Potential Back End System for Non-Intermediating Financial Planners

The Academy of Life Planning attempts to solve industry-wide issues for Non-Intermediating Financial Planners. Because we are the only Non-Intermediating Financial Planning adviser support network. Here’s an example, your back-office system. As a special deal for AoLP members. Would your clients pay £5 per month for member level access to all their finances, with all the tools, on a system that can be shared with multiple advisers? Let me know your views.

The Issue:

Adviser Workstations, Cash Flow Modellers, and integrations with market participant platforms for instant portfolio valuations across GIAs, ISAs, Pensions, Savings and Deposit balances, the solutions are all adviser led experiences.

What the emerging post GDPR, potential adviser-distributor splitting, etc, market needs is a Customer led experience.

Data exists once. Sits with the client. To share with one adviser after another.

Not as current. Data sits with adviser. Customers are churned from adviser to adviser, platform to platform, with expensive data re-entry every time, and vast numbers of orphaned accounts for the disintermediated.

The Solution:

Envizage has an integration with Moneyhub a key partner of theirs. Their approach is customer led not advisor led. The plan belongs to the customer. The advisor supports the customer not vice versa. Data belongs to the customer not the advisor (GDPR). 

Envizage would be happy to work with AoLP to come up with a price and systems architecture that would work if there can be some minimum adoption numbers within our membership. They are keen on that. Their enterprise pricing model is per end user customer, not per advisor seat.

Have a play with a basic stripped down demo app at app.envizage.me.

Run through a few cases and tell me what you think.

About Envizage:

Envizage is featured in the 2020 WealthTech 100

Envizage is featured in Capgemini’s World Retail Banking Report 2019 (see pp. 10, 14, 22, 34)

Envizage is the only startup to feature in Capgemini’s World Wealth Report 2018 (see p.34)

Our U.K. regulatory white paper discusses how Envizage can deliver both guidance and advice

Read about the Envizage partner ecosystem and the 21 firms in it

Further Info:

Moneyhub is by far the most comprehensive in the UK market. They tried them, Moneyinfo and about 10 other providers before choosing Moneyhub for their first UK integration (they can support others).

They have direct links into all of the platforms, and this covers 80% of UK pension assets. The likes of SJP, HL, II will not support API connects for commercial reasons, so other tech solutions must be used there.

Our view was that Moneyhub are by far the best as of today and subject to the technical constraints of the provider side of the equation.

Please could you give us a price that could work for you, on a “per end-customer per month” basis? 

Over time I’d like to lower pricing as we raise money and gain more members. 

We have been asked to treat India separately. Sorry. If we need the economics for India to be different they understand and would be happy to fit our paradigm. Envizage are quite keen to serve that market. 

Their standard pricing (for large enterprises) is as follows: 

Unique End Users/Month Per User Per Month

0 – 5,000 £5

5,001 – 10,000 £4

10,001 – 50,000 £3

50,001 – 100,000 £2

> 100,000 £1

A “user” refers to the end customer or client, not the advisor. These tiers are cumulative so If you have 7,000 unique users/month you would pay £5 for the first 5,000 (= £25,000) plus £4 for the next 2,000 (= £8,000) for a total bill that month of £33,000 for the 7,000 users (or £4.71 per user). 

If you can work with this table and modify the £ values so that it works for you, that would be great. Envisage would imagine no IFA would have 5,000+ clients but they would think of it for AOLP members as a whole rather than for each individual member.

If the base tier were substantial enough, then they would probably offer to iterate and add functionality (especially the type of stuff that we think is more universally applicable) without extra costs. Typically, they pass through the cloud hosting charges (which can add around £2,000-4,000/month) but they are happy to absorb those to start with. 

They requested that we get to a quick conclusion. They have just started a big piece of work to improve their demo web app (app.envizage.me) and are keen to include our input into their roadmap if possible. It will save them wasted work. That roadmap includes integrations with Moneyhub and Oxford Risk as well, and they can talk to the partner about a sensible commercial offer for AOLP’s benefit. 


Let me know your thoughts. Would your clients pay £5 per month for this?

Why Product Sellers Don’t Make The Best Life Planners

Product sellers, or product advisers, in general want to plug into your assets and charge a fee. If you have no assets to offer them, they can’t figure out how they are going to get paid. If your assets are a residential property portfolio, for example. And your finances are messy, and you need to figure out your tax liability. They won’t help you.

If you are a reader of “Millionaire Expat: How To Build Wealth Living Overseas”, a book by Andrew Hallam, and you want confirmation that your DIY investment strategy using ETFs and index funds is sensible. They won’t help you.

