Category: Psychology
121: A Playbook To Master The Human Side of Advice with Michael Kitces

121: A Playbook To Master The Human Side of Advice with Michael Kitces

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When you want to learn something about financial planning and advice, the ultimate source is Michael Kitces.

Most people know Michael is a spreadsheet-loving, technical wizard.

What most people don’t know is that he also fully believes in the human side.

In this episode, Michael explains the skills and processes advisors need to know on the path to mastering the human side of advice.

You’ll Learn: 

  • What Michael says is the #1 skill for financial advisors
  • The drawbacks to marketing the human side to prospects
  • Why you can’t believe clients when they tell you their goals
  • Why Michael only wears blue shirts (and how many he owns)
  • The method Michael uses to uncover what clients really value
  • Why the 3-year mark changes everything for an advisory business

And more!

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

Resources:

Connect with Brendan Frazier: 

Connect with Michael Kitces: 

About Our Guest: 

Michael E. Kitces, MSFS, MTAX, CFP®, CLU, ChFC, RHU, REBC, CASL, is the Head of Planning Strategy for Buckingham Wealth Partners, a private wealth management firm located in St Louis, Missouri, that oversees approximately $50 billion of client assets. In addition, he is the co-founder of the XY Planning Network, AdvicePay, fpPathfinder, and New Planner Recruiting, former practitioner editor of the Journal of Financial Planning, and the publisher of the e-newsletter The Kitces Report and the popular financial planning industry blog Nerd’s Eye View through his website www.Kitces.com, dedicated to advancing knowledge in financial planning.

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Content here is for illustrative purposes and general information only. It is not legal, tax, or individualized financial advice; nor is it a recommendation to buy, sell, or hold any specific security, or engage in any specific trading strategy.

 Information here may be provided, in part, by third-party sources. These sources are generally deemed to be reliable; however, neither our guest nor RFG Advisory guarantee the accuracy of third-party sources.

 The views expressed here are those of our guest. They do not necessarily represent those of RFG Advisory, its employees, or its clients. This commentary should not be regarded as a description of advisory services provided by RFG Advisory, or performance returns of any client. The views reflected in the commentary are subject to change at any time without notice.

 Securities offered by Registered Representatives of Private Client Services. Member FINRA / SIPC. Advisory services offered by Investment Advisory Representatives of RFG Advisory, LLC (“RFG Advisory or “RFG”), a registered investment advisor. Private Client Services and RFG Advisory are unaffiliated entities. Advisory services are only offered to clients or prospective clients where RFG Advisory and its representatives are properly licensed or exempt from licensure. No advisory services may be rendered by RFG Advisory unless a client agreement is in place.

 RFG Advisory is an SEC-registered investment adviser. SEC registration does not constitute an endorsement of RFG by the Commission, nor does it indicate that RFG or any associated investment advisory representative has attained a particular level of skill or ability.

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120: The Three Cornerstones of a Happy And Fulfilling Retirement

120: The Three Cornerstones of a Happy And Fulfilling Retirement

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Michael Finke’s research shows that the trifecta of a happy and fulfilling retirement incorporates:

  1. Money
  2. Health
  3. Social Connection

Most financial advisors know the money part.

But how can you incorporate the other health and social connection parts into a financial plan to help your clients live a happy and fulfilling retirement?

Fortunately, Michael Finke is the foremost authority on this topic and shares with us the three cornerstones of a happy and fulfilling retirement and how to incorporate it into your retirement planning work with clients.

You’ll Learn: 

  • The only two places your money can go
  • How to increase your clients’ happiness per dollar spent
  • Why your clients should start taking forced semi-retirements
  • One thing most retirees believe will provide satisfaction but doesn’t
  • The amount of wealth where life satisfaction peaks before falling again
  • The one relationship in your life with the highest correlation to life satisfaction

Resources:

Connect with Brendan Frazier: 

Connect with Michael Finke:

About our Guest: 

Michael Finke, Ph.D., is a Professor of wealth management and Frank M. Engle Distinguished Chair in Economic Security Research at The American College of Financial Services. He is a nationally known researcher in the areas of retirement income planning, retirement spending, life satisfaction, and cognitive aging.  He is a frequent speaker at financial planning conferences and was named one of the 25 most influential people in the field of investment advising in 2020 and 2021 by Investment Advisor Magazine.

