AdviceTech Podcast #10 – Lonsec – Transcript

Peita Diamantidis
Hello, and welcome to the XY AdviceTech Podcast. I’m Peita Diamantidis. And joining me here today to deep dive into the Lonsec iRate tool is a UK import, you’ll be able to tell by her accent and someone with some serious Client Services experience. Thank you so much for joining me on the show. Hannah Bevan.

Hannah Bevan
Thanks, Peita. It’s great to be here.

Peita Diamantidis
You are very welcome. Now super keen to dive into all things I write. But let’s just get to know you a little bit before we we do that and how you use technologies. So what’s your most used emoji? Do you use emojis?

Hannah Bevan
Yes, I do use emojis. I think they’re pretty, pretty easy way of getting explanations across pretty quickly. So most use one is definitely going to be the thumbs up especially in the work environment. It’s easy on teams just to answer something with a thumbs up. If it was more, I suppose on my mobile, genuinely it’s bringing me a smiley face or the love hearts. Or if someone else gets ahold of my phone a little one, that’s probably going to be twos and unicorns. That’s fun and games, isn’t it?

Peita Diamantidis
Right? Don’t you love the generational difference? I actually think there’s also a cultural difference, too. So I think in Australia, that we use thumbs up a lot like that’s the may like it’s a representation. Yeah, it was the expression. So we’ve clearly indoctrinated you. I’m very happy about that. Exactly, exactly. Now, how about your smartphone, if you had to delete all of the what I embedding is quite a few apps on your smartphone. And you could just keep three, what would you keep

Unknown Speaker
Turkey on? I think for me, it would definitely be something like WhatsApp, something keep in touch with people. So it’s easy way of doing that. Probably a music app like Spotify. So just access to music, podcast and everything. So you still got that, that community that set up. And then third one, for me probably a bit different to some people. It’s an app called Tiny beans. They’re kind of like a curated social media platform that allows you to post pictures and milestones of your children. And you just select who is so with family and friends all over the world. That’s a really important one that we all share. So we can keep up to date with all those little nieces and nephews are up to date as

Peita Diamantidis
well. So that’s sort of an alternative to just having a like a WhatsApp group and everybody getting all of these posts and like all that sort of craziness and

Unknown Speaker
actually going when you want to have a look at it, but also it’s better than the sort of Facebook Instagram where anyone can see it as well, I

Peita Diamantidis
guess. Yeah. Okay, tiny bean. I like it. I’ve noticed that Dan, actually, for some friends of mine who I’m sure could benefit from that, because everybody’s a bit hesitant, sharing photos and comments on kids and what they’re doing, you know, we’re all aware that there can be a little dangerous candidate. Perfect. Oh, I love it when I get an ID for a new app. Thank you. Okay, so let’s dive in. So starting, you know, just broadly for irate what category does that generally fall under, you know, who do you sort of compare yourselves against what other tools would somebody be looking at as a comparison to IRA? Yep.

Unknown Speaker
So long, thick as presume whereas either research house investment consulting business, so I write is the software that’s housing that research and the tools to help advisors construct, manage their portfolios assist in determining the appropriateness of products for their clients. So really, I suppose if you didn’t be comparing us to somebody, you’re going to be looking at the likes of Morningstar. Dennis SQL research that the other major research houses that have their own tools and portals as well.

Peita Diamantidis
Yeah. Okay, that makes sense. And I guess what is starting to come up though as well is is the sort of more narrow tools as well, like your ethos ESG, you know, these people are doing these really narrow filtering ways as well, right. And that’s a new sort of development in terms of

Unknown Speaker
what you’re looking for, I suppose lonsec, we’ve got the broad spectrum, we’re covering managed funds, super funds are super ratings business, we’ve got ASX 200, coverage, ETFs, listing homes, we’ve got the whole suite. And then you’ve got those more specialist ones, especially those coming into that ethical sustainable area as well. So they’re, it’s a changing environment. But traditionally, the bigger research houses cover all aspects. Yeah, fair

Peita Diamantidis
enough. So I’m betting then that your normal user is either advisors or paraplanners, in that sense for this sort of tool in financial advice, you know, their users in many, you know, advice practices, that is sort of broadening the team that use the tool, they, you know, you’re finding that there’s a broader use as maybe people use more admin resources or even VAs or anything like that, that there’s sort of more training happening of other members of the team.

