“When life changes, money changes. And when money changes, life changes.” – Susan Bradley

Change and transition is a constant and pivotal part of our clients’ lives. And it’s these moments that can shape both the future of their life and their money.

But successfully guiding clients through the changes and transitions of life requires more than sound technical knowledge and advice. 

Susan Bradley coaches advisors around the world how to navigate change and joined the show to help advisors understand the dynamics of change, the psychology of transitions, and the skill set advisors need to successfully guide clients through the constant changes and transitions in life.

We discuss:

• Why technical knowledge is insufficient to manage change and transition
• Why decision-making is the most crucial element of navigating transitions
• The “Decision-Free Zone”: Process to help prioritize tasks without getting overwhelmed
• The importance of being a thinking partner during times of transition to help clients develop clarity
• An example of “sound” technical advice that morphed into “bad” advice without deep listening skills

 

*For more resources discussed in this episode, check out www.wiredplanning.com/episode40.

*For more resources and insights on mastering the human side of money (including our popular “Wisdom Round-Up” email), go to www.wiredplanning.com.

Podcast: Play in new window | Download | Embed

Subscribe: Apple Podcasts | RSS | More

Carl Richards has a mantra for financial advisors that he says changes everything once you can fully internalize it:

“Financial advisors are guides in a changing landscape. Not the defenders of an outdated map.”

It’s no longer enough for advisors to build a detailed financial plan or construct a portfolio.

It’s about building trust and connection with clients, unearthing their values and emotions around money, and changing their behavior for the better.

It’s about the human side of advice.

And, if you’re looking to excel at the human side of advice, there is no one better than Carl Richards.

We discuss:

• The two main things he’s learned over the years that he would go back and tell himself when he was an advisor
• Why understanding a client’s purpose is at the foundation of the work advisors do for their client’s
• The difference between purpose, values, and goals and what it looks like in the planning process
• How to effectively help clients develop and prioritize goals
• Using a “Statement of Financial Purpose” in the planning process
• The best approach to handling an objection I’ve ever heard

 

*For more resources discussed in this episode, check out www.wiredplanning.com/episode39.

*For more resources and insights on mastering the human side of money (including our popular “Wisdom Round-Up” email), go to www.wiredplanning.com.

Podcast: Play in new window | Download | Embed

Subscribe: Apple Podcasts | RSS | More

When financial advisors work with couples, it’s more than just navigating their finances. It means navigating an emotional and complex relationship dynamic.

It’s not just a matter of aligning the numbers. It’s a matter of aligning two completely different belief systems.

Our current belief systems around money, which guide our financial decisions today, are formed based on our upbringing.

And, when you combine two different upbringings and two different sets of belief systems around money, naturally tension arises.

The key for couples to resolve these differences and start on the path to “financial intimacy” is developing an understanding of their own upbringing AND their partner’s.

Ed Coambs combines a background in financial therapy and financial planning to offer advisors some critical insights on navigating couple dynamics.

We discuss:

• Why most money arguments aren’t actually about money
• Why our upbringing is the main source of money conflict in relationships
• Implicit Money Memories: The lessons that were “caught” not “taught”
• The most effective way to engage an uninterested spouse
• How to navigate the conversation between a dreamer spouse and a rational spouse

And more!

 

*For more resources discussed in this episode, check out www.wiredplanning.com/episode38.

*For more resources and insights on mastering the human side of money (including our popular “Wisdom Round-Up” email), go to www.wiredplanning.com.

Podcast: Play in new window | Download | Embed

Subscribe: Apple Podcasts | RSS | More

When focused on growing your business, it’s completely normal to focus on things that logically yield growth.

Things like which networking events to attend, how to add more subscribers to your email list, how often to post on social media, what type of ads you want to run, how to get more people to your seminars, how to get more clients to refer….

And while these are completely logical ideas, it’s often the ideas that leverage irrational and invisible influence that yield outsized returns.

When was the last time you thought about:

• What your office or Zoom background is “signaling” to prospective clients?
• What minor detail or design on your website could drastically improve conversions?
• How to package your services in a way that feels less overwhelming and provides clarity around exactly what the client receives?
• What things could be causing your clients to perceive your services as expensive rather than a bargain?

