July 2022

55: Infusing Life Into The Financial Planning Process with Tim Maurer

“The future of financial planning is the infusion of life within it.” – Tim Maurer

Most financial advisors do a great job focusing on WHAT clients want to achieve (Goals) and HOW to achieve it (Financial Planning).

But the best advice focuses first and foremost on WHY.

It focuses on the client’s values, purpose, intentions (what’s truly most important in their lives). And everything flows from there.

A financial plan without a “Why” is merely data on a page.

A portfolio without a “Why” is merely a list of investments.

Starting with “Why” infuses life into the financial planning process.

And, fortunately, Tim Maurer has been through the top trainings in the industry and has spent years teaching advisors how to do just that.

We discuss:

Behavioral Finance 2.0 – the future of behavioral finance in the industry
The four cards he uses to help advisors uncover what’s most important in their clients’ lives
“Why are we here?” – why this question is so powerful and how to use it
“Advisor-Driven” versus “Client-Inspired” recommendations
Why he never gives more than three implementation items at a time

*For more resources discussed in this episode, check out www.wiredplanning.com/episode55

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

*Follow Brendan for insights on mastering the human side of advice:

“Let your life lead your money, not your money lead your life.” – Dr. Preston Cherry

Clients care more about maximizing their life than their net worth.

What’s the point of tripling your net worth if you still dread getting out of bed every morning?

That’s why financial advice at the highest level focuses on more than the accumulation of money.

It focuses on the alignment of money with what’s most important in the client’s life.

It’s what Dr. Preston Cherry calls “Life Money Balance.”

It’s at the core of his planning process, and he joined the show to walk us through how he helps his clients achieve life money balance.

We discuss:

Why “statements tell stories” – the information you can glean simply by looking at statements
The “Emotional HSA” (Honest Self Audit): A crucial step in achieving Life Money Balance
The “Money Psychology” meeting he takes all clients through
The “Money Egg” exercise he uses in this meeting
The power of reframing a “Savings Plan” to a “Spending Plan”

*For more resources discussed in this episode, check out www.wiredplanning.com/episode54

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

*Follow Brendan for insights on mastering the human side of advice: