The Human Side of Money

Trust is the foundation of success in financial advice. Research has found that trust is the #1 characteristic clients look for in a financial advisor. But how can you quickly instill trust into the conversation with a prospective client? How can you consistently build trust throughout your relationship with a current client so they refer more and follow your advice? Mary Schmid will explain how to conduct conversations that quickly and consistently build trust with clients and prospects. Here’s what you’ll learn: Why conversations send our brains into “Connect” or “Protect” mode The conversational techniques to get someone into “Connect” mode Why you should never talk about the weather The trust-building power of using an agenda in meetings The trust-eroding mistakes we make and never realize 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

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 wanted to help make it as practical as possible. Consider this the training that every advisor needs but never received in any training, designation, or certification. Here are the top 10 insights and ideas from those 50 conversations that you can apply tomorrow. 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

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 (what’s truly most important in their lives). And everything flows from there. A financial plan without a “Why” is merely data on a page. A portfolio without a “Why” is merely a list of investments. Starting with “Why” infuses life into the financial planning process. And, fortunately, Tim Maurer has been through the top training in the industry and has spent years teaching advisors how to do just that. We discuss: Behavioral Finance 2.0 – the future of behavioral finance in the industry The four cards he uses to help advisors uncover what’s most important in their clients’ lives “Why are we here?” – why this question is so powerful and how to use it “Advisor-Driven” versus “Client-Inspired” recommendations Why he never gives more than three implementation items at a time 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

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 more than the accumulation of money. It focuses on the alignment of money with what’s most important in the client’s life. It’s what Dr. Preston Cherry calls “Life Money Balance.” It’s at the core of his planning process, and he joined the show to walk us through how he helps his clients achieve life and money balance. We discuss: Why “statements tell stories” – the information you can glean simply by looking at statements The “Emotional HSA” (Honest Self Audit): A crucial step in achieving Life Money Balance The “Money Psychology” meeting he takes all clients through The “Money Egg” exercise he uses in this meeting The power of reframing a “Savings Plan” to a “Spending Plan” 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

It’s the most storied rivalry in finance. The current self versus the future self. The very nature of financial planning work with clients is heavily focused on the future. Yet, the current self often calls the shots when it comes to financial decisions. In a profession so heavily focused on the future, the key to improving client’s behaviors, decisions, and outcomes starts by addressing the most storied rivalry in finance. By striking a balance between their current self and future self. Fortunately, Hal Hershfield is renowned for his work on research on the future self, and he joined the show to explain everything we need to know. We discuss: The current versus future self in financial decision-making How to help clients better connect to their future self The undiscussed pitfalls of focusing too heavily on the future self The question to ask clients who don’t spend as much as they could The “Illusion of Wealth” and how it affects retirement and social security planning 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

You’ve likely heard of emotional intelligence (EQ). Intellectual intelligence (IQ) is important. But, EQ is crucial. Especially when you work with emotional human beings on the emotionally charged topic of money. But, how can advisors and planners seamlessly incorporate EQ principles into their practice? Beverly Flaxington, Human Behavior Coach®, best-selling author, and international speaker joined the show to break down human behavior and how advisors can apply EQ principles. We discuss: The top 5 secrets of human behavior Three specific ways advisors can apply emotional intelligence when working with clients The trust-eroding mistake most advisors make when seeking to understand goals The power of storytelling to connect and inspire (and how to use stories with clients) Improving your listening skills by listening for “nuggets” 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

Most trainings, certifications, and designations financial advisors receive fail to teach the difference between crunching numbers and working with emotional human beings on the emotionally charged topic of money. Working with human beings requires a completely different skill set centered on building trust, uncovering values and emotions around money, and changing behavior. A skill set that sits at the core of financial therapy. And, fortunately, Dr. Kristy Archuleta is the foremost authority on bridging the gap between financial therapy skills and financial planning. Here’s what you’ll learn: The “No Advice” rule she teaches for every first meeting The invisible cues that influence conversations with prospects and clients The #1 thing you can do to positively affect a meeting that NOBODY actually does The correlation between the quality of relationships with clients and the outcomes they achieve The most influential tool an advisor has to help clients change their behavior And way more! To sign up for Brendan’s monthly newsletter focused on the human side of advice → Click Here For more resources discussed in this episode, → Click Here Connect with Brendan Frazier: RFG Advisory LinkedIn: Brendan Frazier X:@jbrendanfrazier

