“Behavioral Coaching” continues to emerge as the primary source of value in a relationship between an advisor and client. Yet, most advisors have never learned the skill set required to actually influence and change a client’s behavior for the better. It starts by first understanding the forces that influence client behavior both positively and negatively. …
There’s one communication technique in the skill set of FBI hostage negotiators that stands above the rest. One they describe as being the closest you’ll get to a jedi mind trick. It’s called “mirroring”. Here’s what it does in conversation: Facilitates bonding and trust, creates connection and empathy, buys you time to regroup your thoughts, …
The financial advice industry does an outstanding job of training and developing technical knowledge. The industry is full of advisors and planners who can sit down at a computer and calculate the time value of money with the best of them. But, financial planning done right isn’t just about technical answers. It’s about how those …
The intro meeting is the lifeblood of an advisory business. That 30-60 minute window with a complete stranger is either the most expensive or the most profitable activity you’ll ever engage in. Yet, I kept hearing advisors complain about these meetings. They would say things like: “I never like the way I feel during those …
Morningstar research reveals a direct link between savings behavior and mental time horizon. In fact, the research says mental time horizons are more influential than their age, income, and education. Thus, the more vivid and clear your future, the more likely you are to change your behavior. So, when you’re working with clients and planning …
When financial advisors meet with clients, it’s easy to focus solely on the numbers and neglect the feelings they elicit. It’s easy to focus on dollars at the expense of emotions. But every single client you work with has a relationship with money that extends beyond data, numbers, and dollar signs. But, it becomes evident …
Asking great questions is a superpower for financial advisors. When done right, asking great questions establishes likeability, accelerates trust, and uncovers personal, sensitive information. Three things that are absolutely critical to perform your job at the highest level. But, it’s not just about asking more questions. It’s about knowing how to ask great questions that …
In 2005, Josh Gilliam set out to research, read, and learn everything he could about behavioral finance, psychology, and communication. He was seeking to master the human side of advice. 18 years later, he admits it’s still a work in progress. But, he took what he learned and created the [Fi] Life Framework. A framework …
In 2005, Josh Gilliam set out to research, read, and learn everything he could about behavioral finance, psychology, and communication. He was seeking to master the human side of advice. 18 years later, he admits it’s still a work in progress. But, he took what he learned and created the [Fi] Life Framework. A framework …
If you work with people and their money to fund something now or in the future, it’s absolutely crucial that you understand the dynamic between goals and values. Once you can move beyond goals and understand what’s truly important to the person you’re meeting with, everything changes. In fact, once you embrace and internalize this …