Unknown Speaker
Definitely, I think I think rate can apply to a number of different areas. When he was vice practice, you’re right that be the advisor, primarily, then the power planner, backup support to get that information and research out construct their portfolios, the recommendations, you can then have other people go in and get the information. But I think also reaches bigger than that. You’ve got the licensees that are also using it for their APL management, their research teams using it for the you know, constructing the APL the IC committees, things like that. So it can go up or down scale up and down, depending on the size of the business as well. And then also, you’ve got even in turning the months that we’ve got our own research analysts and investment consulting teams using using our rates for their, for their for their peer comparisons or selecting products as well. So does have a really broad reach, they definitely have got, you know, the IC committee aspects APL management, as well as so but those compliance aspects as well are really important that other team members in a business advice practice would use it for

Peita Diamantidis
you. And I think it’s something that we’re probably not great at in financial advice is, you know, there’s layers of complexity of using a tool like irate and but there are some things that somebody just with some direction and training can please go down into this and download that, you know, some of those things. Yeah.

Unknown Speaker
Yeah, I did that kind of training the other week with somebody who was sort of looking at API Management for the IT committee. So they want to be able to get them it was teaching them how to load that APL in as a product group set up reports to come through some automatically be alerted for the rating changes and things. So all the aspects where she didn’t need to be in our right traditionally, for the research aspects. But it was a ship for her it was a game changer for APL management, and automating those processes. So it can be applied across so many aspects of the business definitely.

Peita Diamantidis
And sort of diving down that rabbit hole. And then it’s, I can see a lot of people probably use it as they need it. You know, a lot of advice. All right, I’m doing this in we go instead of potentially batching some of that and letting a team member do a whole lot of things all in one hit Set, like you say setting up some things in there that mean, you’ve got your main list in there already. I’m imagining that’s probably something people don’t set up enough, you might guys might see and go. Yeah, you were organized.

Unknown Speaker
I’d agree with that. I think we have I rate has a number of little features like that sort of that that seems quite simple. But if people were to set them up, it could really save them some time. And they’re probably often overlooked with people get irate initially, they need to access research, they’re just going in downloading those reports doing it when they need to. But a few a few bit of time spent at the beginning setting up your APL maintaining that setting up the alerts, you can be notified when there is a rating change straightaway, you’re not having to go in and check the changes, you know, and sharing that with every team members as well that are all use scenario with their own logins, you can share all that information. So you’re all working off the same set of data. And only one person who’s managing it is it’s all possible. And it’s it’s those little smarts that help anybody with any tech really be, they’d be more effective, but probably a little bit guilty of not putting that time in to do it.

Peita Diamantidis
Because it does require you sort of, it’s sort of looking above yourself, almost like bringing yourself above and go Hold on. I’ve just done that 20 times in two days. Wait a minute,

Unknown Speaker
I’m waiting, I’m going in every month and downloading the same information, hang on, I can actually schedule that report to come to me on a set day, every month if I set it up once and it will come to my mailbox from a day. So it really can be that smart if you spend that time doing it. And maybe you know, that’s an asset we’re looking at how can we help our clients actually be using that functionality better? How can we let them know it exists? Because you know, there is so much in irate and, you know, is this communicating to you know, you could do this and you can do that. So that’s an aspect of always focusing on the moment as well for our clients to try and help them get irate to work smarter for them.

