Category: Education
118: A 3-Step Process For Crafting A Statement of Financial Purpose with Andy Baxley – Part I

118: A 3-Step Process For Crafting A Statement of Financial Purpose with Andy Baxley – Part I

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A Statement of Financial Purpose serves as the mission statement for your client’s financial life.

It acts as the north star or lens for making financial decisions to ensure they are aligned with what’s truly most important.

Most advisors love the idea, but they don’t know how to do it.

Fortunately, Andy Baxley created an entire course on it.

And, in this episode, he reveals the 3-step process he takes his clients through to craft a statement of financial purpose.

You’ll Learn:

  • A script to introduce values conversations to long-time clients
  • His favorite question to help guide clients through tough decisions
  • The best time in the onboarding process to have values conversations
  • The powerful story of how a statement of financial purpose changed a client’s life
  • How values conversations have led to a more referable experience for Andy’s practice

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9: Insulating Your Value From the Commoditization of Investments and Financial Planning

9: Insulating Your Value From the Commoditization of Investments and Financial Planning

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Technology is a familiar foe to the profession of financial advice.

With Charles Schwab and Bank of America both recently announcing their plans to offer free financial planning software to the masses, the industry continues to inch closer and closer to the commoditization of our technical expertise.

The reality is that constructing a financial plan and building a portfolio will soon be available at a lower cost, in less time, and with fewer mistakes than working with a financial advisor.

This brings up some familiar questions:

  • What does this mean for the role of a financial advisor in the future?
  • Should I expect fees to compress and prices to drop?
  • How do I add enough value to justify higher fees?

Most importantly: “What can I do to forever insulate my value from the continued threat of technology?

Tune in for the insight!

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