Those few that will help you may offer you a life plan on a fee-for-service basis, that is some cash flow modelling and tax advice. But they will be burning to run your money for you to plug into your assets and charge their fee. They can’t help themselves but to mention it with pursed lips and a shaking head.

You see, product sellers make poor life planners. Here’s why.

No product creates wealth.

Products manage wealth.

Products are only suitable for the wealthy.

Ask the product seller for their investable asset threshold if you don’t believe me.

You have to be wealthy to begin with, to be a client of a product seller; for them to plug into your assets and charge a fee.

For the wealthy a life plan is merely a plan for how to spend their money.

Now for those who aren’t wealthy, what use is a product seller?

Now take a look at the client adviser, the life planner, the non-intermediating financial planner. They offer a service whereby they can drop into your lifetime cash flow a three-year business plan for the business of you to create wealth.

No product is sold.

Simply, a wealth creation strategy is dropped into the life plan.

Now, the service is extremely useful for those who aren’t wealthy.

Ten years ago, when I graduated with my RLP from the Kinder Institute of Life Planning, I could never figure out how product selling came into the conversation in the Knowledge part of EVOKE. It seemed disconnected.

Here, let’s talk for several meetings about your life. Several meetings in, today we are going to talk about products! Huh!! We called it putting in place the financial architecture to support the life plan. But, here’s the thing …

… the products don’t put in place the financial architecture, the client does.

What I mean by that is, the products run the financial architecture – as one Telegraph reader puts it “for the stupid and rich” – the client’s entrepreneurial spirit and industry puts in place the money.

That’s what is missing.

The adviser should be selling plans, not products.

There should be a wall between advice and product.

Otherwise the life plan is merely a spending plan for the rich and stupid.

There is a case for life planning for the wealthy. But, I’m not sure any fee-driven sales person would see it. For they may not have it within themselves.

Here is the missing point …

The wealthy are self-actualising, as American psychologist Abraham Maslow put it. That is, they are at the point of being the best they can be. Maslow discovered a higher need in the last years of his life. That is self-transcendence. Where you are thinking bigger than yourself, about creating something that will be long remembered after you have passed. A legacy. Making the world a better place for you having lived.

The late Dr. Wayne Dyer called this transition from self-actualisation to self-transcendence, “the Shift”. He said it happened in the afternoon to the evening of our lifetime. Where previously we had pursued wealth and knowledge, past this shift our goals are about service to others.

As Christians put it, “As each has received a gift, use it to serve one another, as good stewards of God’s varied grace.” (1 Peter 4.10).

For the wealthy, the life planner explores life purpose.

Knowing yourself, life becomes worth living.

And death less painful.

Now, this service is extremely useful for those who are wealthy.

As my good friend George Kinder once said:

“There should be a wall, between advice and products, between advice and large institutions, and between our regulators and large institutions. We need an integrity that is impeccable. Until we actually institute a way of bringing good heart, great integrity and a fiduciary relationship that is sustainable into the industry, we are going to fail. We have to make this change, and we have to make it now.”

At the Academy of Life Planning we are faith neutral and faith friendly. We work with different values and perspectives in a respectful and sensitive way.

If you want to become a non-intermediating financial planner contact us today to find out how the Academy of Life Planning can help you.

https://lnkd.in/eK-zG6u

☎️ 07850 10 20 70
📧 steve@aolp.co
📲 Direct Message

No Cash, No Problem: 44 Ways to Boost Your Finances When You Have Little or No Savings

Do you want to make some extra cash legitimately and quickly? Learn how you can pocket extra income with our 44 money-making tips. You know that ‘rainy day’ people save for? Well for most that day is now. But most households have little or no savings. If that is you, read on.

Here’s the thing. No financial products create wealth. Only people create wealth. Avoid financial product salespeople and create your own wealth instead.

1. Create a Side Hustle from your hobbies and interests and make money from it online.

One way to increase your income is with a side hustle. This will likely start out as something that you do part-time while you are still working at your original job, with our help, you may be able to grow it into something that you do full-time. 

Find something that you love and that you are good at and try to start working at it. Start a blog or online business. Set up a website and sell from it for less than £25 per month. Here are some other side hustles:

Answer an ad. For a local business looking for part-time help.

Babysitting.

Dog walking or pet sitting.

If you are savvy with computers and coding, you may be able to charge £50 or more per hour helping businesses with their websites and social media.

Moving People. Check out for lumping gigs, help people pack, load, and move their stuff.

Catering. From selling garden produce and jams to the neighbours to being a personal chef for friends.

Handy person service. If you know how to fix leaky pipes and toilets, patch holes in walls, replace doorknobs, and do things like that, you may be able to make money by doing such small jobs for people.

