In the Slipstream – Episode 21 – Podcast with Phil Little – Slipstream Coaching’s New Business Coach

 

 

Scott Charlton: 
Hello and welcome to in the Slipstream FM podcast, which helps accountants and financial planners run a better business. We’ve got a very special episode in store for you today because I’m introducing the newest member of the slipstream coaching team, who’s also going to be the first returning guest to the podcast. My name is Scott Charlton, and my role today will be to take our new coach through his paces. The plan today is to ask the coach some curly questions and put him through his paces. Why not? Then in a new twist on the coach’s corner segment, I’ll be taking you behind the scenes to share some of the things I’ve been doing with Phil of spill the binds so that he can hit the ground running. I think you’ll get lots from listening

Recording:
Now here’s some great ideas for your son where we’re all about success on your terms, get the knowledge, the tools and insights from special guests, everything you need to become your very best. So come and build a business of your dreams, settling and listen now to in the slipstream.

Scott Charlton:
It’s my very great pleasure to welcome back fill little who is my guest back in episode 16 of this podcast. That interview with Phil made a great contribution to my bulb practitioner series, a theme which bobs up regularly on the show. If you haven’t yet heard it, I strongly recommend that you listened to that episode given the terrific real life examples that Phil shared about practical business decision making. There’s been a number of interesting conversations that have transpired between Phil and myself since that interview, and now it’s my very great pleasure to advise that Phil will be joining the slipstream coaching team on a full time basis with the express intention of growing the number of financial planning firms we work with personally on. Delighted with this development. The professional worlds or Phil and myself have intersected always proactively many times over quite a long period in particular, we worked hand in glove together at associated planners, which lights became genesis wealth advisors for a very productive five years over this long term association.

Scott Charlton:
We’ve always kept in touch from my perspective. Got One of the fondest Brian’s for business strategies that I’ve encountered, so it’s really exciting to have Phil join our team for the benefit of listeners of the previous podcast with Phil. There was virtually zero overlap between what we’re covering today and what we discussed during episode 16. Instead, I want you to get a sense of what Phil is like as a coach and what he brings to the firm’s he’ll be working with. I think you’ll be mightily impressed. I hope you enjoy sitting in on this chat and in due course, I look forward to seeing the results that Phil helps slipstream coaching clients achieve. Let’s get started.

Scott Charlton:
So Phil, as our first returning interviewee, welcome back to in the Slipstream FM. More to the point, a welcome as an incoming coach to Slipstream coaching.

Phil Little: 
Thanks for inviting me back and I really, I can’t wait to start working with Slipstream. I’m just really excited about it.

Scott Charlton: 
Excellent. Excellent. So when do you actually commence on the Slipstream team?

Phil Little: 
First of March.

Scott Charlton:
Excellent. All right, well that’s not too far away now because you’ll soon be on the slip stream team. I don’t think I’d have to be overly differential. Uh, so let’s get started. So first up, I’d like to get some short sharp answers from you, the coach. So you’re ready for them. Uh, so what’s something about you that isn’t on your LinkedIn profile?

Phil Little:
I was talking to a fellow called the Amygdala. We were trying to get something and one of the things that struck me that he didn’t know about me, that I listen to music constantly, like constantly got music on in the car or whatever. And I didn’t realize he didn’t know that most people don’t have that fit. Yeah. I listen to music constantly. There’s always music going on.

Scott Charlton:
Lovely. So Phil, why coaching?

Phil Little:
That’s, it’s an interesting one. I, uh, when I was about that 48, which is three, four years ago now, or been in the firm in my financial planning practice for about seven or eight years, that stage I really determined to 50 I was going to that job and do something else. That sort of career and actually witness or a um, um, a career counsellor and they, you know, if you’ve ever done that, it’s actually quite a good process and she put me through all of these questionnaires and testing the rest of it and, and kind of she said, um, it’s sort of off the charts that you should be in training. She said, have you ever considered being and trying not to. Actually I had three years in training in human resources, uh, you know, when I first started work I said I actually really loved it and that really got my mind thinking that I’m heading down this path and I think she was wrong. So that’s why.

Scott Charlton: 
Fantastic. Um, so you mentioned your early days in training. What about your coaching background? Uh, what sorts of things have you been doing there?

Phil Little:
Well, the last, so I left, uh, the firm that I, uh, was the, was the principal for a film called Henry’s Financial Group. I left HFG in mid-2015. And since then, are they a prominent business coach, which is a licensee in Australia, sort of a premium quality license in Australia. So I’ve been business coaching there for the last probably two and a half years. And um, I suppose my initial feeling about the reason making a move, you know, has really been sort of confirm like I really like. So yeah.

Scott Charlton: 
Excellent. Excellent. Um, so particularly relevant to the advisers you’ll be working with. Um, what’s your financial planning background?