This is Part II of the conversation. It’s a continuation of the previous episode (Episode 49). I highly recommend listening to Part I before diving into this one! Dr. Meghaan Lurtz joined the show to explain the keys to unlocking the superpower of questions with prospects and clients. We discuss: The secrets to asking great questions that get great responses Two types of questions designed to instill and build trust Two types of questions designed to elicit information by getting the person to open up Meghaan’s favorite question that she calls the “Swiss Army Knife” The big mistake almost everybody makes when asking follow-up questions 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

For financial advisors and planners to do their job at the highest level requires the ability to do two things: Uncover someone’s personal, intimate financial details Unearth someone’s values, emotions, hopes, dreams, and fears about their money and their life Most people don’t talk about one of those things with anyone else in their life. And almost NO ONE talks about both with the same person without being under the influence of something! That’s why the best financial advisors are masters at knowing how to ask the “right” questions that elicit trust and create rapport while uncovering the financial and personal information they need to formulate the best financial planning recommendations. We discuss: A question to ask prospective clients that reveals exactly what they want from an advisor How questions help clarify your value to prospects and clients Why questions are the most effective way to instill trust All of the under-the-radar benefits of questions in the client relationship 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

This is Part II of a two-part conversation. It’s a continuation of Episode 47. I would highly recommend listening to that episode before diving into this one!* When Bill Bachrach started his career as a financial advisor, he was in his mid-20s trying to convince wealthy people in their 50s, 60s, and 70s to leave their current advisor and entrust him with their life savings. He knew he needed to do something different that would stand out and inspire his prospective clients. So, he spent countless hours refining and developing a process that eventually became known as “values-based financial planning.” For the last 34 years, he’s been teaching advisors around the world this exact process to help them attract and acquire their ideal clients. We discuss: Facilitating a conversation where clients willingly open up and tell you about their deepest held values How to effectively transition from values to goals to money The “Values Staircase” – a process to uncover and clarify what’s truly most important The key distinction between building trust and building rapport How the way you handle documents can secretly influence your credibility and trust 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

When Bill Bachrach started his career as a financial advisor, he was in his mid-20s trying to convince wealthy people in their 50s, 60s, and 70s to leave their current advisor and entrust him with their life savings. He knew he needed to do something different that would stand out and inspire his prospective clients. So, he spent countless hours refining and developing a process that eventually became known as “values-based financial planning.” For the last 34 years, he’s been teaching advisors around the world this exact process to help them attract and acquire their ideal clients. We discuss: The #1 mistake almost every advisor makes right out of the gate in prospect meetings The three ideal outcomes produced consistently from a values-based planning process The importance of cultivating a leadership dynamic with clients Effectively communicating your services in alignment with the client’s most urgent needs and deepest values The three questions you MUST answer to convince wealthy clients to meet with you 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

In an industry that praises the relentless pursuit of growth, Jeremy Walter chose to pursue “enough.” He chose to optimize for satisfaction rather than revenue. But, as Jeremy learned, even crafting a business with intention has its own set of challenges when you’ve been preached “grow, grow, grow” your whole career. Jeremy shares his journey to building his current advisory business, his process for having “off the balance sheet” conversations with clients, and how he uses his one-page financial plan. We discuss: How Jeremy defined “enough” for himself and his family How he handles the mental challenges of being content in a growth-oriented industry Why a “Discovery Meeting Recap” email has been so powerful “Generosity Philosophy” – Jeremy’s favorite method to deepen the conversation and focus on values What his values-based one-page financial plan looks like 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

The best conversations with clients and prospective clients have two things in common: 1) They create trust and connection that allows the person to open up and share information with you that they’ve likely never shared before 2) They unearth valuable information and stories about the person that provides insights to help them align their money with the life they want to live. Ultimately, they place the life of the client at the center of the conversation. In this episode, Mitch Anthony shares how advisors can design a discovery process that does just that by learning how to use stories and analogies, asking great questions, and focusing on transitions over goals. We discuss: The best way to motivate someone to save more money A communication skill used by the best communicators of all time His favorite question to get someone to open up and make a connection The “EAR” method for asking questions that elicit the best responses Why transitions are more important than goals in the financial planning process 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