If you are a musician, you might consider doing a few gigs.

Voice-over work.

Editing and proofreading.

Gardening.

Sewing and ironing services.

2. Check your benefit entitlements.

You may be entitled to Universal Credit or additional support through covid-19  https://www.entitledto.co.uk/

3. Reclaim Tax Owed.

Many payments are made to you with tax deducted at source, like interest on PPI claims, payments from pensions and interest on savings. If you have low income and are a nil-rate-taxpayer you may be able to claim this back from HMRC https://www.gov.uk/claim-tax-refund

4. Check for lost bank accounts.

Trace lost money. This is a free service to trace lost bank accounts. https://www.mylostaccount.org.uk/

5. Trace lost pensions.

Pension tracing service, you need to be over the age of 55 to access the money. https://www.pensiontracingservice.com/

6. Have You Ever Been Mis-sold a Financial Product?

Write and complain. Even if the adviser is no longer around, you may be entitled to compensation. See https://www.gov.uk/complain-financial-service

7. Sell stuff online.

eBay https://www.ebay.co.uk/

Gumtree https://www.gumtree.com/

Preloved https://www.preloved.co.uk/

Facebook Marketplace https://www.facebook.com/marketplace/learn-more

8. Complete paid for opinion surveys.

Panelbase https://www.panelbase.net/

Valued Opinions https://www.valuedopinions.co.uk/

Toluna https://uk.toluna.com/#/

9. Sell photos online.

Shutterstock https://www.shutterstock.com/

Alamy https://www.alamy.com/

123RF https://www.123rf.com/

10. Become a tasker or sell services online.

Sell tasks with Taskrabbit https://www.taskrabbit.co.uk/

Fiverr https://www.fiverr.com/

Fivesquids https://www.fivesquid.com/

11. Review stuff for cash.

Music: Slicethepie  https://www.slicethepie.com/

12. Rent out stuff.

Rentnotbuy http://rentnotbuy.co.uk/

Fatllama https://fatllama.com/

13. Unlock cash on unwanted gift cards.

Sell gift cards on Card Yard https://www.cardyard.co.uk/how_it_works

14. Refer a friend.

Get paid for referrals with Refermehappy http://refermehappy.com/uk

Or join affiliate websites https://solvid.co.uk/top-affiliate-marketing-websites-and-programs/

15. Enter free competitions.

Magic Freebies https://www.magicfreebiesuk.co.uk/

Latest Free Stuff https://www.latestfreestuff.co.uk/

16. Get paid to browse.

Qmee https://www.qmee.com/

Inboxpounds  https://www.inboxpounds.co.uk/

17. Test products for cash.

Paid Product Testing https://www.paidproducttesting.co.uk/

18. Use money making smartphone apps.

Job Spotter Roamler Toluna Fronto Pocket Bounty Receipt Hog Swagbucks Voxpopme https://www.which.co.uk/money/money-saving-tips/making-money/8-smartphone-apps-that-make-you-free-money-aw5ll3s1jsyh

19. Cash back websites & Earn from Receipts.

Quidco https://www.quidco.com/

Topcashback https://www.topcashback.co.uk/

Quidco’s Click Snap https://www.quidco.com/clicksnap/offers/

TopCashback’s Snap & Save https://www.topcashback.co.uk/SnapAndSave/Offers/

20. Mystery shop.

Mystery shoppers https://www.mystery-shoppers.co.uk/

Market force https://www.marketforce.com/en-gb/become-a-mystery-shopper

21. Rent out a spare room or host a foreign student

Easyroommate http://easy-apartments-to-rent.com/

Spareroom https://www.spareroom.co.uk/

Or rent out your home on a short-term basis.

Airbnb https://www.airbnb.co.uk/

22. Rent out your home for films.

Amazing Space https://amazingspace.co.uk/

Or host photo shoots from your home.

https://www.locationworks.com/

23. Advertise on your car.

Carquids https://www.carquids.com/

24. Make money from your driveway.

JustPark https://www.justpark.com/

YourParkingSpace https://www.yourparkingspace.co.uk/

30. Get paid for spare storage.

Storemates https://www.storemates.co.uk/

25. Recycle old clothes.

H&M’s garment collection initiative https://www2.hm.com/en_gb/ladies/shop-by-feature/16r-garment-collecting.html

M&S’s Shwopping https://www.oxfam.org.uk/donate/donate-goods/mands-and-oxfam-shwopping

Or sell baby clothes.

