AdviceTech Podcast #33 – Life Tech Assist – Transcript

Peita Diamantidis
Hello and welcome to the Ensombl AdviceTech Podcast. I’m Peita Diamantidas. And the guest joining me here today to deep dive into life tech assist is an avid fisherman was treasurer for his local football club before heading north for what I presume as the sun and the fishing, and has worked for insurers, a dealer group and is now doing his very own thing. Thank you so much for joining me on the show. David.

David Spiteri
Thank you very much, Peita. Pleasure to be here too.

Peita Diamantidis
Fantastic. And I feel like we could spend a lot of time on the the noise and the fishing bought. You know, we’ve got to get into the serious business of advice taking this stuff. So offline, because I’m excited to hear about the move. Before we do dive into life tech assist, then let’s get to know you through your tech use. Let’s start with and the listeners all know where I’m gonna go because they’ve heard it each time on the episode. What is your most used emoji? Do you even use emojis?

David Spiteri
I’m going to disappoint you here. And I don’t use an emoji, none whatsoever. If anything, it will best just be the thumbs up. It’s almost like an okay.

Peita Diamantidis
We are on episode 33. Folks, and this is the first time somebody doesn’t use emojis. This is fantastic. I love it. I always wanted to be different. David, I love it. I love it. Now, how about smartphones, we all just can’t live without them. Really? If you had to wipe everything off your smartphone and just keep three apps, what are the three apps you’d keep

David Spiteri
on? Well, you did introduce me saying that I’m an avid fisherman. Yes, the apps is called windy. Which gives you the the weather forecast or the wind forecast. So that allows me whether to go fishing or not. The second one is called tides. Are you searching in the best fishing times to go is some based on the tides. Yep. And a third one?

Peita Diamantidis
I’m not sure I’m not sure what you sound like you sit with it.

David Spiteri
Well, that’s yeah, it’s it’s pretty set with a fishing. Maybe. Look, I do like the AFL. So maybe the AFL

Peita Diamantidis
call could look and look, you know what, while we’re on tech and unrelated to advice tech folks, I’m apologize for this. But I’ve got to ask the question. Do you when you’re fishing? Do you use one of those things that you see on TV where they sort of looking down into the water through like they use a piece of tech to sort of see what’s underneath them? Do you use that or is that cheating?

David Spiteri
No, that’s that’s that’s changing. They got the cameras there and

Peita Diamantidis
stuff like it’s almost like ultrasound and ultrasound. beena was Sonic Boom or something that they do where they can sort of sense. Yeah, there’s much life underneath them yet sounds it seemed like cheating to me.

David Spiteri
It’s not so much cheating. But just to set it all up and the cost to set it up. It’s really for filming purposes.

Peita Diamantidis
Yeah, fair enough. That’s fair enough, because he could be sitting out there for hours and nothing doing I guess that makes sense. All right, let’s dive into life tickets. Now. We’ve actually been on a bit of an insurance kick on the show recently, having just interviewed CDM solutions, the episode before this one. Now life tickets, Sisters is relatively new. Do you want to talk us through sort of broadly what it is and what angle it’s coming from?

David Spiteri
Yeah, sure, sure. The actual fact I’d be lying if I said I invented the concept of it, even though I’ve been doing it for many, many years. But the concept is providing independent technical support for all life insurance inquiries, as well as providing a library of a squillion documents that helps them with, you know, choosing products recommending. So there’s a whole library of all insurance documents, as well as the insurers have got on board as well, and all of their marketing materials. So So I guess the logic behind it is strategy, product, and marketing. Strategy product, sorry, in education, education,

Peita Diamantidis
which is a fit that feels like a, like a never ending piece of string with insurance, doesn’t it? Like the education that advisors sort of need to keep up with? Yeah, and interestingly, aside from direct from the insurers, which a lot, I mean, each of them have huge education resources. But aside from that, it’s actually not easy to get something that’s sort of independent from all that, right. It’s actually good information that way,

David Spiteri
the only independency you tend to get the sort of is from the software, comparison software, but even that, you know, can be pulled apart if you really, really need to.

