Latest / Financial Planner Life Podcast / Peter Komolafe - Financial Planning vs Financial Coaching, Whats the Difference?

Transcript

Peter Komolafe - Financial Planning vs Financial Coaching, Whats the Difference? · Financial Planner Life Podcast

• 0:02
  SPEAKER_01: Hi, and welcome to the Financial Planner Life Podcast, where we talk to professionals at varying stages in their career about what it's like working in the wonderful world of financial planning and financial advice.
• 0:15
  SPEAKER_01: This podcast is proudly sponsored by Recruit UK, a recruitment consultancy specifically focused on the financial services.
• 0:23
  SPEAKER_01: They have a niche specialism, recruiting, within the financial planning industry.
• 0:27
  SPEAKER_01: So check out their website for the latest job opportunities, hints and tips, and blog articles.
• 0:34
  SPEAKER_01: Today's guest is Peter Komalafe, who is a level four qualified financial coach.
• 0:38
  SPEAKER_01: And uh today we talk about the differences and similarities between financial planning and uh financial coaching.
• 0:46
  SPEAKER_01: He's also the host of The Conversation of Money, which is a podcast and a YouTube channel.
• 0:51
  SPEAKER_01: Now with over five and a half thousand subscribers and growing, he's doing great things on YouTube and he shares his experience around why he thinks YouTube is a really great platform for financial planners.
• 1:03
  SPEAKER_01: We also talk about why financial planners should consider adopting a coaching strategy when it comes to marketing and how that can only help you build stronger relationships with your existing clients and build new client relationships.
• 1:16
  SPEAKER_01: He's a huge advocate of financial education, and we talk about that in great detail.
• 1:22
  SPEAKER_01: I hope you enjoy it.
• 1:23
  SPEAKER_01: Hi, Peter.
• 1:24
  SPEAKER_01: Thanks very much for joining me today on the Financial Planner Life podcast.
• 1:28
  SPEAKER_01: It's a real pleasure to have you.
• 1:29
  SPEAKER_01: How are you doing?
• 1:30
  SPEAKER_02: I'm pretty good, Sam.
• 1:31
  SPEAKER_02: Thanks uh for inviting me on.
• 1:33
  SPEAKER_02: It's um yeah, I've no we've spoken about this a couple of times before.
• 1:36
  SPEAKER_02: We finally got around to it now.
• 1:38
  SPEAKER_02: Yeah.
• 1:38
  SPEAKER_02: Uh COVID and everything, lockdown.
• 1:40
  SPEAKER_02: So yeah, great to be here.
• 1:41
  SPEAKER_01: Well, that's right.
• 1:42
  SPEAKER_01: Because pre sort of when COVID very first hit and we were in lockdown, we had a conversation that first week, didn't we?
• 1:48
  SPEAKER_01: Um you were pretty much just setting up, and so was I.
• 1:52
  SPEAKER_01: You know, we were both stepping into this kind of world of um podcasting, um, pretty much at the perfect time, I think.
• 1:59
  SPEAKER_01: You know?
• 2:00
  SPEAKER_02: Yes, yeah, because I think I what I've certainly find is through lockdown and people having more time on their hands, people have sought out more information that they feel is relevant to their circumstances.
• 2:11
  SPEAKER_02: And within lockdown, it meant that they've looked for a lot of financial information.
• 2:14
  SPEAKER_02: And that's kind of where my where my expertise lie, and that's where I my content uh lies as well.
• 2:21
  SPEAKER_02: So I've seen a huge um level of engagement and growth over that period of time.
• 2:27
  SPEAKER_01: Peter, let's go straight into the to it then, you know, because you're a you're a coach, you're a financial coach, and you have a podcast called The Conversation of Money, and you're doing some coaching classes, workshops, and you're really starting to establish yourself as a bit of a thought leader out there, stepping into the world of YouTube, Instagram, yeah, where no financial planner dare tread.
• 2:51
  SPEAKER_02: Yeah.
• 2:53
  SPEAKER_01: So give us a give us a sort of overview.
• 2:56
  SPEAKER_01: What is it you're doing at the moment?
• 2:58
  SPEAKER_02: Well, so essentially it's it is it is financial coaching.
• 3:02
  SPEAKER_02: Um, and I've arrived at this juncture because I've spent 15 years in the industry.
• 3:07
  SPEAKER_02: I started off in veto banking essentially.
• 3:10
  SPEAKER_02: Um, and then from veto banking went into corporate banking.
• 3:13
  SPEAKER_02: I spent the last sort of seven to eight years in wealth management specifically.
• 3:17
  SPEAKER_02: Um and one of the things that I've noticed is that within our industry and for consumers directly, it's either you used to go to your bank and you'll see your financial advisor in the bank, you can speak to someone in the bank.
• 3:33
  SPEAKER_02: With the bank scaling back to their services now, the only direct route that they have is to go to a financial planner.
• 3:40
  SPEAKER_02: And a lot of financial planners obviously self-employed, so they have minimums that they'll that they have to enforce to ensure that their business is able to be sustainable.
• 3:49
  SPEAKER_02: So there's nowhere to go in between.
• 3:51
  SPEAKER_02: So as a financial coach, I'm that in-between person.
• 3:56
  SPEAKER_02: And my role, as I see it, is kind of to help people, number one, understand the basic stuff about money and finances that we don't get taught in school.
• 4:05
  SPEAKER_02: And if you're not lucky enough to get it at home, you don't get it at home, but also to help them get their ducks in a row in preparation for that stage when they go and see a financial planner.
• 4:15
  SPEAKER_02: So I'm kind of like that go-between person.
• 4:18
  SPEAKER_01: Okay, great.
• 4:19
  SPEAKER_01: So an educator.
• 4:23
  SPEAKER_01: So you're trying to educate people about their finances.
• 4:26
  SPEAKER_02: Yeah.
• 4:26
  SPEAKER_01: Um, you're trying to get them to understand the things they need to start thinking about, the things they need to start looking at.
• 4:33
  SPEAKER_01: So, for example, you wouldn't go and see a financial planner if you were in loads of debt, would you?
• 4:37
  SPEAKER_01: That'd be the wrong person to go to go and see.
• 4:40
  SPEAKER_01: So ultimately, when someone is in debt, for example, they're probably going through a lot of emotional turmoil and don't quite understand how to do it.
• 4:47
  SPEAKER_01: Certain instincts might come in, like pride, where they don't want to talk about it.
• 4:51
  SPEAKER_03: Yeah.
• 4:51
  SPEAKER_01: And what you're doing is you're putting yourself out there and discussing perhaps subject matter that isn't accessible in your bank anymore.
• 5:01
  SPEAKER_01: Yeah.
• 5:01
  SPEAKER_01: It's not, it's not out there in your bank.
• 5:03
  SPEAKER_01: It's not um, it's it's not available.
• 5:05
  SPEAKER_01: If you go and see a financial planner, they'll probably turn you away or it cost you too much money to go and see them.
• 5:10
  SPEAKER_01: And that's a big problem that we've got, isn't it?
• 5:12
  SPEAKER_01: This financial education, there's a big gap.
• 5:14
  SPEAKER_01: Um, and we're not sort of up to date on how things work when it comes to money in finance.
• 5:19
  SPEAKER_01: No, no.
• 5:20
  SPEAKER_02: I mean, like I said, we don't get this in school.
• 5:22
  SPEAKER_02: And if you didn't get it at home, uh, what tends to happen is you go through um early adult life and adult life, you're just you're trialing an error, essentially.
• 5:30
  SPEAKER_02: I mean, that's what's happened to me.
• 5:32
  SPEAKER_02: I learned everything about money by getting into debt, struggling with my credit score, then finally getting into financial services and realizing, well, actually, you could be a bit smarter about this.
• 5:42
  SPEAKER_02: But it it took me a while for me to even uh apply those principles to my personal life and to my personal finances.
• 5:49
  SPEAKER_02: And whilst I've got the benefit of working in the industry, I did my qualification, level full qualification back in 2014.
• 5:56
  SPEAKER_02: Um, and I've worked as a financial advisor as well.
• 5:59
  SPEAKER_02: I think this information needs to be available to everybody else.
• 6:02
  SPEAKER_02: But to your point, you know, the way I see my role is to be that conduit to help people kind of understand what they want out of life and what role money plays in that.
• 6:16
  SPEAKER_02: And, you know, for example, debt is a great one.
• 6:18
  SPEAKER_02: I do talk about debt, but they have to go see a proper debt cancellor for real debt issues.
• 6:24
  SPEAKER_02: But my my job is to really get people to think about what is it that you're that you're working towards?
• 6:29
  SPEAKER_02: Is it, you know, you're buying your first home, right?
• 6:31
  SPEAKER_02: How do you get organized for that kind of stuff?
• 6:33
  SPEAKER_02: Um, are you even thinking about retirement?
• 6:35
  SPEAKER_02: What are the things that you should really be considering?
• 6:37
  SPEAKER_02: Because a lot of people, as you know, will say, Well, I want 20,000, 50,000 pounds in retirement income, but have no idea what lump sum they essentially need.
• 6:47
  SPEAKER_02: So it's it's working with people to get them to think about that long-term picture and think about what they can do with their money that they're earning right now to get themselves in the best position possible to achieve what they want in the future.
• 7:00
  SPEAKER_02: Kind of like what a financial planning would do, but I do it in a coaching sense.
• 7:04
  SPEAKER_01: I like that because it gets somebody prepared.
• 7:06
  SPEAKER_01: Um, you know, you know, someone might not want to go and sit down with a mortgage advisor, et cetera, for example, and they feel like, oh, I just want to know what I can borrow.
• 7:13
  SPEAKER_01: I want to know how it works.
• 7:14
  SPEAKER_01: And they feel uncomfortable about asking those questions of a mortgage advisor.
• 7:18
  SPEAKER_01: And a mortgage advisor might say, Don't even worry about it, come over.
• 7:20
  SPEAKER_01: But unfortunately, there's that kind of barrier, isn't there?
• 7:22
  SPEAKER_01: What someone wants to do is in the comfort of their own home or on the bus on the way to work, they want to log into something and they want to watch a video and be told the basics, the simplistic, simplistic basics of what you need to be thinking about before you do it.
• 7:35
  SPEAKER_01: You know, when I go through the process of buying a house, I find it incredibly stressful.
• 7:38
  SPEAKER_01: All the different stages of buying the house, for instance, you know, like solicitors and surveyors and all of that.
• 7:44
  SPEAKER_01: And I am the type of person I get quite overwhelmed.
• 7:47
  SPEAKER_01: And that each stage I was going through it, something else was coming up, and I wasn't prepared for it.
• 7:52
  SPEAKER_01: And I like the what I like what you're doing, and I like what other financial coaches are doing by kind of they recognizing what we go through as consumers and offering a solution to it and putting it out there.
• 8:05
  SPEAKER_01: So talk to us a little bit about then what your brand is, what you know, what what's the name of it, and where can people listen or watch or find out more about what it is you do?
• 8:17
  SPEAKER_02: Yeah, so my my main channels are called Conversation of Money.
• 8:21
  SPEAKER_02: Um I'm on Instagram as Conversation of Money.
• 8:24
  SPEAKER_02: Uh, I've got the Conversation of Money podcast, and I've also got a YouTube channel called Conversation of Money as well.
• 8:30
  SPEAKER_02: So it's all the same name across the three outlets.
• 8:34
  SPEAKER_02: Um funny enough, I actually started on Instagram.
• 8:37
  SPEAKER_02: I started on Instagram in 2019.
• 8:40
  SPEAKER_02: I was doing 60 second videos every single day for like a year.
• 8:45
  SPEAKER_02: But what I found was that whilst the bite-size information is great, um, you can't really fit that much nuance and via critical information inside 60 60 seconds.