Peita Diamantidis
And I think it is it’s a it’s something that does happen in advice when for lots of people they’re going to have this sort of core, call it a CRM or an advice tool. It does matter. see big system and they’re in it all the time. And so I think you, you do become a bit more aware of Gee, I should get more training on this or on that. But some, it’s interesting with things like a research tool, we’re actually in and out of those a lot. But I’m not sure we necessarily expend a lot of energy at doing that better.

Unknown Speaker
I mean, it’s, that’s probably it’s probably, it’s probably fair. And I mean, that’s why we do have that client service, that training support function there to help people. So when they are trying to do something that you know, if it’s not working, or why do I keep repeating this? Is there a quicker way they can get that training, listen, get that support, we can help you set that first product group up with your APL, and then you can go away? And do the rest of you need to do when we do have that support available to try and help people use it better?

Peita Diamantidis
Yeah, and look, I encourage any listeners that are current users to take advantage of that. And, and even to the extent that I’ve started to put my hand up with some tools we use for almost like revisiting the beginner training, because the new beginner training, talks about the new features, and I’ve probably missed some of those, you know, so it’s just that gives us a refresh.

Unknown Speaker
Exactly. That needs to look the same, the regular webinar training program, but of course, someone who’s who started in the subscription five years ago, we brought so many things in, you almost do need to go back to the beginning and have that webinar to make sure you’re catching all the new features. And are you really using it to its full potential? Or are you just going in and doing what you were doing five years ago and not realize there’s there’s perhaps an easier, more efficient way now?

Peita Diamantidis
Yeah, absolutely. And look, sometimes, one of the ways we even do it is we have support staff do something like a training like that with yourself or, or as a webinar, and some of it, it won’t be relevant to them, but they pick up on such different detail to what we do, you know, and they instantly see efficiency, you know, support or support team or admin team, the sort of their lens is such they’re gonna go wide. I mean, it You mean, I could do that in two steps instead of 12? There on it. Yeah. And

Unknown Speaker
we and in fact that we do see that. So again, we’ve got especially new clients coming on board to say, don’t just do the training yourself as the advisor, bringing your team in who’s going to be using it because you’re all see different aspects. And it can often start discussions within the team as they’re on the call, or hang on, if we did that, we could do that. And you can see those light bulb moments. See, it’s actually beneficial as a, as a whole practice to be in that room in the same session. So you can all see a bigger picture as well, holistically.

Peita Diamantidis
Yeah, and it is, it’s, like I say, when you focusing on your core, you can spend a lot of time on your core tool, I think we probably do, you know, these parallel sort of systems that we use a lot, but they’re sort of to the side, we probably do them a bit of a disservice in that sense, because we don’t apply nearly as much energy into a understanding them and be keeping up to date with them.

Unknown Speaker
It is understandable as well, we will get those parallel systems with us. And it’s just unfortunately, human nature and the time we’ve got available, isn’t it? So?

Peita Diamantidis
It is it is? So if we’ve got somebody who’s curious about the tool, and they’re looking to sort of dive in, is there any is there any practice or advisor It’s particularly good for all that you found it’s not quite suited for is it doesn’t really suit across the board.

Unknown Speaker
I think it really does suit across the board. I think as we’re saying it’s got it’s got so many aspects of it is just the research you want, you want to go in there and just get that it’s going to work for you. But it’s also going to work in a far higher level and complex level, if you want it to to help with the APL management, the compliance checking, you know, ratings of products and things. And it can go all the way through to helping you manage your portfolio’s, you know, putting those portfolio comparisons recommendations together. So, it, it really, it really is quite a powerful tool. It’s about how far you want to take it in your business and where it can support you alongside the other, obviously tools and everything you want to use. And yeah, there is a lot there. It’s, there’s an NG users, I suppose, as we like to call them that are in there with portfolio construction, and they’re using it for all their client portfolios and model portfolios. They’re all in there, they’re building out when they’ve got to do the new review or recommendation, this is where you are today. This is my new recommendation side by side comparison. So it can be really quite powerful. And we see that we see that feedback come through when people do start adopting and using it this like this. They say sometimes the game change for the business and then you know, they don’t want to go back to what they were doing previously in an Excel file, I guess. Yeah, absolutely.

