Beyond Financial Planning: Evolving to the Most Client-Centric Model with Brian Foster [Ep50]

Welcome to episode 50 of The Innovating Advice Show. 

Hard to believe it’s been 50 amazing episodes already! Thank you for being part of this journey, for allowing me into your lives each week and for all you’re doing to propel this profession forward.

In this episode, I’m joined once again by Brian Foster, founder of The Financial Caddie - a global community of forward thinking financial planners - based in beautiful Cape Town, South Africa.  

Brian was first on the show on episode 32 where we talked through what Brian describes as the four stages - starting with product sales, to assets under management, progressing to financial planning and then to the all important stage four which we realized was worthy of its own episode.

So here it is, diving into what it means to operate at stage four, which Brian describes as the only client-centric model of the four stages.

Humans Under Management virtual event happening 8th September:

Tickets: R500, US$30, £23, AU$42.


Guest Bio

Brian Foster, who 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" He speaks at International conferences, is regularly published in the media, and was invited onto the judging panel for a global financial planning competition.


01:33 - Introducing Brian Foster

03:20 - The first three stages of the financial adviser journey

04:50 - The difference with stage four

05:24 - Stage four: the only truly client-centric model of the four stages

07:55 - The first meeting with a new client

10:55 - Why stage four requires a different approach 11:40 - Why do clients really seek out a financial adviser?

13:47 - The drama triangle: the victim, the rescuer, the persecutor

18:00 - We can’t empower people by just giving advice

18:55 - Understanding your client

21:32 - The catalyst for getting to stage four

26:20 - The other side of the drama triangle: the creator, the coach, the challenger

31:15 - Is it possible to skip stages one to three?

34:55 - Coming to financial planning from a different profession

36:21 - Ask yourself why

38:45 - How to get to stage four

41:10 - Where to learn more