• 8:57
  SPEAKER_02: So the YouTube, the YouTube channel was born in January, the podcast was born in January.
• 9:02
  SPEAKER_02: Um, but going back to what you were saying, what I've what I've learned is that people find power in being empowered.
• 9:11
  SPEAKER_01: Right.
• 9:12
  SPEAKER_02: And this and and essentially, this is what this is all about.
• 9:16
  SPEAKER_02: They might not feel or they could feel a way about asking a question, but people would rather know that themselves.
• 9:23
  SPEAKER_02: And people are very, very proactive now because of the wonders of YouTube and the internet seeking out that information.
• 9:30
  SPEAKER_02: That in itself is a mindful because you can go onto YouTube and lots of stuff come up from unqualified people.
• 9:38
  SPEAKER_02: And I guess if you're a financial planner listening to this, really do think about this because we need you.
• 9:43
  SPEAKER_02: There are so many people creating financial content online on YouTube specifically that have no business talking about the stuff that they're talking about because they're not qualified to.
• 9:53
  SPEAKER_02: And I think my following has grown um to a really at a really good rate because I do say, look, I am a qualified financial advisor, I'm also a qualified mortgage advisor.
• 10:03
  SPEAKER_02: I've been around this stuff for a while now.
• 10:04
  SPEAKER_02: So at least I can give you some information based on what I've learned, number one, what my qualifications tell me, number two, and from my experience.
• 10:13
  SPEAKER_02: And people resonate with that.
• 10:14
  SPEAKER_02: But people are active, proactive in seeking information to empower their own journey.
• 10:21
  SPEAKER_01: How do you know they're out there seeking that information?
• 10:24
  SPEAKER_01: What sort of research do you do to find that, you know, to find out that people do really care about these types of questions and money issues?
• 10:32
  SPEAKER_02: Well, it it started on Instagram, so I did Instagram because I was like, okay, could I just put uh information out in like bite-sized bits of information and have people listen?
• 10:43
  SPEAKER_02: And the interaction that I got off Instagram was was amazing.
• 10:47
  SPEAKER_02: So that gave me the initial indication that it works.
• 10:51
  SPEAKER_02: YouTube was a completely different kettle of fish because for YouTube, there's a lot of stuff that happens in the background to building a successful and growing or burgeoning YouTube channel.
• 11:03
  SPEAKER_02: But my YouTube is a prime example of this.
• 11:05
  SPEAKER_02: So I started YouTube in January and I crossed 5,000 subs literally the day before yesterday.
• 11:10
  SPEAKER_01: Wow.
• 11:11
  SPEAKER_02: And my interaction rate, so in terms of uh search impressions on YouTube, I've had 1.3 million search impressions on my channel on YouTube in 10 months, and that's equated to a uh just under 10% conversion, which is 107,000 views of my videos, and the comment sections, the message, so typically my customer journey is they find me on YouTube because I talk about my podcast on the YouTube channels at the end of my videos.
• 11:40
  SPEAKER_02: They go and find the the podcast, binge the podcast.
• 11:44
  SPEAKER_02: Then what then happens is they find me on Instagram and they send me questions.
• 11:48
  SPEAKER_02: I get about 10, maybe 15 questions a day on Instagram.
• 11:53
  SPEAKER_02: Yeah, people just asking me questions and across different topics mortgages, managing money, investing, all that kind of stuff.
• 12:01
  SPEAKER_02: But the evidence is there, people do seek this stuff out.
• 12:05
  SPEAKER_02: Our job is to be available to provide that information.
• 12:08
  SPEAKER_01: Okay, so what I want to make, what's the distinct difference then between what you do as a financial coach and financial planning?
• 12:17
  SPEAKER_01: Because obviously they're separate, they're completely separate.
• 12:20
  SPEAKER_01: So what's the constinct, you know, distinct difference between what a financial coach does up against, say, what a financial planner does?
• 12:26
  SPEAKER_02: So as a financial coach, my role is to educate, that's it, and to help people along their thought pattern around what they want to achieve and prying that out essentially.
• 12:37
  SPEAKER_02: What it is that what are your goals, first and foremost?
• 12:39
  SPEAKER_02: All right.
• 12:40
  SPEAKER_02: So if it is to buy your first home, for example, these are the key things that you need to be prepared for.
• 12:45
  SPEAKER_02: So, how do the multiples work on your income?
• 12:48
  SPEAKER_02: What's the affordability process look like roughly?
• 12:51
  SPEAKER_02: How are you going to plan for your deposit?
• 12:53
  SPEAKER_02: Right?
• 12:54
  SPEAKER_02: Simple, simple things.
• 12:55
  SPEAKER_02: What do you need to do in terms of getting your credit report ready to make sure that you don't get to the point where you've got your deposit or you think you have, but you've got something really bad on your credit score that that stoppers your plans?
• 13:06
  SPEAKER_02: And also thinking differently about, you know, okay, it's not just your deposit, you've got fees, legal fees that you've got to pay for, stamp duty you've got to pay for, having all of these things in one place.
• 13:17
  SPEAKER_02: So my job is to educate and get people in that position where they know all the information that is relevant to what they want to do.
• 13:24
  SPEAKER_02: And then at that point, what I then do is once they're ready, I would then introduce them to either a mortgage provider or um in the case of investment of financial advisor and say, right, I can't do this bit, but you're ready now.
• 13:39
  SPEAKER_02: I can make an introduction to someone who is authorized to give you the proper advice to get you going.
• 13:45
  SPEAKER_01: Brilliant.
• 13:46
  SPEAKER_01: Okay, so you're getting them prepared to go and see somebody.
• 13:49
  SPEAKER_01: And then what your aim, the aim for you as a coach then is to educate, build an audience, get them coming back whenever they want that financial information, that little snippet of information that's going to get them where they need to go.
• 14:00
  SPEAKER_01: When then they think, right, well, now is the time I need to speak to a mortgage advisor.
• 14:04
  SPEAKER_01: You are you have a selection of mortgage advisors or a selection of financial planners, or just one.
• 14:10
  SPEAKER_01: Do you have your own mortgage company, your own financial planning company?
• 14:14
  SPEAKER_01: You just yeah.
• 14:16
  SPEAKER_02: So at the moment, um, so I in terms of future plans, I know that it is possible because I'm qualified, I could get my own practice and do the investment, uh, investments and mortgages.
• 14:30
  SPEAKER_02: I think for me though, I want to be seen as that kind of independent, kind of like reliable source of information and guidance.
• 14:37
  SPEAKER_02: So at the moment, I do have introductions that I can make into financial advisory firms and mortgage providers specifically.
• 14:43
  SPEAKER_02: Um, but I also give them the option to say, look, you can go hold of market and there's a website you can go and search for someone close to you.
• 14:49
  SPEAKER_02: But if you want someone that I I personally know and know that will do a good job for you, I can also facilitate an introduction to that person as well.
• 14:57
  SPEAKER_02: Um, but it I want to remain independent from a business point of view.
• 15:02
  SPEAKER_02: Um, because I think people I've found that people trust me because they know that I'm not going to be like, oh, well, you need to go down this route or go down that route specifically uh with providers.
• 15:11
  SPEAKER_02: I'm there as a source of information and guidance.
• 15:13
  SPEAKER_01: Okay, so yeah, like a a bit of a Martin Lewis type thing, really, like a like a chip, like a people's champion, a consumer's champion who's there for the consumer, to not lie to them, to not mislead them in any way.
• 15:24
  SPEAKER_01: And if it comes down to the choice that they want that financial planning, then you can put them in contact with the right the right person to do so.
• 15:29
  SPEAKER_01: Yeah, and I think that's that's fantastic.
• 15:31
  SPEAKER_01: So obviously, you're building those, those, those people that are coming to your website, those picks sorry, those people that are coming to YouTube, they've become subscribers, they subscribe to your channel.
• 15:39
  SPEAKER_01: Instagram, they start to follow you.
• 15:41
  SPEAKER_01: Now, as a financial coach, what I see from the outside looking in is that it's a lot of giving.
• 15:48
  SPEAKER_01: You're giving a lot of information, and I don't see a great deal of me paying, I'm not paying you any money for it.
• 15:55
  SPEAKER_01: So, one thing that's apparent, obviously, with any kind of content creation or trying to market, you are giving stuff away.
• 16:02
  SPEAKER_01: I'm learning that the art of giving away to receive to receive back.
• 16:06
  SPEAKER_01: So if someone's sitting listening to this podcast now thinking, Joe, I'd love to be a financial coach, I've got the personality, I can I can I'd love to get on social media.
• 16:13
  SPEAKER_01: That's the part of it I love, but how do I make money out of it?
• 16:17
  SPEAKER_02: Okay.
• 16:18
  SPEAKER_02: So I think what's this is a lot of hard work, and you'll know this, Sam.
• 16:23
  SPEAKER_02: Producing content is a lot of hard work.
• 16:26
  SPEAKER_02: I mean, I do two videos a week on YouTube.
• 16:29
  SPEAKER_02: I've got my weekly podcast as well.
• 16:31
  SPEAKER_02: The podcast in 21 is going to change because I'm going to move to a season-based um sort of approach.
• 16:37
  SPEAKER_02: And in the seasons, it will be targeted to a specific topic or a couple of topics, and I'll be looking for corporate sponsors for those specifically.
• 16:45
  SPEAKER_02: So I'm speaking to a few people at the moment because now I'm I'm averaging probably around about two and a half thousand listeners probably a month at the moment.
• 16:53
  SPEAKER_02: So the goal is to drive that forward, and these people are all engaged.
• 16:57
  SPEAKER_02: So the income streams that you generate are really, really important to make it sustainable.
• 17:02
  SPEAKER_02: Now, for me, what I have found is that um with YouTube, YouTube is really my main source, and I and I explain my customer journey um through this as well.
• 17:11
  SPEAKER_02: So YouTube, um you have to have a thousand subscribers and you have to have 4,000 watch hours to monetize your channel on YouTube.
• 17:19
  SPEAKER_02: Um, that took me about six months to do, actually, just seven months, actually.
• 17:24
  SPEAKER_02: I I monetize on the first of July.
• 17:26
  SPEAKER_02: Um so the channel has been generating money from then.
• 17:29
  SPEAKER_02: And how it basically works is you get paid on AdSense.
• 17:32
  SPEAKER_02: So depending on what um sector you're in, the AdSense revenue per mil, per thousand will be different, different.
• 17:42
  SPEAKER_02: Fortunately for me, um, because I talk about finance and investing a lot of the time, because that's what a lot of people are very much interested in.
• 17:50
  SPEAKER_02: The the advertiser rates are extremely high.
• 17:53
  SPEAKER_02: So, for example, I think I'm actually I've actually got it on my screen here.
• 17:58
  SPEAKER_02: The first month that I monetized in July was like part month, uh, it was 216 pounds and it kicked out.
• 18:04
  SPEAKER_02: Um, the month after that was like 284 pounds, but in September it jumped up to 400.
• 18:11
  SPEAKER_02: This month, which is October, I'm probably gonna clear around about seven, maybe 750 in just in ad revenue.
• 18:18
  SPEAKER_02: So being able to get to a position where you've got your YouTube monetized is is gonna be crucial if you if you're looking at this properly, to do this properly.
• 18:27
  SPEAKER_02: Um, but it is a really, really good avenue for you to have a look at.
• 18:31
  SPEAKER_02: My client journey tends to be that because I give out so much free information, free information is great, but if you're really serious about you know getting your ducks in a row, you the free information only gets you to somewhat to a certain point.
• 18:45
  SPEAKER_02: Um so what I then find is that people will then reach out to me to say, look, do you do one-on-one sessions?
• 18:50
  SPEAKER_02: Um, and I simply ask, look, what are you looking to achieve?
• 18:53
  SPEAKER_02: And we go from there.
