important to them, the Joneses can do, what are the Kardashians could do what they do? As we’ve said on a previous podcast with Amy, actually, so it’s about what do you know, what are the Watson’s in this instance? Want to do? Or what are their Henry’s want to do?
Tim Henry 26:24
Yeah, I think that becomes so important. Because I think if you’re absolutely happy with what you’re seeking to achieve, you don’t need anything else to really do.
Ryan Watson 26:37
No, no, no, you don’t? No, not at all.
Tim Henry 26:42
I mean, one of the things that we have done, and we did do, right from the start, when I started the business eight years ago is we started this thing we call the dream catcher, okay. It’s a little program, it’s sort of evolved over the years. And we look at when I when I started as a spire and I told I went and got some marketing help on it. And I told them, This is what I want the business to stand for its life first, you know, the finances of the support act. That was really cool. Because the two ladies that ran that marketing company, they were excited about this saying that, you know, this is sort of this is what will help us understand financial advice. Now, this is what it should be. Yeah.
Ryan Watson 27:28
Should we give them a free party?
Tim Henry 27:30
They’re not still in business. Okay. All right. I’ll order they’re not still in business. They, they sort of went separated, and they were going through right away. Yeah, so they, they were into it. And they said, we could have this little booklet and, and all that. And that’s that evolved into what we call the dream catcher, but all the all the booklet does, is creates this life vision, it’s about six or seven pages. And it’s sort of like a roadmap that they can go back to say, I often say to people look, in the depths of winter in Melbourne, when the weather’s terrible, and you haven’t had had enough sunlight, you haven’t had a holiday for a while and you feel a bit flat to get your dream catcher booklet out. And, and sometimes it just helps us say, Look, we’re we’re on track for these things. So yeah, it had areas of, you know, their main goals, their health and well being vision for themselves. bucket list items, things they wanted to achieve with their kids or holidays that they might want to do, and that sort of thing, and then how they’re going to sort of, I guess break up their financials to do that, but didn’t really have a lot of financials in there. So we do that. We had the booklet, and we didn’t really know how to help them get these filled the book, I met a great lady currently called well in you, Amanda Macmillan and and I showed her the booklet. And she said we could do a little two hour program two hour session designed to help people create their intentions. And she said, once they do that, they will come into your office with their booklet filled and have to say I was pretty skeptical, initially said that. But it really worked out that she was she she does this for a living. So she had a fantastic way to have the couple. We had the couples in the room, maybe about 10 to 12 people, five or six couples or some single people as well. And they had to actually do a lot of a few exercises around talking to each other to writing a little for two minutes on something that was important to them. Things that stressed them out and then they’d have to go and tell another person in the room about that just for two minutes. That kept the couples apart from each other through throughout that and then you know, by the end of the thing you you sort of brought this little segment around the wheel about all the things that are important to you in your life and Then you sit back with your partner and you compare notes. So the literal version of getting on the same page. And when there’s been some really cool moments in there, some of the more memorable things that I remember, is your one couple, actually, I think it was the wife messaged me saying, we actually left holding hands, we left the session holding hands, because we were just so happy. We’re on the same page. And we had young kids at the time, and we’re on the same page. And it just gave us the inspiration, the Hey, let’s go out and do this. And so it was that was all you need as a financial adviser to go. They’ve now got that inspiration, where he helped them build it financially and why they go,
Ryan Watson 30:43
and it’s just sitting in that, Tim, how cool. How cool is that? It’s not our ideas, or it’s not a return. But that, you know, it is a gift, right? Because you chose, like you said, you’re pretty skeptical coming into it. But you still chose to be brave and try it right. And I think that’s what this wellbeing piece is all about it’s try educated in an educated way, trying new things. Yeah. What’s the best thing that could happen? And what’s the worst thing and I think the downsides, always generally a lot smaller than the upside potentially is, like you’re talking about this couple’s scenario.
Tim Henry 31:19
Yeah, exactly. And I think if we think about all the things that do worry us as, as advisors, and you mentioned returns there, to someone that’s got that vision is never gonna talk to you about returns, because we’re on a long run a marathon here with them. We’re a long journey, ups and downs, volatility, whatever that is sort of insignificant to the bigger picture.