Phil Little:
Well, that’s an interesting one because I actually started working at an insurance company called national mutual, which has all disappeared. It became extra, which is now part of the world. And, you know, it’s a really good grounding, I think for a young person leaving university to go work for a big firm because there’s lots of things there. And so I started working in insurance company, started in what’s now called income protection insurance, went to hr and then was moved as a manager to what was called financial services. So this was probably in the really early 1990s really before financial planning had, had sort of started. And, uh, and in fact, I remember being on the ground with, with national mutual as it was then when they had their first ever licensed V, national mutual financial planning. So that was very interesting to watch. You know, it won’t talks about this as a young industry.

Phil Little:
It really, really is a young industry and the licensee get off the ground. And, and, uh, so that’s where I sort of started. And um, that was interesting that I, I, uh, with some other business partners, got involved and actually started our own license and a thing called synergy advisory services. We started that in the mid-nineties and uh, I sold that. We sold that business to ING, then I’ve worked for what was called The Associated Planners and Genesis. And then for 10 years I ran my own prac, which was a boutique financial planning firm here in Brisbane and still have equity in that firm and it’s still, um, I’m pleased to say going really strongly with a, with a really good manager. So that, that’s sort of my background to come from lots of different ports.

Scott Charlton:
Wow. That really is a very comprehensive portfolio, is probably not too many angles that you haven’t seen financial planning firm.

Phil Little: 
I don’t think that what it is it’s just sort of followed a certain road I suppose, but I do believe that particularly for a lot of people who are running financial planning practice are under lock and see, and I do believe in business. It’s really important to be able to see the other person’s perspective, you know, and, and, uh, any most of these exchanges, whether it’s with a loss and say, or would, you know, a, a, a principal of a practice. I’ve usually sat on the desk in one capacity or another. And I do think that makes it, you know, I’m helpful because you can, you can put yourself in another person’s shoes.

Scott Charlton: 
I think that that really contributes to what you bring to the table as the coach sort of having head always experience, which is great. I’m so, so tell me like be as, as a coach, and I know you’ve worked as a recruiter and as you mentioned, you’ve been the head of a licensee. Any idea, how many firms do you think you’ve worked with over the years?

Phil Little:
Maybe the best way to describe this is how many financial planning offices have I have actually been in and, and look, I would have to think it would be three or 400, would have to be something I was thinking about this the other day. It has to be that number. So I started visiting financial planning firms, you know, in their offices. It would’ve been in 90, 92 and 93 and pretty much have done that constantly ever since. So upset in lots and lots of assistance.

Scott Charlton: 
So what are some of the things that you uh, know to look for or what are the things that sort of pleased you? Uh, when you visit a from that sort of seems to have their act together.

Phil Little:
I do this, I’m just real basics and most of the much of this stuff will happen at your initial approach as you making the appointment. Someone answers the phone. Yeah. Professionally, uh, there’s obviously a system for how phone calls are answered. There’s a system for how the equipment is, is my, uh, there’s a confirmation process, uh, that sort of stuff in, in crime, and then you arrive there and there’s a system for the fact that you’re welcomed to sit down. Someone will be with you shortly. You’re offered a glass of water and the person comes in prepared and not plastered in camp and you know, if, if, if a firm has been managed, has men’s to be able to do all of those little things together. Now when you think about that, that’s about 15 or 20 little tiny exchanges, but if that person comes in and they’re calm in control and I note that meeting for they’re not rushed and all those other things we’ve done well have been done well. That’s a pretty good indication that this person’s running a good ship.

Scott Charlton:
Um, so any coaching philosophies?

Phil Little:
Uh, look, I, I got united known each other for a long time are people I’ve worked with for a long time would know. I’ve got philosophies on just about everything.

Scott Charlton:
Probably.

Phil Little:
Sorry, sorry. I’m like, I’ve got a story for, for everything. And, uh, all, I think it’s a great thing, other people maybe not so much, but look what cool coaching philosophy if you’re really bullet down to his dad and that, um, you really need to be clear on what is it that you are doing this for now, whether that’s owning a financial planning practice or owning a loss in sale, whatever the thing is that you are doing, why, why are you doing? Why are you doing what now? You know, um, people have different motivations on a really strong belief that there’s no such thing popped from someone who’s, you know, people.

Scott Charlton:
Yeah.

Phil Little: 
Most people, most people, uh, we will be able if you really ask them, we’ll be able to articulate all I am doing this for this purpose and that the place I’m trying to get to is x, y, z. now. Um, so, so my core coaching philosophy is before we talk about the business or anything like that, is to try to really get to the core, what are you doing this for now? What are you doing this for? You don’t have to. This isn’t a prison camp. You’re a free person, you do whatever you like, so we spend a lot of time trying to work out what is it that you’re trying to achieve and then things would have moved on naturally from there, I think.

