Why Advice?

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The financial industry has long been attempting to get to the bottom of what alpha is within financial advice. Someone pays a financial adviser X amount, does that person derive more in value from that advice than they pay out?Fund manager Vanguard has tried to quantify this value for years with an ongoing report called ‘Adviser Alpha'. Their most recent report had defined three areas of value. They say these three areas can combine to add 3% to someone's bottom line. Hosted on Acast. See acast.com/privacy for more information.

As one of Hollywood's most successful screenwriters, William Goldman won two Academy Awards and had over twenty of his screenplays made into movies. However, arguably his most famous line isn't from one of his movies. It was from a book he wrote on the movie business called Adventures in the Screen Trade, and it's an assessment of the business itself. Hosted on Acast. See acast.com/privacy for more information.

James Lipton was 93 when he passed away in 2020. Two years earlier he'd finished working on the thing he was best known for: Inside the Actors Studio. Remarkably, it didn't begin until he was 67. Hosted on Acast. See acast.com/privacy for more information.

When thinking about nostalgia, you'd be hard pressed to find a company that evokes nostalgia more than Disney. For almost 100 years Disney has been entertaining people around the world with family friendly entertainment that's linked generations. Maybe you've enjoyed their movies, had a favourite Disney character, owned any of their memorabilia, had the fortune to visit one of their theme parks as a child (or even as an adult), or just have an interest in their storied history. Many people feel a connection with Disney as it evokes warm memories for them.But lately Disney hasn't been a great investment. Hosted on Acast. See acast.com/privacy for more information.

For Baker Mayfield's advisers, the most important thing should have been protecting the money, accounting for the risks of his vocation, and it not being a distraction. They've failed him. Hosted on Acast. See acast.com/privacy for more information.

Grab a copy of Your Investment Philosophy at your local Amazon, or if you're in Australia at this Amazon link:https://www.amazon.com.au/Your-Investment-Philosophy-Protecting-Fraudsters/dp/B0BCCYSN6L Hosted on Acast. See acast.com/privacy for more information.

Your Investment Philosophy: A Guide to Managing Wealth & Protecting it from Fraudsters, Marketers & Doom MerchantsWhat are your investment beliefs?It's a simple question, but one many investors can't answer.Are you one of those investors?Your Investment Philosophy will change that. Five simple principles help you cut through the media hype, folk tales, and industry marketing that have dominated the minds of investors for too long.You can approach investing with confidence, understand what's possible, be able to refute nonsense, and know the risks worth taking. There are no secrets, every investor just needs a rational set of beliefs that can guide them in the good times and the bad.Your Investment Philosophy offers this to every investor.Deliberately short, and easy to read, in as little as two hours this book will lift the fog and offer much needed clarity so you can enjoy a successful investment experience. Hosted on Acast. See acast.com/privacy for more information.

Andre and Serena didn't just get to be the best, they had to recognise shortcomings and weaknesses, and address them so they could reach their true potential. For investors it's no different, there's no perfection when investing so it's important to understand the difference between success and perfection. Hosted on Acast. See acast.com/privacy for more information.

Over the years the cynic has somewhat been romanticised as those who are realistic and clear-headed, instead of being seen as dark and pessimistic, but it's not really true. Hosted on Acast. See acast.com/privacy for more information.

At some point many investors will ponder the need for more exotic assets in their portfolio, but is this being dictated by logic or feelings? We all may want to feel special and sophisticated, but in truth, the rich are different. Hosted on Acast. See acast.com/privacy for more information.

The eternal investment question – “do I invest my money all at once or do I invest smaller amounts at predetermined intervals?” Otherwise known as lump sum investing vs. dollar cost averaging, or as our US colleague Jeff Troutner once termed it: wading vs. plunging.For full breakdown of portfolio constructions used, please visit here Hosted on Acast. See acast.com/privacy for more information.

