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A weekly reality check on sensible investing and financial decision-making for Canadians. Hosted by Benjamin Felix and Cameron Passmore.

Feb 13, 2020

The financial advice industry has always been a place of change, and yet certain old practices hang around for decades. Our guest today, Dennis Moseley-Williams, is all about moving things forward for the good of the client and the advisor. The basis of his understanding is the characterization of the economy as one fundamentally built around experiences. Applying this lens to the financial sector means that advisors need to think about how to provide more than just a service to their clients, they need to stage an experience and a process of curated growth and learning. In our conversation, Dennis unpacks the evolution up to this point, showing how each step requires adjustments and progress from providers and the space that opens up due to technological advances must be filled with something of value. We discuss communication, fulfillment and happiness and Dennis makes a strong argument for the role of the financial advisor reaching beyond the bank; he believes it should include all important areas of life. The last part of the episode is spent thinking about ways that willing advisors can offer the most to their clients and how to pitch and scale these businesses in the smartest ways. For this fascinating chat with a truly innovative thinker and gifted speaker, be sure to join us!

Key Points From This Episode:

  • Dennis' explanation of the experience economy and trends in the financial services industry. [0:04:04.4]
  • How Dennis found himself in the world of finance and investments. [0:07:07.7]
  • The evolution of the skillset needed for good financial advice. [0:09:38.2]
  • The five stages of experience and the lasting impact of a meaningful experience. [0:14:40.7]
  • What the experience economy means in terms of finding good financial advice. [0:18:52.9]
  • The space created by new tech advances and what will fill it. [0:23:35.6]
  • Better communication in today's economy; physical and virtual experiences. [0:31:41.5]
  • Differences between big and small business; pitching your offer for those who care. [0:33:29.3]
  • Red flags and green lights for investors in the search for the right advisor. [0:38:12.2]
  • The place of technical financial know-how and its decreasing value. [0:42:31.7]
  • How an advisor can fill the space left by the church. [0:48:31.3]
  • Happiness and fulfillment; putting funded contentment at the top of the list. [0:54:47.8]
  • Dennis' hopes and predictions for the future of financial advice. [0:59:00.2]
  • A highly differentiated and relevant offer — the recipe for success. [1:01:35.5]
  • Connecting clients and allowing relationships to grow out of advice. [1:04:02.6]
  • The question of scale; the care and caution that goes into growth. [1:08:39.9]
  • Dennis' own definition of success in his life! [1:10:54.6]