Scott Charlton:
Excellent. What else could affirm expect from having you as a coach?

Phil Little:
Look, I, I, uh, I think I’m a flexible thinker. That’s what I, I think in other words, I am really not of the view that there is only one road to wherever you’re going. I really don’t believe that. And I don’t believe that with client personally on the financial planning side either. One of the things that, uh, in sitting down in client meetings for a long time, I would say to clients was, look, um, this is a strategy we could use. We could use this strategy. We could use that strategy. At the end of the day, all of them, if you stick with some, uh, you know, it, some discipline will get you closer to your destination or there about. What you’ll get in trouble with is if you do this one for a bit, then jump off that. Awesome. Try another one and do that for a bit.

Phil Little:
And this business of sort of swapping and changing and the grass is always greener. It gets in trouble because that’s what gets people in trouble. So in terms of what our firm could expect from me, I try and spend a lot of time trying to understand the principles of the firm, trying to understand their motivations and then try and find like I’m up for trying to get the best outcome with the least fuss and the least energy and the least expense that we can do that for, you know, so that, that’s, that’s my philosophy about it then. And that solution for one term might be totally different to another firm on. I’m totally up for that.

Scott Charlton:
Why Slipstream Coaching?

Phil Little:
I uh, uh, obviously, uh, yeah, food for the people who are listening here. Scott and I have known each other for a long time. Uh, our watch slipstream grow since its inception, which is probably five music guy now or thereabouts. I’m just super impressed and uh, I just think it’s done. A, Scott and Sharon have done just incredibly well. I look at the marketing, which is so impressive, or look at the depth of resources, uh, that underpins the business and, uh, and I just, I’m just so depressed and I think it’s also important to understand I’ve got certain strengths to and uh, and at the time and the dedication to produce, uh, the things that slip stream scoffs underpinning it would never have done this. And so, um, uh, so that’s the reason why really are just. And I do think it’s exciting to be sort of part of the business that’s young, but that’s growing. That’s really not here. Just, uh, just saving time. It’s really got a direction that’s counting forward. All of those things appeal to me.

Scott Charlton: 
Very good. Very good time. So, I know you haven’t just joined to make up the numbers. Uh, so let’s talk about what you’re going to bring into the program and any areas in particular that you, um, expect to contribute to?

Phil Little:
Well, funnily enough, I, I, uh, have a very strong, is a couple of sorts of areas where I really do have strong views about it and I do have strong views about, uh, the financial side of our businesses in Asia planning businesses in particular. I’ve got really strong views about what’s an acceptable level of profit and I’ve got strong views about how you manage cash flow and a nice sorts of things and uh, and having some real discipline and I think firms, particularly films have been around for a long time to get a bit lazy and I don’t mean lazy word, but they might be on a 10 to 15 percent profit margin or even lower because they’re living in a country town or somewhere and they’re getting a decent wage and it just pulled the long block. There were the difference between getting a 10 percent margin, 30 percent margin east, east, absolutely achievable for almost any firm. So I really, I really am pretty strong on that sort of thing. Um, background really managing staff, ah, he’s, he’s a very strong, has always been a strong focus for me as a manager. And a business owner, and it surprises me how many small businesses really just highlight that part of a job.

Scott Charlton: 
Yeah.

Phil Little: 
They just hate it. Yes. That’s the, that’s the, that’s the critical part of running a small business or any business is you people now we don’t have these businesses don’t have, so they don’t have land, they don’t own objects, they don’t own equipment or all they are is thin air, all they are is the intellect of the owner and the staff. And they were, that’s all there is. So that’s all there is. You might as well trying to find a way to get the best out of that. And uh, so I saw, I’ve got a particular emphasis on those two things, on the HR I think, but also on the, on just look, just let’s get the chart on the, on the profit margins.

Scott Charlton:
Great! I’m cheering on both, both of those things. Uh, I think there’s a reapplication for many, many professional practices. Um, so are there any early yardage strategies that you often find yourself recommending to the firms you work with?

Phil Little: 
I do think, yeah. Look, I think sometimes I do. It never ceases to amaze me that I can walk into a film and uh, you know, at, you know, after the second meeting or third meeting when was really starting to get down to 10 texts. And often what I will do is go through just a list of clients randomly my pickup 20 clients. We just got through it randomly and I’ll got through those clients with the sum total of all that this client tell me all about what you do and what the strategy and what we’re invested in and tell me about how you charge this client. And it is to my dismay that you have firms out there that can have sometimes five and six different charging methodologies running concurrently in the business.

Phil Little: 
So, and you know, it just on, I’m just assigned to you that is the, the norm rather than the exception in my experience and, and odd and understand how you run a business when you’re trying to manage five or six different charging methodology. Now that I, uh, based on history and people say, well, we did these columns from miss this methodology. Then when we got back to them, but then we went to a seminar that was all about we have to charge, you know, hourly base fee we tried that, we’ve got 12 of them, but that doesn’t work. So we try and talk there and they carry these charging methodologies. Random luck ships, carry bicycles. You just have to read the barnacles off and just in ground one, one charging methodology. So I that, that is often starting point.

