The Human Side of Money

Most financial advisors’ meetings are underwhelming. They typically include a mix of small talk, dialogue, fact-finding, and a less-than-riveting display of numbers and charts. It’s the main reason why prospects leave your office and don’t respond for months (if ever), despite the fact that they need help. And you knew you could help them. It’s also the main reason that you won’t find clients excited and eager to come to their review meetings. In this episode, Sten shares how he’s leveraged the power of communication to create a meeting experience where clients leave saying: “That’s different than any meeting I’ve ever had.” Here’s what you’ll learn: The “Quantify and Multiply” approach to create urgency A formula to answer “What do you do?” in a compelling way The meeting-altering power of whiteboarding (and how to do it) The average things most advisors do that lead to boring meetings Why the “trust gap” is the main thing keeping prospects from moving forward To sign up for Brendan’s monthly newsletter focused on the human side of advice → Click Here Resources: 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 Connect with Brendan Frazier: RFG Advisory LinkedIn: Brendan Frazier X:@jbrendanfrazier

Trust is the foundation of success in financial advice. You need trust to get prospects to become clients and you need trust to get clients to follow-through and do the things you ask them to do. Without trust, you have no business. But, if you know how to consistently build trust with both prospects and clients, it will take your relationships AND your business to places very few things can. Everybody knows how important trust is. But, very few people know the secrets to consistently building high-trust relationships. Fortunately, Herman Brodie does. Consider this episode the ultimate guide for everything you need to know about trust. Here’s what you’ll learn: How to continue building trust with long-term clients The only type of trust that serves as a competitive advantage The intangible factors that lead investors to choose asset managers The non-obvious benefits trust has on your clients and your business The “Trust Game:” The role of similarity when it comes to building trust To sign up for Brendan’s monthly newsletter focused on the human side of advice → Click Here Resources: 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 Connect with Brendan Frazier: RFG Advisory LinkedIn: Brendan Frazier X:@jbrendanfrazier

The perfect plan is rendered useless in the absence of execution. Or, as Dr. Moira Somers says: “What’s the point of technically proficient advice if the client won’t act on it?” You would think that providing someone a step-by-step plan to accomplish their goals would be all that’s needed to spur someone into action. But, anyone that works with people and their money knows that simply isn’t the case. Dr. Moira Somers, author of the book Advice That Sticks, provides a blueprint for improving the “stickiness” of your advice to help create better outcomes for clients. Here’s what you’ll learn: The most common reason clients fail to follow through on your advice What medical research can teach us about the challenges of implementation A proven method to help get through the friction of the data-gathering process How much responsibility falls on the advice-giver when advice isn’t implemented How improving follow-through benefits your clients, your business, AND your well-being *This episode originally aired in January 2021. To sign up for Brendan’s monthly newsletter focused on the human side of advice → Click Here Resources: 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 Connect with Brendan Frazier: RFG Advisory LinkedIn: Brendan Frazier X:@jbrendanfrazier

The Human Side of Money in 2023: Released 35 episodes Crossed over 100k downloads (and almost 200k!) Delivered 2,517 minutes of content on the human side of advice Inside those 35 episodes and 2,517 minutes lie countless ideas, insights, and nuggets that will do two things: Enhance and enrich your clients’ lives and forever change the trajectory of your business and career. But, there were certain ideas inside each episode and conversation that delivered more impact than others. Certain insights and nuggets that move the needle a little bit further. In this episode, I go back through each conversation from 2023 and extract the most impactful ideas and insights advisors need to know. To sign up for Brendan’s monthly newsletter focused on the human side of advice → Click Here Resources: 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 Connect with Brendan Frazier: RFG Advisory LinkedIn: Brendan Frazier X:@jbrendanfrazier

There’s a critical mistake made by almost every advisor around the world every single day. We focus more on the plan than the person. More on what we do than what they need. Our natural approach is plan-centric. Meanwhile, the industry is shifting towards human-first financial guidance. Fortunately, Ross Marino embraced this shift long ago and built a firm that specializes in human-first financial guidance. He tells us what led to him embracing the shift to human-first financial guidance and provides a simple framework to apply with prospects and clients. Here’s what you’ll learn: The “staple question” to start every meeting The two questions he asks in his “Re-Discovery” meetings Why the industry is shifting towards human-first financial guidance Why Ross decided to do “Re-Discovery” meetings with every client The Transitus Process: 4 questions to spark meaningful conversations To sign up for Brendan’s monthly newsletter focused on the human side of advice → Click Here Resources: 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 Connect with Brendan Frazier: RFG Advisory LinkedIn: Brendan Frazier X:@jbrendanfrazier