Peita Diamantidis
Right and, and, you know, one on education front, I actually noticed that just the other day I was I was on doing, you know, my weekly CPE III to try and just keep on top of it during the year and, and to find something on insurance is actually not easy, to be quite honest. So it’s something that I do see as a bit of a gap. So is that sort of what drew you to this? You know, aside, of course, for those of you that don’t know, David’s been the talking head on insurance for a very long time in our industry, you and I were on a road shows many years ago. And I remember you talking, you know, with for Dental Group talking all about insurance. And you’ve been doing that for a while now. But clearly, you saw there was a gap, or did somebody approach you and go, David, we really think you should be, you know, filling this need in the market.

David Spiteri
I’ll be long, if I take the credit for the concept. I actually had a different different business mindset to look after claims for that for clients. Yeah. And that was through probably pressure from the advisors once I left my previous employer. Yep. That they continue to call me regarding technical inquiries and things like that. And they’re the ones that put the motion or the notion in my head to hey, why don’t you open up your own technical support? Yeah, everybody does it. It’s independent, you seem to know your stuff from a third as aid. And I probably got that maybe a dozen times. And we ended up getting two or three of those advisors and said, Well, what do you really want? What are you talking about? Because it’s actually what I liked doing. I love providing education, to advisors. And just to give you a bit of a nice the last 18 months with the new income protection product we’ve had, we’ve had well over 100 changes just from that product suite for insurers. So yeah, it’s it’s just been. So some I don’t know whether it was timing or what but it’s worked for the better and that on a subscription basis. They priced it for me basically, what what are we what they’re after? And non bold. I said took me six months to set up, crossing my fingers crossing your legs and thinking, Okay, we’ll see how we go. Already been six months out of a job. Let’s see what the next six months. Yep. And look 12 months on since launch in March last year? Yeah, it’s been awesome. Absolutely awesome. There is there is a need. Yes. And that’s that’s been clearly established by by the subscription subscriptions taken up as well as fantastic for sales seeking some of the services similarly. Yeah,

Peita Diamantidis
so let’s talk through sort of the elements of the subscriptions so people can understand. So clearly, you know, there’s tools they can access online environment, the memberships, so it’s like there’s the place where they can get a whole lot of those materials. But it sounds like what you’ve added to the materials is the ability to respond to queries. So like a scenario somebody has or a challenge they’re facing, and you can then respond individually. Is that the case?

David Spiteri
That’s that’s exactly the case. To write a book, and I’ve been asked from many my employees, why don’t you write down the most asked question that you get, and it is impossible, because it’s all about an individual circumstance. Yeah. And you just can’t, we can’t put it in writing, you know, every query is is different. You know, hot off the topic at the moment is the income protection with the agreed value and the indemnity, the older style policies and the pricing. Yeah, how do we get to recommending something that’s on the market today, which is of lesser quality? And how do we meet best interest duties? Yeah. And that’s a question that that seems to come up over and over and over again. Yeah, there are processes that we put in place to ensure that does meet client’s best interest, as long as we’ve done these steps beforehand. Right. But yeah, yeah, there is. Another one is claims clients running me up. They’ve got this condition. Is it worth claiming? Or can they claim or a claim has been declined? You know, is it is it right? There’s many times I’ll just do a bit of a check to see if I feel that the claim that’s been declined, is correct, or is there another avenue to take? Yeah. It’s funny when once I set up the business, look, I’ve been insurance since 86. And I set up the business predominantly for risk specialists. Yeah. Okay. So risk specialist is what I had in mind. And, lo and behold, you know, on our work with sin, I’m very fortunate and honored. And I think that the members, I work with around 250 members now, and if I really broke up the business, nearly 70% of the advisors that’s subscribed to the service will only do 30% or less Insurance.

