Carl Richards has a mantra for financial advisors that he says changes everything once you can fully internalize it:

“Financial advisors are guides in a changing landscape. Not the defenders of an outdated map.”

It’s no longer enough for advisors to build a detailed financial plan or construct a portfolio.

It’s about building trust and connection with clients, unearthing their values and emotions around money, and changing their behavior for the better.

It’s about the human side of advice.

And, if you’re looking to excel at the human side of advice, there is no one better than Carl Richards.

We discuss:

• The two main things he’s learned over the years that he would go back and tell himself when he was an advisor
• Why understanding a client’s purpose is at the foundation of the work advisors do for their client’s
• The difference between purpose, values, and goals and what it looks like in the planning process
• How to effectively help clients develop and prioritize goals
• Using a “Statement of Financial Purpose” in the planning process
• The best approach to handling an objection I’ve ever heard

 

*For more resources discussed in this episode, check out www.wiredplanning.com/episode39.

*For more resources and insights on mastering the human side of money (including our popular “Wisdom Round-Up” email), go to www.wiredplanning.com.

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When financial advisors work with couples, it’s more than just navigating their finances. It means navigating an emotional and complex relationship dynamic.

It’s not just a matter of aligning the numbers. It’s a matter of aligning two completely different belief systems.

Our current belief systems around money, which guide our financial decisions today, are formed based on our upbringing.

And, when you combine two different upbringings and two different sets of belief systems around money, naturally tension arises.

The key for couples to resolve these differences and start on the path to “financial intimacy” is developing an understanding of their own upbringing AND their partner’s.

Ed Coambs combines a background in financial therapy and financial planning to offer advisors some critical insights on navigating couple dynamics.

We discuss:

• Why most money arguments aren’t actually about money
• Why our upbringing is the main source of money conflict in relationships
• Implicit Money Memories: The lessons that were “caught” not “taught”
• The most effective way to engage an uninterested spouse
• How to navigate the conversation between a dreamer spouse and a rational spouse

And more!

 

*For more resources discussed in this episode, check out www.wiredplanning.com/episode38.

*For more resources and insights on mastering the human side of money (including our popular “Wisdom Round-Up” email), go to www.wiredplanning.com.

Podcast: Play in new window | Download | Embed

Subscribe: Apple Podcasts | RSS | More