Lack of follow-through and implementation of advice is a widespread problem. One study revealed this gut-wrenching stat: 70% of clients implement less than 20% of financial planning recommendations. There are a number of reasons to explain this. A primary reason is that advisors deliver advice that looks good on a spreadsheet, but it doesn’t fit into real life. If you can design your advice for the person rather than optimizing for a spreadsheet, you’ll watch your implementation problems disappear. After all, the best advice is the advice that actually gets implemented. Here’s what you’ll learn: A client story demonstrating doable over optimal advice One of the primary barriers that prevent clients from implementing How to optimize advice for spreadsheets but design it for real-life Three questions to ask that will drastically improve follow-through To sign up for Brendan’s monthly newsletter focused on the human side of advice → Click Here Resources: 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 Connect with Brendan Frazier: RFG Advisory LinkedIn: Brendan Frazier X:@jbrendanfrazier

In 2012, Shaun Erickson founded Single Point Partners because he wanted to do something different. As a solo advisor at the time, his primary focus was on building a process with one main focus: Building it around the client’s agenda (a.k.a. – the things that matter most to the client). Fast forward to 2023, and his focus has shifted. Now, he’s focused on building a human-first approach into the fabric of an entire firm. Whether you’re a solo advisor trying to embrace a human-first approach or a firm owner wondering how to build an entire firm with a human-first approach, you’re in the right place. Shaun Erickson takes us inside Single Point Partners to share exactly how to build a human-first approach into the fabric of your entire firm. We discuss: A question to put a prospect’s mind at ease Why you should follow up with clients 3 times How they train advisors to learn the human side The “Pebbles vs Boulders” approach to improve follow-through A story where asking one question forever changed the relationship To sign up for Brendan’s monthly newsletter focused on the human side of advice → Click Here Resources: 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 Connect with Brendan Frazier: RFG Advisory LinkedIn: Brendan Frazier X:@jbrendanfrazier

Mastering the human side of advice will: Enrich your clients’ lives Enhance your relationships with clients Forever change the trajectory of your business/career Think it sounds too good to be true? Listen to these 7 stories from advisors around the world sharing how the human side has made their clients and their practice infinitely better off. To sign up for Brendan’s monthly newsletter focused on the human side of advice → Click Here Resources: 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 Connect with Brendan Frazier: RFG Advisory LinkedIn: Brendan Frazier X:@jbrendanfrazier

Your client isn’t just the person sitting in front of you today. It’s who they’ll become 30 years from now. And, it’s who they were 30 years ago. They might be making a decision in the present. But, their decisions in the present are shaped by the experiences of their past and influenced by their vision of the future. When you work with human beings and money, it’s crucial that you fully understand the powerful forces that the past and future play on your client in the present. We discuss: How our past experiences with money carry forward into the present The two ways in which our current self makes decisions to the detriment of our future self Two client stories on the power of the past and the future How to help clients understand their past to drive better outcomes Two ways to improve the client’s connection to their future self To sign up for Brendan’s monthly newsletter focused on the human side of advice → Click Here Resources: 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 Connect with Brendan Frazier: RFG Advisory LinkedIn: Brendan Frazier X:@jbrendanfrazier

It’s one thing for advisors to say they want to get better at the human side. It’s another thing to actually start making changes to your processes and conversations. And, it’s another thing entirely to have your entire meeting process and deliverables focused on the human side. Yet, that’s exactly what Jake Northrup has done. At his firm, Experience Your Wealth, Jake has made a point to optimize the human element in every single meeting. From the questions they ask to the deliverables they provide, he’s thought of it all. In this episode, Jake gives us an inside look into each meeting to reveal how he infuses the human side to help clients live their ideal lives. Here’s what you’ll learn: Using “micro-steps” to improve client behavior The process they use to help clients create their “Unique Money Vision” The psychological power of “spending experiments” to help clients live their best life The action item dashboard they use to improve the gap between knowing and doing The “Life Planning Timeline” he creates to visualize and prioritize what’s most important To sign up for Brendan’s monthly newsletter focused on the human side of advice → Click Here Resources: 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 Connect with Brendan Frazier: RFG Advisory LinkedIn: Brendan Frazier X:@jbrendanfrazier