Peita Diamantidis
Okay. Okay. So the majority of business is probably superannuation investments, all that sort of stuff. Correct? Correct. And then and but of course, what happens was super wounds, people have policies and super and then suddenly you’re reviewing this like, yeah, you know, it’s a can of worms. That stuff, isn’t it? So yeah, certainly,

David Spiteri
isn’t it something that I didn’t think? I actually didn’t think until probably 12 months now. And I start thinking, Well, you know, what, if there was an investment service like this, and I was still advising, I could do I can do the insurance pretty easily. Yeah. Come to investments, I would need some some some

Peita Diamantidis
some health assistance on that side. Yeah, absolutely. So

David Spiteri
I really get where, where they’re coming from, and it’s great. You know, I really enjoyed talking to all the members. And yeah, it’s been good. It’s been good fun.

Peita Diamantidis
And to that in like, just sort of understanding is, you know, I mean, 250 is a great number, a urine, so congratulations on that. It’s fantastic. The sort of breakdown of the type of of members like you’re finding that it is mainly just the advisors, or are you getting paraplanners that are making inquiries? Like who? Who are the bodies that you’re dealing with? As part of utilizing the membership?

David Spiteri
Yeah, so with the membership, bam, I do a bit of work with me for sales. Yep. So I’ve got two or three reasonably sized I have for sales that I do work, even from a compliance perspective, strategy, text, and almost feel like I’m part of their staff, which is great. And then with the subscription based service, generally, how we operate is practice one subscription, maximum two advisors. If there’s more than two advisors, well, then, you know, it’s more and what the subscription is for is for the advisor, their support staff paraplanners. So, yeah,

Peita Diamantidis
it’s actually depending on how they work. So it’ll be Yes, it’ll depend on who is the body maybe collating something or that. Yeah. So it’ll depend on whether it’s the advisor or the other, which I think what what I like about this sort of service and having dealt with, even yourself and other similar technical bodies in providers is being able to say to the staff, look, if there’s something you hit, that you can’t get to the bottom of start with them. Yeah, it’s just a great way for them to learn aside from anything else, right? It’s because actually, me giving them an answer isn’t as powerful as them having to enunciate it to you. And then you iterate with them to get the the outcome and they learn as part of that process. Yeah, you’re right. Yeah. So it’s, it’s sort of more powerful in that sense. So one of the things I noticed in the sort of list of resources, which caught my eye, just a little is Industry Super insurance handbook. So I’m beating this some questions you get about those a fair bit.

David Spiteri
Many questions. If I if I look at what’s the most downloaded document in the library, it is the Industry Super fact sheets. And I guess what that is, it’s a fact sheet on every industry fund. And it’s one one page per per industry fund, and it looks at their automatic acceptance levels, who their underwriters, how they charge their premiums, everything is paid reference, there’s commentary below, on some of the things that I see. You may need to be cautious or aware of, and in relation to getting the insurance document from from the industry funds. We’ve also created a an area where you can download the excuse me, the industry booklet, and at times can be difficult to find because he I’m not sure whether you tried to look for him even when when setting my wife and thinking TCS, these industry funds, some of them hide that industry booklet that insurance booklet,

Peita Diamantidis
look and it’s hard to know whether it’s a like just badly designed websites because like the multi multi click, you know when you’ve got to go through eight layers of clicks to get to like I’m not entirely sure it’s intentional, as much as it’s just they don’t get that when somebody’s looking for information I want to click once. I just want to go straight to the info please. And that’s true of their clients to like that’s not just us as advisors. And I think I think that’s part of the challenge. And I think the other part is, is that it seems that information is seen as something are you know he’s ever anybody ever going to want that anyway so maybe that’s part of it too is it sort of left in the bowels

David Spiteri
and I think what is interesting is is the different ways that that insurance booklet is set out right now. There is so many different methods that the put the booklet together is it’s crazy LEA can be daunting. It really is and yeah, researching them all firsthand.

