12 March 2020 News
I think it was Winston Churchill who said “never let a good crisis go to waste”. It’s fair to say our industry and closer to home, our community is a live example of this opportunity. In the last 6 weeks, we (and by we, I mean everyone in the Madison community) has faced into bushfires, floods, administrators, receivers, a virus, more regulatory change and a market correction. Individually I’m sure we could add a few others. And yet, we’re managing through all of this, taking each day as it presents and looking for the bright side where possible. Every evening, I spend a few minutes reflecting on how the day unfolded (I try to take the noise out of my head so I can sleep!) and assess what I’ve learnt. Here are a few insights that may be of use to you.
I’ve noticed that in a crisis or times of uncertainty, people ‘revert to type’. In other words, you get to observe their natural responses and skill-sets and how they approach problems. A good insight to help with team and individual development.
- Taking a moment to breathe and listen to your instincts helps create a sense of internal calm, which in turn calms others;
- Walking in the shoes of others helps settle personal frustration;
- Over communicating (even when there isn’t much to say) fills the void of uncertainty and demonstrates leadership confidence;
- Providing tangible action items and next steps to your team and clients provides a sense of control and enables everyone to be part of the solution.
This week, we got some of this right and some not so. Which leads me to the final insight – choosing a course of correction and staying accountable to finding resolutions. It’s been a very big week for all, and I appreciate the feedback, phone calls, suggestions (good, bad or ugly) to help navigate this ‘perfect storm’.
In amongst all the conversations this week, there’s a couple I thought I would share;
Mal Greentree shared a story about a client he advised to retain existing insurance and increase the cover held in AustralianSuper. The client was reluctant, however listened to Mal’s advice. In Mal’s words, he’s “feeling pretty chuffed” because he just got an email from AustralianSuper approving the clients $600,000 TPD claim and he was now waiting for another insurer to approve another $600,000. He had the pleasure of telling the guy and “both of us were in tears”. “Happy client, happy adviser”.
Troy Scott has taken to the small screen to reassure his clients (CLICK HERE to view) His video is one example of ‘not letting a good crisis go to waste’ and graciously, he gave us permission to share it with our community. As Troy said to his clients “remember why you’re investing and what your timeframes are to get you through these unknown periods”. It’s good advice.
As the week closes, we have 19 interested parties lodging questions about Madison. We are adding information to the data room as the questions come in and we are preparing for due diligence. As part of this process, I mentioned yesterday there can be no contact by the purchasers with Madison Management. The silence is deafening…I’m enjoying the short reprieve. Tomorrow morning at 11:30am, I’ll be hosting a teleconference to take your questions and provide an update about the sale. Please register HERE and send through your questions
Sincerely,
Annick
Madison PD Roadshow
Thank you for joining us at the Madison PD Roadshow. Please CLICK HERE and tell us what you thought.
The Impact of Sustainability – 4.30pm, 17 March
As consumers, sustainability is one of the factors many people now consider on a daily basis. Pengana invite you to join them to discuss the implications this will have with their three panellists, Annick Donat, Scott Haslem (CIO Crestone) and Ted Franks (partner at WHEB Asset Management)
We hope you can attend for what promises to be an insightful event. CLICK HERE to register.
Insurance Working Group Update
In late 2019, the Australian Prudential Regulation Authority (APRA) announced a significant change to income protection across all insurers. The most significant change is the removal of a monthly benefit guarantee for new policies commencing from March 2020. Please click below for communications from the listed Insurers around the cessation of their IP agreed value contracts.
Guiding clients in a market downturn
CLICK HERE for an article from Greg Dawes one of our Advice Coaches, on guiding your client through market volatility.
File Review Update
CLICK HERE for an update from the Advice Coaches on File Reviews.
FASEA Education Requirements
Congratulations to all our Advisers who have passed the FASEA Exam. Please remember to email your Statement of Results through to adviserservices@madisonfg.com.au so we can update your records.
CLICK HERE for the 2020 FASEA Exam and enrolment schedule and registration link.
News and Events from our Industry
MLC Asset Management is modernising its Retail Product Program. Click below for more information.
