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:

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Asking great questions is a superpower for financial advisors.

Questions are proven to:

• Increase trust and likability
• Collect personal information
• Direct the flow of conversation

But, it’s not enough to simply ask questions.

The types of questions, the timing of questions, and the tone of questions all matter.

In other words, there’s an art to asking great questions.

Fortunately, Warren Berger is a Questionologist and the world’s foremost authority on questions.

And, he walks us through the art of asking great questions that get great answers from both clients and prospects.

In this episode, we discuss:

• How to ask questions to get someone to open up
• The engine that drives good questioning
• What actors can teach us about cultivating curiosity
• How to order questions for conversational flow
• Questions you ask everyday that fail to create a connection
• Using questions to convince clients your idea is their idea

 

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/episode78.

*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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Every advisor always wants to know what questions to ask.

But, more important than WHAT you ask is WHEN you ask it.

A great question asked at the wrong time is no longer a great question.

In this episode, we’ll go through six different steps of the client journey and arm you with three questions to use at each stage:

1) Intro Call

2) Discovery Meeting

3) Onboarding

4) Implementation/Recommendations

5) Review Meetings

6) Every Conversation

 

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/episode77.

*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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We all know that human beings buy on emotion and justify with logic.

Yet, when meeting with a prospect, the majority of advisors default to leading with logic rather than emotion.

The success of your prospect meeting hinges on your ability to communicate in a way that takes them out of their heads and into their hearts.

Once you do that, you can create a level of trust in 3 minutes that often takes 3 years.

Fortunately, Deirdre Van Nest works with advisors on the keys to communicating in an emotionally-compelling way to fast-track trust and likability in the first meeting.

In this episode, we discuss:

• Keys to making yourself relatable in a first meeting
• Why the purpose of a prospect meeting shouldn’t be determining fit
• A superpower to get prospects to decide faster
• Getting someone to open up by “flipping the script”
• The importance of a “Why” story to explain what you do
• The magical question to ask at the beginning of the meeting

 

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/episode76.

*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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Financial advice requires working with money and people.

Working with money is the easy part.

You need a calculator and some decent math skills.

Working with people is the hard part.

You need an understanding of what goes on in their brain.

Ted Klontz says, “The more you understand how the brain works, the more effective you’ll be working with people.”

In this episode, he reveals what advisors need to know about the brain in order to create motivation and connection with clients and prospects.

In this episode, we discuss:

• How to effectively communicate to the decision-making part of the brain
• Why palm trees are better than graphs for improving financial behavior
• What car dealers and ice cream stores teach us about prospect conversations
• A must-ask question for every prospect coming from a previous advisor
• Three keys to developing exquisite listening skills
• Why 8 of 10 people who come to you aren’t actually ready for advice

 

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/episode75.

*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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This is the inaugural “Ask Me Anything” (AMA) episode.

Whether it’s been emails, Twitter DM’s, LinkedIn messages, one-off virtual meetings, coaching sessions, or at a conference, one thing has become clear about financial advisors and the human side of advice.

You guys have questions. A lot of really good questions.

And, I want to help you answer them on your path to mastering the human side of advice.

I’ve got an ongoing list of questions, so if you have a question that you want answered, send it to me via email, Twitter, or LinkedIn.

In this episode, you’ll learn:

• Whether you should communicate the value of behavioral coaching to a prospect
• The top 3 behavioral finance ideas to immediately make an impact in your next meeting
• How to confidently introduce a “values” conversation with a client you’ve had for 10+ years

 

*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/episode74.

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

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

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Everything changed during FPA Retreat in Cheyenne County, Colorado in 1995.

A presentation was given that generated a buzz around the entire conference.

This presentation was the first of its kind.

Up to that point, the focus of these gatherings, conferences and presentations was the continued honing of technical knowledge.

But, this presentation by George Kinder and Dick Wagner brought the human side of advice into the light.

Dave Yeske was in attendance that day and calls the presentation a turning point for the human dimension within financial advice.

It also forever shaped the way he interacted with clients and prospects.

From developing a mantra to focus on the human dimension, to various discovery exercises, to a specific way to deliver financial planning recommendations…

It all stemmed from that one meeting in Cheyenne County, Colorado in 1995.

In this conversation, he describes exactly what it was like to be at that 1995 meeting and details how Yeske Buie helps clients define their “Live Big®” life.

In this episode, we discuss:

• Why embracing the human dimension is top of mind over the next 5 years
• “What’s the story?’ – A question to move clients toward their ideal life
• “Live Big Ideas” – A list of non-financial ways to enhance your life
• “Connecting the Dots” – A script for making recommendations that resonate
• A sign that a client/prospect truly understands the point you’re trying to make

 

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/episode73.

*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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Think back to a time when you were “in the zone.”

A time when you were completely immersed and focused on what you were doing.

Psychologists refer to this as “flow.”

It’s a state of mind that athletes and creative artists describe when they’re operating at their peak.

A flow state elicits greater enjoyment, energy, and involvement in what you’re doing.

So, imagine if you could learn how to apply it for yourself and your clients.

Fortunately, Dr. Jordan Hutchison has done the research and shares how to use “flow” to improve productivity, creativity, and well-being for both advisors and clients.

In this episode, we discuss:

• The all-encompassing benefits of “flow”
• How to trigger a “flow state”
• Why “practice and rehearse” was the best advice he received
• The “Life Priorities” exercise he considers to be one of the best he’s seen
• Putting a “behavioral bow” on meetings to end with a bang

 

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/episode72.

*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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You’ll never truly master the human side of advice until you have the right mindset to do it.

And, unfortunately, most advisors need a complete re-programming.

One that wipes clean most of what you’ve been taught over the years.

A mindset shift that transforms the way you approach your clients and your practice.

If that sounds daunting, don’t worry.

I’ve distilled it into 9 guiding principles.

Once you’ve fully embraced these 9 principles, you’ll have the foundation to master the human side of advice in a way very few advisors ever will.

In this episode, you’ll learn:

• Why you should focus less on what people want to accomplish
• What prospects/clients ACTUALLY want and how to deliver
• Why there’s no such thing as an irrational decision
• Why life always comes before money in your process

 

*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/episode71.

*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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In healthcare, client outcomes and client satisfaction are directly correlated to the doctor’s “bedside manner.”

The same holds true for client outcomes and satisfaction in financial planning and advice.

In fact, research has shown that the #1 thing prospects look for in an advisor is “Interpersonal Skills.”

And other research has confirmed that high levels of trust lead to:

• More satisfied clients
• More referrals
• More assets

But how do you create trust and improve your interpersonal skills?

Fortunately, Dr. Jim Grubman built programs for advisors on how to hone and develop essential communication skills.

In this episode, we discuss:

• Why courage is a conversational superpower
• The two essential communication skills every advisor needs
• The biggest communication mistake almost every advisor makes
• The different “levels” of conversation
• Detecting the “signals” clients send when they want to go deeper

 

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/episode70.

*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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