Peita Diamantidis
And I think the other thing is, look, it’s great and we’ll get to integration in a second but it’s great for SCA but it’d be better if it was all in together. You know what with these sort of tools and I’m betting there’s all sorts of wonderful graphical representations of those things and tables and all sorts of things. Screenshots work a treat, you know, you can you can screenshot at graph and drag it into your SOA or your advice document so I’ve previously got a little caught up in making sure everything feeds in when the tool does the look and the feel of what you want to do you just love it just screenshot the outcome, put it in the document you know, it’s it’s super easy and you

Unknown Speaker
know, multiple screens and those charts means that they will they can come out in a Word template or PowerPoint templates. You can copy and paste it into your SOA easily as well. So it’s not necessarily that you have to even screenshot it, you can get the export in a in a bed format to bring in, you know, good old copy and paste as well. So

Peita Diamantidis
yes, exactly, well, then I guess that does cover sort of the integration. If the if the output can be in all these different versions, then that’s probably what you’re producing an advice doc in anyway, most of them go out into a Word document or something like that. So it’s then super easy to drag in. That’s exciting. does it integrate more closely with any other tools, iris or anything like that?

Unknown Speaker
With Iris. So with Iris, simple x plan and midwinter, we’ve got the integrations there that’s pulling through the ratings and the research reports product profiles. So So I suppose more when you’ve got the back office paraffin support in in those tools trying to you know, bring together the SOA, they can check those ratings, they can get that information on the product without having to log into irate themselves to go and get that research report. So So there’s those integrations there. And we are talking to other sort of software providers, we sort of see it’s a changing market at the moment as new ones appearing, the times we’re talking to them about what integrations we can do as well with other software providers as well.

Peita Diamantidis
Yeah. Okay. And so in terms of then materials you might have as sort of part of the total offer that might be more client facing, I mean, I’m betting you’ve got market updates, or, you know, those sort of things, or any of those tailored for clients, or most of them just specifically for the advice. The advisor themselves,

Unknown Speaker
yeah, most of it is, is for the advisors themselves. There, there are civilians, I suppose our job primarily is to make sure that we’re helping the advisors look good in front of their clients, it’s about giving them the insights and information. So they can have informed, insightful conversations. So we have those market updates that are available for the advisor on a regular basis, our strategic dynamic asset allocation views, you know, what we think’s happening in the market coming from our investment consulting teams side as well. And then you will see all the research reports that saying that some of our market insights, we do put into a sort of more client friendly newsletter that the advisors themselves, you know, posts on the website, we have clients that do put it onto their own websites, a portal for their clients to read to give that very high level, what’s happened in the market economic views as well. And then if you are in there, using our portfolio construction tools, for example, you can get a client facing portfolio report, which will give you an overview on where your portfolio is, with different units, you’ve got up to 20, different quantitative analysis, risk return profile, performance charts, you can select to put in there to really tailor that report. And then there’s customization, like being able to add a logo to those reports. So you can actually say this is my work, because when you enter this, you know, it’s branded with, with with your advisor practice logo, which always looks good.

Peita Diamantidis
Yeah, okay, fantastic. All right. So there’s a whole lot there, I mean, the sort of thing that I can I can see happening is you might have your, what I’m, I’m betting is quite detailed market reports, they’re, they’re going to be the very fine NC ones. And even if they are for, you know, for clients, they’re gonna be quite detailed, then, you know, an advisor could potentially do a little quick video, you know, at the top of the newsletter, that’s their highlights of that, and then provide the rest of it if for the people that want to go deep, so that you sort of covering both ends of your client, but

Unknown Speaker
hasn’t both ends. And we do have like a more detailed one. But then the monthly one is quite short and brief. And then the client when we do try to keep stuff like literally two pages, so it isn’t any is a bit more simplified. So we do try to bid again, that advisors have been able to put their own commentary around it, obviously, really powerful view as well.