How many times have you created a goal and vision for your advisory business only to fall short? You came up with the plan to make it happen, but you miss your growth goals while still working too many hours to fully enjoy your life outside of the business. That’s because most people focus first on the plan (the strategy and tactics) instead of their mindset. Stephanie Bogan works with advisors to master their mindset, think differently about what’s even possible, and accelerate your business to a whole new level while working fewer hours to do it. We discuss: The importance of a crystal clear vision for your business and your life Three questions to identify and overcome your limiting beliefs How to hear “No” from prospective clients and feel good about it “Three Strike Rule” – a follow-up process to create urgency and avoid chasing prospects The power of the phrase “Would it be okay if…” 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

How many times have you created a goal and vision for your advisory business only to fall short? You came up with the plan to make it happen, but you miss your growth goals while still working too many hours to fully enjoy your life outside of the business. That’s because most people focus first on the plan (the strategy and tactics) instead of their mindset. Stephanie Bogan works with advisors to master their mindset, think differently about what’s even possible, and accelerate your business to a whole new level while working fewer hours to do it. We discuss: Why 80% of success is based on mindset The most common mindset traps advisors fall into (Ex: agreeing to reduce fees) The three tenets of a great client and how to make sure you aren’t wasting your time chasing prospective clients “Conversations of Integrity” – giving clients the clarity they need rather than the advice you think they need And 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

Meetings are the single most important component of your entire business. Whether it’s a client or a prospective client, it’s the meetings where things actually happen. Meetings are where prospects become clients (or don’t). Dan Smaida, a “Meeting Execution Specialist”, has consulted with over 10,000 advisors on how to use behavioral science and a consultative process to create more persuasive and engaging meetings. We discuss: The most common mistake Dan sees in a discovery meeting and the ideal way to start How to listen better in online meetings The 3 questions every prospective client wants answered and how to answer them for max effect An effective way to control someone’s attention during a meeting when trying to make a point The “Digital Yellow Pad” approach that improves connection and follow-through 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

Ever wondered why your clients and prospective clients have failed to take action on your advice despite the fact you’ve shown them exactly how to accomplish their financial goals? This episode is all about developing the skills and techniques to deliver advice that clients actually follow through on. Financial coaching “works to narrow the gap between what people know and what they do; it illuminates through thoughtful questioning what gets in the way of meeting life goals.” Saundra Davis has developed a program where she teaches advisors from around the world the key skills and techniques of financial coaching to improve communication, connection, and follow-through. We discuss: How financial coaching differs from and complements financial planning The financial coaching skills that enhance the discovery process with clients Handling the conversation with a client who isn’t following through on the plan The most effective ways to identify the barriers preventing action A better way to ask questions 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

With the future of our profession continuing to shift towards the human side of advice and the CFP Board’s announcement earlier this year that they added “The Psychology of Financial Planning” as a principal knowledge topic, it’s becoming crucial for advisors to start familiarizing themselves with this aspect of the business. At the same time, it’s too much to think that advisors and planners are all going to become experts in financial therapy, financial coaching, life planning, etc. on top of all the work that already comes with the job. A couple weeks ago, the FPA of San Francisco hosted a panel discussion on the application of psychology in financial planning. Brendan moderated a panel that included Amy Mullen, Meghaan Lurtz, and Lexi Olian. They covered: An overview of the main pillars of psychology in financial planning The differences between each pillar A few practical ideas from each pillar that advisors can apply to their practice and conversations 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

Change and transition are 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. However, 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 on 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 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

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. 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 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

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

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! To sign up for Brendan’s monthly newsletter focused on the human side of advice → Click Here Resources: “Alchemy: The Dark Art and Curious Science of Creating Magic in Business, Brands, and Life” by Rory Sutherland Connect with Brendan Frazier: RFG Advisory LinkedIn: Brendan Frazier X:@jbrendanfrazier

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. But, what does life planning actually look like in practice? When do I have these heartfelt conversations? What do these conversations sound like? 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. We discuss: 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 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