Let’s face it…most advisors’ meetings with long-term clients are lackluster. You ask about life, the kids, any changes in their life, etc. Then, you tell them that everything looks good. They’re still on track. They leave and you do it all over again next year. And, that’s not bad. But, there’s a better way. There’s a meeting that will strengthen your trust and connection, guide your clients to live their best lives, naturally display and reinforce your value It’s called the “Re-Discovery” Meeting and Meghaan Lurtz shares the blueprint on how advisors can start conducting these meetings right away. Here’s what you’ll learn: How to avoid long-time clients getting the “7-year itch” Questions to ask clients to help them live their best lives The relationship-building power of co-creating visions and goals A question to ask at the end of every meeting to improve the client experience Why asking a prospect to “think it over” may actually be detrimental to the relationship To sign up for Brendan’s monthly newsletter focused on the human side of advice → Click Here Resources: 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 Connect with Brendan Frazier: RFG Advisory LinkedIn: Brendan Frazier X:@jbrendanfrazier

The relationship dynamic between advisors and clients is shifting. It’s shifting away from treating the plan and towards treating the person. The old model was the financial advisor as the “advice giver.” Treating the problem by dispensing advice. The new model has the advisor playing the role of “thinking partner.” It goes like this: Diagnose the situation, discuss the options, and decide together on the best solution. The client is the hero of their story. And the advisor is a thinking partner, a guide, a facilitator, a collaborator, and a problem-solver. We discuss: What the field of medicine can teach us about this relationship dynamic Two client stories showing the importance of being a thinking partner Three specific ways to be a thinking partner with your clients To sign up for Brendan’s monthly newsletter focused on the human side of advice → Click Here Resources: 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 Connect with Brendan Frazier: RFG Advisory LinkedIn: Brendan Frazier X:@jbrendanfrazier

Every advisor remembers sitting in a meeting with a couple where one person is engaged and the other hasn’t said a word. Or the meeting with the couple whose goals aren’t aligned. While working with couples certainly has its challenges, it’s also an opportunity for advisors to help couples align and thrive financially. But, doing so requires knowing the skills you need to navigate the dynamics of working with couples and money. Fortunately, Ashley Quamme specializes in this area and is going to crack the code to get both partners engaged and on the same page so they can thrive together financially. Here’s what you’ll learn: Her favorite question to help couples get “unstuck” How to use “Relationship Maps” when working with couples How to set the expectations for both partners to talk and engage The 3 factors that contribute to couples not on the same page with their goals Questions to ask couples to assess their financial relationship (without being intrusive) To sign up for Brendan’s monthly newsletter focused on the human side of advice → Click Here Resources: 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 Connect with Brendan Frazier: RFG Advisory LinkedIn: Brendan Frazier X:@jbrendanfrazier

If you want to convert more prospects into life-long clients… You need to know the answer to two questions: Why do people hire a financial advisor? Why do people fire their financial advisor? They just might be the two most important questions for any advisory business. Fortunately, Samantha Lamas and Danielle Labotka did the research to get the answer to those two questions. And, what they learned will forever transform the way advisors approach client acquisition and client retention. Here’s what you’ll learn: How to create digital content that makes an emotional connection The connection between listening skills and higher client retention The most commonly cited reasons for both hiring and firing an advisor The most commonly listed emotional reasons driving hiring and firing decisions The “Value Prop Makeover”: 3 steps to effectively communicate your emotional value To sign up for Brendan’s monthly newsletter focused on the human side of advice → Click Here Resources: 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 Connect with Brendan Frazier: RFG Advisory LinkedIn: Brendan Frazier X:@jbrendanfrazier