People take big leaps of faith in all areas of life. As the Celsius crypto bankruptcy shows, taking leaps of faith with your money can have terrible consequences.Why do people keep putting their money in assets or on platforms that have multiple red flags? Hosted on Acast. See acast.com/privacy for more information.

Can you retire on the pension with an $88k lump sum? On the spreadsheet, sure, but lets look at various challenges retirees face.Housing maintenance.Restlessness.Health & Mobility.Women's super small balances. Hosted on Acast. See acast.com/privacy for more information.

Inflation is here. While it took some time to fully show up in the official figures and be acknowledged by learned economic scholars, us mere mortals who engage with increasing prices throughout the economy on a day-to-day basis long knew something was up. Hosted on Acast. See acast.com/privacy for more information.

Many investors place too much faith in the word safe. They're happy to take it at face value while looking past the need for more research or better understanding the basics. Hosted on Acast. See acast.com/privacy for more information.

The aged care system in Australia has been under scrutiny in recent years. While the focus has been on harrowing stories from inside the system which hopefully will be addressed, very few people are aware of the often-complex entry process faced by seniors and their families. Here the old principle of “you don't know what you don't know” should always be in the minds of seniors along with anyone who wants to offer professional advice or unprofessional opinions. Hosted on Acast. See acast.com/privacy for more information.

The Johnny Depp Amber Heard trial shows people aren't at their best during and in the aftermath of divorce, so how do you handle financial decisions in the chaos? Hosted on Acast. See acast.com/privacy for more information.

How does someone get so far along in their life without any financial or investment direction? In the past information was very hard to come by, today it's almost a flood, so it's not easy, but every investor needs to ask themselves some simple questions. If they don't like or can't provide the answers, then they might need some help. Hosted on Acast. See acast.com/privacy for more information.

ASIC has cracked down on finfluencers, and while finfluencers have complained, they were too product focused. There is an easy fix if they genuinely want to be financial educators. Hosted on Acast. See acast.com/privacy for more information.

Walter Matthau was known as a massive sports gambler, were he alive today, you'd wonder whether he'd still be dedicating his time gambling on horses and sports teams given today's obsession with cryptocurrencies and terrible stocks.There has always been a debate about the overlap between gambling and investing. Investing has often been linked with gambling, usually unfairly by people who take a cursory glance and don't understand the actual intermediary of investing and gambling is speculation. Hosted on Acast. See acast.com/privacy for more information.

What's the difference between the careers of Matthew McConaughey and Nicolas Cage over the last decade? It might be Blaine Lourd. Hosted on Acast. See acast.com/privacy for more information.

It's no secret many people are out there looking for a cheat code to lose weight or get fitter. While there's also those that are prone to believing there is a cheat code for investing. Hosted on Acast. See acast.com/privacy for more information.

Stories about investing $10,000 and turning it into a million are staples in the financial media? Do people actually do this? Yes, some people hold for decades and have a massive amount of wealth concentrated in on position. Then they leave it to their relatives, which poses a question: how do they deal with this financial heirloom? Hosted on Acast. See acast.com/privacy for more information.

There was no grand plan behind Melissa Caddick's disgusting ruse. It was common theft, so how can investors avoid similar frauds? Hosted on Acast. See acast.com/privacy for more information.

Why do some investors react, and others don't? Can investors overcome it and become either disinterested or resilient? It can depend on a variety of factors. Who you are, your background, your education, your profession, or your outlook on life. Mix these factors in with whatever is confronting a person at a particular moment, and it may prompt a particular outcome.But we asked some clients, who've traditionally been calm, how they handle volatility. It's not that complicated. Here's what they told us: Hosted on Acast. See acast.com/privacy for more information.

There has never been more information available, but the downside is it has never been harder to sort? With Russia declaring war on Ukraine, and the most negative outcomes emphasized, what should investors do?Investing is navigating your emotions through history as it's being written. Consuming endless streams of speculation, potential worst-case scenarios, and toxic waste, otherwise known as content, is unlikely to take our emotions to a good place. Hosted on Acast. See acast.com/privacy for more information.