Scott Charlton:
The thing that sets off warning lights on your dashboard when you’re working with a firm?

Phil Little:
Now this is a ease you have to fall into. It’s really early warning lights are some people’s attitudes. Everyone’s out to get me, the press is out to get me, the licensees are out to get me. I hate my staff, they’re out to get me. I really hate clients, I’m out to get them!

Scott Charlton:
Yeah.

Phil Little:
So you know, someone that really, really, um, think that everyone’s, you have to get them. That’s an early warning lights and they, because you just going, well, look, every single one of those frustrations I absolutely understand. And everyone who’s run a financial planning business or just running one, now I totally understand that and this is easier said than done, but you just have to burst through that stuff. You just have to find a work around, you know, whatever you need to do to keep positive, but you made a positive because that, you know, that that becomes a spiral downwards in my experience. And, and, uh, that’s only one loss.

Scott Charlton:
Your arrival at, uh, coincides with the significant intention to increase the extent of our collaboration with licensees and other financial institutions. Uh, and these are stakeholders with whom you’ve had extensive experience. Uh, so would you mind providing just an overview of the experience you’ve had in working in that environment?

Phil Little:   
I worked for institutional licenses? So I spent some time working for Charter, in fact, I was at Charter when it became Charter. So worked for them, I worked for a bigger licensees, like Associated Planners, which became Genesis. Um, and I’ve worked in those firms as a state manager in some recruitment manager and others, a business development manager and others are, I, uh, have worked with them, uh, which is, uh, you know, I’m not an institutional license fee, but I’m decent. I locking see and my role there is really been business coaching, but then I’ve worked in some small offices, so, um, in fact a started licenses from being responsible officer, done the application with ASIC and all of the above. so yeh, I’ve gone the whole gambit from, from studying licensee, from literally scratch to ceiling that licensee to a bigger loss and say to them working for institutional licenses.

Scott Charlton:
Wow, that’s a pretty comprehensive. So can you give me some examples of how you see Slipstream Coaching working with these organizations?

Phil Little:
Well, I, I, uh, I think that’s a very interesting time or licensees in Australia. I really, ah, it’s not clear to me how did she sort of got a pain in the house? I do think the, you know, this, this is stating the bleeding obvious, but the, the big institutions are struggling with definitive financial planning arms. A lot of them are actually filling them and the model of having a big financial planning business, who’s reasonable? Benny’s is the distribution of that institution’s product that’s really coming under pressure. I think now I do. I do think that these institutions, a lot of them are going to stay in financial planning, all of them, but I think a lot of them will stay financial planning. They’re gonna have to adapt to that world. And I do think that increasingly you’ll start to see, um, a recognition that the provisional training and good quality business coaching and advice will need to be separated from the need to push product.

Phil Little:
And because I think they have member firms in these, in these organizations have gotten him except that anymore. And I do think for me from a Christmas, if you’re an institution and your role in the world is to distribute your product. I’m on, I have any problems with that now. If you want to do that, that thought if you wanted to financial planning arm a whose purpose is to do that on that from what that Aga, I’m about to drop box and everyone’s clear on what you’re trying to achieve, but ultimately those people who are running the businesses in that environment, I still business PayPal and I still want to run a good business and I still find all the issues. Everyone in my native boss that’s independent from the requirement to, to write cracked. And I think that’s where switching can help.

Scott Charlton:
Um, so thinking about smaller independently owned licensees, um, what role would you say an independent coaching organization playing for them?

Phil Little:
A cornerstone view that isn’t, that is that, uh, you know, over the last probably three, four years, the push for people to become. So philosophy has really, uh, the pace of that has really increased to a level augmented thing in our industry. Um, you know, to the point where all the same numbers of people running around licenses that are turning over a hundred 50 to $50,000 a year, which

Scott Charlton:
Wow.

Phil Little:
I wouldn’t do. And, uh, anyway, but I’ve done my um, but nevertheless, you know, uh, there’s obviously there’s a space for people who want to run their own license. Um, I think there is a trap, a, if you want to run your own license and you do that with the view that I’m doing this to save money. I think that’s a bit of a fool’s errand personally. Uh, it’s been like insurance, you know, you can save money for three years in a row until you get hit by a bigger bank and then that walk for three or four years of gains. So I think that the decision to run for someone to run around licenses, you know, I’ve done that. I totally understand the reasons to do us a, I think it’s a great audience, but the motivation is to save money. I think in the long run people will be disappointed with that.