Christine Benz has been dispensing financial planning knowledge and impacting the lives of people around the world for decades. She’s written hundreds of articles for Morningstar on practical financial planning advice. In fact, she’s one of the best out there. But there are 3 articles that stick out from the rest. They deviated from her usual style laying out step-by-step technical knowledge and ventured into the field of psychology and emotions. So, we talked with Christine about those three articles. She explains the psychology of retirement spending, why peace of mind is the ultimate luxury good, and the biggest money mistake she’s ever made. Here’s what you’ll learn: Why peace of mind is her ultimate luxury good The importance of celebrating financial milestones The psychological advantage of prioritizing short-term goals Using a “Retirement Policy Statement” to get retirees to spend money The biggest money mistake she’s ever made (and the emotional reason for it) To sign up for Brendan’s monthly newsletter focused on the human side of advice → Click Here Resources: 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 Connect with Brendan Frazier: RFG Advisory LinkedIn: Brendan Frazier X:@jbrendanfrazier

There’s a dilemma that every financial advisor eventually comes face-to-face with. It’s when you realize that you have too little time and need to be more efficient. At the same time, you also know that the real differentiator for your business is human-to-human connection. And you start wondering, “Can I still be efficient without sacrificing the human connection?” or “Is it possible to maximize efficiency and the human connection at the same time?” Fortunately, Libby Greiwe figured out how to be more efficient and more human at the same time. And, in this episode, she reveals the exact systems she built to scale the human-to-human connection throughout her advisory business. Here’s what you’ll learn: Using an “Ideal Client Avatar” to humanize communication The crucial psychological shift she made from “guru” to “sherpa” The system she used to make every person feel like her #1 client The power and importance of asking “How do I want my clients to feel?” An example of an advisor re-writing an email to create more connection To sign up for Brendan’s monthly newsletter focused on the human side of advice → Click Here Resources: 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 Connect with Brendan Frazier: RFG Advisory LinkedIn: Brendan Frazier X:@jbrendanfrazier

There’s an email you can send that actually: 1) Improves conversion ratios 2) Improves connection and receives responses like “You get me.” In other words, it wins clients AND their trust. Thus, it’s the most important email you’ll ever send. We discuss: The psychology behind why these emails are so powerful The key things to include when sending a recap email Why advisors claim these emails are essential to converting prospects To sign up for Brendan’s monthly newsletter focused on the human side of advice → Click Here Resources: 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 Connect with Brendan Frazier: RFG Advisory LinkedIn: Brendan Frazier X:@jbrendanfrazier

After 18+ years in the industry, Justin Castelli decided to shift his business model away from traditional financial planning. Here’s his quote to explain why: “My clients were planning for the life they were told to live. Not the life they wanted to live.” Too often, our client’s life and money decisions are influenced by what society tells them, what their family did, the pursuit of achievement, and so on… But what if you could guide clients toward crafting a life they actually want to live? That’s exactly why Justin Castelli decided to evolve his business model. The traditional financial planning model didn’t suffice. He shares with us the personal journey that led to this decision and how he plans to do it with new and existing clients. Here’s what you’ll learn: Questions that uncover passion and purpose How this approach forever changed a client’s life Why most people don’t live the life they want to live Two exercises he suggests for clients to uncover their authentic life How he harnesses regret to help clients get clarity on what’s important To sign up for Brendan’s monthly newsletter focused on the human side of advice → Click Here Resources: 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 Connect with Brendan Frazier: RFG Advisory LinkedIn: Brendan Frazier X:@jbrendanfrazier

“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. To learn what works and what doesn’t. Fortunately, Dr. Michael G. Thomas has done extensive research on two forces that often go overlooked: Financial empathy and data visualization. He’ll explain just how much power these two forces carry and how he uses them to influence client behavior for the better. We discuss: The “Zoom Out/Zoom In” approach he uses to identify emotional barriers Why confidence and clarity are crucial for changing client behavior The big mistake advisors make that demotivates clients What Robinhood teaches us about the power of data visualization His approach to budgets that avoids anxiety and overwhelm To sign up for Brendan’s monthly newsletter focused on the human side of advice → Click Here Resources: 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 Connect with Brendan Frazier: RFG Advisory LinkedIn: Brendan Frazier X:@jbrendanfrazier

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, and gets someone to open up (and keeps them talking). So, how can you use this in conversations with prospects and clients? We discuss: The biological and psychological reasons that mirroring is so powerful Why servers who mirrored customer’s orders got higher tips Two ways to start mirroring words with prospects and clients To sign up for Brendan’s monthly newsletter focused on the human side of advice → Click Here Resources: 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 Connect with Brendan Frazier: RFG Advisory LinkedIn: Brendan Frazier X:@jbrendanfrazier