Ryan Watson 31:41
Yeah. And if we talked earlier about, you know, financial well being and how we define it at Tribeca is around security, and free to have a choice. Now, if they don’t have that in the daily or that takes a return or looking at the markets daily or weekly, then we probably need to go back to the drawing board in terms of the relationship with them here. Or explore those goals
Tim Henry 32:00
like it. So you know, I sort of think well, if so, if we’ve got a life vision that’s really means something to us. If that’s if you’ve created that yourself and invested your own time into data with your partner, it gives you something to shoot for, when we go back to that resilience discussion about people who are resilient, know how to stay focused on what’s important to them, is there it is, it’s in the book. So when you know when the skids happen, or when whatever something bad happens, or you’re not feeling great, or you be called
Ryan Watson 32:35
Go back to your basics, because life gets hard. Right? I think, you know, he talked earlier about the hacks and the 1%. That’s not life, that’s a sugar. But it is preparing our clients that there will be ups and downs and life gets hard. This is what’s going to help you get through that. You know, like you said, yeah, the focus here, the focus and the objectives.
Tim Henry 32:55
Yeah, exactly. And I think we did this did se in our days, our verse session is the debt, well, we’ll call it a downside. And maybe it wasn’t a downside. The other side of the coin on on clients that have come through is that we did have one client who said, go through the process actually was the starting point for their divorce. So so there’s the vulnerability piece as well that say, well, she actually was she told me that a year later, and I knew they were getting divorced. She said, I just want to let you know, it was the drain catch session, that was probably the one I wasn’t the cause, of course, but it was like a real exposed a lot of things sitting in that session together, how far apart they were. And so look, in the end that’s been great for her that she’s done that, but it just goes to show the power of what a session like that could do. And you know, I probably underestimated Amanda when she said, I could put the session on for two hours. And then it will really have a deeper meaning for people is sort of going deep to two hours. Not very long. That they go there’s two examples of where it really did make you huge difference in people’s lives. And I think for us, you know, we don’t necessarily have those skills naturally. So it’s about also having the courage to collaborate with the right people. Sometimes you might, they might be the wrong people, and you gotta move on and find the right people, that it’s about staying true to what you’re trying to achieve with your clients and finding people that can help you with that solution.
Ryan Watson 34:38
Well, it goes back to that earlier conversation, doesn’t it team, you know, not worrying about what you don’t know, you know, the confidence to elaborate and focus on what you do know, but also what your passion is, and how you want it how you define and how you add value to your clients lives.
Tim Henry 34:54
Exactly. And I think be prepared to Aru views that a few times was the vulnerability because I would say we’ve done that session now every year at least once a year, even through COVID, we did some online versions. And I would say as the person that’s coordinated it and put it on and brought people, our clients into the room every time and I’m sitting there going, is this gonna work today? Even though I know that it’s worked in the past, you’ve got that feeling of like, What if everyone thinks this is stupid? What if everyone, if there’s people in here who think it’s like, it’s really wishy washy, I’m not into it. And you really start having that moment of doubting yourself every time. So it’s just normal? Yeah,
Ryan Watson 35:40
it’s what I call the Saiful brave moment. And everyone goes through it, no matter how much we look like, we’ve got our sh one T together, everyone goes through that moment. It’s the willingness to be brave, and stay stay the course, you know, here, they’ve been on vacation.
Tim Henry 35:56
I think in that instance, I couldn’t agree more with that. And as an advisor, and if there’s younger advisors listing, it’s in that moment that the client looks to, you know, their commitment to anything I feel is going to be driven by or measured by your commitment. So that’s the moment unfortunately, whereas if you back off that commitment, and they’re gonna pick up on that, so you’ve got to really double down and go, we’re going into this, yeah, hit full steam ahead, and people will fall in behind it.
Ryan Watson 36:30
And, and it’s each one of the questions that I did want to ask you today, Tim was around that conviction, but more to the point around, how do people get started, but I think you’ve really just highlighted that it’s fine, what your true passion is, for advisor for an advisor, learn what you can’t get external help or collaborate where you can, and then have conviction to move forward.
