June 2020

3: The Vision – A Blueprint for Mastering the Human Side of Money

By TheHumanSideOfMoney | June 29, 2020

Financial planners and advisors recognize the importance of applying behavioral finance into their practice, especially as the value and future of advice continues to shift towards the human side of money.

When asked why the don’t implement behavioral finance into their practice, the top two answers aren’t surprising to anyone:

Difficulty translating theory to application
Lack of necessary tools and training

The technical side of money is easy. The human side is the hard part.

In an industry where 99% of the training, certifications, designations, and conference are geared towards the technical side of the relationship, high-quality, top-notch resources on applying behavioral finance in your practice are sparse.

In this episode, Brendan answers the most common question posed by advisors and planners when it comes to the human side of money: “How do I develop this skill set?”

The answer lies in a 3-step process:

1) Spark Innovation from Outside Perspectives: We need to look to experts in fields like behavior, psychology, communication, and more.

2) Channel Outside Perspective Through Experience: We can learn from those outside of our industry, but ultimately, we need to have a community of other advisors and planners to collaborate with.

3) Refine Through Practice: Like any skill, you’ll never get the results you want without practice.

At the end, Brendan provides examples of how Wired Planning and this podcast plan on serving the industry in each of these three areas.

For more insights and information on how to leverage psychology, behavior change, and communication to master the human side of money visit Wired Pl anning.