• 18:54
  SPEAKER_02: And then when they come on a one-to-one basis with me, I charge a fee structure for maybe either one-off or a batch of of sessions where we look at things specifically.
• 19:06
  SPEAKER_02: Um, so one of the beauties that I do with this as well is I'm now being approached by brands to do review videos for those guys as well.
• 19:15
  SPEAKER_02: So there are different ways that you can actually monetize this.
• 19:18
  SPEAKER_02: I think you've got to sit down very carefully to think and figure out what your model's gonna be.
• 19:23
  SPEAKER_01: So it is very much social media driven what you're doing.
• 19:26
  SPEAKER_01: You're becoming a kind of face, aren't you?
• 19:28
  SPEAKER_01: Well, you are a face, a personality.
• 19:30
  SPEAKER_01: Um, and brilliant what you just said there around aligning yourself with other brands as well.
• 19:36
  SPEAKER_01: Talk to me a little bit about that then.
• 19:38
  SPEAKER_01: So what?
• 19:39
  SPEAKER_01: So let's say, for example, I don't know, a new up-and-coming uh online bank or something like that might want you to do a segment on deposits or something, or savings and investments or something.
• 19:50
  SPEAKER_01: Is that right?
• 19:50
  SPEAKER_01: Is that how it works?
• 19:51
  SPEAKER_02: Yeah, essentially.
• 19:52
  SPEAKER_02: So I've been approached by two companies actually just this week.
• 19:56
  SPEAKER_02: Um, and what so one of my most popular videos on YouTube is a review of Money Box.
• 20:03
  SPEAKER_02: So just reviewing money box and reviewing this the basic stuff that maybe general consumers won't think about in terms of, you know, are they authorized and regulated by the FCA?
• 20:11
  SPEAKER_02: Have you got protection on the financial services compensation scheme?
• 20:14
  SPEAKER_02: Then delving a little bit deeper about what they actually do and the things to kind of be mindful of in terms of the ICER offering and how things work.
• 20:23
  SPEAKER_02: Um, that's my most popular video on YouTube.
• 20:25
  SPEAKER_02: So off the I've done a number of them.
• 20:27
  SPEAKER_02: I've done Moneybox, Wealth 5, Plum, Nutmeg, a few others as well.
• 20:31
  SPEAKER_02: So off the back of that, other brands have looked at it and said, we would love you to do a review on our propositions so that people kind of get an inside track of how we work from an industry professional who kind of understands how things work.
• 20:44
  SPEAKER_02: So you can point out the the good, the bad.
• 20:46
  SPEAKER_02: And with all these collaborations, is really, really important for me.
• 20:49
  SPEAKER_02: Again, I want to be a neutral source.
• 20:51
  SPEAKER_02: So I will clearly say this is a really, really good feature.
• 20:54
  SPEAKER_02: However, maybe this is something that you need to be mindful of or something that they could do better, and maybe this is something questions that you need to ask.
• 21:02
  SPEAKER_02: Um, so that is a really interesting kind of approach and kind of collaboration.
• 21:07
  SPEAKER_02: But again, because someone's paying me money to do a review doesn't mean it's going to be overwhelmingly positive.
• 21:12
  SPEAKER_02: I will always give my honest view consumer because at the end of the day, the end consumer is the most important person in that entire equation.
• 21:21
  SPEAKER_01: Do you then put the video out without showing it to the client?
• 21:25
  SPEAKER_01: Or um, so let's, you know, let's say you do one for Money Box.
• 21:29
  SPEAKER_01: Do you do the review, record it, and then put it on your site, or do you send it to them to review it before you release it?
• 21:35
  SPEAKER_02: If it's a paid collaboration where they're paying me to produce it, then we'll agree parameters uh parameters right out the bat in terms of right, what are your key messages?
• 21:45
  SPEAKER_02: What do you want to get across?
• 21:47
  SPEAKER_02: Um, what are the things that you want me to highlight specifically?
• 21:50
  SPEAKER_02: And then, you know, I always have to be fair because it's not about completely slating a company for not doing something right, it's literally just highlighting right, guys, this is one.
• 22:00
  SPEAKER_02: That I think that if I were a customer with them and I wasn't in the industry, I'd be asking this question.
• 22:04
  SPEAKER_02: It's not really, really clear, but ask that question.
• 22:07
  SPEAKER_02: And I've done that with a couple of the reviews that I've done.
• 22:10
  SPEAKER_02: So we'd have to have an agreement in terms of right, what are the key messages that you want to get across?
• 22:15
  SPEAKER_02: Who is your target demographic?
• 22:17
  SPEAKER_02: What are the main things that you want to want the want the the audience to essentially know?
• 22:22
  SPEAKER_02: And then, yeah, sign off with them to say, okay, this is good.
• 22:26
  SPEAKER_02: This is can we tweak this?
• 22:27
  SPEAKER_02: Or but there has to be a limit to that.
• 22:29
  SPEAKER_02: It can't be over over-censored so that it becomes kind of a fanboy type.
• 22:35
  SPEAKER_01: Yeah, fanboy, and like it's a sponsored ad, isn't it?
• 22:38
  SPEAKER_01: It's a bit like you know, the influences that have got millions of followers and they're drinking a drink and it's sponsored, isn't it?
• 22:43
  SPEAKER_01: It's that kind of thing.
• 22:44
  SPEAKER_01: You know, they're they're buying into you because you've got a following, you've got a relationship with an audience that they want a relationship with, and they want you to come on and talk about their products in a in hopefully a positive manner.
• 22:55
  SPEAKER_01: Yeah.
• 22:55
  SPEAKER_01: Um, and um, but at the same time though, you can't come across as like just this like fanboy because you're not authentic, are you?
• 23:02
  SPEAKER_01: You know, you've got to find the fault with it.
• 23:04
  SPEAKER_01: You've got to find something that could be better or might be slightly different from something else, and why you might not want to use not so much why you might not want to use it, but why you might find it, you know, an iPhone different to an Android.
• 23:15
  SPEAKER_01: They've all got the same sort of things, they're brilliant, but it's you're trying to kind of establish again that connection with who might be a great consumer for it.
• 23:21
  SPEAKER_01: At the end of the day, as well, I guess the I guess the app or whoever whatever products it is you're actually representing also, they want to make sure they're attracting the right people to that product because they want to they don't want members leaving if they sign up or for a free go or whatever.
• 23:35
  SPEAKER_01: So your honesty and and transparency is key, isn't it, to them keeping the right and attracting the right types of customers.
• 23:42
  SPEAKER_02: Absolutely.
• 23:43
  SPEAKER_02: I mean, I think at the moment there's quite a few investment type um apps out there that approach me at the moment.
• 23:49
  SPEAKER_02: And I think with investing it specifically, it's an interesting one because oftentimes what I've learned is this people are seeking out investment information, but because it's social media, the majority of the information that they're getting out there is, oh God, look how much money you could make.
• 24:08
  SPEAKER_02: And I take the complete opposite approach.
• 24:11
  SPEAKER_02: I'm like, well, you can make a lot of money, but you need to understand your risk.
• 24:14
  SPEAKER_02: You need to understand that you could lose money, so you've got to be mindful of certain things.
• 24:18
  SPEAKER_02: So with investment providers specifically, I'm going in there saying, okay, look, this is what they do really, really well.
• 24:25
  SPEAKER_02: This is why they do it well, but also there's a risk in there.
• 24:28
  SPEAKER_02: So, what are they doing to help you understand the risk and understand how what they're doing helps you manage that risk so that when you're planning for the future, this forms a part of your delivery in terms of that plan.
• 24:42
  SPEAKER_02: And it is having that real balance between, yeah, you can make a load of money on the stock market, but it's number one, it's not overnight because social media will have you believe that it is, and social media will have you believe that, yeah, yeah, you put 100 quid in, it's gonna be 10 grand in two weeks, no problem, no risk whatsoever.
• 24:58
  SPEAKER_02: So I'm very much straight down the line, very, very honest.
• 25:01
  SPEAKER_02: The guys, this is a long-term game.
• 25:03
  SPEAKER_02: This isn't something that's gonna pay off overnight.
• 25:05
  SPEAKER_02: You there are risks involved, and you need to understand the risk, and more importantly, you need to understand the language as well.
• 25:13
  SPEAKER_02: Your asset classes.
• 25:14
  SPEAKER_02: What is an asset class?
• 25:15
  SPEAKER_02: How does asset allocation you know work?
• 25:17
  SPEAKER_02: That education is really, really important for them to make an informed decision.
• 25:21
  SPEAKER_01: Yeah, because you get a lot of white boys, don't you, that pop up on Instagram, you know, I'm this, I'm that, I'm this forex trader, and I've made this much money within this period of time.
• 25:30
  SPEAKER_01: And it does kind of confuse people, and it also lends itself to, again, just this negative view of financial services and financial advice as being a bunch of crooks who are just trying to take your money and promised high returns.
• 25:42
  SPEAKER_01: And unfortunately, you know, in this quick, get rich, quick type mentality, instant gratification, it's buying people are buying into it.
• 25:49
  SPEAKER_01: I mean, in the recruitment uh industry, I you know, I've socialized, unfortunately, with a lot of recruitment consultants.
• 25:56
  SPEAKER_01: And, you know, they get a bit of money, and the next thing you know, they think they're fucking Leonardo DiCaprio on, you know, Wolf of Wall Street, and they're chucking their money into and they're losing money, not like not, you know, a lot of money.
• 26:08
  SPEAKER_01: They haven't got an absolute clue what they're doing, but their mate's doing it, or they've seen somebody on online.
• 26:12
  SPEAKER_01: So that's the next way they're going to make money, this get rich quick type type um process.
• 26:17
  SPEAKER_01: And when we look at the reason why there are so many of these um amateurs out there, you're not an amateur, you know what you're talking about.
• 26:28
  SPEAKER_01: You've got a good background, good history, you're not an amateur, but there must be so many amateurs that are out there that are trying to do it again for the very fact that they can build an audience that ticks in with what someone's thinking.
• 26:41
  SPEAKER_01: I want to get rich quick, and then they make their money off of subscriptions and advertising off of YouTube, and they're sitting back laughing, probably not investing a great deal of money themselves and just claiming all the money off the poor suckers that are just trying to make some money and get themselves into a better place in life.
• 26:57
  SPEAKER_01: Would you agree that or not?
• 26:59
  SPEAKER_02: Sam, Sam, it pisses me off so much.
• 27:03
  SPEAKER_02: So much of it.
• 27:04
  SPEAKER_02: Um, you know, one of the one of my main things that I always try to um highlight and emphasize to the most degree is the difference between trading and investing.
• 27:20
  SPEAKER_02: People think they're the same, they're they're two different worlds, two completely different skill sets.
• 27:26
  SPEAKER_02: Like they're completely different.
• 27:28
  SPEAKER_02: But unfortunately, because of social media, those two things are convoluted, they're confused.
• 27:32
  SPEAKER_02: People think, oh yeah, trading is investing.
• 27:34
  SPEAKER_02: No, it's not.
• 27:35
  SPEAKER_02: The risk with trading is so, so, so, so high.
• 27:38
  SPEAKER_02: And there are so many Forex people out there at the moment.
• 27:41
  SPEAKER_02: I've got a series going on at the moment where I'm doing a little bit of an investigation on a company called Cash FX.
• 27:47
  SPEAKER_02: And generally on my channel, things are overwhelmingly positive.
• 27:52
  SPEAKER_02: But a lot of the time with things like Cash FX, there's a lot of like negativity because well, you're taking food out of people's mouths, you're gonna just like no, well, this company's not registered in the UK to to operate, they're not authorized by the financial services compensate the FCA, you don't get any financial services compensation scheme.
• 28:09
  SPEAKER_02: The company's registered out in Panama, so you don't even know who the owners are.