Tim Henry 36:51
Yeah, there’s no shortage of people out there that can help you. I think that was one of the great things that when I spoke to that life coach back at that time, she’s smart businesswoman, as well, and are saying, Look, these are the things I want to do in the business, one of the great bits of advice, she said is Don’t reinvent the wheel, don’t try and design something that someone’s already got. They’ve already, they’ve already solved the problem. And all you got to do is go and pay them a little bit of money to deliver it to your clients. You’ll spend five years trying to design something,
Ryan Watson 37:25
and I don’t know if it’s specific to advice, but I see a lot of advice businesses trying to do that with CRMs. And, you know, largely the engagement process under the cover looks somewhat this that you know, in terms of appointments taken it’s I think the time as you’ve articulated him the time and energy should be spent on what’s your brand of advice and how you build trust and engage clients as opposed to everything else that
Tim Henry 37:48
sits outside of that. And I think that those types of things like things that you’re going to test or try in your business test them and move on quick either go yeah, that worked. Let’s let’s do it. That’s really locked that in. That didn’t work. Let’s ditch it.
Ryan Watson 38:04
If we we like to focus on wins and learnings. There are no it’s we it’s Windsor. I looked at his story and that I got that quote from David Swann like it or not, but I wasn’t. I like not a colleague of supporter but wins and learnings. What a growth mindset way to look at things.
Tim Henry 38:19
Well through my retail days. I worked through a few retailers and one of the ladies I worked with closely at Aldi, she went on to be one of the head people at Costco and Costco is very American company and CEO says to me at Costco, we don’t have problems. We have opportunities. So he says that they’re hitting the tires but that it is true. She She says it’s a it’s about finding those opportunities to do something different.
Ryan Watson 38:52
And I reckon Oregon that’s a fantastic note. To finish up on. Tim, thank you very much for your for your time today. I again, no avail. I really enjoyed the conversation. Yeah, I applaud your bravery and you know where you’re taking your business. So thank you very much. Thanks, Ryan.
Wellness: A Key Foundation for the Practice of the Future #1
In this first installment, Ryan speaks to Amie Baker, Director, Financial Adviser and Certified Money Coach at Rekab …
Wellness: A Key Foundation for the Practice of the Future #2
In this episode, Ryan is joined by Harry and Tristan from Purpose Advisory. They talk about how mental …
Wellness: A Key Foundation for the Practice of the Future #3
In this installment, Ryan chats with Tim Henry, Financial Advisor and Owner at Aspire Its Your Life. They …
Wellness: A Key Foundation for the Practice of the Future #4
In the last episode in this series, Ryan talks to Marshall Ross, Risk and Strategy Advice Manager at …
Engine Room Podcast #29 – Bree Stevens
Bree is the General Manager at Blueprint Wealth. She and Andrew discus how she’s grown her practice over …
Investment Podcast #5 – Investment Committees
Mason Stevens’ CIO Jacqui Fernley joins Jody Fitzgerald from Morningstar and host James Whelan to take a practical …
AdviceTech Podcast #63 – PropHero
In this episode, Peita talks to Mickael Roger, Co-Founder and Co-CEO at PropHero. They explore the property investment …
#425 Billy Norman
Billy is a Financial Adviser at Link Wealth Group. They talk about social media marketing, and how he …
Enhancing Your Insurance Advice #1
In this episode, Sacha is joined by Anita Muecke, Owner of AVA Insurance Consulting Group. They discuss setting …
Enhancing Your Insurance Advice #2
Hayden is an Investment and Personal Insurance Adviser at Poole and Partners Investment Services. He and Sacha talk …
Enhancing Your Insurance Advice #3
In this episode, Sacha is joined by Alex Braun, Principal and Owner of Halstead Financial Services, and Andrew …
Enhancing Your Insurance Advice #4
In this final installment, Sacha talks with Glenn Baird, Head of Mental Health at TAL Australia. They talk …
Engine Room Podcast #28 – Michael Bova and Belinda Dalton
In this episode, Andrew is joined by Michael Bova and Belinda Dalton from Family Wealth Advisory. They discuss …
AdviceTech Podcast #62 – Altiorem
In this episode, Peita is joined by Alexandra Brown, Co-Founder and Head of Research at Altiorem. They chat …