Being concentrated in one company is great if the company provides strong performance, but it becomes potential planning headache. Investors generally want some assurances of certainty when they're planning for the future. In the absence of certainty, investors can take leaps of faith. When things are good that means having faith that things will continue as they are, until they don't and stock prices do fall and assumptions can go up in smoke. Hosted on Acast. See acast.com/privacy for more information.

Heard of Warren Buffett? You probably have and you've probably heard of his quotes. Investors have a habit of applying Warren Buffett's quotes to the wrong scenarios to cover up their mistakes. Hosted on Acast. See acast.com/privacy for more information.

Many investors are rushing to join the ESG investing movement. As you'd expect, there's no shortage of fund managers rushing to cater to these investors. History has shown if the investment industry thinks they can flog you hot idea, they'll flog you that hot idea, but before you jump in head first, consider the label and the fine print and ask yourself what are you trying to achieve with ESG investing? Hosted on Acast. See acast.com/privacy for more information.

We've all been panicked by a forecast that the sharemarket might crash, but the sharemarket rarely crashes. So why does the media report a market crash forecast with the utmost seriousness, while ridiculing end of the world preachers? Let's take a look at fundamentalist preacher Harold Camping and billionaire investor Jeremy Grantham as an example. Hosted on Acast. See acast.com/privacy for more information.

People are limiting their movements. At most, venturing out during low trafficked hours to visit the supermarket. If someone isn't getting out it's worth being aware of how one might find an environment which contributes to better health and wellbeing.LinksSocial isolation during COVID-19 lockdown impairs cognitive function: https://onlinelibrary.wiley.com/doi/pdfdirect/10.1002/acp.3821View through a Window May Influence Recovery from Surgery: https://www.researchgate.net/publication/17043718_View_Through_a_Window_May_Influence_Recovery_from_SurgeryResidential greenspace is associated with mental health via intertwined capacity-building and capacity-restoring pathways: https://www.sciencedirect.com/science/article/abs/pii/S0013935119305055Neighborhood greenspace and health in a large urban center: https://www.nature.com/articles/srep11610The benefits of nature experience: Improved affect and cognition: https://www.sciencedirect.com/science/article/abs/pii/S0169204615000286Autonomic Nervous System Responses to Viewing Green and Built Settings: Differentiating Between Sympathetic and Parasympathetic Activity: https://www.ncbi.nlm.nih.gov/pmc/articles/PMC4690962/ Hosted on Acast. See acast.com/privacy for more information.

Quick success in cycling inevitably brings skepticism, the best way to overcome skepticism is a good story. Lance Armstrong and Team Sky had great stories behind them, but when the evidence came out, well it was a very different story than the ones we'd been told.Investors can learn a lot from these two stories. LinksThe Science of Lance ArmstrongRemarkable drugs report shatters Team Sky's illusion of integrityInside Team Sky - David WalshHouse of Commons Digital, Culture, Media and Sport Committee Combatting doping in sportCommentary: The simplest explanation for Froome's salbutamol testBritish Cycling and Team Sky kept Viagra for riders' ‘nerve issues'Freeman now claims he destroyed the testosterone gels in tribunalFreeman says he destroyed laptop with screwdriver as tribunal resumesDAVID WALSH: DAVE BRAILSFORD WAS DISHONEST WITH MEAtomic Habits: British Cycling Update Hosted on Acast. See acast.com/privacy for more information.

One of Australia's best known fund managers Hamish Douglass of Magellan is having a torrid time at the moment, it would be easy to pile on, but we're looking at it from a different angle. Underperformance is an uncomfortable topic and switching managers raises many questions for financial advisers and their clients.LinksS&P Index vs Active The Cost of Parental Bereavement & Mutual Fund ManagersLimited Attention, Marital Events & Hedge FundsDay of reckoning for Magellan's Hamish Douglass Hosted on Acast. See acast.com/privacy for more information.