• 28:13
  SPEAKER_02: Like, why would you go and put your money with these people?
• 28:16
  SPEAKER_02: And unfortunately, because it is forex trading and it's sexy, as they say, people are reluctant to hear that because it doesn't feed into the narrative that they've that they've been told about forex, being that you can make a lot of money very, very quickly and become very, very wealthy very, very quickly.
• 28:33
  SPEAKER_01: 100%.
• 28:34
  SPEAKER_01: Um, and the problem is again, it's like it's it's create, it is that creating that very negative image, isn't it, of um of financial services as a whole, because it's that kind of scammy type thing, isn't it?
• 28:44
  SPEAKER_01: People are very nervous anyway of being scammed.
• 28:47
  SPEAKER_01: I mean, let's talk about regulation because what you're doing right now isn't regulated, is it?
• 28:54
  SPEAKER_02: So financial, yeah, financial coaching is not regulated, which is why for me it's drawing the line with with everybody to say, look, I am a qualified financial advisor, but you cannot take this as financial advice because the reality is, as you know, Sam, with financial advice, personal circumstances come into it in order for you to arrive at the right destination.
• 29:16
  SPEAKER_02: So I always emphasize to say, look, use this as a point for you to do some further research.
• 29:22
  SPEAKER_02: I'm gonna share some knowledge which will give you things to think about, but you need to do some further research in terms of how what this actually means for you.
• 29:31
  SPEAKER_02: On one-on-one coaching, I generally just give real wide broad information and say, right, okay, there are a couple of scenarios here.
• 29:40
  SPEAKER_02: You might do this in this circumstance or that in this circumstance, but ultimately for you to get the right one for you, you're gonna need some advice to sit behind it because I can't tell you that you should definitely do A or B.
• 29:51
  SPEAKER_02: But there are a number of options that you have available.
• 29:53
  SPEAKER_02: So it's always trying to make sure that you get that that right with people from the videos, from the podcasts, all the way down to you know, one-on-one stuff that I do.
• 30:01
  SPEAKER_01: So if someone's sitting there today and they're listening to this podcast and they're thinking, I want to be a financial coach, what would your advice to them be?
• 30:09
  SPEAKER_02: I would say, you know, preferably you want some background.
• 30:13
  SPEAKER_02: Um, you want some background in the industry.
• 30:15
  SPEAKER_02: And this is why I said at the top that we need more professionals, financial advisors to look at this because people need information, people need that guidance, people are seeking it out now.
• 30:27
  SPEAKER_02: Um, if you want to do it, unfortunately, there is no qualification you can take to be a financial coach, which is why if you've got a financial planning qualification or you're running a financial advisory firm right now, seriously consider about having this as part of your business proposition.
• 30:41
  SPEAKER_02: Because you'll be surprised at how many people are really, really struggling.
• 30:46
  SPEAKER_02: And really, no, I I was speaking to a lady the day before yesterday on an event that I that I did uh was just speaking at.
• 30:52
  SPEAKER_02: She doesn't have a pension, she's got five grand as an emergency fund, that's it.
• 30:56
  SPEAKER_02: She's panicking.
• 30:57
  SPEAKER_02: She goes, Well, what do I do?
• 30:58
  SPEAKER_02: And I'm like, for her, she needs some help.
• 31:01
  SPEAKER_02: So I said to her, reach out to me and we can sit down and have a look at right, you must have some pension somewhere.
• 31:06
  SPEAKER_02: Like you've worked at places before, you must have some pension.
• 31:10
  SPEAKER_02: So this stuff is needed.
• 31:12
  SPEAKER_02: And honestly, if you're a financial advisor looking at this, you never know where the business is going to come from.
• 31:16
  SPEAKER_02: Believe me, I've got two clients at the moment that I'm speaking to.
• 31:19
  SPEAKER_02: I've got there's one out in Dubai, massive, massive inheritance tax liability, and that's been referred on to someone that I know now.
• 31:25
  SPEAKER_02: There's another guy that I that I've that I've also met out in um who's he he works for a business here, but he lives out in Spain, lots of money, but just has no idea.
• 31:35
  SPEAKER_02: He doesn't trust financial advisors first and foremost, hasn't got a Scooby where to start.
• 31:39
  SPEAKER_02: And he's like, Well, you seem genuine on your on your videos, and you come across really, really well on your podcast.
• 31:45
  SPEAKER_02: Can we work together?
• 31:46
  SPEAKER_02: So, and again, with him, it's all about the educational piece.
• 31:49
  SPEAKER_02: And because I can't do any of the investment stuff, I would introduce him to someone that I know will do a really good job for him from an investment point of view.
• 31:56
  SPEAKER_02: So you never know who you're gonna meet.
• 31:58
  SPEAKER_02: Um, and if you are thinking about doing this, you know, have it as a consideration to add and bolt onto your business.
• 32:03
  SPEAKER_01: Very interesting that because that's it's it's marketing, isn't it, essentially?
• 32:07
  SPEAKER_01: So let's say, for example, you've got a financial planning firm, decent size, right?
• 32:11
  SPEAKER_01: They've got the money to be able to afford to hire somebody to be the financial coach.
• 32:15
  SPEAKER_01: That financial coach becomes the um the uh the marketer, essentially.
• 32:21
  SPEAKER_01: So they're not sitting there writing blogs and everything.
• 32:22
  SPEAKER_01: What they're doing is getting on video, they're they're keyword researching topics that people are actually, you know, searching, and they're creating videos and content podcasts, for example, around those questions.
• 32:35
  SPEAKER_01: You're putting your brand onto that and you're putting yourself out on YouTube, which is one of the biggest search databases engines in the world.
• 32:43
  SPEAKER_01: Yeah.
• 32:43
  SPEAKER_01: And not only that, podcasts, massive growing market, yeah, you're getting seen, you're getting heard.
• 32:49
  SPEAKER_01: But at the same time, you're not coming across as this kind of we've got something you need, but we're not going to tell you what it is.
• 32:55
  SPEAKER_01: You know, I'm gonna give you a little bit of information now.
• 32:57
  SPEAKER_01: I'm gonna tell you, I'm gonna help you in this situation.
• 33:00
  SPEAKER_01: Brilliant that you said about the guy who's got a large inheritance tax bill, you know, the very fact that he doesn't trust a financial advisor.
• 33:06
  SPEAKER_01: So he's coming to you for some advice before he does.
• 33:09
  SPEAKER_01: I mean, you can totally see there is a niche and a gap there that you're filling, and it can so totally bolt on to financial planning businesses.
• 33:16
  SPEAKER_01: They just need to see the value of it and how it works.
• 33:18
  SPEAKER_01: And actually, it's also as well, how they can build actual recurring income off of the channels, such as YouTube, because you're getting subscribers, those subscribers are watching, advertisers are paying to be advertised on your on your page.
• 33:32
  SPEAKER_01: And because you're a financial advisor fully qualified and you can put, you know, backed by such and such or chartered or whatever, a bit like yourself being level four qualified.
• 33:41
  SPEAKER_01: I saw the comments, people respect you so much more because you are level four qualified, and you can offer the financial planning solutions at the end.
• 33:50
  SPEAKER_01: In the beginning, I'm going to build a relationship with you and tell you a little bit about what you need to be doing with your money.
• 33:56
  SPEAKER_02: Yeah.
• 33:56
  SPEAKER_02: And let me just say this: like, you know, branding is every is everything.
• 34:00
  SPEAKER_02: That's something that I've definitely learned.
• 34:02
  SPEAKER_02: Um, and I think the power of video and the power of audio is it allows you to connect with people without actually realizing that you're connecting.
• 34:10
  SPEAKER_02: I try to be as authentic as possible.
• 34:12
  SPEAKER_02: I everything that I say is never really ever script.
• 34:15
  SPEAKER_02: I really do speak from my heart and share my I share my own personal journey, my own experiences.
• 34:21
  SPEAKER_02: So that gives people a point to connect with me.
• 34:24
  SPEAKER_02: Um and they know that I'm not there to swindle them out of any money, to earn some quick money.
• 34:31
  SPEAKER_02: That's not what it's all about.
• 34:32
  SPEAKER_02: It is purely for educational purposes.
• 34:35
  SPEAKER_02: And once you build that trust, it's amazing where you can go from there.
• 34:39
  SPEAKER_01: Yeah, and it's beautiful as well because when you're using things like somebody else's um app or something like that, you're documenting your journey to using it.
• 34:47
  SPEAKER_01: So people are going on that journey with you.
• 34:49
  SPEAKER_01: And I think that's the power of what a podcast can do or what video can do, is that people are watching you on your journey get better.
• 34:56
  SPEAKER_01: Progressively over time, I've gotten better at communicating on camera and on audio, and my relationships got my confidence has grown.
• 35:05
  SPEAKER_01: And as that's happened, more people are connecting with me and more people are actually buying into me.
• 35:10
  SPEAKER_01: But I think what people need to understand is it takes a great deal of time, energy, and effort.
• 35:14
  SPEAKER_01: You know, you don't have a separate job paying you an income.
• 35:18
  SPEAKER_01: This is your life.
• 35:19
  SPEAKER_01: You're you're putting everything into this, aren't you?
• 35:21
  SPEAKER_01: And I guarantee you, you're bloody not, you're probably not working 10 till two, are you?
• 35:25
  SPEAKER_01: You're probably working some serious hours, mate, aren't you?
• 35:28
  SPEAKER_02: I record I record videos and podcast episodes at 2, 3 in the morning if I have to.
• 35:33
  SPEAKER_02: Um, you just I'm I am fully self-employed now.
• 35:36
  SPEAKER_02: This is what I'm doing.
• 35:37
  SPEAKER_02: So um this is my passion, this is what makes me feel fulfilled.
• 35:41
  SPEAKER_02: Um, I wanted always wanted to be in a position where I could help people, just learn from my mistakes and some of the stuff that I've learned.
• 35:47
  SPEAKER_02: Because again, we don't get taught this in school.
• 35:50
  SPEAKER_02: So I think with the YouTube channel growing as quickly as it is, I think there is proof to sess to say that people want to connect and want this information.
• 36:01
  SPEAKER_02: I just want to be the guy that they that they come to for that conversation, essentially.
• 36:05
  SPEAKER_02: And that's what it's all about.
• 36:06
  SPEAKER_01: What does the future hold then, Peter?
• 36:08
  SPEAKER_01: You know, where do you see the next year?
• 36:11
  SPEAKER_02: Uh within the next year, um, you know what?
• 36:14
  SPEAKER_02: I'm really, really focusing on just making sure that I can really grow out the number one, the podcast and the YouTube channel.
• 36:20
  SPEAKER_02: Um, I need to think about monetizing the podcast properly.
• 36:23
  SPEAKER_02: Um, I've got some really good relationship with some brands now, so it's all about trying to build out as much as possible.
• 36:28
  SPEAKER_02: Um, one-on-one coaching isn't really that scalable.
• 36:31
  SPEAKER_02: So it's not something that you want to do long, long term, but definitely have um, you know, build a community of people where we can hold events regularly, where we can provide a forum where all of that information is in one simple place for them to access, no matter what they do, what no matter what they want to do, buying a house, investing whatever.
• 36:48
  SPEAKER_01: And that is the gap, isn't it?
• 36:50
  SPEAKER_01: Where financial planning and this can so beautifully combine because it's the clients that aren't quite ready for financial planning yet could actually become a member of the community of that firm that gets access to so much useful financial information, but on a membership basis.
• 37:05
  SPEAKER_01: So you're building a client base that way, and that's beautiful.
• 37:08
  SPEAKER_01: I can see that.
• 37:08
  SPEAKER_01: And as they go through the journey, you would go, Wow, now you're ready for financial planning, you can move across here, but it's a self-sufficient community, isn't it, that looks after itself.
