Research shows asking great questions builds trust, establishes likability, and uncovers valuable information. Which is why asking great questions forms the foundation of a successful first meeting that converts a prospect into a lifelong client. This episode is meant to be a guide for advisors to hone their question-asking abilities, so they can enhance client …
Ask any financial advisor if behavioral finance plays an important role in delivering ideal outcomes to clients, and you’ll get a resounding “Yes.” Ask those same advisors if they know exactly what to say and do to seamlessly apply behavioral finance, and you’ll get a resounding “No!” Knowing someone is suffering from loss-aversion helps explain …
For most financial advisors, the idea of work/life balance is nothing more than an illusion. Especially for those who started, survived, and thrived in the profession based on a mindset that success was simply a numbers game. Survival and success relied upon activity. There was a direct correlation between the amount of work you put …
Financial planning without any regard for the person’s dreams, values, and life they want to live is nothing more than numbers on paper. A person’s dreams, values, and life they want to live without any regard for money is nothing more than a fantasy. Life planning is simply connecting the client’s dreams and values with …
There is zero correlation between the size of your bank account and the overall contentment and happiness of your life. If you’ve worked with people and their finances long enough, you’ve seen it time and time again. But, once you can align money with meaning, you have the foundation of a happy, meaningful life. Financial …
The greatest barrier for every client isn’t lack of information. It’s their own mindset and behavior. Whether it’s someone who overspends, someone who under-spends, someone who wants to sell out at the worst possible time, or even the person who never sends in the data you need, the key to changing their behavior starts with …
Adrian Murphy is the CEO of Murphy Wealth, a multi-award winning financial planning firm in the UK. Most recently, his firm made waves throughout the industry with the announcement that they were hiring a Chief Behavioral Officer as a part of their transition to a “human-first” strategy. We discuss: The decision to transition to a …
When it comes to changing someone’s behavior, much of the focus goes to persuasion and nudging techniques. In reality, for financial advisors, the primary weapon of influence you have over someone’s behavior is your ability to communicate and connect at the highest level. Dr. Joy Lere is a licensed clinical psychologist and behavioral finance consultant …
Dr. Moira Somers, financial psychologist and author of the best-selling book Advice That Sticks: How to Give Financial Advice People Will Follow, consults with advisors and firms around the world to deliver “stickier” advice that leads to more follow-through and implementation. We discuss: A specific process to use at the end of every meeting to …
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 …