Peita Diamantidis
Yeah, absolutely. Absolutely. So in terms of, then, I mean, you must have loads of current users that are in there, then what do you think that people don’t take advantage enough of we’ve covered a few things. But is there anything else that you go? A couple we’ve got people aren’t, you know, really utilizing this as much as, as we feel could add value to their practice?

Unknown Speaker
Yeah, I mean, sleeve their toes on their eyes and see those ones that just helped me with APL management compliance. And so getting those alerts. But I think another one is, we did launch a new tool this year products like this. And that essentially, is a tool which allows you to filter for like set of products, some similar characteristics to a product that you’ve already got in the portfolio, that perhaps your point you need to replace for a client, it’s going to give you in a matter of minutes, a universal product, some similar characteristics that you define, to actually go okay, this is my universal 10 products to consider. Now, we all know that advisors were telling us that when they come to do a client review, the back office can spend so much time trying to find those light products with recommendations. This is some people that say already taken an hour to hour per client with the author of their research and putting that together. So if you add that up over a course of a year, that’s really going to add significant savings for any for a business to free up the staff to be doing other things as well. So the products like this tool is probably the one being a new feature as well, obviously, we’re really keen, we think it’s got real value. We’d like to see our CI users really getting in there and trying it out.

Peita Diamantidis
Fantastic. And I believe you’ve also got the sustainability score there now. So that’s a thing that is coming up for all of us whether we’ve got clients that are particularly grainy or that way inclined, it still gets asked, doesn’t it? So that’s something that feature as well,

Unknown Speaker
definitely, definitely a big feature. And so it’s a, we’ve got the sustainability score on products, you know, alongside the traditional rating. And then also alongside that we built with built in some features, I suppose, in the product search, or when even using the products like this, that you can say, there are particular characteristics or elements that we that advisors want to avoid, such as coal mining, or something like that. So you can look at the material levels that the fund managers saying they have investments in and say exclude products that don’t have that have that have a significant exposure to coal mining. So we’re helping screen products that way for advisors, which is also really helpful in that university. So I think that’s definitely an area where we’ll see more focus and developments because it’s, as you say, it’s becoming such a big focus spot for the end to the end clients. So advisors need that information. Yeah,

Peita Diamantidis
it is. And I think it’s great that, you know, a tool like tools like yours are starting to do that, because there’s sort of, I can see that two ends. One is, a client specifically says it and I’ve had that before, we don’t want any coal or gas, like they have some sort of vigilance about something. And therefore we can use a tool tool, like you’re talking about there, I think the other end will be over time, educating clients, like helping them understand what they care about, because they probably don’t know that they can, you know, they don’t know that they can choose those things. And so I think, then there’ll be some sort of almost values based questioning, that will do something like a score based thing that will help them work that out so that then it can be applied.

Unknown Speaker
It’s very much, you know, we’re still at that stage where we, we still need that data to help us come through and get information for us just give it at the moment is very much a materiality, roughly, they say they don’t have it, but it’s still it’s still, it’s still very much a guideline at this stage. But at least we’re helping filter that universe down for advisors to say, when they do have some go, oh, maybe I don’t want to think about coal mining or tobacco. What else? What else can I think about?

Peita Diamantidis
Absolutely. And as a rule, you know, you’re looking at, at what somebody currently has. So to be able to get that snapshot, you know, and then compare it against, you know, version B. Alternative is,

Unknown Speaker
and that products like this tool is really is really useful for that. So you can do that you can go okay, I’ve got this product today, but we know it’s got a high level of tobacco, coalmining, whatever it is, show me products that have a less, you know, have a more immaterial exposure to it, it will give you the answer straightaway.