Peita Diamantidis
Yeah, and particularly I think the what I’m loving about The approach you’ve got with the service is, if we all start from scratch digging out these things, then your energy is on everything. Whereas if we can start from a base where you’ve done a certain level of work and are almost flagging things, then we can focus on the flags, right? We can focus on the watch out for this, are we aware of that, you know, that exactly can make a big difference of narrowing down, you know, how you can compare or things you want to clients to be aware of? Because, you know, the truth is, there’s going to be many situations where a client should hold off, hold on to whatever the hell insurance they have, you know, but we still need to get on top of what that is and how it’s going to work.

David Spiteri
Absolutely. And I feel the biggest fear out there for advisors is meeting the best interest duties. Yeah, it seems to be something that am I meeting the best interest duties, and my theory behind the best interest duties is, as long as you can put your client in a better position to where they are today. Yep, you’ve met the best interest duties. Now, in theory, it sounds great. But what happens if someone’s got one of the oldest all income protection products? And, you know, cost is an issue? Yes, you know, and they still need the the insurance. But if they were going to cancel that policy, due to the cost, even after trying to reorganize it to something more affordable, they’re still going to cancel it, taking out something that’s available today is still in the best interest because they would have ended up as nothing, correct? Correct. Yeah.

Peita Diamantidis
Yeah. And it is there’s, there’s a lot of that I think in, in insurance, because it’s not just on or off. I think often we sort of, well, certainly the public look at it that way, you know, you get those calls, and and they’ve got all these, you know, multiple different Colorado? Well, we’re just always aware of, well, it’s costing a fortune. And while maybe we should cancel, wait a minute, that’s like saying you should cancel for different services, you have all the ones like Well, no, that’s not how we do this. Let’s, you know, there’s small steps you can take. So, in terms of that, then, is I’m uh, I’m betting that there’s a whole lot of other ways that, you know, aside from that sort of thing, and maybe pointing people in the right direction of what to look for things like even, you know, strategies in insurance, and calculators and stuff like that is that that’s something else that you’ve got as part of the membership as well.

David Spiteri
There’s many calculators in there. Yep. There’s methodologies and calculating for calculating personal insurance, income protection, and business insurance. You know, I’m not giving tax advice. But there are some of the tax implications on the different structures. So yeah, there’s all that there, as well.

Peita Diamantidis
And it’s an interesting, it’s an interesting thing with insurance. So when you working as an advisor, and doing investment advice, or underlying investment advice, whether it’s in soup, or wherever it is, you know, you’re each at probably at least each year, if not more, often, you’re revisiting things. So it’s so in terms of building the skills, then there’s a more rapid escalation of the skills in investments, even if you’re working as a paraplanner. Whereas with insurance, there’s the upfront work you do. And then really, unless somebody talks about, you know, like you say, adjusting, and we can do the, you know, the annual reviews of their costs and the level of cover, but really then claims is something that you don’t mean, some people, some members of your team in a practice may never have experienced a claim, even if they’ve been with the business for ages. So I’m betting claims is one of the things that people end up needing a bit of help help with. Is that the case?

David Spiteri
Yes, yes, yes, I do receive many calls, from advisors saying, clients just rang me up. I’ve got X Y, Zed, what do I do? Yeah, there’s a claim of all. So we just need to dig a little bit deeper, and hopefully, provide them some some strategies and things to consider before submitting it to the insurer. And likewise, on the back end, if, if the claim is not fruitful? Yeah. Why isn’t it fruitful? You know, just just getting that second opinion, I feel there’s a lot more comforting. And then the fact that I’m not not aligned with any insurer or anything like that. Seems seems to work quite well. Yep. Yep.

Peita Diamantidis
Absolutely. And so is there any in terms of the practices that are sort of really working well, with, you know, engaging with the membership and their team are using Well, is there any tips for anybody? Is there any ways of approaching it that you think work better? For practice?

David Spiteri
Look, I guess I’m probably gonna get back to a step that you just mentioned earlier in relation to strategic advice. Yep. Since the introduction of the new income protection, it’s become more strategic. Yep. You know, and that’s what I’m seeing out there with a lot of advisors. You know, there’s a lot of philosophies out there with with claim statistics and these advisors doing five year benefit periods, which is generally own occupation and tacking on total and permanent disablement, some are doing a two year Here with title and BIM assignment, some assigned to the age of 65. Cost is becoming a lot more relevant. And when we look at the new range of income protection available. They’re not like they used to be right where they were much of a muchness, you know, there’s some real niches, a character insurers actually specialize in. Okay, which I call their sweet spots.