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 Joneses”, 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. We discuss: The four tools that Sarah recommends advisors use to help assess their client’s money mindset How do 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 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

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 about 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! 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

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 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

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 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 implementation 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

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 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: great co 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” 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

Financial success relies just as much on knowing yourself as it does knowing what to do with money. After spending the majority of her career teaching people what to do with their money, Rachel Cruze realized that knowing what to do wasn’t enough. That the gap between knowing and doing is forged by how we think, feel, and behave with money (our mindset and motivations). And it’s these mindsets and motivations that drive most of our financial decision-making. The key to behavior change and financial success is helping clients understand why they handle money the way they do and what to do about it. In this episode, Rachel discusses: The percentage of personal finance that is behavioral vs tactical The Four Money Classrooms that reveal how your childhood impacts your decision-making today Why dreaming is the key to boosting savings The “Why Statement” that she says everybody should use to start their money conversations Three insights on how to create lasting behavioral change 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

The value of behavioral coaching continues to show up as the top “value-added” service provided by financial advisors. And, while it’s no surprise to advisors that have been working with emotional human beings on an emotionally-charged topic like money, studies also show that over 80% of advisors DON’T actively promote this value to clients or prospective clients. We discuss: Understand what clients think about behavioral coaching Think about whether they should be actively promoting the value Reveal the ways to communicate it most effectively 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

If you’re a financial advisor or advisory firm who wants to pursue growth through digital marketing, but you’ve always been unimpressed with the results, you’ve probably skipped the most important part: The human side of digital marketing. Knowing the behavioral and psychological principles to build trust and connection online while intentionally designing for the desired behavior forms the foundation of any successful digital marketing strategy. (Especially in an industry where obtaining a client means getting them to trust you with their life savings!) Here’s what you’ll learn: The #1 goal for social media that most advisors get wrong Specific ways to design your website for instant trust and rapport The “5 Second Test” to determine the effectiveness of your website’s messaging Ideas for showing prospective clients what to do rather than telling them How to market your advisory firm in a world where planning and investments are commoditized 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

Every financial advisor knows how crucial it is to effectively build trust and connection with prospects and clients. Study after study and story after story will tell you that’s what clients look for when choosing an advisor and it’s why they stay with their advisors. But, is it even possible to build the same level of trust and connection virtually? Is it reasonable to expect the same level of comprehension and follow-through from the client (or prospective client)? Dr. Sarah Asebedo and her colleagues conducted a study to help financial advisors and financial planners better understand the keys to building trust and connection in virtual meetings. 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

As the value and future of advice continues to shift towards the intersection of technical knowledge and the human side of money, it has coincided with the rise of financial therapy. Financial Therapy is focused on improving how clients think, feel, and behave with money to improve their well-being. Nathan Astle, founder of Relational Money, helps advisors who don’t want to be full-fledged financial therapists develop and hone the most critical skills from financial therapy that lead to better connection, and ultimately, better outcomes. We discuss: “Financial Flashpoints” – what they are and why they are so critical to changing behavior The “Money Timeline” exercise to help clients uncover their own financial flashpoints Why money issues are rarely about money and the importance of finding the real issue Two simple phrases you can use to facilitate communication and connection How to effectively identify and label someone’s emotions 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

We’ve all been inundated with information showing how behavioral biases impact financial decision making. But far less attention has been given to the fact that these same biases can undermine the identification and prioritization of goals. Research shows that there is indeed a gap between the goals clients think are important to them and the goals that are actually important. And that gap is forged by our biases and mental blind spots. Samantha Lamas and her colleagues at Morningstar have conducted the research for us and explains the impact these biases have and what advisors can do to help clients uncover their most meaningful goals. 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

One of the main challenges for financial advisors when it comes to applying behavioral finance is as simple as this: it’s a lot easier to construct a financial plan than to deconstruct your client’s emotions. Graeme Newell has been helping financial advisors better understand what goes on in their client’s minds by literally putting them in brain scanners for most of his career. And he takes the insights he learns and turns them into practical advice to improve client’s decisions and behavior. 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

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 outcomes and forever change the trajectory of their business. 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