• 37:15
  SPEAKER_01: And I understand the whole coaching thing because the um the coaching thing is that it it's a it's it's your time and energy, and it only you can only you hit a ceiling very quickly.
• 37:24
  SPEAKER_02: Yeah, yeah.
• 37:25
  SPEAKER_02: I mean, the community I started this week, so I launched something on YouTube this week and it's already got members in there or paying in members as well.
• 37:32
  SPEAKER_02: Um so you know, that's the model going forward.
• 37:36
  SPEAKER_02: It's just about growing it and making it something that is sustainable and and for me it's a legacy.
• 37:41
  SPEAKER_02: Um, but the idea with the membership is that I can create a forum, and this is the ultimate goal where no matter what you want to do, whether it's you know buying your first home, all this information is correlated in one simple place that they can access.
• 37:56
  SPEAKER_02: And that hopefully will be somewhere that will become nationally known as the hub for education, for information, reliable information that's vetted from someone who kind of understands stuff and has relationships within the industry.
• 38:11
  SPEAKER_02: And for me, ultimately, this is this is legacy, this is what I want to be remembered for long after I'm gone.
• 38:17
  SPEAKER_02: So that I've actually built something that actually changes the way people interact with financial institutions, services, and actual financial products as well.
• 38:24
  SPEAKER_01: So lovely.
• 38:25
  SPEAKER_01: And you're within that connector, aren't you, as well?
• 38:27
  SPEAKER_01: So whatever the needs that individual might have within your community, you've got these vetted companies that you could say, well, there you go, these are the ones that you can go for.
• 38:34
  SPEAKER_01: It's kind of like an interactive money supermarket, isn't it?
• 38:38
  SPEAKER_01: These types of things, essentially, yeah.
• 38:40
  SPEAKER_01: And you bring in also, like I, you know, my thought process around it, and I've been sharing some great ideas with another guy who runs a podcast, a recruitment one, and he's building a community off of LinkedIn, and then he's meant he's bringing in mentors.
• 38:54
  SPEAKER_01: So these mentors come in and all have specific kind of skills.
• 38:57
  SPEAKER_01: So someone might be really good at YouTube, someone might be really good at job adverts or whatever.
• 39:02
  SPEAKER_01: So they're coming in because they want to promote themselves, but they become mentors.
• 39:07
  SPEAKER_01: And then within the community, other people mentor each other.
• 39:10
  SPEAKER_01: So it's kind of like a self-again sustaining environment where people learn on the go.
• 39:16
  SPEAKER_01: You know, they're not like, oh, here's a video download, here's a video download, it becomes incredibly interactive.
• 39:22
  SPEAKER_01: And I really like that.
• 39:23
  SPEAKER_01: And I can seem I'm I've got a vision of the financial planner life being like that, where people that want to become a financial planner, want to get into financial planning, can come into or trainees or whatever, or anybody from any level can come into this community and learn from each other, you know.
• 39:39
  SPEAKER_01: And and I've got, you know, certain somebody will be a compliance expert, someone be a training expert, whatever it is.
• 39:44
  SPEAKER_01: So I've got that, I've got that kind of feeling in my head that that would be a good route to go because there isn't a great deal about out there like that for fine the for the financial planning industry.
• 39:54
  SPEAKER_01: I I've seen anyway.
• 39:55
  SPEAKER_01: You might you might know different.
• 39:57
  SPEAKER_02: I I don't know of any.
• 39:58
  SPEAKER_02: Funny enough, I actually had someone message me on Instagram yesterday saying, Look, I'd like to be a financial advisor.
• 40:03
  SPEAKER_02: What do I do?
• 40:04
  SPEAKER_02: Someone literally yesterday commented and said, Can you do a video on how to be a financial advisor?
• 40:09
  SPEAKER_02: So people are in, and let's look at it this way, you'll know this, Sam.
• 40:12
  SPEAKER_02: What's the average age of a financial planner now?
• 40:14
  SPEAKER_00: About 55.
• 40:15
  SPEAKER_00: 65.
• 40:16
  SPEAKER_02: Yeah, right.
• 40:17
  SPEAKER_02: Exactly.
• 40:17
  SPEAKER_02: So there's not enough young people coming through.
• 40:20
  SPEAKER_02: So there is power in bringing people together in a community where they can learn off each other and you can get, like you're saying, mentors included.
• 40:27
  SPEAKER_02: And that's what I'm gonna be building with the community for me is you know, these people are going to be as part of the community.
• 40:32
  SPEAKER_02: I've played around at the very, very top of the year with free communities and they do not work.
• 40:36
  SPEAKER_01: Right, good advice.
• 40:37
  SPEAKER_02: There's no value.
• 40:38
  SPEAKER_02: There is people find no value or see no value in something that's free.
• 40:42
  SPEAKER_02: You have to make it so that it is a paid subscription, paid membership.
• 40:46
  SPEAKER_02: So the only way you're gonna get them to actually have the dedication, the commitment to really partake in the community.
• 40:52
  SPEAKER_02: If it costs them nothing, they're not really interested, they've got no skin in the game.
• 40:56
  SPEAKER_02: So for me, I definitely want to bring in, you know, experts around you know, pensions, for example.
• 41:01
  SPEAKER_02: But let's this month our focus is gonna be pensions.
• 41:03
  SPEAKER_02: Let's get someone in to talk specifically about this, the things that you need to know, the things that you need to be thinking about, the things you need to be doing right now.
• 41:10
  SPEAKER_02: And the great thing about financial services that the the subjects are numerous.
• 41:15
  SPEAKER_02: There's lots of stuff you can talk about, so lots of experts that you can bring in.
• 41:19
  SPEAKER_02: Um, and that's essentially what I want to build.
• 41:21
  SPEAKER_02: I want to create that environment where people can learn from each other, you can have mentors in place to improve that relationship between financial services, financial products, and the young consumer.
• 41:32
  SPEAKER_01: And that's the powerful, this is the powerful thing about what it is you're doing and what we're doing, essentially, is that we are we're documenting and recording something that will help somebody.
• 41:44
  SPEAKER_01: Now, whether or not that person's listening to that live in a seminar, you could have a seminar, you know, you might grow to the dizzy heights of having 500 people listening to 600 people listening to a live or something.
• 41:55
  SPEAKER_01: Now, if that was about pensions and the guy delivering it was a financial advisor who specializes in pensions, and it could be offshore pensions or whatever we were talking about earlier, all of a sudden he's talking to 600 people that are interested in what he's got to say.
• 42:11
  SPEAKER_01: And the the business opportunities off the back of that, reputation off the back of that is huge.
• 42:17
  SPEAKER_01: Not only that, it's live, it's recorded, it's then cut into segments, it's then used on social media and put out, it can be used as paid advertising.
• 42:26
  SPEAKER_01: And this is why, like the financial planning industry needs to adopt the coaching style and attach it to their businesses because the God, the exposure you'll get is huge.
• 42:38
  SPEAKER_01: They're just not doing it.
• 42:39
  SPEAKER_01: I don't know why.
• 42:40
  SPEAKER_01: Perhaps it's uncharted territories and they don't understand, but they need to partner with a coach, you know, and bring that coach either underneath their banner.
• 42:49
  SPEAKER_01: I think underneath their banner would be a good show.
• 42:51
  SPEAKER_02: I'll tell you what, Sam, you you're on the same page as me.
• 42:53
  SPEAKER_02: So one of the things that I do on YouTube is every every two weeks I do a a live Q ⁇ A on YouTube on a Sunday, 9 p.m.
• 43:02
  SPEAKER_02: And the first one started with six people on there, 10 people on there.
• 43:07
  SPEAKER_02: I'm now getting between 60 to around about 80 people every second Sunday.
• 43:13
  SPEAKER_02: And they literally just ask questions upon questions upon questions.
• 43:17
  SPEAKER_02: And I just give like DBs, for example.
• 43:20
  SPEAKER_02: I had a number of them last Sunday, and just talk about okay, this is what a defined benefit is, this is what a defined contribution is.
• 43:26
  SPEAKER_02: You need to understand what the differences are.
• 43:29
  SPEAKER_02: These this is the main difference that you need to be made aware of.
• 43:32
  SPEAKER_02: So, look, defined benefits are very, very rare.
• 43:36
  SPEAKER_02: So, if you've got one, you want to keep it.
• 43:38
  SPEAKER_02: Um, people talk about transferring, but you need to really get some financial advice, and you'll be surprised at how people are doing research now and be like, oh yeah, uh guy does a live, so that'd be like, Oh, I've been wanting to ask this question for a while, and they turn up specifically for that.
• 43:55
  SPEAKER_02: There is power in empowering people and just making information available.
• 44:00
  SPEAKER_02: How else would they find out the difference between a DB and a DC?
• 44:05
  SPEAKER_02: Otherwise, Google have to go read a load of stuff that they they'll read articles that has jargon in it that confuses them in the first place.
• 44:14
  SPEAKER_02: They want they want clarity.
• 44:15
  SPEAKER_02: They don't want jargon.
• 44:16
  SPEAKER_02: They want simple English.
• 44:18
  SPEAKER_01: And it's all full of keywords in it as well.
• 44:20
  SPEAKER_01: Like every look at an article, it's just full of crap from an SEO perspective.
• 44:24
  SPEAKER_01: Google's like, when you yeah, I'm not, I got I was starting to start to think about building some more written content again.
• 44:31
  SPEAKER_01: I put a lot of written content on my recruitment website, Recruit UK, and I was thinking, right, I'm gonna do the same with the Financial Planner Life website.
• 44:37
  SPEAKER_01: But I've made a decision, I'm not gonna, I'm just gonna stick to video.
• 44:41
  SPEAKER_01: You know, when I spoke to you a couple of days ago about YouTube, and then how you said you were you were doing your keyword research to ascertain what is a valuable question.
• 44:50
  SPEAKER_01: Now you picked one up earlier, how to become a financial advisor.
• 44:53
  SPEAKER_01: So I looked at on on YouTube yesterday.
• 44:55
  SPEAKER_01: There's a guy who does the Meaningful Mod Meaningful Money podcast.
• 44:59
  SPEAKER_01: 25,000 views he's out of that one.
• 45:01
  SPEAKER_02: That's Peter.
• 45:02
  SPEAKER_02: Peter, he's a really, really, really good planner.
• 45:04
  SPEAKER_02: He's a really, really good guy.
• 45:05
  SPEAKER_02: Um, isn't he?
• 45:07
  SPEAKER_01: He's great, he's great.
• 45:08
  SPEAKER_01: And um, you know, and he explains it really well.
• 45:10
  SPEAKER_01: He's so articulate, and he, you know, you can tell he's a great presenter, he's been doing it for years.
• 45:14
  SPEAKER_01: Yeah, but one thing I would say about that, and not to criticize him, because the content was good.
• 45:18
  SPEAKER_01: As a recruiter, it's great advice.
• 45:20
  SPEAKER_01: You know, what he's saying is actually spot on, and it was coming from the voice of a of a financial planner, but it was coming from the voice of a financial planner.
• 45:26
  SPEAKER_01: I'm not a financial planner, I'm talking to about the industry as a whole.
• 45:30
  SPEAKER_01: So I can put my spin on it while we could go self-employed, employed AR, RI.
• 45:34
  SPEAKER_01: And it's no personal, there's no personal opinion from me.
• 45:37
  SPEAKER_03: Yeah.
• 45:37
  SPEAKER_01: So and I want to be able to create the videos that are, I don't want to watch a 25-minute, 30-minute video.
• 45:43
  SPEAKER_03: Yeah.
• 45:43
  SPEAKER_01: Not all the time, you know.
• 45:45
  SPEAKER_01: Some people do want to do that, but not all the time.