Peita Diamantidis
Yeah. Yeah. And that. Yeah, you’re right. I mean, that’s, that’s what I mean, the reverse is now potentially the case, say, with platforms in, in investments? I mean, sorry, there are there are differences. But they’ve all come a lot closer than they used to be. Yeah. Whereas it sounds off. What he’s saying is, we’re almost getting the reverse now, because of the way these changed? Well,

David Spiteri
because the recommendation by APRA was, was to produce a product that covered off this, this, this and that. So no insurer knew what the other insurer was doing. Yeah. Fortunately, unfortunately, I was on three or four committees of the product development, finding all these confidentiality agreements, which I was bloody useless, because I knew what other insurers were doing. So everyone brought out an offer that was different. For everyone else. Yeah. So that’s hence the reason why there’s been over 100 changes, you know, some were a little bit off the mark compared to some of their competitors. So we’re adjusting. Yeah, so they’re continually adjusting and adjusting. Yeah. So hence, there is why there is a difference between one company product to another in relation to niche, but the fundamentals are the same way provider an income in the event of sickness or accident. It’s just all the nitty gritties that fall behind it.

Peita Diamantidis
Yeah. And I guess the other thing that I could see being powerful people is, let’s say that maybe they do, like you’re saying maybe they do a third of the businesses insurance, but it’s predominantly, you know, personal to individuals insurance, for their personal needs. And then they get that self employed person or somebody that’s, that needs something a little different than, you know, it can it’s natural for an advisor to sort of hesitate and like, throw or hold on, you know, this is a whole world naturally and validly Yes. Oh, this is complicated and different and detailed. And, and to be honest, you know, the the insurance have a varied into quite a varied helpfulness in that sense, in terms of helping you get across the line, so I could imagine, that’s where you can help to is to go alright, like, you might know, your stuff over here. But let me help you out on any sort of new part of insurance that you’re now tackling.

David Spiteri
Exactly, exactly. I don’t provide recommendations, but I certainly provide providers to consider Yeah, and reasoning as to why I would consider them.

Peita Diamantidis
Yeah, yeah. And even just the insights into, you know, what to look out what to even ask the client for or what to look out for, or the, you know, the like, there’s, there’s nuances to all of this stuff.

David Spiteri
Number two of Build number of tools, you know, have a pre assessments for marketing checklists. Just there’s a whole range of things there that they can use. Yeah, but if I give some very, very simple not advice, but simple things to consider, too. Yeah. Is process process the case. And you can mention up front, because insurance is becoming a standard take longer or longer to get through. Yep. Oh, and it’s just like painting, the job of the your paint job is only as good as the preparation.

Peita Diamantidis
Look, and I would, I would wholeheartedly agree with that only in the sense that just dealing with the insurance generally at the moment is or has been really philosophy that’s tough, because you can be waiting 40 minutes on the phone, just to get something quite simple emailed out to you, which may come within days or weeks. Like it’s, it’s there’s clearly some challenges generally going on. And so if, if, you know, some tips from you can help clarify that. So it’s even a one request exercise, as opposed to a five request exists for the insurer, you know, that can make a huge difference. Let’s talk about the the sort of marketing element of this in that minus thing is you’ve got some tools that could help advise a sort of bring up insurance or, or that they could utilize as part of their marketing efforts. What does that entail? Look, I

David Spiteri
pretty much piggyback off a lot of the material that insurers have produced. Yep. And it’s things like intergenerational advice, educating clients, particularly from a claims perspective. And one thing I do talk about and we always advisors and myself, we always seem to look at price price price, what we don’t consider and we can even put this in the statement advice is the well being programs and insurance actually put out, yep, you know, the vitality AIA embrace best doctors. Yep. Tell enhance. There is so many of those programs out there. And there’s so much education on rehabilitate. Asian assisting clients use them that actually am used often enough. And they are great tools. Absolutely great tools. And I’m not sure whether we sometimes think, are they trying to deny a claim? Or are they trying to, you know, by using the rehabilitation? No, sir, actually great tools in, you know, I can talk firsthand with an experience that I had many moons ago with eMLC best doctors, where I thought that was just another thing that they’ll throw here. I actually was able to utilize that service and got an absolutely fantastic outcome. Yet since then, I’ve been a big believer.