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 answers intersect with the person’s life. In this episode, Hannah gives us a look at how she incorporates the human element into her planning process so that the technical knowledge aligns with the client’s life. Here’s what you’ll learn: How (and why) she changed her approach to the prospect process How to respond when a client says “Tell me what to do!” The power of the values exercises she takes clients through The “Budgeting Blocks” exercise to align values and spending Why she believes the industry is training the human out of the professional To sign up for Brendan’s monthly newsletter focused on the human side of advice → Click Here Resources: 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 Connect with Brendan Frazier: RFG Advisory LinkedIn: Brendan Frazier X:@jbrendanfrazier

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 meetings” or “There has to be a better way!” Since this show began, we’ve had some of the industry’s top experts join us to talk about meeting with prospects, intro meetings, communication strategies, etc. So, I went back and listened to those conversations and compiled the best clips into this episode. It’s a collection of the best insights and wisdom over the last three years of this show to help you conduct the ultimate intro meeting. To sign up for Brendan’s monthly newsletter focused on the human side of advice → Click Here Resources: Click here to check out “The Ultimate Intro 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 Connect with Brendan Frazier: RFG Advisory LinkedIn: Brendan Frazier X:@jbrendanfrazier

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 for their future selves, you have to take their future goals from the clouds to the street. From vague to vivid. Once you help your clients do that, you’ve created motivation, improved their behavior, and enhanced their lives for the better. We discuss: The research detailing the benefits of creating a clear and vivid image of the future What a vague goal sounds like compared to a vivid vision Ideas for how to turn vague goals into vivid visions The story of an advisor who made a lasting impact on his clients’ lives To sign up for Brendan’s monthly newsletter focused on the human side of advice → Click Here Resources: 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 Connect with Brendan Frazier: RFG Advisory LinkedIn: Brendan Frazier X:@jbrendanfrazier

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 when you’re dealing with the retiree who simply won’t spend their money despite having more than they could ever need. They need help blending the financial and emotional components of money. Fortunately, Bari Tessler is a highly-regarded financial therapist. And, she’s developed a three-step framework to help clients transform their relationship with money. Here’s what you’ll learn: How to better approach your finances using a “Money Date” What she learned from hyperventilating at the car dealership 3 Levels of “Money Maps” that she uses instead of budgeting The power of renaming cash flow categories in alignment with values How understanding your body improves your relationship with money To sign up for Brendan’s monthly newsletter focused on the human side of advice → Click Here Resources: 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 Connect with Brendan Frazier: RFG Advisory LinkedIn: Brendan Frazier X:@jbrendanfrazier

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 get great answers. It’s about knowing the techniques that enhance your questions and elevate your conversations with both clients and prospects. Here’s what you’ll learn: The research that confirms the power of questions The “3E” questions for creating conversational flow Using follow-up questions to open the floodgates of the conversation How to structure your questions to receive better responses To sign up for Brendan’s monthly newsletter focused on the human side of advice → Click Here Resources: 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 Connect with Brendan Frazier: RFG Advisory LinkedIn: Brendan Frazier X:@jbrendanfrazier

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 he uses to facilitate better conversations and connections with clients and prospects. We discuss: The [Fi] Self Profile: A tool for learning more about a client’s financial beliefs and history How helping a client learn about their past created a relationship-altering conversation The [Fi] Life Big Decision App: A tool to guide clients toward making better decisions Why the human side of advice will provide a natural boost to client testimonials Why it’s important to have clients document their decision-making processes To sign up for Brendan’s monthly newsletter focused on the human side of advice → Click Here Resources: 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 Connect with Brendan Frazier: RFG Advisory LinkedIn: Brendan Frazier X:@jbrendanfrazier

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 he uses to facilitate better conversations and connections with clients and prospects. We discuss: The #1 risk in not adopting the human side The tool he uses to help clients visualize goals, transitions, and milestones Why Josh found himself unfulfilled at the moment most advisors dream about Why he starts conversations around how someone feels rather than what they have The story of how life planning cost him a $10 million client (and why it didn’t faze him) To sign up for Brendan’s monthly newsletter focused on the human side of advice → Click Here Resources: 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 Connect with Brendan Frazier: RFG Advisory LinkedIn: Brendan Frazier X:@jbrendanfrazier