Phil Little:
But I do think also there’s, there’s another sort of danger in running your own license, which people don’t talk about that much and that is that a locker or loader. One of the good parts about being in a big institutional licensee is all my courses, it’s member firms to keep with the tone and I grumble and mumble always, but they sort of view, look at the shape, for example, of an Iep from today to what it was 15 years ago. They are unrecognizable in terms of technology, et Cetera, et Cetera, so those member firms have been kicked, had been dragging off often cases kicking and screaming into the future. One of the danger, if you run your own life, is that no one came. Whether you keep it the columns, no one’s no one’s movie, you alone. No one’s dragging me along. That one case, where do you keep up with the toms are not human being human nature. Often people side things are going just fine article. I won’t adopt that new technology. I won’t move with the times and I think it’s a real danger and danger that you can consider because you don’t know that it’s happening to you. One guy you 10 to 15 years later and you’re and you’re and you wonder how did that occur? And I think that’s a, that’s a problem.

Scott Charlton:
Yes. Yes. So interacting with peers, uh, external people such as yourself would be pretty important to make sure that you don’t fall into that isolation trap.

Phil Little: 
It comes back to the day before Scott is right and I will return to a question you asked a little earlier is what appeals to me. That’s one of the things that appeals to me that slipped and this, you know, this idea that, you know, there is the coach standing up this sort of delivering all knowledge. He’s not a great appeal tonight. What is the appeal is the coach sort of contributing but, but a, a mimic them being part of a group of seven, eight, nine, 10 people that stick together for a couple of years and really try and do this as a team and keep together as a team and trying to get better as a team. And I think that sort of, I think personally for an independently owned licensee for smaller often say it’s not just a coat that’s dragging you along, it’s not a strip string about it that you want to keep up with them. And what do we prove with.

Scott Charlton:
Definitely agree with that observation of this with, with a group coaching model is that, uh, there’s a sense of camaraderie or your hanging out with like-minded peers in similar situations who are not competitors. Uh, and therefore you can, you can celebrate a, you know, a win for one is a win for everybody because I mean if everybody is. Yeah, yeah. And uh, it’s, it’s really, it’s really great to see that are really valuable. IP is, is shared very freely amongst a non-colleagues. Uh, and the result is that the pie grows in all directions.

Phil Little:
We had 10 years of running a financial planning firm here in Brisbane. I think we ran across competitors. You could count them, continues on one hand, it’s just not a fake. I don’t think it’s a big feature of our industry. Your, your point there is correct. Um, there’s just a Simon skype people to sort of help each other and I just went, we’re not competitive, I just don’t see it that way.

Scott Charlton:
Excellent. Excellent. Take. The other thing that I’m on, I know that, uh, you bring to slip stream is the, we, we as coaches park the ego because it doesn’t matter where the good ideas come from is not necessary for us that they all come from, uh, from, from, from the coach. It’s, it’s creating an environment where ideas, uh, uh, generated and shared and uh, you know, it was. Sometimes people say, look what she’s covered today. Scott learning module is really great. But when I was talking to Mary was talking to John Break, like, that’s the real benefit I got out of it. And, uh, look, that’s fine. I mean, the, the, the coaching is a, is a multi-layered, um, February. Yeah, yeah, yeah,

Phil Little:
Absolutely.

Scott Charlton:
OK, look, um, I want to a sort of change it up a bit now. And uh, one of the things that we really foster, uh, in slipstream is aspect of accountants and financial planners and indeed multidisciplinary firms. Um, so could I ask you, um, what do you think that our planners could learn from accountants?

Phil Little:
I think there’s a way to create bigger business. A lot of financial planning firms struggle with, um, you know, it’s not in my teeth because are plenty of such a younger a profession. Um, there’s a lot of history, a lot of these accountancy firms. I don’t think it’s just that I think a lot of principals have visions of a firm that is bigger than a lot of planets have division of this becoming. And that’s probably maybe not the answer that you’re after, but I, I, uh, there’s a different vision of what, you know, when I’m finally done with this thing will look like. And I think planted sometimes have a smaller vision. Definitely that’s obviously the case for everyone, but that is sometimes the case.

Scott Charlton:
That’s a good observation. Uh, and uh, you know, you mentioned before that it’s still sort of a relatively young. And I, I tend to use the word professional as opposed to industry, uh, instantly, uh, you know, just sort of shaking off that, that cottage industry and looking at a financial. Yeah, it’s a business, not a lifestyle

Phil Little:
Yeh, and that’s changing, but it’s an observation that I have often thought about and I’m not quite sure what the reason why that is. But yeah.

Scott Charlton:
Yeah. So that’s a good observation. And a equally, I know I can ask you this question because when you have interacted with the accounting profession in, in various forms and like you’ve, you’ve been a, a, a, a sort of a client of accounting firms in the purchase or all the services. So what do you think accountants can learn from planners?