National Childbirth Trust sales https://www.nct.org.uk/local-activities-meet-ups/nct-nearly-new-sales

Netmums https://www.netmums.com/

26. Sell old Lego.

Zapper https://zapper.co.uk/

MusicMagpie https://www.musicmagpie.co.uk/start-selling/

Brick Owl https://www.brickowl.com/

27. Sell old gold and jewellery.

https://www.which.co.uk/money/money-saving-tips/getting-a-great-deal/7-tips-for-selling-gold-jewellery-at-the-best-price-aqwyd9m1c4rh

28. Recycle print cartridges.

Cashforcartridges http://www.cashforcartridges.co.uk/

Infotone http://www.infotone.co.uk/

29. Recycle your mobile phone, tablets, Kindles, and smart watches.

Envirophone https://www.envirofone.com/en-gb/sell

Mazuma Mobile https://www.mazumamobile.com/

Music Magpie https://www.musicmagpie.co.uk/start-selling/

30. Recycle old CDs, DVDs and Computer Games for cash.

Ziffit https://www.ziffit.com/en-gb/sell-my-books

MusicMagpie https://www.musicmagpie.co.uk/start-selling/

31. Recycle old books for cash.

Amazon https://www.amazon.co.uk/

Ziffit https://www.ziffit.com/en-gb/sell-my-books

MusicMagpie https://www.musicmagpie.co.uk/start-selling/

But if you want the most cash for your books, check out getting rid of your old books usingBookScouter.

32. Have a car boot sale, garage sale, or yard sale.

Car Boot Junction http://www.carbootjunction.com/

33. Set up your own blog with ads.

Google Adsense https://www.google.co.uk/adsense/start/

34. Sell what you make online.

Etsy https://www.etsy.com/

Ebay https://www.ebay.co.uk/

Gumtree https://www.gumtree.com/

Preloved https://www.preloved.co.uk/

35. Detox your bank statement.

Check banking records for unwanted standing orders, direct debits, and periodic debit card payments. Cancel them. Apply for covid-19 payment holidays on credit cards, loans, and mortgages. Detox your weekly shop.

36. Sell Your Property. Downsize your house. Sell unwanted second properties. Downsize your car or other assets.

They are inefficient as an investment from an expense, maintenance, repairs, concentration risk, taxation, insurance, and liquidity perspective. Cash flow is halted during periods when their property is un-rented. There are simpler, hassle-free, better return, less risk, less tax, less cost options.

38. Junk Hauling.

Remove other people’s junk, sell what you can using the above and tip the rest.

39. Tutor.

What you know, others want to know. Whether it is extra tuition for kids, or teaching music. Or teach online. https://www.udemy.com/

40. Driving.

If you like driving and have a clean car, you might try making extra money by driving for a ride-sharing service such as Uber. https://www.uber.com/gb/en/

41. Business Consulting or Grant Writing.

Consulting can be a way to make a meaningful sum on the side, if you have some business insights that companies will pay for. If you’ve had some success raising money through grant-writing, or if you’re willing to learn how to be a successful grant-writer, you may be able to make some good money on the side by offering your services to companies needing them.

42.Get paid to watch movies.

Do you like watching videos in your free time? Now, you can get paid for watching videos including movie previews, news, celebrity videos, and all kinds of other videos.

Swagbucks https://www.swagbucks.com/

43. Sell your junk mail.

Do you love getting junk mail? If you’re like me, you probably don’t – that’s why we call it junk! Other than recycle, trash, or burn it in the winter what can you do with it? The Small Business Knowledge Center is a market research company that will take your junk mail and email and give you a Visa prepaid card.

https://www.sbkcenter.com/consumer.html

44. Avoid Financial Salespeople

Avoid buying any products from banks and financial salespeople. All financial products diminish immediate wealth in return for a promise for a future benefit. None create wealth. They manage wealth or redistribute wealth. Please take regulated advice before cancelling any regular financial product payments.

These ten ideas are pointless when you have little or no savings, or worse still cost you more than you save in bank charges, punishing interest rates, and inflation loss. These ideas make you poorer today for potential savings tomorrow. Remember, in a crisis you need money now!

1. Boost your savings rate by shopping around for better interest.

2. Switch bank account for cash or vouchers.

3. Use Your ISA Allowance.

4. Cash back credit cards.

5. Premium bonds.

6. Paying off debt on credit cards, loans, and mortgages at more than minimum payments.

7. 0% purchase credit cards. These are a trap to suck you in to debt.

8. Lend your cash using p2p websites.

9. Investing for better returns.

10. Using a better fund supermarket.

If you want to become a non-intermediating financial planner for an immersive experience in a different worldview, contact us today to find out how the Academy of Life Planning can help you transition from Financial Intermediary to Non-Intermediating Financial Planning firm.

http://www.academyoflifeplanning.com

☎️ 07850 10 20 70
📧 steve@aolp.co
📲 Direct Message