Stage 1
Stage 2
IOOF have notified advisers that IOOF will be writing to members regarding advice fees paid out of superannuation and pension accounts. Initially, IOOF will be writing to members who have met the ‘inactive’ criteria. A list of members will be sent out to advisers beforehand to an opportunity for advisers to contact their clients first. Email IOOF for more information.
MLC Life Insurance are updating their technology systems, this will have an impact on how you work with the provider CLICK HERE for more information and HERE to access their resources to assist your practice through this change.
AIA has announced the next steps in its integration with CommInsure Life. CLICK HERE for the announcement.
Praemium are hosting a webinar discussing the latest research on managed accounts including impact on profit and ways to make the solution really work for your business. Led by Martin Morris, Head of Distribution, CLICK HERE to register.
Netwealth has released a special report exploring what an advice firm can do to change or adapt its value proposition, skill-set and service offering to attract and retain high net worth clients for the long term. CLICK HERE to download the report.
Netwealth are hosting a webinar ‘Making sense of the current financial advice landscape’ at 12pm on 2 April. Hosted by Mark Hoven, CEO of Adviser Ratings this webinar will discuss the key findings from the latest Adviser Ratings Financial Advice Landscape report, a comprehensive look at the industry, drawing on both public and proprietary data sets of 1,200 advisers and practice principals. CLICK HERE to register.
Revenue Services
The next revenue payrun will be processed on 16 March 2020.
OPEX has written handy guides for Madison users, available through Zen desk and the below links.
CommPay Reporting
Lodging and receipting an invoice.
Invoice Tracking Template
Xplan Navigation
Power BI webinar recording
Setting up referral arrangements in CommPay
CommPay and revenue queries – ATTN: Brokerage
support@opexconsulting.com.au
Discount Codes
FPA – When enrolling in any CFP unit let them know Madison is your licensee for a 10% discount.
Kaplan – PC-RID159
The promotional code for postgraduate study to meet FASEA requirements has been updated to MADFIMFP20. Make sure you enter this code to get the new pricing of $1,600 per subject.
Helpful Information
Madison contact list
FASEA Website
12 March 2020 News
I think it was Winston Churchill who said “never let a good crisis go to waste”. It’s fair to say our industry and closer to home, our community is a live example of this opportunity. In the last 6 weeks, we (and by we, I mean everyone in the Madison community) has faced into bushfires, floods, administrators, receivers, a virus, more regulatory change and a market correction. Individually I’m sure we could add a few others. And yet, we’re managing through all of this, taking each day as it presents and looking for the bright side where possible. Every evening, I spend a few minutes reflecting on how the day unfolded (I try to take the noise out of my head so I can sleep!) and assess what I’ve learnt. Here are a few insights that may be of use to you.
I’ve noticed that in a crisis or times of uncertainty, people ‘revert to type’. In other words, you get to observe their natural responses and skill-sets and how they approach problems. A good insight to help with team and individual development.
- Taking a moment to breathe and listen to your instincts helps create a sense of internal calm, which in turn calms others;
- Walking in the shoes of others helps settle personal frustration;
- Over communicating (even when there isn’t much to say) fills the void of uncertainty and demonstrates leadership confidence;
- Providing tangible action items and next steps to your team and clients provides a sense of control and enables everyone to be part of the solution.
This week, we got some of this right and some not so. Which leads me to the final insight – choosing a course of correction and staying accountable to finding resolutions. It’s been a very big week for all, and I appreciate the feedback, phone calls, suggestions (good, bad or ugly) to help navigate this ‘perfect storm’.
In amongst all the conversations this week, there’s a couple I thought I would share;
Mal Greentree shared a story about a client he advised to retain existing insurance and increase the cover held in AustralianSuper. The client was reluctant, however listened to Mal’s advice. In Mal’s words, he’s “feeling pretty chuffed” because he just got an email from AustralianSuper approving the clients $600,000 TPD claim and he was now waiting for another insurer to approve another $600,000. He had the pleasure of telling the guy and “both of us were in tears”. “Happy client, happy adviser”.
