In 2005, Josh Gilliam set out to research, read, and learn everything he could about behavioral finance, psychology, and communication. 

He was seeking to master the human side of advice.

But, what he found was exactly what most advisors find along this journey:

• Asking someone about their values and purpose in life can be awkward
• There’s no textbook on getting a stranger to open up about personal issues
• He had some great conversations but couldn’t make it happen in every meeting
• The questions he heard other advisors ask their clients didn’t land the way he envisioned

18 years later, he admits it’s still a work in progress.

But, he took what he learned and created the [Fi] Life Framework.

A framework he uses to facilitate better conversations and connections with clients and prospects.

A process he can use to create a consistently remarkable human experience throughout his practice.

In this episode, we discuss:

• The #1 risk in not adopting the human side
• The tool he uses to help clients visualize goals, transitions and milestones
• Why Josh found himself unfulfilled at the moment most advisors dream about
• Why he starts conversations around how someone feels rather than what they have
• The story of how life planning cost him a $10 million client (and why it didn’t faze him)

 

The featured partner for this episode is Knudge, an automated system to help clients actually follow through on their tasks and reach their financial goals.

*For more resources discussed in this episode, check out www.wiredplanning.com/episode81.

*For more resources and insights on mastering the human side of advice, go to www.wiredplanning.com.

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

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If you work with people and their money to fund something now or in the future, it’s absolutely crucial that you understand the dynamic between goals and values.

Once you can move beyond goals and understand what’s truly important to the person you’re meeting with, everything changes.

In fact, once you embrace and internalize this dynamic, research shows it creates emotionally-connected clients that:

• Pay More
• Refer More
• Follow-Through
• Consolidate Assets

And, the best way to start embracing the dynamic between goals and values is to understand the golden circle of financial advice.

In this episode, I’ll break down what the research says about emotionally-connected clients and use the golden circle as a method for understanding how to talk with clients and prospects about what’s truly important to them.

 

The featured partner for this episode is Knudge, an automated system to help clients actually follow through on their tasks and reach their financial goals.

*For more resources discussed in this episode, check out www.wiredplanning.com/episode80.

*For more resources and insights on mastering the human side of advice, go to www.wiredplanning.com.

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

Twitter

LinkedIn

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As behavioral finance has moved into the mainstream, one thing has become clear.

It’s great to know there’s a way to explain a client’s sub-optimal behavior.

But, it’s an entirely different challenge to know what to do about it.

In other words, behavioral finance has done a great job of providing advisors with a list of diagnoses.

• Overconfidence
• Anchoring
• Dunning-Kreuger

There are over 20+ biases to pick from.

But, we need less diagnosis and more prescription.

More help in knowing what to do when working with clients to help them overcome and minimize their biases on the path to better financial behavior.

Fortunately, Barry Ritholtz has been on the cutting edge of behavioral finance for years.

And, he just so happens to run an advisory firm where they focus on applying behavioral finance principles to improve client behavior, and ultimately, client outcomes.

In this episode, he peels back the curtain to share the specific ways that Ritholtz Wealth Management focuses on improving client behavior.

In this episode, we discuss:

• Why to steer clear of market forecasts and focus instead on probabilities
• A question to ask clients who believe everything they hear on TV
• Effectively setting expectations in the midst of uncertainty
• How they minimize bias by naming their portfolios
• The “Milestone Rewards” program that discounts fees for optimal behavior

 

The featured partner for this episode is Knudge, an automated system to help clients actually follow through on their tasks and reach their financial goals.

*For more resources discussed in this episode, check out www.wiredplanning.com/episode79.

*For more resources and insights on mastering the human side of advice, go to www.wiredplanning.com.

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

Twitter

LinkedIn

Podcast: Play in new window | Download | Embed

Subscribe: Apple Podcasts | RSS | More