As the value and future of advice continues to shift towards the intersection of technical knowledge and the human side of money, it has coincided with the rise of financial therapy.

Financial Therapy is focused on improving how clients think, feel, and behave with money to improve their well-being.

Nathan Astle, founder of Relational Money, helps advisors who don’t want to be full-fledged financial therapists develop and hone the most critical skills from financial therapy that lead to better connection, and ultimately, better outcomes.

In this episode, we discuss:

• “Financial Flashpoints” – what they are and why they are so critical to changing behavior
• The “Money Timeline” exercise to help clients uncover their own financial flashpoints
• Why money issues are rarely about money and the importance of finding the real issue
• Two simple phrases you can use to facilitate communication and connection
• How to effectively identify and label someone’s emotions

 

For more information and resources on this episode: www.wiredplanning.com/episode26

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We’ve all been inundated with information showing how behavioral biases impact financial decision making. But far less attention has been given to the fact that these same biases can undermine the identification and prioritization of goals.

Research shows that there is indeed a gap between the goals clients think are important to them and the goals that are actually important. And that gap is forged by our biases and mental blind spots.

Samantha Lamas and her colleagues at Morningstar have conducted the research for us and explains the impact these biases have and what advisors can do to help clients uncover their most meaningful goals.

For more information and resources, visit www.wiredplanning.com/episode25.

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