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 dynamic, research shows it creates emotionally connected clients that pay more, refer more, follow-through, and consolidate assets. In this episode, I’ll break down what the research says about emotionally connected clients and use the golden circle as a method for understanding how to talk with clients and prospects about what’s truly important to them. To sign up for Brendan’s monthly newsletter focused on the human side of advice → Click Here Resources: 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 Connect with Brendan Frazier: RFG Advisory LinkedIn: Brendan Frazier X:@jbrendanfrazier

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 Barry Ritholtz has been on the cutting edge of behavioral finance for years. In this episode, he peels back the curtain to share the specific ways that Ritholtz Wealth Management focuses on improving client behavior. We discuss: Why 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 To sign up for Brendan’s monthly newsletter focused on the human side of advice → Click Here Resources: 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 Connect with Brendan Frazier: RFG Advisory LinkedIn: Brendan Frazier X:@jbrendanfrazier

Asking great questions is a superpower for financial advisors. 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. He is here to walk 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 every day that fail to create a connection Using questions to convince clients your idea is their idea To sign up for Brendan’s monthly newsletter focused on the human side of advice → Click Here Resources: 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 Connect with Brendan Frazier: RFG Advisory LinkedIn: Brendan Frazier X:@jbrendanfrazier

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: Intro Call Discovery Meeting Onboarding Implementation/Recommendations Review Meetings Every Conversation To sign up for Brendan’s monthly newsletter focused on the human side of advice → Click Here Resources: 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 Connect with Brendan Frazier: RFG Advisory LinkedIn: Brendan Frazier X:@jbrendanfrazier

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. Here’s what you’ll learn: 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 To sign up for Brendan’s monthly newsletter focused on the human side of advice → Click Here Resources: 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 Connect with Brendan Frazier: RFG Advisory LinkedIn: Brendan Frazier X:@jbrendanfrazier

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 connections with clients and prospects. 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 To sign up for Brendan’s monthly newsletter focused on the human side of advice → Click Here Resources: 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 Connect with Brendan Frazier: RFG Advisory LinkedIn: Brendan Frazier X:@jbrendanfrazier

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. Here’s what 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 To sign up for Brendan’s monthly newsletter focused on the human side of advice → Click Here Resources: 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 Connect with Brendan Frazier: RFG Advisory LinkedIn: Brendan Frazier X:@jbrendanfrazier

Everything changed during FPA Retreat in Cheyenne County, Colorado in 1995. 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. 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. Here’s what you’ll learn: 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 To sign up for Brendan’s monthly newsletter focused on the human side of advice → Click Here Resources: 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 Connect with Brendan Frazier: RFG Advisory LinkedIn: Brendan Frazier X:@jbrendanfrazier

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. 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 To sign up for Brendan’s monthly newsletter focused on the human side of advice → Click Here Resources: 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 Connect with Brendan Frazier: RFG Advisory LinkedIn: Brendan Frazier X:@jbrendanfrazier

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. We discuss: 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 To sign up for Brendan’s monthly newsletter focused on the human side of advice → Click Here Resources: 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 Connect with Brendan Frazier: RFG Advisory LinkedIn: Brendan Frazier X:@jbrendanfrazier

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.” 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. Here’s what you’ll learn: 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 To sign up for Brendan’s monthly newsletter focused on the human side of advice → Click Here Resources: 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 Connect with Brendan Frazier: RFG Advisory LinkedIn: Brendan Frazier X:@jbrendanfrazier

Ever wondered why you don’t get more referrals from your clients? Good News: Most advisors have a client base that’s willing to refer. Bad News: Most clients aren’t capable of executing a referral. Armed with this information, Dan Allison designed a comfortable process for advisors that creates clients who are both willing and able to refer. And once you combine the two, the referral floodgates are opened and the trajectory of your business will never be the same. We discuss: The 5 characteristics for creating clients that are willing and able to refer The #1 reason clients say they don’t refer The biggest mistakes advisors make when asking for referrals Goldmines vs Landmines: How to identify the clients you want to refer The referral mindset advisors must have To sign up for Brendan’s monthly newsletter focused on the human side of advice → Click Here Resources: 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. Connect with Brendan Frazier: RFG Advisory LinkedIn: Brendan Frazier X:@jbrendanfrazier