• 45:47
  SPEAKER_01: If I want a quick answer, like well, you know, someone's always said, so any person that contacts me and says, I want to be a financial planner now, I say, send me a list of questions that you want answered.
• 45:55
  SPEAKER_01: And they're starting to send me questions now.
• 45:57
  SPEAKER_01: So it's like simple stuff like um, you know, what's the best qualification I should have?
• 46:01
  SPEAKER_01: And what is the difference between L I BF and the CII?
• 46:04
  SPEAKER_02: Yeah, yeah, yeah.
• 46:05
  SPEAKER_01: You know, simple question like that.
• 46:06
  SPEAKER_01: And I'm some starting now, now I'm you've sent me a keyword research tool, haven't you?
• 46:11
  SPEAKER_01: Yeah.
• 46:11
  SPEAKER_01: So I've said to myself, I said, right, well, YouTube is definitely something that I'm interested in.
• 46:15
  SPEAKER_01: I can see that there's a gap there for this because I get a lot of interest from people who are asking questions.
• 46:21
  SPEAKER_01: Um, there's a market and industry that's dying, if you like, in respect if it hasn't got enough people coming through.
• 46:26
  SPEAKER_01: Yeah.
• 46:27
  SPEAKER_01: By doing that, I'm establishing myself as a thought leader and trying to help an industry.
• 46:32
  SPEAKER_01: So then it makes me again look good.
• 46:33
  SPEAKER_01: I'm adding value, which means there's purpose, and I can become in monetized through subscriptions, then perhaps my community, then perhaps an online academy, whatever it might well be.
• 46:44
  SPEAKER_01: So it's a very um, so I'm yeah, just going off that the tangent there, but I'm going away from the text, writing the bloggy article stuff.
• 46:52
  SPEAKER_01: You need a little bit of SEO, of course you do.
• 46:54
  SPEAKER_01: But I think you're right, video.
• 46:56
  SPEAKER_02: Video is the way forward.
• 46:57
  SPEAKER_02: I I I wholeheartedly believe it.
• 47:00
  SPEAKER_02: People are able to see you.
• 47:02
  SPEAKER_02: And people, so one of the big concerns that I had, well, not concern, but I was nervous about how people would receive me on video and whether people would like me.
• 47:12
  SPEAKER_02: Because I think one of the big um hang-ups that everybody has when you say video is how do I come across?
• 47:20
  SPEAKER_02: Yeah, how do I come across?
• 47:22
  SPEAKER_02: You have all these ideas of great people that you've watched, and you want to emulate those guys.
• 47:27
  SPEAKER_02: And what I've learned is don't just be you.
• 47:30
  SPEAKER_02: Because video allows people to see you and trust me, they can see through you if you're if you're pushing up BS.
• 47:39
  SPEAKER_02: They can see through you straight away.
• 47:41
  SPEAKER_02: So just be you and and speak your truth.
• 47:44
  SPEAKER_02: And that's what I try to do.
• 47:46
  SPEAKER_02: I share my experiences.
• 47:47
  SPEAKER_02: Everybody knows I used to be homeless.
• 47:48
  SPEAKER_02: I was never always very, very good with money.
• 47:50
  SPEAKER_02: I've been homeless.
• 47:52
  SPEAKER_02: Yeah, I've been homeless twice.
• 47:53
  SPEAKER_02: I've been I don't have a university degree, but I ended up working in Canadian Wharf.
• 47:56
  SPEAKER_02: I ended up working very, very high level for a pension provider out there.
• 48:01
  SPEAKER_02: Went from telephone boy to the exec team in five years.
• 48:04
  SPEAKER_02: People understand and know that story because I openly share that with people.
• 48:08
  SPEAKER_02: I'm not here to make a quick buckle, people, and people can see that because of the consistency of my content and the consistency of what I talk about.
• 48:16
  SPEAKER_02: So video is absolutely the way forward.
• 48:19
  SPEAKER_02: It really, really is.
• 48:21
  SPEAKER_01: You know, I'm going to ask you questions now about homelessness, aren't you?
• 48:24
  SPEAKER_01: Yeah, go on, go on.
• 48:25
  SPEAKER_01: So we when you say you were homeless, were you homeless living on the street or homeless in the sense of couch surfing?
• 48:34
  SPEAKER_01: Because this is a big thing, isn't it?
• 48:35
  SPEAKER_01: Homelessness across the UK and across the world.
• 48:39
  SPEAKER_01: What how were you know what was homeless?
• 48:42
  SPEAKER_01: What what how were you homeless?
• 48:44
  SPEAKER_02: Um, so my parents are Nigerian.
• 48:46
  SPEAKER_02: Um they came over in the 70s, they had me here in 79.
• 48:50
  SPEAKER_02: Um, and because they were over here, they were working like two or three jobs, they put me up for foster care when I was three months old.
• 48:56
  SPEAKER_02: So I was in foster care between the ages of three months and just as I was turning eight.
• 49:01
  SPEAKER_02: Then they had then had this great idea that I was going to go back over to Nigeria because they'd gone back 85 or something like that.
• 49:07
  SPEAKER_02: So in 88 I went to Nigeria, supposed to be for a two-week holiday, ended up staying there 10 years.
• 49:11
  SPEAKER_02: So I came back in 1998 and I had nobody here.
• 49:16
  SPEAKER_02: I rocked up on my foster parents' doorstep.
• 49:19
  SPEAKER_02: Luckily, they lived at the same address the entire time that I was away.
• 49:23
  SPEAKER_02: I was with them for probably about a month, two months, tops, then I was out on my own.
• 49:29
  SPEAKER_02: Um, and when I was I came back when I was 18.
• 49:33
  SPEAKER_02: When I was 18, I was five foot three and I looked like I was 12 years old.
• 49:37
  SPEAKER_02: And bearing in mind I come from Nigeria, I didn't speak the way I speak now because I had a little bit of a Nigerian accent, and people just kind of picked on me.
• 49:45
  SPEAKER_02: Um, and then I yeah, I had got into an altercation with someone, and they just basically kicked me out, and I was literally on the streets for probably about a month.
• 49:53
  SPEAKER_02: Wow, basically.
• 49:55
  SPEAKER_02: So yeah.
• 49:56
  SPEAKER_00: So that's probably yeah, you've definitely that is authenticity.
• 50:00
  SPEAKER_00: You did you've been at the bottom, haven't you?
• 50:02
  SPEAKER_02: Yeah, and you know, like I said, I've been I've been lucky and I I don't really share enough of my journey.
• 50:07
  SPEAKER_02: I probably should.
• 50:08
  SPEAKER_02: People ask me the question all the time.
• 50:09
  SPEAKER_02: I think there is a time and a place for it, and I'll get around to it, but people know that I'm not, I'm I'm genuine in what I say and the fact that I want to help.
• 50:16
  SPEAKER_01: I think the nail on the head there is authenticity.
• 50:18
  SPEAKER_01: Um, you know, I'm I I I'm gradually starting to share more about me and my authentic journey, you know.
• 50:25
  SPEAKER_01: Like I'm a business owner.
• 50:26
  SPEAKER_01: Running a business is not easy.
• 50:28
  SPEAKER_01: Um, I do not like trying to pretend that I am something I'm not, because if I do that, I feel terrible.
• 50:35
  SPEAKER_01: I I'm I'm I struggle with not being honest.
• 50:38
  SPEAKER_01: I have to be honest.
• 50:39
  SPEAKER_01: And throughout my journey of running a business, I've gone through depression, anxiety, suicidal thoughts, um, addiction.
• 50:46
  SPEAKER_01: You know, I'm actively out of um, I don't drink now, like for the last year and a half.
• 50:51
  SPEAKER_01: Um I've I've suffered really badly with mental health.
• 50:54
  SPEAKER_01: And like I I I gradually I'm bringing it out and I'm explaining to people and telling people and dropping it into conversations, and you realize just how much more of a connection you then get with people.
• 51:06
  SPEAKER_01: It's not because I'm out there self-seeking saying, woe is me.
• 51:09
  SPEAKER_01: I'm just wanting people to understand that I'm not on here trying to be some Jack the lad, you know, know it all.
• 51:16
  SPEAKER_01: I'm not.
• 51:16
  SPEAKER_01: I'm I'm so not a know-it-all.
• 51:18
  SPEAKER_01: I'm not pretending I know absolutely everything.
• 51:20
  SPEAKER_01: I want people to understand that when I'm on these podcasts, I'm learning.
• 51:24
  SPEAKER_01: I am learning.
• 51:26
  SPEAKER_02: What you just said there is so, so, so important because so this is what I've learned from podcasting and YouTube.
• 51:33
  SPEAKER_02: You might talk about something specifically, but you have no idea how much of a deeper connection you make with people as a result of it.
• 51:40
  SPEAKER_02: I'm gonna give you a prime example.
• 51:42
  SPEAKER_02: About two weeks ago on a Saturday, I woke up in the morning, and typically what I do is I just check my emails.
• 51:48
  SPEAKER_02: First off, I got I had an email from a lady.
• 51:51
  SPEAKER_02: She goes, You don't know me, but my son listens to your podcast and watches your YouTubes all the time.
• 51:58
  SPEAKER_02: He's 33 years old.
• 52:00
  SPEAKER_02: He used to be, he's he's done double work for Idrisaba.
• 52:03
  SPEAKER_02: He's really, really struggled through COVID and the lockdown.
• 52:05
  SPEAKER_02: He lost his job, health has taken a turn.
• 52:08
  SPEAKER_02: He's in a really, really dark place.
• 52:09
  SPEAKER_02: He told me about your your podcast, which I listen to.
• 52:12
  SPEAKER_02: He's in a really dark place, everybody's trying to help him, and he sees you as a bit of an idol.
• 52:17
  SPEAKER_02: Now, that for me is like no, you he can't, but I never met him.
• 52:24
  SPEAKER_02: And he goes, I would really, really appreciate your help because he sent uh he put a message on on social media the other day.
• 52:31
  SPEAKER_02: Um, and we're really, really worried he won't take an intervention from anybody.
• 52:35
  SPEAKER_02: Can you please help?
• 52:37
  SPEAKER_02: So on the Saturday afternoon, I rang her, I said, What's going on?
• 52:41
  SPEAKER_02: He goes, she she started client.
• 52:43
  SPEAKER_02: She goes, Look, can you please please please speak to him?
• 52:46
  SPEAKER_02: Because he looks up to you bizarrely.
• 52:50
  SPEAKER_02: Um, and he would we just we want him to get better, we want him to accept help.
• 52:55
  SPEAKER_02: So I was like, okay, cool, I'll see what I can do.
• 52:56
  SPEAKER_02: So I drove down to go see him in London on Wednesday, and it's amazing that people watch you and hear you, but you never really know what connection you are making with people because of the work that you are doing.
• 53:12
  SPEAKER_02: And whilst yeah, I talk about finances and financial education and all this kind of stuff, but what I'm learning is that it means more to people than just the mortgage, the insurance, how to manage money, how to begin investing.
• 53:27
  SPEAKER_02: It means a whole lot more than that.
• 53:29
  SPEAKER_02: It for some people it is hope, for some people, it is a dream, for some people it is aspiration, and that is really, really important.
• 53:38
  SPEAKER_02: You have to find the human side of what you're doing, and that's what I try to do.
• 53:42
  SPEAKER_02: I my my mantra on YouTube, it's on the on all of my videos, is because money is a tool.
• 53:49
  SPEAKER_02: And what I always say to people is, what are you doing this for?
• 53:53
  SPEAKER_02: Why are you here?
• 53:54
  SPEAKER_02: Why you go into your nine to five every single day?
• 53:56
  SPEAKER_02: You're not going there because you love it, you're going there for a purpose.
• 54:00
  SPEAKER_02: So, what is your purpose and what role does money have to play?