Peita Diamantidis
That’s fantastic. Yeah, that is a huge time saver, because you’re trying to wade through that can be a long and torturous BDM of fund manager. Exercise. Yeah,

Unknown Speaker
understand. Yeah. So unique needs, you’ve got to start important to shortlist met them. That’s what we’re trying to enable. We’re trying to get that you know, some time saving shortlist that you can then go and do that more in depth research on but you’re not starting with a universal, you know, 100 plus products, you’ve got all right.

Peita Diamantidis
Panels. Absolutely. Because they’re not the list isn’t getting shorter, is what I’ve realized. It’s getting longer, not shorter. So, you know, anything that helps, you know, bring that down and help it sort of, like you say, create a shortlist, I think is powerful. Is there anything on the development path, anything coming up that you guys are working on? Or that you’re excited about that you’ll be rolling out in the tool?

Unknown Speaker
So there were always aspects, both projects that if there was nothing and continual incremental improvements in AI, right, so we you know, we aren’t, we’re always looking at what we can do, whether it’s a small feature a big feature, as I mentioned, in the last sort of 12 months, we’ve had the new products like this tool, we did major updates in terms of the UX to try and refresh that and make that a bit more intuitive to people recent recently launched a new portal for a managed account side of the business. So all of that sort of coming through. And then the feedback is very much about working with with our clients, you know, what would they see? Where are their pain points to make sure we’re identifying, bringing the right things through since we haven’t have a working group of clients that we’re looking at? Fantastic. It’s coming up, I think we’re going to look at what we can do perhaps a bit more on the personalization, customization options, also about as probably a bit more about educating clients about what is there. So what I’ve just talked about those time saving tips that APL management, the compliance management, I think, I think we’ve got so many great features from our rates that we always want to go back to, to help him clients use them and understand it and put that education piece together for people to really make sure they’re maximizing it. And then another one I’m kind of, I’m interested in, I think it’s good to be looking at that commonality of holding style analysis across the group of products you’re looking at, or a portfolio and make sure you’ve got that diversification. So there’s something we’re looking at in that space as well, we could do there. So it’s exciting. And then if you mentioned, you know, we’ve got responsible investments, that’s the key one that we’re keeping an eye on. And we’re working very closely with the research analysts, the team that are obviously doing a lot of work in that space, seeing what they’re finding and how we can bring the information they’re collecting into our right for it for advisors to use as well so very much you know, across the business, what’s what’s happening in so many different areas and where do we bring that all together for the advisor?

Peita Diamantidis
Yeah, that was perfect. I think we’re quite a few episodes in now. To the advanced IQ series of the podcast and the consistent thing that stands out for me, and of course, I’m the only one that’s listened to all of them as it is, none of us are using the current tool, we have to its full potential. Like there’s so many things in the one we have already, you know, when you take curious like I am, then I want you once you know, which I think is a mistake, we need to take the time to become, you know, super advanced users of the technology we have already. So yeah, listeners, I would encourage you to reach out to Hannah and the team and really dive in, revisit what you know about the tool, get them to show you maybe describe your process to date, and see if there’s some things that I’m betting Hannah, you and your team can identify, well, wait a minute, if you do realize, if you did this, you wouldn’t need to do those extra two steps, that sort of thing, which can free up so much time.

Unknown Speaker
Exactly. And that’s what we want to do, we want to make sure that people are maximizing what they have already. And we’re aware that we are adding features all the time, because every every application, every in every software is constantly evolving. So people will will not necessarily take advantage of things that have come in, but they you know, over the last few years. So we really want to consolidate that for our users and for those new people coming on board as well. And so by having those conversations, we’re probably get even more ideas about what we could take those to the next step to help to help that advice practice become even more efficient, and you know, have those informed conversations with their clients, you know, with our research and the recommendations, they they’re gleaning out by rate as well.

Peita Diamantidis
Perfect. Is there anything else we’ve sort of missed? That we haven’t caught? Or haven’t covered? Do you think?