The Human Side of Money in 2022: Released 28 episodes Had 21 conversations with expert guests Delivered 2,342 minutes of content on the human side of advice Inside those 28 episodes, 21 conversations and 2,342 minutes lie hundreds of ideas, insights, and nuggets that will do two things: 1) Enhance and enrich your clients’ lives 2) Forever change the trajectory of your business and career But, there were certain ideas inside each episode and conversation that delivered more impact than others. Certain insights and nuggets that move the needle a little bit further. In this episode, I go back through each conversation from 2022 and extract the most impactful ideas and insights advisors need to know. To sign up for Brendan’s monthly newsletter focused on the human side of advice → Click Here Resources: 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. Connect with Brendan Frazier: RFG Advisory LinkedIn: Brendan Frazier X:@jbrendanfrazier

Every advisor has two puzzles to solve: What to do and how to get them to do it! The first requires an understanding of numbers. The second is an understanding of people. Whether you’re trying to get a prospect to become a client or a client to implement your advice…One thing is certain. The least effective way to get them to do something is to push or persuade them. The most effective way is to get people to persuade themselves. There’s a communication technique that does just that called “motivational interviewing.” Fortunately, Jeremy Keil is trained in motivational interviewing and uses it with prospects and clients every single day. We discuss: The crucial change he made in his connection meeting with prospects His intentional office design to foster comfortable conversation The power of asking permission before giving any advice The “righting reflex” clients experience when you give advice The importance of acknowledging clients as experts in their own lives To sign up for Brendan’s monthly newsletter focused on the human side of advice → Click Here Resources: 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 Connect with Brendan Frazier: RFG Advisory LinkedIn: Brendan Frazier X:@jbrendanfrazier

Most goal-setting exercises have one major flaw. They focus too much on WHAT someone wants to accomplish rather than WHY they want to accomplish it. The best goal-setting exercises combine the two. They produce goals that are both meaningful and measurable. Goals that provide connection and clarity. And when you do that, clients are motivated, inspired, and resilient. But, the question is how? Fortunately, Eric Trexler knows. He uses a “Goal Hierarchy” with his fitness clients and explains how it can be applied to create more meaningful goals for clients in financial advice. Here’s what you’ll learn: The power and execution of a goal hierarchy The problem and challenges inherent in goal-setting A psychological framework to better communicate with clients and prospects Focusing on “approach goals” rather than “avoidance goals” The optimal level of difficulty when setting goals To sign up for Brendan’s monthly newsletter focused on the human side of advice → Click Here Resources: 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 Connect with Brendan Frazier: RFG Advisory LinkedIn: Brendan Frazier X:@jbrendanfrazier

The discovery meeting is the single most important meeting for your clients and your practice. If you’re like most, you’ve probably looked up “the best questions to ask prospects in a first meeting.” You’ve likely picked up ideas listening to podcasts with advisors explaining how they conduct their meetings. You’ve implemented the tips and tricks you gathered from talking with fellow advisors. But, it still feels like there’s something missing. It hasn’t quite clicked. Here’s what you’ll learn: How to prep your clients for a successful discovery meeting The importance of shifting your mindset to win the mental battle The keys to nailing the discovery meeting The most effective ways to follow up with a prospect after the meeting To sign up for Brendan’s monthly newsletter focused on the human side of advice → Click Here Resources: 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 Connect with Brendan Frazier: RFG Advisory LinkedIn: Brendan Frazier X:@jbrendanfrazier

You can’t help a prospect if they never become a client. You can’t help a client if they don’t implement your advice. Like it or not, both require a skillset rooted in sales. As Nancy Bleeke points out, sales isn’t about being pushy. It’s simply an information exchange. And the purpose isn’t to convince someone to do something. Rather, it’s to guide them through a process that leads to a confident, comfortable decision. Fortunately, Nancy teaches advisors around the world an approach to convert prospects into clients without being salesy. We discuss: Why an “anti-sales” mindset is harmful to prospects and clients A 4-point framework for prospect meetings Why “ghosting” happens and how to fix it “Rightsizing” your services to exactly what the prospect wants and needs How to “close” without being salesy And WAY more! To sign up for Brendan’s monthly newsletter focused on the human side of advice → Click Here Connect with Brendan Frazier: RFG Advisory LinkedIn: Brendan Frazier X:@jbrendanfrazier

