With the future of our profession continuing to shift towards the human side of advice and the CFP Board’s announcement earlier this year that they added “The Psychology of Financial Planning” as a principal knowledge topic, it’s becoming crucial for advisors to start familiarizing themselves with this aspect of the business.

At the same time, it’s too much to think that advisors and planners are all going to become experts in financial therapy, financial coaching, life planning, etc. on top of all the work that already comes with the job.

A couple weeks ago, the FPA of San Francisco hosted a panel discussion on the application of psychology in financial planning.

Brendan moderated a panel that included Amy Mullen, Meghaan Lurtz, and Lexi Olian.

They covered:

• An overview of the main pillars of psychology in financial planning
• The differences between each pillar
• A few practical ideas from each pillar that advisors can apply to their practice and conversations

For more information, insights and practical ideas, visit www.wiredplanning.com.

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“When life changes, money changes. And when money changes, life changes.” – Susan Bradley

Change and transition is a constant and pivotal part of our clients’ lives. And it’s these moments that can shape both the future of their life and their money.

But successfully guiding clients through the changes and transitions of life requires more than sound technical knowledge and advice. 

Susan Bradley coaches advisors around the world how to navigate change and joined the show to help advisors understand the dynamics of change, the psychology of transitions, and the skill set advisors need to successfully guide clients through the constant changes and transitions in life.

We discuss:

• Why technical knowledge is insufficient to manage change and transition
• Why decision-making is the most crucial element of navigating transitions
• The “Decision-Free Zone”: Process to help prioritize tasks without getting overwhelmed
• The importance of being a thinking partner during times of transition to help clients develop clarity
• An example of “sound” technical advice that morphed into “bad” advice without deep listening skills

 

*For more resources discussed in this episode, check out www.wiredplanning.com/episode40.

*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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