Unknown Speaker
I think that’s pretty very good, very high level of your state look is there isn’t there is a lot of my right primarily, you know, we are thought of as a research tool, and you’re going in there and accessing the research, but there is so much more that IRA can do to help support those client conversations, and build out those recommendations and help you we I suppose, as an advisor streamline processes, simplify the demonstration of the best interest duty obligations, and all those compliance obligations that advisors have had put on them in the last few years. We know it’s massive, and that everything we’re trying to build an IRA is to try to help along those conversations and help simplify those processes and technologies everywhere coming in coming to everywhere for advisors as new as using tools arriving on time. So we get that finding the time to look at it is difficult. So my main thing I told you is pick up that phone speak to us, we do a trading session with you make sure you really aren’t getting the value. Or if you haven’t used it, this is complimentary two week trial, take advantage of that get the training, then

Peita Diamantidis
fantastic. And look, that’s the way to get neck deep in something right is just to give it a whirl and to actively use not sort of our play for a few minutes, have a piece of advice you’re doing and actually use it and you’ll you’ll rapidly work out where the value is. I think I was lucky enough to have a friend years ago who was a scientist. And the one thing she quickly taught me was there’s a difference between research and evidence of research. And I think that is something that using tools like AI, right, we can just be doing research, or we can pull out all the evidence of the research that we did. And that’s the difference, isn’t it? That’s

Unknown Speaker
evidence of research. And it’s not just downloading the research report that says this product is highly recommended. So by APL it’s about then you could take that to the next step. And you could build your portfolio for your client, you can plug in their portfolio as it is today and put it next to the one you recommend. And you can show why it’s stronger in terms of you know, it’s better aligned to your risk profile, it’s better aligned in terms of returns on the downside deviation, okay, it’s historic information that’s showing you where those risks have been in the past and why we think we’re protecting it, or we’re giving you where you need to be of your goals, if you want to take more risk as well. And the power is there in that and you’ve got the evidence, those reports can be downloaded to the client file to the reviews, and you’ve got it there. So

Peita Diamantidis
exactly, you might need something that’s, you know, coming up a fair bit on bid for out there is you know, with interest rates, doing, what they’re doing duration and things like that with interest rates or something that you then looking at with certain funds, and to be able to show you have compared a few and can see the difference. And this is the thing I was looking at, like all of that so valuable. And I just think it’s good rigor for us anyway. You know, I think that’s a great creating those structures where we consciously capture the research we did is just good practice. Generally it let alone from our best interest helps, it

Unknown Speaker
just helps you have those conversations with a client, if they’re asking you, okay, I’m not sure about this and say, Well, I’ve done that I’ve looked at it, and I’m comfortable that these, these, this, this portfolio, where it’s positioned is going to help you and you can just come in and you can just put the portfolio into irate and run a few of those charts and just just be comfortable that you’ve done that for your own benefit. You don’t have to do it just that a review time or for a new client to come in at any point and do that.

Peita Diamantidis
All right, Vice explorers. Well, if you’d like to find out more about lonsec and irate, then those links will be in the episode show notes and take advantage of the two weeks trial. I think it’d be a great way to really check it out. And we’ll also include the lovely Hannah’s LinkedIn detail so that you can, you know, reach out and ask all sorts of questions. And she can probably point you in the right direction of, of where to get some training for your team. And to learn more about the tool. Look there, Hannah, thank you so much for for joining us, and also taking the time to really dig in into all the detail of the tool, and a great offering for advisors. And I sort of can’t wait to see what else you guys will come up with in the future. That’s great. No,

Unknown Speaker
it’s been great having you, Peter, and I look forward to anyone who’s got any questions just reach out, we’re always here to help and the team are here to, you know, make sure everyone’s maximizing that subscription or getting the most out of a trial as well.

Peita Diamantidis
Perfect. Well, you heard that here. It’s now being recorded, folks. So thank you so much. Right. Thank you.