Peita Diamantidis
And I think it is, you know, we’ve got to let our suspicions go for a bit, we’ve got to stop in quite so cynical. And also understand that because I think also in a head, well, I’m God, but no, what’s the chance I’m going to use that will probably about the same chances making a claim? Yeah, that’s the point. These things are designed often, particularly best doctors to sit alongside somebody who’s going through that process. And it’s like, well, if you view the insurance as valuable, then probably the service will be too, you know, it’s

David Spiteri
everyone’s looking at, you know, industry funds and the insurance to go within their superannuation, all that. Those are the insurance in the in the in the superannuation, or their employer super, doesn’t have these sorts of things. No, no things like the financial planning benefit. Yeah, you know, this is this is things that I believe can be put into your statement of advice as to why it’s in the best interest to use one of the retail providers.

Peita Diamantidis
Yep, yep. And I think it’s a valid point you make where we’re like, No, you know, this is just a not a fad. But like a, like a little gotcha, that’s an extra thing. That’s not really worth anything. But interestingly, I know from somebody who used to know that worked in workers comp in the insurance, space, spent an inordinate amount on things like the pain centers, trying to analyze pain and how people can better handle, you know, if they’ve got chronic things that go on for a long time, how they can better handle that, and the techniques we can use that are more new wave and like these things aren’t, like you say, trying to avoid spending money, they’re spending a fortune on them. They’re investing serious money. I mean, some of the best research and development in medical science happens, because it’s an insurer that funded the thing. So, you know, what they’re interested in is the good outcome. Value. Right. You know, they’re their policyholders. So, does it potentially help them? Well, sure, but I’m okay with that. You know, if it’s a win for both the client and the insurer, then I’m okay. That sounds good to me. And look, there’s

David Spiteri
also tools available that assist the clients with the claim or assist clients, that that has, you know, a an immediate family member with a condition. Yeah, they can utilize it utilize the service, you know, they’re the things that I would be talking about, rather than just price price, price,

Peita Diamantidis
price price. Yeah, yeah, absolutely. So then, what are you seeing, you know, as you sort of work forward? And I know, it’s, it’s been really sort of early days, you know, not a long way into it. But are there extra queries that are starting to come up? Or there are other things you think you’ll add to the service or, or add ons or anything like that, that you think you’ll develop over time?

David Spiteri
Yeah. Oh, I just did a paper on the best paying life insurance companies. Yeah. Based on on factual it evidence? Yes. So continue to do those sorts of things that attends to create a fair bit of interest. But look, the resource library from a life tech assist has around about 50 or 6060 documents that are continually being reviewed continually being updated. Insurers are bringing out some good stuffs, I’ve got some of their stuff on there as well. But pretty much focusing on continuing to grow the library. Yeah, I’m finding that a lot of that members are looking for, for material that they can use with a client’s Yeah. So that’s the sort of things and something that, you know, I do pride myself on, is looking at an independent assessment, you know, between insurance to insure, and that’s something they can’t get off the shelf anyway.

Peita Diamantidis
Yeah. And you’re right. I mean, when you when you look at best interests, and, and our obligation to do enough digging, you know, I mean, I’m simplifying expression there. But then, without something like what you’re offering there, then really the only thing you can do is individually into each provider. That’s correct, you know, so so it’s not, it’s, it doesn’t really help, you know, that’s not really helping I research in that we’re sure you’ve done some research, but there’s not some sort of overarching expertise applied to that, that that can sort of enhance the efforts of that research that can really demonstrate, you know, what, looked into this, here are some highlights, you know, that sort of thing. So I think, a bit like, you know, research houses for investment, you know, it’s sort of along a similar line. It’s sort of giving us another place we can go that’s outside our world and the providers world that says, hey, here are some insights. So I think Yeah, we can’t underwrite that, in terms of its value.

