Why Switching from Mortgage Advice to IFA is a good idea! With Daniel Hobbs of New Leaf

Financial Planner Life Podcast

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Are you a mortgage advisor looking for more stability and long-term growth in your career? Transitioning to an Independent Financial Advisor (IFA) might be the strategic move you’ve been searching for. In this episode of the Financial Planner Life podcast, Sam Oakes sits down with Daniel Hobbs from New Leaf to explore the benefits and challenges of making the shift from mortgage advice to financial planning. They discuss the role of networks like New Leaf in supporting advisors through this transition, the potential for increased financial security and business growth as an IFA, and the key considerations for those thinking about making the leap. Daniel shares success stories from mortgage advisors who have successfully transitioned, offering practical advice on how to leverage existing client relationships and data to build a thriving IFA practice.

Key Topics Covered:

• Introduction to New Leaf:
  • Overview of New Leaf's support for mortgage advisors and IFAs.
  • Explanation of the network's role in compliance, regulatory support, and fostering a community.
• The Case for Transitioning to IFA:
  • Differences between mortgage advice and IFA roles.
  • Long-term benefits of becoming an IFA, including recurring income and business value.
  • Success stories from advisors who transitioned and grew their practices.
• Challenges and Considerations:
  • Importance of a mindset shift from transactional sales to long-term financial planning.
  • Financial implications of the transition, including the need for financial reserves.
  • The necessity of patience and taking the time (6-24 months) to establish a successful IFA practice.
• Support from Networks Like New Leaf:
  • New Leaf’s mentoring and development programs for new and transitioning IFAs.
  • Importance of choosing a network that aligns with individual goals and offers comprehensive support.
  • Details on New Leaf’s Academy program for guiding new advisors.
• Leveraging Existing Client Relationships:
  • Strategies for mortgage advisors to use existing client data and networks to build their IFA business.
  • Emphasis on understanding client assets early to identify wealth management opportunities.
• The Future of Financial Advice:
  • Discussion on the decreasing number of wealth advisors and the growing advice gap.
  • Opportunities for mortgage advisors to transition and meet the increasing demand for financial planning services.
  • The role of technology and AI in enhancing advisor efficiency and client service.

In conclusion, the episode offers valuable insights for mortgage advisors considering a transition to fi

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Chapters

1. Transitioning Into Financial Planning at Newleaf (00:00:00)

2. Navigating Self-Employment in Financial Planning (00:12:07)

3. Pathway to Financial Advising Success (00:22:00)

4. Enhancing Financial Planning With AI (00:31:49)

5. Transitioning From Mortgage to Financial Planning (00:36:35)