January 2021

14: Moira Somers | The Importance of Giving Advice That Sticks (Part One)

By TheHumanSideOfMoney | January 19, 2021

The perfect plan is rendered useless in the absence of execution.

Flawless technical advice minus implementation is worthless.

While you would think that providing someone a step-by-step plan to accomplish their goals while minimizing their fears would be all that’s needed to spur someone into action, anyone who works with people and their money knows that simply isn’t the case.

But, take a minute to imagine what your day would look like if every client immediately followed through and implemented your advice without having to follow up with a phone call or email.

While that might be a bit of a stretch, the quickest and most effective way to boost follow-through is by improving the “stickiness” of your advice.

Dr. Moira Somers, author of the best-selling book Advice That Sticks: How to Give Financial Advice People Will Follow, discusses:

The parallels between medical and financial advice and what medical research can teach us about the challenges and improving “adherence.”
How much responsibility falls on the advice-giver when advice isn’t implemented (Hint: It’s way more than you think!)
How improving follow-through and implementation benefits both your clients, your business, AND your well-being
A proven method to help get through the friction of the data-gathering process
The most important role an advisor plays in improving future behavior

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About our Guest:

Dr. Moira Somers specializes in the growing new field of financial psychology. She trains and consults with financial services professionals, helping them and their clients deal with the challenges of wealth.

Dr. Somers’ executive coaching practice emphasizes behavior change for leaders and their team members. As a neuropsychologist and unapologetic brain science nerd, Dr. Somers enjoys coaching other people who love to learn, are quick to implement, and are prepared to pivot in response to data about their performance. Her work is rooted in evidence-based findings from the fields of neuroscience, behavioral economics, management science, and positive psychology.

Her work as a keynote speaker, educator, and consultant takes her around the globe. She speaks and trains about such topics as the reasons why clients may fail to follow good advice, the psychological factors at play during major life transitions, and the hazards of mental depletion.

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13: Dan Allison | The Psychology of Referrals

By TheHumanSideOfMoney | January 5, 2021

You’ve heard countless trainings and presentations on the power of referrals and how to get them. In this episode, we’re approaching referrals in a new way: through the lens of psychology.

Imagine being able to get inside the minds of your clients to better understand what they think about referrals, how they feel about referring, how they would prefer you to bring it up with them, and maybe most importantly, what they identify as the most common barriers to referring more often.

That’s exactly what Dan Allison did. Relying on his background in clinical and behavioral psychology, Dan interviewed thousands of clients, asking them those exact questions to help better understand the psychology of getting more referrals.

We discuss:

How to bring up the referral conversation in a comfortable way based on what the clients wants
The big mistake most advisors make (but don’t realize it) when asking for referrals
The one question that every firm should ask to instantly boost their referability
How to ensure you get referrals when someone passively hands out your information
What 60% of clients say when asked the reason why they don’t refer and what they say when asked why they do refer