Updated: Jul 8
Welcome to episode 32 of The Innovating Advice Show.
I’m joined by Brian Foster, founder of The Financial Caddie – a free, global network of forward thinking financial planners – based in beautiful Cape Town, South Africa.
Brian has been a financial planner for over 30 years and has been on all sides of the business. He’s also been advising and coaching financial advisers around the world since 2012.
In this episode, we’re talking through what Brian describes as the four stages – starting with product sales, to assets under management, progressing to financial planning and then you’ll have to listen to the end where we discuss what stage four is and what makes it the most valuable stage for both you and your clients.
Stage four is so important for listeners around the world to understand that Brian and I have already agreed to do a separate episode entirely dedicated to it.
Brian Foster has been a financial planner for over 30 years. He owned and managed two successful UK financial planning firms, has been charging fees for advice since 1997 and has been advising and coaching financial advisers since 2012. Brian is the author of the book “Keep Calm & Survive RDR.”
In 2016, he founded The Financial Caddie® to bring together and develop forward-thinking financial planners. He also speaks at International conferences, is regularly published in the media, and was invited onto the judging panel for a global financial planning competition.
00:30 – Introducing Brian Foster
02:55 – Stage One: the broker
09:04 – Why salespeople call themselves something else
10:50 – People don’t know the difference between financial planners and brokers
12:55 – The upsides of learning sales skills early on
14:15 – Stage Two: the AUM advisor
24:35 – Stage Three: the financial planner
30:50 – The catalyst for change
35:55 – The transition into Stage Four: lifestyle financial planning
37:40 – The Financial Caddie
39:45 – Is stage four for everyone?