• 54:04
  SPEAKER_02: And that message I believe has resonated with people to the point that I get messages like that because it means more than just what I'm talking about being money, it is about life, essentially.
• 54:15
  SPEAKER_01: 100%.
• 54:16
  SPEAKER_01: And you're helping people, and you're you absolutely what you said there about hope, you're giving people hope.
• 54:21
  SPEAKER_01: And not everybody has the ability to recognize when something on the inside is a blockage.
• 54:29
  SPEAKER_01: You know, you talking about it and being so open and sharing experiences resonates with that person that allows that person to be, oh, I can let this out now.
• 54:38
  SPEAKER_01: And all of a sudden they let it out and they get a sense of relief.
• 54:40
  SPEAKER_01: And that's where the connection then comes from.
• 54:42
  SPEAKER_01: It's like that guy is just, I connect with that person because he feels how I feel.
• 54:46
  SPEAKER_01: You know, the I give a prime example of that, and this is where like I like this sort of thing, is that I went to a 12-step program, right?
• 54:53
  SPEAKER_01: Sat down in a 12-step program.
• 54:55
  SPEAKER_01: For the life of me, I couldn't stop drinking.
• 54:57
  SPEAKER_01: I couldn't, I couldn't um, and when I say couldn't stop drinking, I wasn't waking up in the morning and knocking back a bottle of vodka.
• 55:03
  SPEAKER_01: I couldn't stop going out on a Friday night or a Thursday night.
• 55:05
  SPEAKER_01: And I promised myself and my wife I'd never do it again.
• 55:08
  SPEAKER_01: And there I was, shit faced, and whatever else, you know?
• 55:12
  SPEAKER_03: Yeah.
• 55:12
  SPEAKER_01: So I was like, I was just like doing everything I could to try and work out why am I doing this.
• 55:16
  SPEAKER_01: So when I went to a 12-step program, right?
• 55:18
  SPEAKER_01: And I sat down, and I fucking was like, oh my god, it's horrible.
• 55:22
  SPEAKER_01: I sat down and I looked around and I listened to everybody.
• 55:25
  SPEAKER_01: And as soon as they opened their mouths and started talking about how they were thinking, their thinking patterns and their thoughts around it, and how they think about other things, I was like, whoa.
• 55:36
  SPEAKER_01: I it was like a it was like my chest exploded.
• 55:40
  SPEAKER_01: It was like, oh my God, I thought I was the only one.
• 55:43
  SPEAKER_01: And then everybody around me were thinking the same way as me.
• 55:47
  SPEAKER_01: It wasn't just a drinking, the drinking was a symptom of my thinking.
• 55:50
  SPEAKER_01: So it was like, and it was like, wow.
• 55:52
  SPEAKER_01: And it was just like, and all of a sudden, at that day, I had this explosion, like a spiritual experience.
• 55:57
  SPEAKER_01: And I was just like, and it went.
• 55:58
  SPEAKER_01: My obsession went, and I haven't touched anything for 18 months, nothing.
• 56:02
  SPEAKER_01: And it was that ability to connect and listen, it was so powerful.
• 56:08
  SPEAKER_01: So if anyone's listening to this who thinks they might have a little bit of a problem, go and speak to somebody who have some problems as well, because there's a different scale of problems out there, but all of them are a are a um a symptom of your thinking.
• 56:22
  SPEAKER_01: It's your thinking.
• 56:24
  SPEAKER_02: And that is a big, big, big, big point.
• 56:27
  SPEAKER_02: And I think you've you've mentioned it in one silo there, in one circumstance circumstance.
• 56:32
  SPEAKER_02: That is applicable to, I believe, to a lot of circumstances across the life.
• 56:36
  SPEAKER_02: It's the same thing with money.
• 56:37
  SPEAKER_02: I talk a lot about mindset with people.
• 56:39
  SPEAKER_02: Like, so on coaching, mindset is the first thing I attack.
• 56:43
  SPEAKER_02: Mindset.
• 56:44
  SPEAKER_02: What's your background when it comes to money?
• 56:45
  SPEAKER_02: Did you grow up and it was always because I know for me, certainly, in my household, whenever you spoke about money, it was desperation, scarcity, and panic.
• 56:55
  SPEAKER_02: Like, where's the next where's the next bit of money coming from so we can eat?
• 56:59
  SPEAKER_02: That's that's my that's my background.
• 57:01
  SPEAKER_02: And therefore, when I came back in 1998 with 50 quid in my pocket, I didn't even understand how to budget.
• 57:07
  SPEAKER_02: You know, the first thing that I did, right?
• 57:08
  SPEAKER_02: Bear it in mind, I'm a kid, I've been out in Nigeria.
• 57:11
  SPEAKER_02: The first thing that I did when I got back to this country with 50 quid in my pocket, I went down to the shop and bought as Mars bar.
• 57:20
  SPEAKER_02: Right?
• 57:20
  SPEAKER_02: And talk about budgeting.
• 57:22
  SPEAKER_02: I didn't know how to budget, had no idea how to budget because the mindset was scarcity.
• 57:27
  SPEAKER_02: The mindset was you've got to use this money to eat.
• 57:29
  SPEAKER_02: It wasn't you've got to use this money to eat over a three to four week period.
• 57:33
  SPEAKER_02: No, I've just got I've got to I've got to get that money and eat right now.
• 57:37
  SPEAKER_02: And that mindset is really, really important.
• 57:40
  SPEAKER_02: Mindset is key, it dictates our habits, it dictates our behaviors, it dictates everything that we go through and everything that we essentially do, how we manifest our behaviors outwardly.
• 57:49
  SPEAKER_02: And mindset is so, so, so, so important.
• 57:52
  SPEAKER_02: And that's where financial coaching can be really, really powerful because it helps people get the right mindset.
• 57:58
  SPEAKER_01: No, I love it.
• 57:59
  SPEAKER_01: Yeah, mindset is what it's all about.
• 58:01
  SPEAKER_01: As soon as you start, as soon as you start working on your mindset set and understanding the stories as well that you've been telling yourself for so long, and you start to change those and change you, you can actually change your thinking.
• 58:14
  SPEAKER_01: You can change your thinking.
• 58:15
  SPEAKER_01: It's like you know, addressing the fears and the worries and the concerns.
• 58:18
  SPEAKER_01: No one wants to do it because it feels horrible.
• 58:20
  SPEAKER_01: So you run away from it.
• 58:21
  SPEAKER_01: But as soon as you do it, and you might need a help in hand to get through that, but when you do it, my God, do you feel different?
• 58:26
  SPEAKER_01: It changes you, completely changes you, and you become far more uh less selfish, and you start helping other people.
• 58:35
  SPEAKER_01: And this is again part of what we're doing, you know.
• 58:38
  SPEAKER_01: There's a lovely altruistic element to what we're doing.
• 58:42
  SPEAKER_01: You are having an impact and helping somebody else, whether it be with their career, uh, their finances, getting out of debt, the poor lad who who who was who was um suffering during lockdown.
• 58:52
  SPEAKER_01: You are giving something back.
• 58:53
  SPEAKER_01: So there is purpose to what you're doing.
• 58:55
  SPEAKER_01: And if you can get purpose and make an income out of it, what a lovely life that is.
• 59:00
  SPEAKER_02: Absolutely.
• 59:01
  SPEAKER_02: I mean, the the the one thing that I've been certainly searching for in the last five years is like some enjoyment, some fulfillment in what I do.
• 59:08
  SPEAKER_02: And and you know, as much as I was working in you know, wealth management and and all that kind of stuff, yeah, it is a it is a strained industry.
• 59:16
  SPEAKER_02: You make a lot of money and you think that's it, you know, that's what you're working towards.
• 59:19
  SPEAKER_02: But you make a lot of money, you finally realize, well, actually, yeah, what's this really all for?
• 59:24
  SPEAKER_02: Um, and fulfillment is has been my my my journey, and this is more fulfilling than I've anything that I've ever done.
• 59:31
  SPEAKER_02: The messages I get on Instagram every day are just beautiful.
• 59:34
  SPEAKER_02: It's like, you know, I've had 15-year-olds say, Oh, come across your your channel on YouTube, I want to start investing.
• 59:41
  SPEAKER_02: How do how do I get started?
• 59:42
  SPEAKER_02: It's like if I was 15 years old and knew what investing was, where would I be right now, about to turn 41 next month?
• 59:49
  SPEAKER_02: Like seriously.
• 59:51
  SPEAKER_02: But that's the whole point.
• 59:54
  SPEAKER_02: If you you leave school in this country and you don't know what the stock market is, you don't understand what compound interest is, you don't understand what investing is all about or money management.
• 1:00:04
  SPEAKER_02: How on earth, if you don't learn about it when you're you know 15, 16, do you stand a chance in in actually beginning an investment journey to create wealth on the stock market, which has been done for decades by wealthy people?
• 1:00:19
  SPEAKER_02: How can you not learn that in school in 2020?
• 1:00:22
  SPEAKER_02: Like, I don't understand it, it needs to change.
• 1:00:25
  SPEAKER_01: Yeah, I'll tell you what, getting sponsored by like a really good brand and getting yourself into the schools, like someone like you as well, and you know, into workshops within schools, that would be a fantastic thing to do.
• 1:00:35
  SPEAKER_01: You know, that would really add value.
• 1:00:37
  SPEAKER_01: But then again, you know, you can you can talk to that audience, not a problem at all on YouTube, can't you?
• 1:00:41
  SPEAKER_01: And probably more like why does it need to be face to face?
• 1:00:45
  SPEAKER_01: And that's the thing, that's the thing, isn't it?
• 1:00:47
  SPEAKER_02: And um, it does need to be formalized though.
• 1:00:49
  SPEAKER_02: I mean, because they have had um financial education or elements of it on the curriculum since 2000, I think, four, six, sixteen, sixteen, if my memory serves me correctly.
• 1:00:58
  SPEAKER_02: And you know, they trialed this, and and the problem that they've had is they're relying on the teachers to teach kids that something that they don't really know themselves.
• 1:01:06
  SPEAKER_02: You can't teach someone something you don't know.
• 1:01:09
  SPEAKER_02: And the the government um uh paper that came out at the back of it said specifically and explicitly, you need help from the financial services industry.
• 1:01:21
  SPEAKER_02: The question is, who is going to pick up that buck and run with it?
• 1:01:25
  SPEAKER_02: And let's look at it.
• 1:01:26
  SPEAKER_02: If you're a bank, where's the return on investment?
• 1:01:29
  SPEAKER_02: If you're a financial advisor, where's the return on investment?
• 1:01:33
  SPEAKER_02: So who's gonna take it forward?
• 1:01:35
  SPEAKER_02: Who's gonna do it?
• 1:01:36
  SPEAKER_02: I had to look into it to see, right, how could I do that just before I started on on Instagram in 2019, and there is no money for it right now.
• 1:01:45
  SPEAKER_02: There needs to be some way to fund it in some way, shape, or form.
• 1:01:48
  SPEAKER_01: So, why can't your platform have a an academic a money academy for kids?
• 1:01:54
  SPEAKER_01: That money academy for kids, because all that there and you connect that with schools, the schools part that's part of their curriculum, and the and the pupils log into it.
• 1:02:02
  SPEAKER_02: And the media so one of the things that I've looked at at the moment, because I actually have you can access the curriculum.
• 1:02:08
  SPEAKER_02: I actually have modules already built for elements of what's on the on the curriculum.
• 1:02:14
  SPEAKER_01: That's brilliant.
• 1:02:15
  SPEAKER_02: The issue that I have is I'm a one-man band, right?
• 1:02:17
  SPEAKER_02: Yeah, yeah, yeah, yeah.
• 1:02:18
  SPEAKER_02: It's only me.
• 1:02:19
  SPEAKER_02: I'm sustaining a uh podcast, I'm sustaining YouTube, at the same time, it's too trying to make some money so that I can actually live and pay bills.