Phil Little: 
I think that the, um, the, it’s very easy for accountants, and this is a general call me into here to subcontract the work to people inside this room, which is important, but sometimes they’ll subcontract out the relationship. Also think that’s a big, big stuff. All view the preparation of the accounts as a bit of a commodity mine on this human. It’s correct. And I’m assuming it’s all in order. And Tommy said, oh, I take that as a bit of a commodity. I actually don’t see that necessarily as a, uh, as a differentiating factor. But the thing that I value is the conversation with the accountant about strategy. What are we trying to do here? Join him options, but I’ll do something in a different direction. Uh, what do other people do? So I do think that accountants can learn from planners to spend a bit more time on that stuff. Uh, and I know that sounds like a little bit of a cliché, but I don’t think, I think it’s actually really valuable baton that I spend that accountant spins in those conversations is really valuable and I think it’s a big mistake to sub contract that stuff here to junior people in the firm.

Scott Charlton:
Would you say to an accountant to sort of perhaps being a bit reticent up till now and sort of perhaps sort of, uh, relying on, on, uh, sort of like, oh, I haven’t been asked to do that or I’m just sort of a sort of holding back being a little bit a forthcoming or a little bit proactive. Uh, what, what would you say?

Phil Little:
OK, so there’s a philosophy about that and that, um, you know, and this sounds a bit sort of obscure, but you remember why they probably less prevalent now, but in the sixties and seventies it was only ads for washing machines and dishwashers and, and all that sort of stuff. You know, there’s a big, big era. And uh, and those that Buddhist monks were really that selling dishwashers or selling washing machine, but they really was selling was the message I was selling was if you bought this object, you will have an extra hour or an hour and a half hour time for leisure or for recreation or whatever in your day that you don’t have now. And uh, and I think for an account’s got to understand that from a class perspective. Um, one of our time went on and pineapple is two things. I don’t want to have any hassles with the woods, my counselling older, uh, want to lodge my tasks.

Phil Little:
I don’t want any hassle a vest. And the second thing is, I want to make sure I want you to make sure that you put some thought into this and the strategy that we’re employing is, you know, is if it’s optimal or it’s certainly one of the two or three that we could do. So there’s actually thought into why we’re doing this. We’re not just going through the motions, so I’m not paying for a set of accounts on an email or, and on paying for comfort that I’m not going to have any hassles and I’m paying for peace of mind that I hadn’t left anything on the table in terms of value or strategy. That’s just a bit lazy. That’s what I’m really paying for.

Scott Charlton:
That’s incredibly profound. So I’m hoping the accountants listening to this are actually got a reply that last bit and uh, spend a little bit of time reflecting on that. Um, great, great answer. Um, so Phil, um, what do you thinks better? A new business from current clients or new clients?

Phil Little: 
Reliable.

Scott Charlton:
Yeah.

Phil Little:
Visit your business from current clients and new business from new qualities is exciting and it’s fantastic and it’s one of the great parts about it is because if you get a new clotting and you do a really good job, that could be a source of capital that could be so fulfilling for some some years.

Scott Charlton:
Yes.

Phil Little:
Um, but it’s, you know, it’s very easy to lose cycles, uh, how valuable your existing client as refers and, and pretty easy to sort of just take them for granted. And I think you’ve got to really work hard and I think that’s, you know, it’s little things like, yeah, when you’re meeting with them every three months or six months or 12 months to fi, you know, I’m really glad your clients really appreciate it. We’re running, we’re running this business here, we’ve got good stuff. The only way we keep the doors open is because people stay with us. And that’s. I really appreciate it. That doesn’t scale up much. That’s a big deal for people.

Phil Little:
They’re on board. If I weren’t on board, they would go somewhere else and they understand that, you know, you’ve got seven or eight staff here or, and they’ve all got families and I’ve got bills to pay and all the rest of it and I have in the mind, I have a problem me phase provided you pay good staff and your treat them nicer. And um, so if you can bring people, if you can bring existing clients India conference and explain to them why you’re doing this and what you’re trying to run this business for, you would be surprised I think how often concert on, on board with that actually only know someone and you can get an approval that way.

Scott Charlton:
Just changing pack again, if I’m may, and I, I think for someone to be a coach, a, you can’t just be a, an automating or one dimensional. So just like to explore a little bit more about Phil the person. Um, what do you get up to when you’re not at work?

Phil Little:
Um, I, uh, I’m certainly not an automater. I love playing tennis, swimming and go to the gym like most people do. I really like bird watching  and bushwalking and I really love fishing. Fishing is what I really love and I’m so if it’s a good day and, and uh, and the bay is calm, I’ve always got an itchy feeling saying why am I not out there. I feel at 50 years old now. I feel like I was when I was 12 years old thinking I should be out there, I should be fishing today. So that’s all I have to do.