Troy Scott has taken to the small screen to reassure his clients (CLICK HERE to view) His video is one example of ‘not letting a good crisis go to waste’ and graciously, he gave us permission to share it with our community. As Troy said to his clients “remember why you’re investing and what your timeframes are to get you through these unknown periods”. It’s good advice.
As the week closes, we have 19 interested parties lodging questions about Madison. We are adding information to the data room as the questions come in and we are preparing for due diligence. As part of this process, I mentioned yesterday there can be no contact by the purchasers with Madison Management. The silence is deafening…I’m enjoying the short reprieve. Tomorrow morning at 11:30am, I’ll be hosting a teleconference to take your questions and provide an update about the sale. Please register HERE and send through your questions
Sincerely,
Annick
Madison PD Roadshow
Thank you for joining us at the Madison PD Roadshow. Please CLICK HERE and tell us what you thought.
The Impact of Sustainability – 4.30pm, 17 March
As consumers, sustainability is one of the factors many people now consider on a daily basis. Pengana invite you to join them to discuss the implications this will have with their three panellists, Annick Donat, Scott Haslem (CIO Crestone) and Ted Franks (partner at WHEB Asset Management)
We hope you can attend for what promises to be an insightful event. CLICK HERE to register.
Insurance Working Group Update
In late 2019, the Australian Prudential Regulation Authority (APRA) announced a significant change to income protection across all insurers. The most significant change is the removal of a monthly benefit guarantee for new policies commencing from March 2020. Please click below for communications from the listed Insurers around the cessation of their IP agreed value contracts.
Guiding clients in a market downturn
CLICK HERE for an article from Greg Dawes one of our Advice Coaches, on guiding your client through market volatility.
File Review Update
CLICK HERE for an update from the Advice Coaches on File Reviews.
FASEA Education Requirements
Congratulations to all our Advisers who have passed the FASEA Exam. Please remember to email your Statement of Results through to adviserservices@madisonfg.com.au so we can update your records.
CLICK HERE for the 2020 FASEA Exam and enrolment schedule and registration link.
News and Events from our Industry
MLC Asset Management is modernising its Retail Product Program. Click below for more information.
Stage 1
Stage 2
IOOF have notified advisers that IOOF will be writing to members regarding advice fees paid out of superannuation and pension accounts. Initially, IOOF will be writing to members who have met the ‘inactive’ criteria. A list of members will be sent out to advisers beforehand to an opportunity for advisers to contact their clients first. Email IOOF for more information.
MLC Life Insurance are updating their technology systems, this will have an impact on how you work with the provider CLICK HERE for more information and HERE to access their resources to assist your practice through this change.
AIA has announced the next steps in its integration with CommInsure Life. CLICK HERE for the announcement.
Praemium are hosting a webinar discussing the latest research on managed accounts including impact on profit and ways to make the solution really work for your business. Led by Martin Morris, Head of Distribution, CLICK HERE to register.
Netwealth has released a special report exploring what an advice firm can do to change or adapt its value proposition, skill-set and service offering to attract and retain high net worth clients for the long term. CLICK HERE to download the report.
Netwealth are hosting a webinar ‘Making sense of the current financial advice landscape’ at 12pm on 2 April. Hosted by Mark Hoven, CEO of Adviser Ratings this webinar will discuss the key findings from the latest Adviser Ratings Financial Advice Landscape report, a comprehensive look at the industry, drawing on both public and proprietary data sets of 1,200 advisers and practice principals. CLICK HERE to register.
Revenue Services
The next revenue payrun will be processed on 16 March 2020.
OPEX has written handy guides for Madison users, available through Zen desk and the below links.
CommPay Reporting
Lodging and receipting an invoice.
Invoice Tracking Template
Xplan Navigation
Power BI webinar recording
Setting up referral arrangements in CommPay
CommPay and revenue queries – ATTN: Brokerage
support@opexconsulting.com.au
Discount Codes
FPA – When enrolling in any CFP unit let them know Madison is your licensee for a 10% discount.
Kaplan – PC-RID159
The promotional code for postgraduate study to meet FASEA requirements has been updated to MADFIMFP20. Make sure you enter this code to get the new pricing of $1,600 per subject.
Helpful Information
Madison contact list
FASEA Website