No client actually cares about maximizing their wealth. Every client cares about maximizing their life. Therefore, money should never be a goal. It should simply be a tool. A tool that funds the life you want to live. That’s why every client needs to define their “financial purpose.” It allows clients to align their money …
Your client’s decisions are almost always subconsciously driven by invisible influences. Have you ever wondered: Should I wear a suit? (Or what if I wear a hat?) Should CNBC be on in the lobby? Does the way I’m presenting the info influence the client’s decision? Should I offer free financial planning in the beginning or …
The job of a financial advisor and planner isn’t simply to dispense the advice, pat yourself on the back, and walk away as if your job is done. It’s to help the client follow through on your advice. Ensuring they implement and execute the items you’ve laid out that solve their problems and achieve their …
Money and happiness will forever be intertwined, specifically the relationship between the two. While money may not be able to buy happiness, it can certainly influence it. And, when you’re working with people and their money, you have the opportunity to help them use their money in a way that accumulates happiness rather than just …
Money decisions are never just about money. Research tells us that about 90% of all financial decisions are made emotionally, not logically. Decisions driven by our mind rather than our money. And every financial behavior, even if it appears illogical, makes perfect sense once you understand the underlying beliefs, feelings, and thoughts that accompanied the …
Whether you’ve been an advisor for four days or four decades, you know that your client’s success has just as much to do with their mind as their money. It’s simply not enough to run through monte-carlo simulations and construct diversified portfolios. And you know it’s critical for you to be able to understand your …
Trust is the foundation of success in financial advice. According to research from Vanguard, there are countless business benefits that stem from creating trust: Higher satisfaction with an advisor Higher likelihood of referring an advisor Higher likelihood of consolidating assets Higher likelihood of following advice Other research has found that trust is the #1 characteristic …
Every single advisor and planner recognizes the importance of the human side when working with people and their money. And every single advisor and planner wants practical, tangible ways to embed it in their practice. After exploring the human side of money with 50 of the brightest minds on behavior, psychology, communication and money, I …
“The future of financial planning is the infusion of life within it.” – Tim Maurer Most financial advisors do a great job focusing on WHAT clients want to achieve (Goals) and HOW to achieve it (Financial Planning). But the best advice focuses first and foremost on WHY. It focuses on the client’s values, purpose, intentions …
“Let your life lead your money, not your money lead your life.” – Dr. Preston Cherry Clients care more about maximizing their life than their net worth. What’s the point of tripling your net worth if you still dread getting out of bed every morning? That’s why financial advice at the highest level focuses on …