David Spiteri
And as I said, best interest seems to be a real bugbear for a lot of people meaning best interest. And no 9.9% of advisors are meeting best interest. But how do they actually articulate in the in their statement of advice? And it’s just sometimes picking up the phone saying, Hey, listen, this is what I’m thinking, blah, blah, blah, blah, blah, what do you think? And you can provide some commentary and say, look fantastic. You know, and the reason why I do what you’re doing because of this, this this, isn’t that. Yeah, there’s you. There’s some of your strategy text. Yeah. Conversation?

Peita Diamantidis
Yes. And I think that’s, that’s one of the things I’m sort of coming to grips with, too, is, is it’s not that the thinking hasn’t happened. It’s how do we substantiate the thinking? Absolutely. Right. And so that’s the like, it’s, we’ve got to separate those two things. Because they’re not the same. So so even be able to have the conversation with you substantiate that outcome, and then take a step from that, that that is all wonderful, you know, breadcrumbs as evidence of, of the work done,

David Spiteri
which and reliance on comparative software. Yeah, just just doesn’t do it. Because if you’re actually really understand how the comparative software works, it’s based on benefits and features, and not all benefits and features come into play in in scenarios. So it may be rated a better product, but that benefits. Yeah, for example, paying a terminal illness up to five mil, for someone that’s got $2 million with a cover, and company rated a bit lower. Yeah. Because they have terminal illness benefit is up to $3 million doesn’t come into play. Yeah. So it’s just not even relevant. It’s not even relevant.

Peita Diamantidis
Yeah. And look, it’s a, I heard a, it must have been an old risky, I’ve got to say, What a great analogy where they said, you know, similarly, when you see those, those ratings or those comparisons, it’s like saying, you know, the Porsche is the best car ever, but you’ve got somebody with a toddler goes, well, I can’t, I can’t put my car seat in the career like, Yeah, seriously, you know, like, it’s that it’s that? Yes, it’s great. But it still doesn’t apply, like, let’s not, for this scenario, it still doesn’t get us what we need, you know, so

David Spiteri
I’ll try and put it fit him in there.

Peita Diamantidis
Can we not jam that in? And look, I’ve said that I am confident somebody is going to reach out and go, you know, they do want with your car seat? Like, that’d be the case. But the point stands, you know, it’s got to be suited for the particular individual they’re looking at. So have we missed anything? Have we covered the sort of the key elements of life ticket system where

David Spiteri
we have, I think we have a, as I said, it’s an independent service for advisors, looking for assistance with with any of their insurance, insurance, work aid, I pretty much take questions on virtually anything. And personal I’ll be spoken to would be speaking to me, as well as self serve, document larvae for the half hour 24/7 access to

Peita Diamantidis
perfect. All right, advice, explorers. If you’d like to find out more about life tick assist, then the website link is in the episode show notes along with David’s LinkedIn details. So if you want to reach out and nudge him, and ask more than I’m sure we’d be happy for you to do that. I’m actually so glad we’re still able to get access to the wealth of your knowledge, David, because you’ve been around and I’ve watched a whole lot of sessions and got huge value. So we can’t lose that IP. We need to hold on to all of that experience you had. So I’m I’m really hoping that this takes off. And you stay around for a long time, because

David Spiteri
I’ll be around for a while yet. And you’re right. We’ve lost a lot of knowledge over the last two, three years. And yeah, it’s something that, you know, I’ve always been passionate about insurance and working with advisors, working with insurers and getting more people insured. I guess that’s that’s the key message is to.

Peita Diamantidis
Absolutely. Well, thank you for time, and best of luck for the future.