• 1:02:25
  SPEAKER_02: Yeah, it is part of a wider project, but I am still a one-man band at the moment.
• 1:02:30
  SPEAKER_02: So it's trying to find people that I can work with that I trust.
• 1:02:34
  SPEAKER_02: Um, I mean, one of the things that I'm doing at the moment, um, which is really mean important for me, which I think is key and has legs, is um I've actually got another company called Money Intelligence where we're actually trying to work with employers to help improve the financial well-being of their employees, particularly now with everything we've been through with people being on being on furlough and not being able to pay rent.
• 1:02:55
  SPEAKER_02: So we're doing the you know workshops.
• 1:02:56
  SPEAKER_02: We had one yesterday with a company, workshops on just saying, look, you've been through a rough time.
• 1:03:02
  SPEAKER_02: Employees are extremely important to the recovery effort if you're an employer.
• 1:03:07
  SPEAKER_02: A workshop, an hour, an hour and a half, which is delivered online, recorded.
• 1:03:12
  SPEAKER_02: So you're gonna have a bunch of your employees on the on the workshop straight away, but have it recorded so you can roll it out to everybody else and just give them practical tips on right, you've been through a hard time.
• 1:03:24
  SPEAKER_02: How can you make sure that you're able to improve your financial well-being and actually protect your finances and start to give yourself that position where you're feeling like you can manage through the recession as it as we're still in a recession right now?
• 1:03:36
  SPEAKER_02: Um, and that kind of stuff is is really, really important.
• 1:03:38
  SPEAKER_02: That's something I'm very, very passionate about right now because I think it's needed.
• 1:03:42
  SPEAKER_01: But again, you know, that's absolutely, and that in itself is a platform.
• 1:03:45
  SPEAKER_01: So as a as a benefit to in uh employees, a company could say you have access to the finance intelligent hubble, or what you you know, of what you call it.
• 1:03:55
  SPEAKER_01: And within there, there's this, this, this, and this.
• 1:03:57
  SPEAKER_01: And we'll do a workshop.
• 1:03:59
  SPEAKER_01: What a wonderful thing, because again, that's a bit like perk box, you know, with all the men, you can just add it to Pert Box, it becomes a membership, a membership type thing.
• 1:04:07
  SPEAKER_01: It can be rolled out to some large companies.
• 1:04:09
  SPEAKER_01: And as long as it's accessible and easy, it's it's it's what you should do.
• 1:04:14
  SPEAKER_01: So like for me and my recruitment company, right?
• 1:04:16
  SPEAKER_01: Because I've gone through mental health problems, I've I put that health shield in place.
• 1:04:20
  SPEAKER_01: People have eight, you know, if they get you know depressed or anxious or whatever, I give them eight counseling sessions for free.
• 1:04:27
  SPEAKER_01: If they get a bad back, they can go see a chiropractor.
• 1:04:29
  SPEAKER_01: I'm not paying for it all, but certainly to facilitate part of it and get them in the right place to help make them better because I've got a duty of care to make sure my staff are are happy.
• 1:04:38
  SPEAKER_01: And if they can't find that solution, then I'm gonna share with them how to get there.
• 1:04:42
  SPEAKER_01: And I think we want to have that.
• 1:04:44
  SPEAKER_01: We want to give our staff that it's a wonderful benefit as well, um, because it's something an employer can talk about.
• 1:04:49
  SPEAKER_01: And that's the key thing.
• 1:04:50
  SPEAKER_01: It's like, are you even like talking to your staff about money?
• 1:04:53
  SPEAKER_01: Why not?
• 1:04:54
  SPEAKER_01: You know, you've got you're happy to give them all a pension, but not explain what it is, you know, or yeah.
• 1:04:59
  SPEAKER_02: Well, this is yeah, well, Sam, look, we could open a whole can of worms there.
• 1:05:04
  SPEAKER_02: I had a message the other day saying um from someone who was who a couple of years ago was offered um to go into the new pension scheme.
• 1:05:14
  SPEAKER_02: Didn't receive any literature, no talks, no nothing.
• 1:05:18
  SPEAKER_02: And he found out, well, he just went from a defined benefit to a defined contribution, and nobody spoke to him about by the way, this is what the new one is, this is what it does, this is how it's different from the former one.
• 1:05:29
  SPEAKER_02: And he's like, Have they just done me dirty here?
• 1:05:32
  SPEAKER_02: I'm just like, well, they should have really had someone talk you through the differences between the two so you can make an informed decision.
• 1:05:40
  SPEAKER_02: Unfortunately, they didn't.
• 1:05:41
  SPEAKER_02: Um, but you know, employ employers are actually reluctant to talk about money because there is a nervousness that they don't want to open.
• 1:05:49
  SPEAKER_02: Is that is that overstepping the boundaries of that employer employee relationship?
• 1:05:56
  SPEAKER_02: I will argue that it isn't, and actually truly shows.
• 1:06:00
  SPEAKER_02: That you're concerned about their wellness for years, people have had um uh what are they called?
• 1:06:06
  SPEAKER_02: Um, employee assistance programs that focus on mental well-being, mental wellness, right?
• 1:06:10
  SPEAKER_02: That's been a big, big thing.
• 1:06:12
  SPEAKER_02: Yeah, but the link between financial well-being or financial worries and and mental health is huge.
• 1:06:17
  SPEAKER_02: Yeah, we know that you know, if someone's worried about money in the workplace, they're 12.4 times less likely to be able to finish their daily task.
• 1:06:24
  SPEAKER_02: Yeah, they're one and a half times more likely to be looking to looking for a new job, they're 4.6 times more likely to be going through anxiety, 4.1 times more likely to be going through depression.
• 1:06:32
  SPEAKER_01: Oh man, I I've I've had it if my employees I the some of them have been in pieces, you know, around their finances, you know, really up, you know, and you kind of sit and think of, I'm not qualified to deal with this, I don't know how to deal with this.
• 1:06:45
  SPEAKER_01: I can kind of can be compassionate and be an ear, but I don't know.
• 1:06:49
  SPEAKER_01: And you know, like even there's like little tools about now where an employee can actually draw down on their salary.
• 1:06:56
  SPEAKER_01: So there's like these little apps and tools that allow the employer to easily allow someone to draw down.
• 1:07:01
  SPEAKER_01: So if they are again, you know, if something's come up and they're like, shit, how am I gonna do this or am I gonna pay that?
• 1:07:07
  SPEAKER_01: Or the kids got this or got tooth cracked or whatever, they can draw down on their salary.
• 1:07:11
  SPEAKER_01: I like the idea of that.
• 1:07:12
  SPEAKER_01: So I'm gonna look into that myself anyway, because I've come up against that where people are saying, Can I, you know, can we can I take some money out of my my salary this month early?
• 1:07:19
  SPEAKER_02: I think there's a company called Salary Finance that does that.
• 1:07:23
  SPEAKER_02: Salary Finance, I believe they're called.
• 1:07:25
  SPEAKER_02: Really, really nice.
• 1:07:26
  SPEAKER_02: Salary Finance.
• 1:07:27
  SPEAKER_01: Oh, salary finance.
• 1:07:28
  SPEAKER_01: Okay, cool.
• 1:07:29
  SPEAKER_01: Okay, I'll check that out.
• 1:07:30
  SPEAKER_01: That sounds really, really good.
• 1:07:31
  SPEAKER_01: My final sort of question to you would be okay before we end the podcast, because we've talked for a while and it's been really interesting.
• 1:07:37
  SPEAKER_01: I really appreciate it.
• 1:07:39
  SPEAKER_01: Um, I want to get more financial planners on camera.
• 1:07:44
  SPEAKER_01: I want better qualified financial planners out there talking about money in a really simplistic way and building a relationship with their audiences.
• 1:07:54
  SPEAKER_01: Okay.
• 1:07:54
  SPEAKER_01: One of the biggest things that happens is the challenge they have is the actual starting, actually starting the process.
• 1:08:03
  SPEAKER_01: Okay.
• 1:08:04
  SPEAKER_01: What advice would you give to a financial planner that wants to get on video but is struggling to do it?
• 1:08:10
  SPEAKER_01: What advice to get started?
• 1:08:14
  SPEAKER_02: I would so with financial planners, obviously, do anything on camera.
• 1:08:17
  SPEAKER_02: Obviously, we know that there is a huge compliance.
• 1:08:21
  SPEAKER_02: You know, I think, I think a lot of the time financial planners are very, very worried about all the compliance side of thing and stepping the boundaries there.
• 1:08:29
  SPEAKER_02: I would say definitely do your homework so you know what you can and can't say in terms of the compliance piece.
• 1:08:35
  SPEAKER_02: But ultimately, you need to obviously be be good on camera and be comfortable speaking on camera.
• 1:08:43
  SPEAKER_02: That's really, really important.
• 1:08:45
  SPEAKER_02: But like we need you to do something like this because look, everything we've spoken about on this episode, everything for me is true because I've I've experienced it.
• 1:08:56
  SPEAKER_02: If if this is something you're looking at doing, please do it.
• 1:08:58
  SPEAKER_02: Don't let you know compliance be that thing that stops you from doing it.
• 1:09:02
  SPEAKER_02: Um, but just know that you know you can impact people way, way more than you ever thought.
• 1:09:08
  SPEAKER_02: And you know, whilst there's the um charitable, feel good educational piece of what you're talking about, what it can do for your brand is huge.
• 1:09:20
  SPEAKER_02: Huge, and the trust that you can build is absolutely massive.
• 1:09:23
  SPEAKER_02: So yeah, just please do it.
• 1:09:26
  SPEAKER_02: I implore you, please, please, please, please do it because we need more people who are qualified talking about this kind of stuff.
• 1:09:32
  SPEAKER_02: Because the stuff that I found on YouTube sometimes I'm just like, oh my god.
• 1:09:39
  SPEAKER_02: So we need we need we need more qualified people in this space.
• 1:09:42
  SPEAKER_01: And obviously, anybody um you know, listen to this podcast with some great hints and tips and some great examples of why getting on video can really elevate your brand and also earn you a few quid along the way as well.
• 1:09:57
  SPEAKER_02: Yeah, absolutely.
• 1:09:58
  SPEAKER_02: And you know, people build businesses, and that's what you know.
• 1:10:01
  SPEAKER_02: I've looked at it for years, you know, looking at YouTube thinking, really?
• 1:10:04
  SPEAKER_02: People build businesses on YouTube.
• 1:10:05
  SPEAKER_02: People build businesses on YouTube, they really, really do.
• 1:10:08
  SPEAKER_02: Um, it is the opportunities that you can present are boundless, and they're only just coming to come through for me now.
• 1:10:13
  SPEAKER_02: But as the channel grows, I'm sure they'll be they'll be bigger.
• 1:10:16
  SPEAKER_02: I've been asked to do more speaking than in any time ever before as a result of the podcast on YouTube.
• 1:10:21
  SPEAKER_02: So, you know, it's it's it's been good.
• 1:10:23
  SPEAKER_01: Exposure in it.
• 1:10:24
  SPEAKER_01: Networking on steroids.
• 1:10:26
  SPEAKER_02: Indeed.
• 1:10:27
  SPEAKER_01: Amazing, Peter.
• 1:10:28
  SPEAKER_01: Thank you so much for your time today.
• 1:10:29
  SPEAKER_01: Thanks for sharing your journey, sharing your experiences.
• 1:10:32
  SPEAKER_01: And um, obviously, we'll keep in contact and I wish you all the best, mate.
• 1:10:35
  SPEAKER_02: Cheers, Sam.
• 1:10:35
  SPEAKER_02: Appreciate it.
• 1:10:36
  SPEAKER_02: Thanks, man.
• 1:10:36
  SPEAKER_01: Top man.