So are you a current user of lonsec? Do you agree or disagree with you know, what we covered and, and what we felt was some things to take a deeper look at, you know, please share any of those insights on the XY community platform, as we’d all love to hear your take. And, you know, any tips, any, I just discovered this, let’s share them, you know, let’s make sure we share them on the platform so that we can all get the benefit of your insights, in terms of my thoughts, then, I guess what I’d say is, it can be often often be really worthwhile to take a look at how you use a tool like irate and consider what tasks you do that have to be done per client, like it’s it’s unique per client. And what maybe can be collated on, say a monthly basis, or even a weekly basis, you know, reviewed, collated and then put somewhere, this could be the fun reports, it could be other things, we can often end up doing the same thing over and over again, for each client, downloading a similar fund report doing like all those sorts of things. So stepping back, and really considering any repetition in what you’re doing, can end up delivering you some real timesavers. So just have a think about that, if there’s any sort of batching you can do for any of that. Similarly, much of the sort of, you know, extraction work or even data entry into a tool like this actually could initially be done by a member of the support staff, depending on how you’re using the comparison tools, or depending on how you’re using any of those tools, then with some really good training, some, you know, videos, walking through what you do, and then gradually revising the process with the support staff team member, then they’ll really be able to get used to what you’re looking for. And then you know, they can get it to a certain point, then hand over to you. So that then you know, you can, you can continue on from there. This is a way to get some really serious bandwidth out of a tool like this separating out separating out the entry or the collation or the tidying from the deep analysis and the insights. So, you know, we can often make the mistake that you know, once the process reaches analysis and advice, right, that it just sits with the advisor or the power planner, and it’s just automatic, all elements of that sit with them, you know, but other team members have a role to play to really streamline and prepare things before you get to them. So just keep that in mind. Okey, dokey. So for today’s curiosity corner, where we build our curiosity muscle by sort of checking out a new out of left field app that I’ve come across, I’d love you to take a looky loo at Text Expander. Now you can find Text Expander at text expander.com. Funnily enough, now this is to be used for anything you regularly type that can be and can be replaced by a few keystrokes. Right. So basically, a sentence or a paragraph, many paragraphs, or even a word can simply be replaced with a couple of letters or a backslash and a couple of letters. This could be the friendly intro, you always type in an email, it could be the directions to the office, you drop into an email, sometimes, it could be the link with some instructions on how to make an appointment with your scheduling app. It could be a couple of paragraphs you’ve come you’ve come up with about current market conditions ready to respond if you get some queries could be the outline of a fall note with the headings and prompts ready for you to just fill in as you need it. How about PDS links, you know, instead of having the full thing, you could just be a little keystroke, and it would type the whole thing. This can be used in spreadsheets to you know, is there a date you always enter or, you know, even interacting with team members if you can use an internal internal chat tool and there’s a response you often give. That’s that’s describing something or explaining something then there can be keystrokes. This doesn’t just apply to advisors either, you know, what about members of the admin team? And in fact, admin people can once they understand the tool, and they get their head around it. Often they completely past us in terms of the value they can get out of it. They do a lot of typing. They learned a lot of data entry and you know, filling in forms those sorts of things and TextExpander can do a wonderful job for them. Top users of this tool can save over seven hours a week. Seriously. So from this point on, just start looking at the things you have to type a lot just absorb the fact what are the things that I’m doing that a lot with. Maybe it’s even word you miss type a lot, make them a shortcut, so you never have to type them twice again. So I’d encourage you to check it out. Well, that’s all we’ve got for this week. Be sure to subscribe to the podcast so you’ll get your advice tech fix automatically sent to you each Friday. And if you’d like a speaker at your next event to brief your audience on the seven habits of bionic advisors, and the secrets to take powered human centric advice, then please reach out to me on LinkedIn forward slash Peita MD That’s PEITA MD. Otherwise, I look forward to turning up in your earbuds next week. And remember advice explores Stay curious