Why does someone need personal insurance?Daniel is joined by Peter Mancell, founder of Mancell Financial Group and Peter has advised clients on insurance for 41 years. Coincidentally, this podcast coincides with the first policy he ever wrote. If you want to get a better understanding of personal insurance, this is an important listen. The pair discuss:The types of insurance and how they are assessed when advising clients.Sourcing your insurance through an adviser vs a TV commercial.The benefits of making a claim through an adviser who can go into bat for you.The benefits of coverage in superannuationThe process of making a claim.Lawyers charging large sums to make claims on behalf of clients.Some stories of claims Peter has seen over the years.When don't you need insurance? Hosted on Acast. See acast.com/privacy for more information.

What is an AFSL? What is a financial advice dealer group? To offer advice on a financial product in Australia you require an AFSL. In the financial advice space, some advisers have their own AFSL, while the majority are authorised by a broader group who holds a license, often known as a financial advice dealer group. The dealer group provides various services the adviser would rather outsource and operates compliance oversight for the advisers licensed to the group.Daniel is joined by Andrew Wootton, General Manager of FYG Planners, a financial advice dealer group with advisers across every state in Australia.The pair discuss:What an AFSL is along with its obligations.The services a financial planning dealer group offers to advisers and the community.How the banks damaged the financial advice industry.How advice can become more affordable.The professional indemnity insurance issues in Australia.Security services FYG is developing to help protect clients.What changes the regulators should make going forward. Hosted on Acast. See acast.com/privacy for more information.

The most important thing about an investment philosophy is that you have one - David BoothSo what is an investment philosophy and why do you need one? Daniel is joined by Peter Mancell, the founder of Mancell Financial Group and Managing Director of AFSL FYG Planners, the pair discuss the importance of having an investment philosophy, the importance of your financial adviser having a clear investment philosophy and the importance of using an evidence based investment philosophy.They discuss:The importance of having an investment philosophy.What Peter sees as the three different types of investment philosophies. The ways advisory businesses would try to construct portfolios before switching to an evidence based philosophy.Why an evidence based investment philosophy is important it is for business efficiency, Why an evidence based investment philosophy is valuable for educating clients on what is and isn't possible. And finally, David Booth's art collection! Hosted on Acast. See acast.com/privacy for more information.

How do you protect yourself from a fraudulent financial adviser? Daniel is joined by Peter Mancell, the founder of Mancell Financial Group and Managing Director of AFSL FYG Planners, the pair discuss the recent Melissa Caddick situation in Sydney and go through several simple steps investors can take to better protect themselves from an investment 'professional' who is fraudulent or not acting in their best interest.They discuss:The importance of using the financial advisers register.Understanding what's possible from an investment perspective.An adviser being able to discuss their investment philosophy and have them explain how past returns were generated.Ensuring you're not duped by sales tactics.The importance of your money being with a third-party custodian.The virus like tentacles of financial loss and trauma across family units. Hosted on Acast. See acast.com/privacy for more information.

Tristan and Daniel discuss the potential for the value premium to rear its head, the work from home dilemma, along with the potential to be taxed for working from home. They also touch on the new millennial SMSF by stake.In the main part of the program, the pair discuss gifting adult children from a psychological perspective, along with financial abuse of the elderly and ways to combat it. Hosted on Acast. See acast.com/privacy for more information.

Daniel is joined by Tristan Dallas of Mancell Financial Group to discuss 'the why' and where we are going with this podcast. The pair give a brief overview of real financial advice, at the 23 minute mark they are joined by the founder and managing director of Mancell Financial Group, Peter Mancell. Peter has been at the forefront of driving financial advice standards in Australia. Mancell Financial Group were the second firm to become CEFEX certified fiduciaries in Australia and were a founding member of the Global Association of Independent Advisers.Peter discusses various topics ranging from delegating your affairs to a financial adviser, the benefit of accepting that markets work and what high net worth investors should know when engaging a financial adviser. Hosted on Acast. See acast.com/privacy for more information.