The perfect plan is rendered useless in the absence of execution.

Flawless technical advice minus implementation is worthless.

While you would think that providing someone a step-by-step plan to accomplish their goals while minimizing their fears would be all that’s needed to spur someone into action, anyone who works with people and their money knows that simply isn’t the case.

But, take a minute to imagine what your day would look like if every client immediately followed through and implemented your advice without having to follow up with a phone call or email.

While that might be a bit of a stretch, the quickest and most effective way to boost follow-through is by improving the “stickiness” of your advice.

Dr. Moira Somers, author of the best-selling book Advice That Sticks: How to Give Financial Advice People Will Follow, discusses:

• The parallels between medical and financial advice and what medical research can teach us about the challenges and improving “adherence.”
• How much responsibility falls on the advice-giver when advice isn’t implemented (Hint: It’s way more than you think!)
• How improving follow-through and implementation benefits both your clients, your business, AND your well-being
• A proven method to help get through the friction of the data-gathering process
• The most important role an advisor plays in improving future behavior

To sign up for Brendan’s monthly newsletter focused on the human side of advice → Click Here

Connect with Brendan Frazier: 

• RFG Advisory
• LinkedIn: Brendan Frazier
• X: @jbrendanfrazier

Connect with Guest: 

• MoneyMindAndMeaning.com
• LinkedIn: Dr. Moira Somers

About our Guest: 

Dr. Moira Somers specializes in the growing new field of financial psychology. She trains and consults with financial services professionals, helping them and their clients deal with the challenges of wealth.

Dr. Somers’ executive coaching practice emphasizes behavior change for leaders and their team members. As a neuropsychologist and unapologetic brain science nerd, Dr. Somers enjoys coaching other people who love to learn, are quick to implement, and are prepared to pivot in response to data about their performance. Her work is rooted in evidence-based findings from the fields of neuroscience, behavioral economics, management science, and positive psychology.

Her work as a keynote speaker, educator, and consultant takes her around the globe. She speaks and trains about such topics as the reasons why clients may fail to follow good advice, the psychological factors at play during major life transitions, and the hazards of mental depletion.      

Podcast: Play in new window | Download | Embed

Subscribe: RSS | More

You’ve heard countless trainings and presentations on the power of referrals and how to get them. In this episode, we’re approaching referrals in a new way: through the lens of psychology.

Imagine being able to get inside the minds of your clients to better understand what they think about referrals, how they feel about referring, how they would prefer you to bring it up with them, and maybe most importantly, what they identify as the most common barriers to referring more often.

That’s exactly what Dan Allison did. Relying on his background in clinical and behavioral psychology, Dan interviewed thousands of clients, asking them those exact questions to help better understand the psychology of getting more referrals.

We discuss:

• How to bring up the referral conversation in a comfortable way based on what the clients wants
• The big mistake most advisors make (but don’t realize it) when asking for referrals
• The one question that every firm should ask to instantly boost their referability
• How to ensure you get referrals when someone passively hands out your information
• What 60% of clients say when asked the reason why they don’t refer and what they say when asked why they do refer

To sign up for Brendan’s monthly newsletter focused on the human side of advice → Click Here

Connect with Brendan Frazier: 

• RFG Advisory
• LinkedIn: Brendan Frazier
• X:@jbrendanfrazier

Connect with Guest: 

• BecomingReferrable.com

About our Guest: 

Dan Allison is a speaker and the founder and President of The Feedback Marketing Group, a consulting firm helping large organizations and individual professionals implement a system to duplicate their top clients and attract more quality prospects. Dan has drawn on his background in psychology to gain an understanding of thousands of the kinds of clients all financial professionals would like to work with. This has made him one of the industry’s leading authorities on referral behavior.

Podcast: Play in new window | Download | Embed

Subscribe: RSS | More

Imagine how much easier it would be to get someone from prospect to life-long client if you could look into their mind and know what they value. Or how much easier it would be to get a client to follow through on the advice given if you knew exactly what was going on in their mind?

We’ve been given those answers, and in this episode, Evan Beach and I discuss the specific ways Evan and his firm have evolved their processes, systems, and conversations to deliver what clients actually want.