Scott Charlton:
 So Phil, this could be a definite worry that you’re not a cyclist.

Phil Little:
No, no. Only because everyone I know,  including yourself is on cycling. Every person I know has had a bad busta. I’m too much of a sook.

Scott Charlton: 
A great activity, but it does hurt when you come off. How are you going with all the cycling terminology that’s banded around Slipstream Coaching?

Phil Little:
Well I’m fortunate Scott, because a mutual friend of ours, a fellow who worked with me in, in Henry Financial Group, fellow called Richard Dougler, he’s a cycling tragic.  He’s one of the tragic that tapes the Tour de France and watches it every day. So say yes, I’m on. I’m sufficiently educated.

Scott Charlton: 
Very good, very good. So is there any carry over for your, from your passion for fishing, uh, that, uh, ends up in your coaching directly or indirectly?

Phil Little: 
I thought about that. I, that’s interesting question I have is if the people listening to this, you’re not going fishing, you might not understand this, but I had experienced and can immediately spot someone who’s not serious fun and because. Yeah. So, and the reason he’s not what you’d think. It’s not big deal or anything like that, but a really good Anglo, really good fisherman. I’m in the mind will target one species at a tone. So if you see someone standing on a beach sort of fishing, um, some people will do this with a bucket of poems, throw it out along a bit, luck the loft three and just enjoy the sort of calm and the pace and efficient grab theme along that. Exciting. And that’s good. And I don’t really care what top officials and I don’t really have any picture what this fish will be.

Phil Little:
Um, that’s different from someone who goes to that same spot, but it’s particularly targeting a particular fish and I’ll have particular base with particular technical and I’ve got a particular time and because I really understand how that fish be highs and then I’ll talk target that and uh, and I sort of feel about that why we business, I really do in terms of you’re not just typing up an accounting firm or financial planning thing and just be a generalist and I think you’ve got to be really clear on what is it you’re trying to do, what your ideal clients, how much they can apply, what service you’re to provide in a way you guy. And that’s how it works. You know, you can, you know, uh, sort of muck about fisherman can catch an auspice. She every now and again and that’s been tested, the really great fisherman and that, what they’re doing, what they’re up to. And that’s the difference.

Scott Charlton:
If somebody intuitively gets the wisdom in what you’ve just said, how long is it? Let’s go with the fishing. I mean like an amateur. I was like, wow, OK, I can do that. Like how long does it take in the fishing world to sort of, uh, you know, get, get that and, and, and change your mode of softer end eye to stay well and effective.

Phil Little:
Well, the, the, uh, there’s two parts to that. First part is that, part of that just comes with you have to have the courage of your convictions and you need to give an example. Uh, like I’m a big person for self-talk. So for example, if you are got the right strategy and you’ve got the right bait and all the rest of it and you’re in the right spot at the right time and for one reason or another, you come home empty handed. That doesn’t mean you’re doing it wrong. It, it, it, it might mean that you might have to do three or four times in a row, but then the fifth time, at some point you really do well like you, you’ll have a fantastic morning. And so there’s a big danger for people who a fraud to employ a targeted clean strategy and by getting patient and my last for three months or three months or four months and it’s not working in my given Hawaii. And so that’s the issue. You need to have the courage to say, no, I’m doing all that thing. This might send a, I need to stick with this now and I need to, I need, I need, I need to have the courage of just sticking with this. So that’s the, that’s the, I think that’s the, that’s the application

Scott Charlton: 
That’s very profound. And a fish fishermen, uh, practitioners, uh, both could actually draw, draw quite a lot, a lot and say so I have a lot of wasted energy and resources and, um, you know, uh, hopes that are built up only to be dissipated by just having a clear strategy and working that strategy. Um, Bravo.

Phil Little:
Really, really big targets.

Scott Charlton:
Yeah. Um, so, uh, one thing that you didn’t mention, but I, I see, uh, in you something that, uh, is an interest which is held by other members of the slip stream team. Try saying that quickly. Slip Stream team, uh, in overseas travel. Um, so what’s on your travel bucket list

Phil Little:
Because we’ve got um, a, my second son is going to Germany for six months, so, uh, we um, uh, my wife and on our 15 year old will be spending three weeks in Switzerland and Germany and meeting up with him in Berlin in, uh, early July, one of two, early July. So that we’re really looking forward to that and uh, that’s fantastic. And then in September, um, there is a group of seven or eight of us who go fishing every year and we got a lot to the efficient per week. So that’s, that’s definitely on the bucket list and um, but uh, we’re sort of our, our kids now, our youngest is 15, are probably both my wife and I probably both intending to go overseas every year and I think next year is he sort of the UK and if we can combine that with ashes, couple of ashes test and maybe that would be really fantastic

Scott Charlton:
Respected bucket lists. They’re excellent fitness. We draw it towards the end of our conversation today. Um, you know, it’s clear that your financial planning knowledges, enthusiasm for coaching has really shine through, um, for anyone interested in having a chat with you. I’ll obviously put your contact details in the show notes. I’m, but I’m thinking, I know you’re based in Brisbane, but will you be getting out and about, I’m to be viable to say may the licensee at the head office?