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 with what’s truly most important in their lives (rather than what they think is important). But the challenge is knowing how to do this with clients. Fortunately, Derek Hagen does this with his clients and teaches advisors a process for defining financial purpose to align their money with their lives. We discuss: The two exercises he uses to clearly define what’s most important to clients (Values Cards and “Life-in-Perspective”) Why clients need a “Statement of Financial Purpose” and how to help them craft one His four-step process to help clients get “unstuck” A real-life example of how he helped a client reign in their spending Why should we diversify meaning in life just like we diversify portfolios To sign up for Brendan’s monthly newsletter focused on the human side of advice → Click Here Resources: 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 Connect with Brendan Frazier: RFG Advisory LinkedIn: Brendan Frazier X:@jbrendanfrazier

Your client’s decisions are almost always subconsciously driven by invisible influences. Should I wear a suit? 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 charge for it? Whether these things should influence a client’s decision-making or not, they do. Fortunately, Derek Tharp has conducted the research for these questions and joined the show to share the psychological insights advisors need to know to improve the communication and delivery of advice. We discuss: What are prospective clients subconsciously assessing to determine trust and credibility How your clothes signal different things to different people The “Guardrails” approach that improves confidence and behavior around retirement spending The “Mapquest” vs “GPS” approach in financial planning Why initial planning fees impact the perceived value of ongoing planning To sign up for Brendan’s monthly newsletter focused on the human side of advice → Click Here Resources: 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 Connect with Brendan Frazier: RFG Advisory LinkedIn: Brendan Frazier X:@jbrendanfrazier

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 goals. The reality is that getting clients to actually follow through and implement the advice you give without constant follow-up is hard. There are several possible explanations. One of the most prominent culprits is a psychological barrier inherent within the very nature of financial advice. The battle between the current and future self. We discuss: Why the current versus future self is such a powerful force A strategy to counter the battle between the current and future self 9 simple and effective ways to use this strategy (every day) with clients To sign up for Brendan’s monthly newsletter focused on the human side of advice → Click Here Resources: 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 Connect with Brendan Frazier: RFG Advisory LinkedIn: Brendan Frazier X:@jbrendanfrazier

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. 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 simply accumulating wealth. Chris Budd runs an organization focused on helping advisors and planners understand what clients actually want from their money. And, he explains what advisors need to know in order to help clients become happier and more fulfilled, not just wealthier. We discuss: Why the worst first question is: “What does money mean to you?” The “un-training” every advisor needs to improve their relationships When he realized clients didn’t actually want to talk about money The “financial wellbeing junkie” conversation to have with every client The ways to spend money that create long-term happiness To sign up for Brendan’s monthly newsletter focused on the human side of advice → Click Here Resources: 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 Connect with Brendan Frazier: RFG Advisory LinkedIn: Brendan Frazier X: @jbrendanfrazier

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 decision. These beliefs, feelings, and thoughts form your money mindset. Fortunately, Rick Kahler is one of the pioneers in this space and shares from his own experience working with clients the latest tools and research to help you discover and change your client’s money mindset. Here’s what you’ll learn: Why there is no such thing as an illogical behavior The three exercises he uses to explore clients’ money beliefs Why asking questions kills conversational flow A powerful conversational tool to replace asking questions Why you can’t best serve your clients until you do your own work To sign up for Brendan’s monthly newsletter focused on the human side of advice → Click Here Resources: 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 Connect with Brendan Frazier: RFG Advisory LinkedIn: Brendan Frazier X:@jbrendanfrazier

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 client’s psychology and behaviors around money. But, the challenge lies in knowing how to apply psychology to real-life client scenarios. Fortunately, Dr. Brad Klontz is one of the foremost authorities on financial psychology and works with advisors and planners to do just that. We discuss: How our genetics have programmed us to fail with money The importance of knowing your client’s “Money Scripts” The way he communicates the role of financial psychology to clients and prospects Why he lets clients decide if they want financial psychology The one technique every advisor needs to change client behavior To sign up for Brendan’s monthly newsletter focused on the human side of advice → Click Here Resources: The featured partner for this episode is Knudge, an automated system to help clients follow through on their tasks and reach their financial goals Connect with Brendan Frazier: RFG Advisory LinkedIn: Brendan Frazier X:@jbrendanfrazier