We discuss:

• The 5-minute exercise their firm uses that converts nearly every prospect into a client
• The changes Evan made to his meeting process to focus on what clients want that led to a massive boost in new assets
• The exact question his firm asks everyone in their first meeting that lays the groundwork for success
• The reason why he encourages clients to state their goals publicly as many times as possible
• Why Evan strives to make sure stories are an integral part of every conversation and presentation
• The stories he’s learned to tell that resonate the most with clients and prospects

To sign up for Brendan’s monthly newsletter focused on the human side of advice → Click Here

Connect with Brendan Frazier: 

• RFG Advisory
• LinkedIn: Brendan Frazier
• X: @jbrendanfrazier

Connect with Guest: 

• Campbell Wealth Management
• LinkedIn: Evan Beach

About our Guest: 

Evan Beach is a Certified Financial Planner and wealth manager at Campbell Wealth Management in Alexandria, Va. Evan and his team are well known throughout the Capitol region. His expertise and practice is focused around comprehensive financial planning for seniors, retirees, and those approaching retirement. Evan is a graduate of the University of Delaware, The College for Financial Planning, and Georgetown University. He currently resides in Washington, D.C. with his wife, Ali and dog, Tenley. Securities offered through LPL Financial, Member FINRA/SIPC. Investment advice offered through Campbell Wealth Management, a registered investment advisor, and separate entity from LPL Financial.

Podcast: Play in new window | Download | Embed

Subscribe: RSS | More

Evan Beach is the Director of Wealth Advisory for Campbell Wealth Management, an RIA firm in Alexandria, VA that oversees around $800 million AUM almost exclusively for clients over the age of 55. 

Most recently, Evan wrote an article discussing how to tailor everything in your practice or your firm around what clients want (and not what we think they want) based on what research tells us and shares the tremendous growth their firm has seen as a result.  

Imagine how much easier it would be to get someone from prospect to life-long client if you could look into their mind and know what they value. 

We’ve been given those answers, and in this episode, Evan and I discuss how to take those answers and apply them to your practice in a way that will deliver better client outcomes and boost your new asset growth.

We discuss:

• The behavioral reasons why Evan decided not to charge for financial plans
• The moment Evan realized that his whole onboarding process was designed around what he thought was important instead of what clients wanted
• The importance of a “test driving experience”
• Why positioning your value around behavioral coaching can actually work against you

To sign up for Brendan’s monthly newsletter focused on the human side of advice → Click Here

Connect with Brendan Frazier: 

• RFG Advisory
• LinkedIn: Brendan Frazier
• X: @jbrendanfrazier

Connect with Guest: 

• Campbell Wealth Management
• LinkedIn: Evan Beach

About our Guest: 

Evan Beach is a Certified Financial Planner and wealth manager at Campbell Wealth Management in Alexandria, Va. Evan and his team are well known throughout the Capitol region. His expertise and practice is focused around comprehensive financial planning for seniors, retirees, and those approaching retirement. Evan is a graduate of the University of Delaware, The College for Financial Planning, and Georgetown University. He currently resides in Washington, D.C. with his wife, Ali and dog, Tenley. Securities offered through LPL Financial, Member FINRA/SIPC. Investment advice offered through Campbell Wealth Management, a registered investment advisor, and separate entity from LPL Financial.

Podcast: Play in new window | Download | Embed

Subscribe: RSS | More

Daniel Crosby is one of the most highly respected minds in the modern world of behavioral finance, especially within the realm of financial services. As a Chief Behavioral Officer, his job is to help advisors with the practical application of behavioral finance through tools, training, and technology.

He is a best-selling author of two books on the topic (The Laws of Wealth and The Behavioral Investor) and hosts the Standard Deviations podcast. 

We discuss:

• How to effectively embed and communicate the value of behavioral coaching in your practice
• The most common misconceptions about behavioral coaching
• Three specific strategies everyone can use to help improve client behavior
• An exercise to walk you through where your practice can benefit from behavior and psychology
• How behavioral coaching can insulate your value from any future threat posed by technological advancement
• The technology Daniel is building that will allow you to take behavioral finance to a whole new level

To sign up for Brendan’s monthly newsletter focused on the human side of advice → Click Here

Resources:

• “The Laws of Wealth” by Daniel Crosby
• “The Behavioral Investor” by Daniel Crosby
• Standard Devotions Podcast

Connect with Brendan Frazier: 

• RFG Advisory
• LinkedIn: Brendan Frazier
• X: @jbrendanfrazier

Connect with Guest: 

• LinkedIn: Daniel Crosby
• X: @danielcrosby

About our Guest: 

Educated at Brigham Young and Emory Universities, Dr. Daniel Crosby is a psychologist and behavioral finance expert who helps organizations understand the intersection of mind and markets. Dr. Crosby recently co-authored a New York Times Best-Selling book titled, Personal Benchmark: Integrating Behavioral Finance and Investment Management.