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Content here is for illustrative purposes and general information only. It is not legal, tax, or individualized financial advice; nor is it a recommendation to buy, sell, or hold any specific security, or engage in any specific trading strategy.

Information here may be provided, in part, by third-party sources. These sources are generally deemed to be reliable; however, neither our guest nor RFG Advisory guarantee the accuracy of third-party sources.

The views expressed here are those of our guest. They do not necessarily represent those of RFG Advisory, its employees, or its clients. This commentary should not be regarded as a description of advisory services provided by RFG Advisory, or performance returns of any client. The views reflected in the commentary are subject to change at any time without notice.

Securities offered by Registered Representatives of Private Client Services. Member FINRA / SIPC. Advisory services offered by Investment Advisory Representatives of RFG Advisory, LLC (“RFG Advisory or “RFG”), a registered investment advisor. Private Client Services and RFG Advisory are unaffiliated entities. Advisory services are only offered to clients or prospective clients where RFG Advisory and its representatives are properly licensed or exempt from licensure. No advisory services may be rendered by RFG Advisory unless a client agreement is in place.

RFG Advisory is an SEC-registered investment adviser. SEC registration does not constitute an endorsement of RFG by the Commission, nor does it indicate that RFG or any associated investment advisory representative has attained a particular level of skill or ability.

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119: A 3-Step Process for Crafting a Statement of Financial Purpose – Part II

119: A 3-Step Process for Crafting a Statement of Financial Purpose – Part II

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*This is a continuation of the conversation that started in the previous episode (Episode 118). We highly recommend listening to that episode first!

A statement of financial purpose serves as the mission statement for your client’s financial life.

It acts as the north star for making financial decisions that are in alignment with the things that are truly important in life.

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

You’ll Learn: 

  • The power of helping clients turn vague goals into vivid visions
  • Questions to help clients narrow down what’s most important to them
  • Why you need to help clients separate short-term and long-term goals
  • A framework for turning a statement of financial purpose into tangible goals
  • How to use a statement of financial purpose throughout the planning process

Resources:

Connect with Brendan Frazier: 

Connect with Andy Baxley: 

About Our Guest: 

Andy Baxley, CFP®, CIMA®, CeFT®, is a Sr. Financial Planner at The Planning Center. Andy’s approach to financial planning goes beyond the numbers; it’s about helping the individuals and families he serves achieve clarity, confidence, and a sense of purpose around their money. Ultimately, Andy doesn’t just want his clients to feel financially secure; he wants them to feel empowered to plan with a sense of optimism and possibility.

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Content here is for illustrative purposes and general information only. It is not legal, tax, or individualized financial advice; nor is it a recommendation to buy, sell, or hold any specific security, or engage in any specific trading strategy.

Information here may be provided, in part, by third-party sources. These sources are generally deemed to be reliable; however, neither our guest nor RFG Advisory guarantee the accuracy of third-party sources.

The views expressed here are those of our guest. They do not necessarily represent those of RFG Advisory, its employees, or its clients. This commentary should not be regarded as a description of advisory services provided by RFG Advisory, or performance returns of any client. The views reflected in the commentary are subject to change at any time without notice.

Securities offered by Registered Representatives of Private Client Services. Member FINRA / SIPC. Advisory services offered by Investment Advisory Representatives of RFG Advisory, LLC (“RFG Advisory or “RFG”), a registered investment advisor. Private Client Services and RFG Advisory are unaffiliated entities. Advisory services are only offered to clients or prospective clients where RFG Advisory and its representatives are properly licensed or exempt from licensure. No advisory services may be rendered by RFG Advisory unless a client agreement is in place. 

RFG Advisory is an SEC-registered investment adviser. SEC registration does not constitute an endorsement of RFG by the Commission, nor does it indicate that RFG or any associated investment advisory representative has attained a particular level of skill or ability.

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

118: A 3-Step Process For Crafting A Statement of Financial Purpose – 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

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

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