David Spiteri
Thanks very much. I really enjoyed it. Thank you.

Peita Diamantidis
So are you one of the 250 advisors that are current members of life tech assist? How have you found it? Where’s it proved useful? What salt problems has it solved for you please share your insights on the Ensembl community platform. We’d all love to hear your take insurance is one of those things that I feel like we all need more assistance with and there’s so much nuance on. So please let us know how you found the tool. Now in terms of my thoughts, then I can see a fabulous sweet spot for a tool like this well on multiple fronts, but one in particular, you know, if you’ve got young advisors, maybe new ones professional year, but also new to insurance particular then to have a service like this where the service is their first port of call for insurance query. So you could even have a practice that focuses predominantly on insurance right now. But use a service like this, it’s inexpensive per month as their first protocol, then it is wonderful learning they’re going to get. So this is almost like providing them an insurance mentor on tap, right? Somebody they can go to, and they’ll gradually build up their expertise, utilize all the wonderful resources, and then can even bring it back to you, for you together to debate it. You know, most of our practices aren’t big enough to have a, you know, an insurance expert with as many years experience as David has. So to have that small piece of him through the membership, or somebody like him is a powerful way to really amplify the level of expertise you can demonstrate in insurance. So to me, that’s really what this is doing similar to, you know, having an internal Chief Investment Officer, when you get bigger and bigger enough, you know, then, you know, this is your chief insurance officer. But, you know, we’re not big enough to do that. So we’re, you know, utilizing a membership like this, to get us that expertise. And, of course, the resources will be really beneficial. There’ll be a whole lot of value there. But I think, you know, being able to say, look, you know, here’s a client, this is what I’m thinking, what do you think for a strategy, you know, is there anybody in particular I should avoid or look out for or look at what features like, you know, this is really valuable, fantastic information. And for it not to be, you can ask the insurance, but for not to be just the insurance is super powerful. So, you know, I think that’s a great nation that David is, is filling there. Now, you know what time it is, we’ve come to that section of the episode, the curious curiosity corner part, and we’re going to cover, you know, an app that helps you build that curiosity, but also, I think could potentially solve a challenge that some of us may be having. The Curiosity corner app for this week is my social. Now you can find it at my social.ai. And their tagline is earn trust on LinkedIn intelligently. Now, this is actually relatively new, actually very new to Market, I’m only a few months old. And it’s actually been built by a team based in Australia. And the tool is focused on helping people increase their online professional profile. So this is really LinkedIn focused through increased reach and influence. And what it does is the tool uses AI and machine learning to help you really curate and create content that targets you know, your niche and enhances your voice. So it’s a bit like having your own sort of brand agency, I guess, or, you know, that sort of thing that can help you deliver consistent content on LinkedIn. So you know, it can curate content, it can, you in fact, has the ability to use AI to write a first draft draft of a post for you. Wow, you know, just getting you that extra lift of in terms of brainstorming so that you’re not looking at that white piece of paper and starting from scratch, it can shedule the content and LinkedIn for you. It even has easy access to imagery you can pick from for a post. And their aim over time is to have it learn your tone of voice so that as you use the tool more when it does come up with sample posts you could make on a particular topic or to share a particular article, then it’s going to sound more and more like you in the sample text that comes up with. So like I said, it’s only a few months out, but I would check it out. Give it a try. Let me let me know what you think. And you know, I myself, I’m going to be looking at it and just seeing if it can take out some of the manual and, you know, brain struggling element of coming up with content for LinkedIn, so I’ll be checking it out, too. Well, that’s all we’ve got for this week, folks, be sure to subscribe to the podcast. So you’ll get your advice. Take a fix otter magically sent to you each Friday. And you know, if you’d like a speaker at your next event to brief your audience on becoming bionic advisors, or if you’ve even even like a facilitator in your business to inspire your team and get them innovating in a more natural way then please feel free to reach out to me on LinkedIn, LinkedIn forward slash Peita MD PE IT AMD otherwise, I look forward to turning up in your earbuds next week. And remember advice explorers Stay curious.