#182 Wellth Talks - Lessons from the Trenches

In this episode of "Wellth Talks," brought to you by Atlantic Wealth Management - Hosts Garry Kelly and Niall Leyden welcome Dermot McConkey, a respected author and trainer with over 40 years in financial services. Dermot shares practical insights and personal stories about the importance of financial protection, income security, and proactive planning. The discussion covers life cover, serious illness, and income protection, emphasising real-life impacts and the need for regular reviews. With humour and wisdom, Dermot highlights the human side of financial planning, urging listeners to act now for peace of mind. Listeners can also win his book via the podcast’s social media channels.   Please visit: GK Media https://www.gkmedia.ie Atlantic Wealth Management https://atlanticwm.ie Dermot McConkey https://www.mcconkey.ie/ Disclaimer: Niall Leyden is the Founder of Atlantic Wealth Management Limited, a firm that is regulated by the Central Bank of Ireland to advise on and arrange a range of financial products. Please note that Niall’s comments in this podcast are made in a personal capacity and are not recommendations or financial advice and do not form part of Atlantic Wealth Management Limited’s regulated activity.   Podcast Introduction (00:00:00) GK Media Studios and Creators Network introduction, encouraging listeners to become storytellers. Welcome and Guest Introduction (00:00:17) Host introduces Dermot McConkey, his background, achievements, and upcoming book giveaway. Setting the Context: Wellth Talks and Financial Planning (00:02:15) Overview of Wellth Talks’ four pillars and previous guests; importance of financial planning. Dermot’s Influence and Approach (00:04:04) Dermot’s impact on financial planners and his philosophy on client relationships. Three Financial Struggles: Living Too Long, Dying Too Soon, Getting Ill (00:05:13) Dermot outlines the three main financial risks people face and the importance of describing what you do. Sales Skills and Communication in Financial Services (00:06:25) Dermot discusses the need for sales skills training and ethical persuasion in financial services. The Importance of Protection in Financial Planning (00:07:49) Discussion on why protection (insurance) is foundational in financial planning. Why People Avoid Protection Conversations (00:09:12) Exploring why people are reluctant to discuss or act on income and life protection. Credit Unions and the Art of Informing, Communicating, Educating (00:10:06) Dermot’s experience training credit unions to promote rather than sell, using “breaking the ice.” Primacy and Recency in Communication (00:11:31) Explanation of how people remember beginnings and endings, and its impact on sales conversations. Why People Delay Taking Action on Protection (00:12:52) Dermot shares stories illustrating procrastination and the belief that there’s always more time. Personal Story: The Value of Serious Illness Cover (00:13:51) Dermot recounts his own cancer diagnosis and the financial relief provided by insurance. Blind Spots and Real-Life Consequences (00:15:01) Host discusses business owners’ blind spots regarding protection and the real impact of not having it. The Three Deaths: Person, Spouse, and Income (00:16:08) Dermot explains the concept of the three losses a family faces when someone dies. Changing Expectations Around Aging and Retirement (00:17:36) Discussion on how societal expectations about aging and retirement have evolved. Living Longer: Mindset and Motivation (00:18:31) Dermot and hosts discuss how expectations and mindset contribute to longevity and motivation. Belief, Action, and the Power of Expectation (00:19:00) Stories about belief, the power of expectation, and the importance of taking action now. Types of Protection and Planning for Retirement (00:21:28) Overview of different types of protection (life, income, serious illness) and planning for retirement lifestyle. The Importance of Starting with Goals (00:25:31) Dermot emphasizes goal-based planning and asking emotional questions to uncover client needs. Effective Communication: Focusing on the Client (00:26:36) Advice on using client-focused language and understanding left-brain/right-brain communication. Time, Money, Quality, Quantity: Key Questions (00:27:57) Dermot’s framework for asking clients about their priorities in financial planning. Types of Protection Explained (00:29:33) Host and Dermot break down life cover, income protection, and serious illness cover for business owners. Business Protection and the Three-Word Review (00:32:37) Discussion on business protection, succession, and Dermot’s “three-word review” for annual check-ins. Personality Differences in Financial Planning (00:35:55) How personality traits affect financial decisions and the importance of balancing dreamers and practical thinkers. Annual Reviews and Adapting to Change (00:36:49) The necessity of regular financial reviews due to changing circumstances and regulations. Tax Efficiency in Protection Planning (00:38:02) Explanation of tax relief on income protection and the benefits of serious illness cover. Serious Illness Cover: Impact and Recovery (00:39:09) Dermot shares how serious illness cover helped his recovery and reduced stress for his family. The Importance of Having the Conversation (00:41:04) Encouragement to discuss protection openly and seek professional advice. Business Case Study: The Cost of Not Having Protection (00:43:57) A real-life example of a business owner forced to sell due to illness, highlighting the need for protection. Call to Action: Seek Professional Financial Advice (00:46:08) Encouragement to find a certified financial planner and take action on protection. Final Thoughts: Protection as a Lifeboat (00:47:27) Dermot’s analogy of protection as a lifeboat—essential “just in case” something goes wrong. Closing Remarks and Book Giveaway (00:49:00) Thanks to Dermot, reminders about the book giveaway, and encouragement to share the episode. Podcast Outro (00:50:03) GK Media podcast closing.