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 why he or she behaved a certain way. But the effective application of behavioral finance tells you what to do about it. That’s where change occurs. Jay Mooreland, founder of the Behavioral Finance Network, has been helping advisors apply behavioral finance in their practice for the better part of a decade (even before “behavioral finance” was cool!). We discuss: How to use a “Behavioral Plan Policy Statement” to facilitate ideal behavior What effective behavioral coaching looks like and what most advisors get wrong The often-overlooked benefit of differentiating your business when applying behavioral finance The importance of coaching on one principle in every meeting How proactive communication instills good behavior and ways to use it with clients To sign up for Brendan’s monthly newsletter focused on the human side of advice → Click Here Resources: Joining The Behavioral Finance Network, Jay is offering a $75/month discount on his memberships for our listeners. Go to the membership page, and apply the coupon code “HSOM” at checkout. Connect with Brendan Frazier: RFG Advisory LinkedIn: Brendan Frazier X:@jbrendanfrazier

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 in and the reward you received. Travis Parry used to live this life. But, now, he’s using his research-backed method to show advisors how to, not only, achieve work/life balance, but thrive both at work and at home. We discuss: Regaining more time by conquering the three myths of time management Why “balance” is misleading and a better way to think of it Prioritizing your time according to your goals and values using a Business Ideal Calendar The surprising results from his research on a crucial element to goal achievement and behavior change How work/life balance better equips you for the human side of advice 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

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 the strategies of financial planning that create the life of freedom that person has always envisioned. Here’s what you’ll learn: The two pieces of advice that George gives to anyone that wants to become a great listener “The Pause” – the one skill he said every advisor should know and learn The two things they train advisors to listen for to enhance the conversation A deep dive into the famous three questions and the best practices for applying them “Lighting The Torch” – the key step in the life planning process that ignites behavior change 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

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 advisors excel at financial strategies but often fall short at helping clients illuminate the ingredients of a meaningful life. Brian Portnoy has spent decades writing, speaking and teaching on how to map money to meaning on the path to funded contentment. We discuss: A real, tangible definition of financial wellness or well-being Using the “Four C’s” of contentment and the “7 Dimensions of Money Life” to map money to meaning The conversations to have with clients to uncover their meaning The behavioral and psychological challenges inherent with goals-based planning and why most advisors aren’t equipped for it The dimensions of behavioral coaching beyond keeping your client invested in the market And 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

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 understanding their money mindset. Sarah Newcomb, Director of Behavioral Science at Morningstar, joined the show to discuss how to better understand a client’s money mindset. We discuss: The framework she and her team developed to assess a client’s money mindset The important distinction between financial and emotional well-being The #1 predictor of savings behavior and how to help clients with it Using a “What-If Journey” to help clients overcome their fears How role models can play a powerful role in changing behavior and overall well-being 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

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 “human-first” strategy and what the vision looks like for the firm and for clients The importance of getting clients from a “thinking” place to a “feeling” place and how to do it The reason he intentionally avoids starting a question with the word “Why” The listening workshops his firm goes through to hone their listening skills How he came to the decision to hire a chief behavioral officer What he envisions for the role of a Chief Behavioral Officer and the ways he expects it to benefit client outcomes and the growth of the firm And 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

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 who has spent her entire career learning to communicate and connect with her clients to give them clarity, build trust, and ultimately change their behavior for the better. We discuss: Ways to create “space” for someone to open up and share more than they do with most people Reading body language and posture and effective ways to address it What Joy would tell herself 10 years ago about how to get better at reading people A powerful questioning technique to get someone to make changes The two points in your life that have the biggest impact on your beliefs and behaviors around money And 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

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 drastically improve follow-through The biggest mistake advisors make when trying to get clients to follow-through (also the most common) A specific process for the beginning of every meeting to make your advice stickier The #1 piece of advice Moira gives any advisor looking to improve their meetings, relationships, and follow-through What studies show is the primary determinant of client satisfaction in a meeting And 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 Connect with Guest: MoneyMindAndMeaning.com LinkedIn: Dr. Moira Somers About our Guest: Dr. Moira Somers specializes in the growing new field of financial psychology. She trains and consults with financial services professionals, helping them and their clients deal with the challenges of wealth. Dr. Somers’ executive coaching practice emphasizes behavior change for leaders and their team members. As a neuropsychologist and unapologetic brain science nerd, Dr. Somers enjoys coaching other people who love to learn, are quick to implement, and are prepared to pivot in response to data about their performance. Her work is rooted in evidence-based findings from the fields of neuroscience, behavioral economics, management science, and positive psychology. Her work as a keynote speaker, educator, and consultant takes her around the globe. She speaks and trains about such topics as the reasons why clients may fail to follow good advice, the psychological factors at play during major life transitions, and the hazards of mental depletion.