Phil Little:
Yeah, absolutely, definitely. Um, you know, part of my occupation historically and into the future. He’s all would think I would be in each of the capital cities on a fairly regular basis throughout the course as long as I’m in Slipstream absolutely. I’m definitely would love to do that.

Scott Charlton: 
Very good. Very good. And I know you clearly show my absolute pleasure, uh, in visiting practitioners at their, their office. So I’m a fill in just in closing a look. We’re, we’re really looking forward to having on the team and, uh, and, and for, for the contribution that you’re going to bring. So, uh, thanks for talking with us today and, uh, look forward to talking again soon.

Phil Little:
I really enjoyed it.

Scott Charlton:
I trust you. Found that conversation with Phil to be rather than guiding also plenty of points to like some of the highlights for me were being very clear as to why you are in your business and then getting to your objectives to fill with the least amount of fuss, a lot of sense in that. Secondly, it was interesting how full circle back to this with his fishing analogy being very specific in terms of the fish and the clients who are seeking to attract and making plans accordingly and thirdly, his eye for detail. What’s a desirable profit percentage. Having a standard pricing model and what the experience is like when seeing an advisor in their office. Then for me, Phil had some various comments to make for the accountants listening. It’s not about the tax returns per say. Getting that part rod as a given even a commodity.

Scott Charlton:
It’s in the conversations that you have with your clients about how they are going and the strategies to take them to their destination. From Slip Stream perspective. It’s really exciting to have Phil onboard as clearly he has much to offer on an ongoing basis. You can expect to hear from Phil in a variety of ways and articles, blogs, and a breakaway workshops. I’m also thinking that there are still a few more areas that I’d like to tap into in this podcast format. Carving out a specialty and pricing your services accordingly will be areas that come immediately to mind. In the meantime though, a fortunate 32 financial planning firms will get to work very closely with Phil as their business coach on an ongoing basis. If being one of those 32 firms is of interest to you, you’ll find a contact details for Phil and myself in the accompanying show notes.

Scott Charlton:
In the coaches segment today, I’d like to take you behind the scenes of what Phil and I have been doing to bring him up to speed with the slipstream coaching programs for every founding principal of a professional services firm. You’ll appreciate the issues related to bringing on another senior client facing advisors. Clearly, unless one wants to see all your clients oneself, then this is a path we all need to go down. The balance to be struck, of course, is between running a repeatable, scalable business, you will do it this way and yet still empowered talented people to express themselves and to show initiative. It’s also been an interesting time to take stock. Slipstream coaching has progressed from a start up to a growth company as much as we hit the ground running with the existing resources and frameworks when the business started. We’ve created so much more indirect response to the issues and challenges that our clients face.

Scott Charlton:
At last count. That’s 20 detailed how to guides the personal breakaway program. The launch of my book, the Boulder Accountant, the introduction of our altitude training webinar series, the very recent KPI pursuit program plus slip stream up our online monitoring application. We’ve also dipped into the work of some really insightful authors, Verne Harnish, Patrick Lencioni, Simon Sinek, and Michael Gerber. There’s definitely a framework to our delivery method to combining, as it does group coaching, one on one consultations, grip webinars and online resources hub and base camp out information exchange platform. So I’ve been steadily introducing fuel into our world, knowing that there’s also a guide to be resources and ideas he’s going to bring to this collection. Of course, there’s a few things in slip streams, five in terms of bringing Phil onboard. Firstly, we’ve recruited Britain. Phil’s got a high bandwidth, so he’s able to soak up all of this pretty quickly.

Scott Charlton:
It helps of course, that he’s highly motivated to get productive IP to. We’ve got good systems around induction of new team members. Three, of course there’s Samantha, who is the resource we have to support the coaches and liaise with clients to make appointments, schedule the group meetings, etc. Samantha is also helping fill, become familiar with the rhythm of what happens in our quarterly coaching cycles. There’s a few things new to fill, which he’s had to get up to speed with sharing the knowledge. Being a listener to this show, you know that we don’t grimly try to shield our knowledge and experience were all for sharing what we’ve learned. So Phil will be contributing articles to the coaches desk bulletin cycling analogies. Alas fills a fishermen, not a cyclist. So I’ve had to steadily increase his cycling knowledge, so he gets some of mine analogies. I’m sure he’ll be out of the tool. Breakaways kip. I pursued an altitude training along with the rest of us in next to night-time. To sum up, I’m delighted Phil has joined the peloton. That’s another cycling reference fill and now he’ll be a terrific resource for our clients onwards and upwards.