Rory Sutherland, author of Alchemy: The Dark Art and Curious Science of Creating Magic in Business, Brands, and LIfe, consults with companies around the world to help them enhance their branding and marketing by better understanding the invisible influences that shape our behavior.

We discuss:

• Why you can’t always trust what people say they want
• The real reason why people go see doctors (and financial advisors)
• The psychological challenges involved when saving for retirement (and what to do about it)
• How to use context to influence decision-making and behavior
• The power of “signaling” – the most underrated component in building trust

And way more!

*For more resources discussed in this episode, check out www.wiredplanning.com/episode37.

*For more resources and insights on mastering the human side of money (including our popular “Wisdom Round-Up” email), go to www.wiredplanning.com.

Podcast: Play in new window | Download | Embed

Subscribe: Apple Podcasts | RSS | More

Imagine guiding your clients through a process of discovering what a meaningful, fulfilled life would look like and then providing them with the financial strategies to fuel that vision.

You help your clients clarify and fund their best life.

That is life planning.

Most of us are comfortable with the technical side of the equation (the financial strategies).

And I’m sure a lot of us are somewhat familiar with the concept of life planning.

But, what does life planning actually look like in practice?

When do I have these heartfelt conversations?

What do these conversations sound like?

How do I seamlessly integrate this into my current process?

Fortunately, Scott Frank is the founder of Stone Steps Financial, has been through the Life Planning trainings and coaches advisors around the world on the Life Planning process.

And, he joined us to discuss:

• The important distinction between being a “guide” versus a “hero” for clients
• Specific techniques to get clients to open up and tell you the things that are most important to them (and the techniques to avoid!)
• The #1 goal he has for every prospect meeting that creates connection, buy-in, and follow-through
• How to create a lens through which to make financial decisions based on life rather than returns
• A real example of how this process improved a client’s life in a way that simply providing technical knowledge never could

*For more resources discussed in this episode, check out www.wiredplanning.com/episode36.

*For more resources and insights on mastering the human side of money (including our popular “Wisdom Round-Up” email), go to www.wiredplanning.com.

Podcast: Play in new window | Download | Embed

Subscribe: Apple Podcasts | RSS | More

Imagine going into a meeting with a complete picture of your client’s money mindset.

You know exactly how they like to communicate about money, that they have a tendency to “keep up with the Jones’s”, and that they are likely to panic when the market plummets.

Armed with that information, you would know exactly which behaviors to focus on changing to improve their financial outcomes.

But, that kind of information is not readily apparent and difficult to uncover.

Which is why behavioral assessments are on the rise around the industry.

They have the ability to deliver that information faster and more reliably.

Sarah Fallaw founded DataPoints to equip advisors with these assessments and show them how to use them in their practice.

In this episode, we discuss:

• The four tools that Sarah recommends advisors use to help assess their client’s money mindset
• How these tools help to first bring awareness to behavioral issues and why that’s so important to changing behavior
• How to communicate to client the benefits of better understanding their own beliefs and behaviors
• The problem with most risk tolerance questionnaires
• How using these tools can actually serve as a way to measure the behavioral value of advice

And way more!

*For more resources discussed in this episode, check out www.wiredplanning.com/episode35

*For more resources and insights on mastering the human side of money (including our popular “Wisdom Round-Up” email), go to www.wiredplanning.com.

Podcast: Play in new window | Download | Embed

Subscribe: Apple Podcasts | RSS | More

After five years of frustratingly inconsistent prospecting meetings, Dan Solin decided there had to be a better way.

So, he spent a year researching and learning everything he could on the neuroscience and psychology of what it took to seamlessly convert a prospect into a client.

From that he built an evidence-based process that flipped everything he knew on its head. And, in his first year prospecting with this new approach, he brought in $100 million under management (no, that’s not a typo).

In this episode, Dan explains what he learned from his research and what he changed to see such massive growth.

We discuss:

• The science behind why it’s so powerful to get someone to talk about themselves
• The power of questions to build trust and credibility in a way nothing else can compete with
• The reasons why you shouldn’t take notes during meetings
• How to answer “What do you do?” and why most advisors get it way wrong
• The question to ask at the end of every prospect meeting instead of closing

And way more game-changing insights!