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 that simply isn’t the case. But, take a minute to imagine what your day would look like if every client immediately followed through and implemented your advice without having to follow up with a phone call or email. While that might be a bit of a stretch, the quickest and most effective way to boost follow-through is by improving the “stickiness” of your advice. Dr. Moira Somers, author of the best-selling book Advice That Sticks: How to Give Financial Advice People Will Follow, discusses: The parallels between medical and financial advice and what medical research can teach us about the challenges and improving “adherence.” How much responsibility falls on the advice-giver when advice isn’t implemented (Hint: It’s way more than you think!) How improving follow-through and implementation benefits both your clients, your business, AND your well-being A proven method to help get through the friction of the data-gathering process The most important role an advisor plays in improving future behavior 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 Connect with Guest: MoneyMindAndMeaning.com LinkedIn: Dr. Moira Somers About our Guest: Dr. Moira Somers specializes in the growing new field of financial psychology. She trains and consults with financial services professionals, helping them and their clients deal with the challenges of wealth. Dr. Somers’ executive coaching practice emphasizes behavior change for leaders and their team members. As a neuropsychologist and unapologetic brain science nerd, Dr. Somers enjoys coaching other people who love to learn, are quick to implement, and are prepared to pivot in response to data about their performance. Her work is rooted in evidence-based findings from the fields of neuroscience, behavioral economics, management science, and positive psychology. Her work as a keynote speaker, educator, and consultant takes her around the globe. She speaks and trains about such topics as the reasons why clients may fail to follow good advice, the psychological factors at play during major life transitions, and the hazards of mental depletion.

You’ve heard countless trainings and presentations on the power of referrals and how to get them. In this episode, we’re approaching referrals in a new way: through the lens of psychology. Imagine being able to get inside the minds of your clients to better understand what they think about referrals, how they feel about referring, how they would prefer you to bring it up with them, and maybe most importantly, what they identify as the most common barriers to referring more often. That’s exactly what Dan Allison did. Relying on his background in clinical and behavioral psychology, Dan interviewed thousands of clients, asking them those exact questions to help better understand the psychology of getting more referrals. We discuss: How to bring up the referral conversation in a comfortable way based on what the clients wants The big mistake most advisors make (but don’t realize it) when asking for referrals The one question that every firm should ask to instantly boost their referability How to ensure you get referrals when someone passively hands out your information What 60% of clients say when asked the reason why they don’t refer and what they say when asked why they do refer 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 Connect with Guest: BecomingReferrable.com About our Guest: Dan Allison is a speaker and the founder and President of The Feedback Marketing Group, a consulting firm helping large organizations and individual professionals implement a system to duplicate their top clients and attract more quality prospects. Dan has drawn on his background in psychology to gain an understanding of thousands of the kinds of clients all financial professionals would like to work with. This has made him one of the industry’s leading authorities on referral behavior.

Imagine how much easier it would be to get someone from prospect to life-long client if you could look into their mind and know what they value. Or how much easier it would be to get a client to follow through on the advice given if you knew exactly what was going on in their mind? We’ve been given those answers, and in this episode, Evan Beach and I discuss the specific ways Evan and his firm have evolved their processes, systems, and conversations to deliver what clients actually want. We discuss: The 5-minute exercise their firm uses that converts nearly every prospect into a client The changes Evan made to his meeting process to focus on what clients want that led to a massive boost in new assets The exact question his firm asks everyone in their first meeting that lays the groundwork for success The reason why he encourages clients to state their goals publicly as many times as possible Why Evan strives to make sure stories are an integral part of every conversation and presentation The stories he’s learned to tell that resonate the most with clients and prospects 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 Connect with Guest: Campbell Wealth Management LinkedIn: Evan Beach About our Guest: Evan Beach is a Certified Financial Planner and wealth manager at Campbell Wealth Management in Alexandria, Va. Evan and his team are well known throughout the Capitol region. His expertise and practice is focused around comprehensive financial planning for seniors, retirees, and those approaching retirement. Evan is a graduate of the University of Delaware, The College for Financial Planning, and Georgetown University. He currently resides in Washington, D.C. with his wife, Ali and dog, Tenley. Securities offered through LPL Financial, Member FINRA/SIPC. Investment advice offered through Campbell Wealth Management, a registered investment advisor, and separate entity from LPL Financial.