He also constructed the “Irrationality Index,” a sentiment measure that gauges greed and fear in the marketplace from month to month. His ideas have appeared in the Huffington Post and Risk Management Magazine, as well as his monthly columns for WealthManagement.com and Investment News. Daniel was named one of the “12 Thinkers to Watch” by Monster.com and a “Financial Blogger You Should Be Reading” by AARP. When he is not consulting around market psychology, Daniel enjoys independent films, fanatically following St. Louis Cardinals baseball, and spending time with his wife and two children.           

Podcast: Play in new window | Download | Embed

Subscribe: RSS | More

Catherine Morgan is an award-winning financial planner and coach at The Money Panel and host of the In Her Financial Shoes podcast. 

In addition to working with clients on a daily basis, she also has a financial coaching training program, where she teaches financial professionals across the world how to seamlessly incorporate the core skills and principles of financial coaching into their practice.

We discuss:

• The Rapid-Fire 3-Pack of questions on behavioral finance that every guest answers
• How personal experiences shape your values, beliefs, emotions, and behaviors around money, including Catherine opening up to share her own powerful story
• Specific questions and strategies Catherine uses to guide clients through the process of uncovering their own experiences and the impact it had on their emotions, beliefs, and behaviors
• How Catherine crafts her messaging and designs her practice to have these conversations with clients and prospective clients given that no one ever says they want to explore their money beliefs
• The relationship-changing benefits of listening and Catherine’s tips on how to develop your listening skills

To sign up for Brendan’s monthly newsletter focused on the human side of advice → Click Here

Resources:

• The Money Panel
• In Her Financial Shoes Podcast

Connect with Brendan Frazier: 

• RFG Advisory
• LinkedIn: Brendan Frazier
• X: @jbrendanfrazier

Connect with Guest: 

• LinkedIn: Catherine Morgan
• X: @themoneypanel

About our Guest: 

Catherine Morgan is here to create more safe spaces, justice, and financial equality for women. As a Financial Adviser, Coach, and expert in several money-healing modalities, her gift is to help you heal your relationship with money to deserve, create and grow more wealth.

Catherine is on a mission to help one million women become financially resilient, so that together they can create a world that’s full of safe, healthy, wealthy women who aren’t afraid to trust their intuition and follow their bliss.

When more women have more wealth, we can change the world!

Podcast: Play in new window | Download | Embed

Subscribe: RSS | More

Neil Bage is highly renowned in the fields of financial services and behavioral science for his ability to bridge scientific theory with real-world understanding, particularly when it comes to human behavior in light of financial health and well-being.

He’s the co-founder of Be-IQ, a multi-award-winning behavioral insights company that focuses on providing research and tools on behavioral finance for financial advisors and planners around the world.

As he puts it, his mission is to bring “behavior to life” for financial advisors.

We discuss:

• The “achilles heel” of our industry (Hint: it’s not a lack of technical knowledge)
• Why the future of financial planning will have the human as the centerpiece
• The importance of getting clients or prospects into a calm, peaceful state prior to a meeting and specific ways to do it
• The story of an advisor who used the tools from Be-IQ to finally breakthrough to a client after 15 years
• The “Empathy Gap” – What it is and why you should be aware of it in every meeting
• What Neil calls the “transformational benefits” for advisors who bring behavior to life

To sign up for Brendan’s monthly newsletter focused on the human side of advice → Click Here

Connect with Brendan Frazier: 

• RFG Advisory
• LinkedIn: Brendan Frazier
• X: @jbrendanfrazier

Connect with Guest: 

• Be-IQ
• X: @neilbage
• LinkedIn: Neil Bage

About our Guest: 

Neil is the Co-Founder of Shaping Wealth, a learning technology platform transforming the human experience of money. He has served as a Chief Behavioural Officer in the UK and was the CEO and Founder of a multi-award-winning behavioral insights business.

Neil has spent almost two decades researching human behavior as it relates to money, working closely with 6 Behavioural Science Professors across 4 Russell Group Universities. Over that time he has engaged with over 20,000 real people exploring multiple aspects of their behavior and relationship with money.

Podcast: Play in new window | Download | Embed

Subscribe: RSS | More

Andy Hart is the founder of Maven Adviser, the host of the Maven Money podcast, and the founder of Humans Under Management, a behavioral finance conference with a focus on delivering better outcomes for clients. 