*For more resources discussed in this episode, check out www.wiredplanning.com/episode34

*For more resources and insights on mastering the human side of money (including our popular “Wisdom Round-Up” email), go to www.wiredplanning.com.

Podcast: Play in new window | Download | Embed

Subscribe: Apple Podcasts | RSS | More

Most financial advisors conduct some version of goals-based planning.

If you’re helping a client use their money to accomplish a goal, then you’re doing goals-based planning.

But goals are formed and shaped by values. Yet, “goals-based planning” is an industry buzzword and “values-based planning” is more like a foreign language.

Natalie Taylor CFP®, BFA™ has built her practice around “Values-Based Financial Advice That Works In Real Life” and joined the show to explain why her values-based approach is more effective than a goals-based approach and how she implements it throughout her work with clients.

We discuss:

• Why she prefers advice that gets 90% of the results rather than 100% optimal advice
• Why defining goals with clients comes after assessing values, net worth and cash flow
• The “Values Exercise” she developed to help clients define their values
• The “Big Win” Natalie gets for most of her clients that helps create momentum during implementation
• The skills humans possess that computers will never replicate

*For more resources discussed in this episode, check out www.wiredplanning.com/episode33

*For more resources and insights on mastering the human side of money (including our popular “Wisdom Round-Up” email), go to www.wiredplanning.com.

Podcast: Play in new window | Download | Embed

Subscribe: Apple Podcasts | RSS | More

There are at least three things every financial advisor wants in their relationships with clients:

1) Great conversations and connection

2) Use their money to live a fulfilled life doing the things they love

3) Seamless buy-in and follow-through on the advice given to avoid spending time following up

In fact, if you’re an advisor looking for ways to enhance client outcomes or change the growth trajectory of your practice, these three would be at or near the very top of the list every time.

Yet, as research shows, the problem isn’t knowing these things are important. It’s knowing how to do them consistently and effectively.

Which is where it’s crucial to have a process for ensuring these three things in every meeting with every client.

Amy Mullen is the President of Money Quotient, a company that arms advisors with tools, resources, and a process to consistently deliver on all three of these things.

In Part II of our conversation, we move from the “Why” to the “How” as Amy offers up specific examples from advisors she’s worked with over the years:

• The 5-Steps of the True Wealth™ Process
• The case for having two separate discovery meetings
• Why memorable conversation and lasting connecting actually starts with the mindset of the advisor
• A structured process to help clients create a robust vision of their ideal life
• How to plan and prepare for barriers to implemenation

 

*For more resources discussed in this episode, check out www.wiredplanning.com/episode32

*For more resources and insights on mastering the human side of money (including our popular “Wisdom Round-Up” email), go to www.wiredplanning.com.

Podcast: Play in new window | Download | Embed

Subscribe: Apple Podcasts | RSS | More

There are at least three things every financial advisor wants in their relationships with clients:

1) Great conversations and connection

2) Use their money to live a fulfilled life doing the things they love

3) Seamless buy-in and follow-through on the advice given to avoid spending time following up

In fact, if you’re an advisor looking for ways to enhance client outcomes or change the growth trajectory of your practice, these three would be at or near the very top of the list every time.

Yet, as research shows, the problem isn’t knowing these things are important. It’s knowing how to do them consistently and effectively.

Which is where it’s crucial to have a process for ensuring these three things in every meeting with every client.

Amy Mullen is the President of Money Quotient, a company that arms advisors with tools, resources, and a process to consistently deliver on all three of these things.

In Part I of our conversation, we discuss:

• The #1 factor in determining action towards retirement goals
• Why starting with the past is the most effective way for advisors to help client’s uncover meaningful goals
• How a client’s inability to follow-through is likely a roadblock stemming from their past
• The importantly subtle shift from “advice-givers” to “thinking partners”
• Why “advice kills conversations”

 

*For more resources discussed in this episode, check out www.wiredplanning.com/episode31.

*For more resources and insights on mastering the human side of money (including our popular “Wisdom Round-Up” email), go to www.wiredplanning.com.

Podcast: Play in new window | Download | Embed

Subscribe: Apple Podcasts | RSS | More