Evan Beach is the Director of Wealth Advisory for Campbell Wealth Management, an RIA firm in Alexandria, VA that oversees around $800 million AUM almost exclusively for clients over the age of 55. Most recently, Evan wrote an article discussing how to tailor everything in your practice or your firm around what clients want (and not what we think they want) based on what research tells us and shares the tremendous growth their firm has seen as a result. Imagine how much easier it would be to get someone from prospect to life-long client if you could look into their mind and know what they value. We’ve been given those answers, and in this episode, Evan and I discuss how to take those answers and apply them to your practice in a way that will deliver better client outcomes and boost your new asset growth. We discuss: The behavioral reasons why Evan decided not to charge for financial plans The moment Evan realized that his whole onboarding process was designed around what he thought was important instead of what clients wanted The importance of a “test driving experience” Why positioning your value around behavioral coaching can actually work against you 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 Connect with Guest: Campbell Wealth Management LinkedIn: Evan Beach About our Guest: Evan Beach is a Certified Financial Planner and wealth manager at Campbell Wealth Management in Alexandria, Va. Evan and his team are well known throughout the Capitol region. His expertise and practice is focused around comprehensive financial planning for seniors, retirees, and those approaching retirement. Evan is a graduate of the University of Delaware, The College for Financial Planning, and Georgetown University. He currently resides in Washington, D.C. with his wife, Ali and dog, Tenley. Securities offered through LPL Financial, Member FINRA/SIPC. Investment advice offered through Campbell Wealth Management, a registered investment advisor, and separate entity from LPL Financial.

Meghaan Lurtz (Twitter and LinkedIn) is a Senior Research Associate for Kitces.com, where she researches and writes on virtually everything that falls under the realm of the human side of money. She’s also involved with colleges and universities across the country in their financial planning programs and has her Ph.D. in Personal Financial Planning from Kansas State University. One of her areas of expertise also happens to be one of the most underutilized, under-appreciated and most effective tools for improving behavior and igniting behavior change with clients or prospective clients. The ability to help someone bridge the gap between their current and future self. Once you know the tools, ideas, and methods to do so, you’ll watch clients and prospects seamlessly move through the process in a way you never imagined possible. In this episode, we discuss: The research behind why saving for our future selves is like saving for a stranger The signals to look for and ways to determine whether someone needs help bridging the gap between their current and future self Questions to ask a client or prospect (and when to ask them) to help them clearly define and vividly describe their future Five practical and specific ways to bridge the gap with someone that Meghaan has seen work effectively with clients Three reasons why we tend to prioritize our current self to the detriment of our future self For more information and resources discussed in this episode, visit: www.wiredplanning.com/episode10 To join a community of like-minded advisors and planners around the world looking for top-notch insights and information on how to leverage behavior, psychology, communication, and emotion to master the human side of money, visit Wired Planning. Follow Brendan: Twitter LinkedIn

Technology is a familiar foe to the profession of financial advice. With Charles Schwab and Bank of America both recently announcing their plans to offer free financial planning software to the masses, the industry continues to inch closer and closer to the commoditization of our technical expertise. The reality is that constructing a financial plan and building a portfolio will soon be available at a lower cost, in less time, and with fewer mistakes than working with a financial advisor. This brings up some familiar questions: What does this mean for the role of a financial advisor in the future? Should I expect fees to compress and prices to drop? How do I add enough value to justify higher fees? Most importantly: “What can I do to forever insulate my value from the continued threat of technology? Tune in for the insight! 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