As someone who both runs a successful practice as a financial advisor and helps advisors better understand how to apply behavioral finance in their practice, Andy came highly recommended for his ability to provide specific and practical strategies he’s used with his clients for years to promote optimal behavior and deliver better outcomes.

We discuss:

• The dangers of using jargon and how to avoid it
• The many realizations Andy experienced that opened his eyes to the fact that he’s managing humans more than money
• How Andy has learned to communicate the value of behavioral coaching despite the fact that it’s rarely seen as a value-add from clients
• Specific framing and labeling tactics Andy uses with clients to prompt optimal behavior and deliver better outcomes
• What he would recommend any advisor or planner do in order to start mastering the human side of money and applying behavioral finance to their practice

To sign up for Brendan’s monthly newsletter focused on the human side of advice → Click Here

Resources:

• Maven Money Podcast
• Humans Under Management

Connect with Brendan Frazier: 

• RFG Advisory
• LinkedIn: Brendan Frazier
• X: @jbrendanfrazier

Connect with Guest: 

• Maven Adviser
• LinkedIn: Andy Hart
• X: @MavenAdviser
• team@mavenadviser.com

About our Guest: 

Andy Hart started Mavin Adviser in 2017 to satisfy his passion for simplifying the complex. Andy loves nothing more than helping families make the right financial and life decisions. At its core this means telling it as it is, the whole unvarnished truth, and having a complete focus on what’s important. Andy tries to articulate that here, in ‘The Hidden Magic of Behavioural Financial Advice’. He immerses himself in the lives of clients to create a plan that will help them live a life free from financial worry and one that copes with life’s inevitable ups and downs.

In the same year, Andy established Humans Under Management, a behavioral financial advice brand. They’ve hosted conferences in Dublin, South Africa, and London. They’ve now adapted the conferences into a virtual format … available everywhere!

Andy’s hope with HUM is to promote, highlight, and build on the work that great advisers are doing in developing their behavioral financial advice practices. For Andy, this is like seeing color television, when the rest of the profession is still in black and white. This isn’t a fad or a phase; behavioral financial advice is here to stay.

Individually it’s hard to make an impact but by joining together we can.

Join Andy at his next Humans Under Management conference.

Podcast: Play in new window | Download | Embed

Subscribe: RSS | More

As an expert in applied decision science and behavioral finance, Greg gives one example after another on how you can design your practice, your process, and your conversations for optimal behavior and better outcomes.

Greg Davies is the head of behavior at Oxford Risk, where he focuses on improving financial decision-making through the use of behavioral science, and is the co-author of the book Behavioral Investment Management. 

Greg works with advisors and planners around the world on how to apply behavioral finance in order to make optimal decisions in the face of complexity, uncertainty, and behavioral biases.

We discuss:

• The two types of financial plans: One for technical knowledge and one for governing behavior
• How the implementation of technology unlocks your ability to give better advice AND focus more on the human side of the relationship
• The importance of nailing the risk assessment with a focus on anxiety-adjusted returns instead of risk-adjusted returns
• The three components of risk assessment: Risk Tolerance, Risk Capacity, and Emotional Capacity and how to incorporate them all
• Where he thinks behavioral finance will be within the industry in 2030

To sign up for Brendan’s monthly newsletter focused on the human side of advice → Click Here

Connect with Brendan Frazier: 

• RFG Advisory
• LinkedIn: Brendan Frazier
• X:@jbrendanfrazier

Connect with Greg Davies:

• LinkedIn: Greg Davies
• X: Greg Davies

About our Guest: 

Greg is a specialist in applied behavioral finance, decision science, sustainable investing, and financial well-being.

He founded the banking world’s first behavioral finance team at Barclays in 2006, which he led for a decade. In 2017 he joined Oxford Risk to lead the development of behavioral software to help people make the best possible financial decisions.

Greg holds a PhD in Behavioural Decision Theory from Cambridge; has held academic affiliations at UCL, LSE, Imperial, and Oxford; and is the author of Behavioral Investment Management.

Greg is Chair of Sound and Music, the UK’s national organization for new music; and creator of Open Outcry, a ‘reality opera’ that premiered in London in 2012, creating live performances from a functioning trading floor. He is also a frequent speaker and runs CPD-accredited Behavioural Wine Tasting events with Master of Wine John Downes: A unique interactive event combining decision science, live psychology experiment … and wine.

Podcast: Play in new window | Download | Embed

Subscribe: RSS | More