The Human Side of Money

The intro meeting is the lifeblood of an advisory business. It's either the single most expensive or the single most profitable activity that you'll ever engage in. Yet, almost everything you've been taught about how to conduct these meetings is backwards. It contradicts everything psychology research tells us that a prospect needs. In this episode, we'll look at five things you've never been taught but HAVE to know to conduct the ultimate intro meeting: Navigating The Trust Zone Inside The Prospect's Mind The Two-Question Framework The Platinum Rule of Prospecting Prepping The Prospect For Success   *The Ultimate Intro Meeting Course --> Go Here 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. *For more resources discussed in this episode --> Go Here *Follow Brendan for insights on mastering the human side of advice: Twitter LinkedIn

The combination of financial psychology and technology has a multiplier effect on client outcomes. Advisors who effectively integrate both into their practice see significantly higher levels of: Satisfaction Loyalty Referrarls Trust But, before you get these outcomes, you have to know how to effectively combine the two. Fortunately, Emily Koochel pioneered this research and provides a roadmap for advisors to combine financial psychology with technology on the path to transforming their client outcomes. You'll Learn: Using technology to create a "feel good" moment How to work with couples that have financial secrets Why 6 of 10 clients say their advice isn't personalized The technology features that lead to higher client engagement The 5 financial psychology actions that create better client outcomes   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. *For more resources discussed in this episode --> Go Here. *To receive the monthly "Wisdom Round-Up" newsletter full of practical ways to apply the human side of advice --> Go Here. *Follow Brendan for insights on mastering the human side of advice: Twitter LinkedIn

More important than what questions you ask is how you ask them. In this episode, shares 8 proven ways to ask better questions that lead to better answers, conversations, and relationships. 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.= *To receive the monthly "Wisdom Round-Up" newsletter full of practical ways to apply the human side of advice --> Go Here. *Follow Brendan for insights on mastering the human side of advice: Twitter LinkedIn

Three important questions every advisor should answer: Do you think you provide a valuable and life-changing service? Do you think your clients are better off with you than without you, even after they pay? Do you find that even though they're better off with you, they still need a little nudge to make the decision to work with you? If you answered yes to any of these questions, then here's the harsh truth you need to hear: Getting prospects to become clients requires more than expertise. It requires persuasion. And if you can learn to persuade more effectively, then your life-changing impact will be greater and more widespread.  In the popular book Influence: The Psychology of Persuasion, Robert Cialdini presents research on six psychological principles to persuade prospects to become buyers. Fortunately, Evan Beach took the research from the book and created a version specifically for financial advisors. In this episode, he'll reveal how financial advisors can use influence techniques to persuade more prospects to become clients. You'll Learn: The sales mindset every advisor should have How and why to implement a waitlist for prospects The psychological reason not to charge for financial plans The "freemium" model he uses for his prospecting process Why advisors are scared to embrace effective sales techniques   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. *For more resources discussed in this episode --> Go Here. *To receive the monthly "Wisdom Round-Up" newsletter full of practical ways to apply the human side of advice --> Go Here. *Follow Brendan for insights on mastering the human side of advice: Twitter LinkedIn

There is one skill that will impact your success and your client's success more than anything else. The ability to listen. More specifically, the ability to listen with empathy and curiosity. In this episode, we'll look at: The neuroscience and benefits of listening 3 ideas to instantly improve your listening skills An advisor testimonial on the power of listening   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. *For more resources discussed in this episode --> Go Here *To receive the monthly "Wisdom Round-Up" newsletter full of practical ways to apply the human side of advice --> Go Here. *Follow Brendan for insights on mastering the human side of advice: Twitter LinkedIn

The greatest barrier for every client isn't lack of information. It's their own mindset and behavior. Whether it's someone who over-spends, 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   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. *For more resources discussed in this episode --> Go Here. *To receive the monthly "Wisdom Round-Up" newsletter full of practical ways to apply the human side of advice --> Go Here. *Follow Brendan for insights on mastering the human side of advice: Twitter LinkedIn

Research consistently shows that >90% of clients are satisfied. At first glance, it sounds like a good thing. But, if over 90% of clients are satisfied, then client satisfaction ceases to be a differentiator. It's now tablestakes. Which then prompts the question: "Should we be aiming for something more than satisfaction?" Julie Littlechild suggests we move the bar from "satisfied" to "engaged." Satisfied clients are happy but passive. Engaged clients are happy and tell the world about what you do. In this episode, Julie explains everything you need to know to turn satisfied clients into engaged clients. You'll Learn: The 4 drivers that create engaged clients The curse of the agenda and how to use it effectively The #1 thing clients say they want but aren't getting from advisors The top mistakes advisors make when gathering feedback and input What clients say about discussing non-financial goals with an advisor   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. *For more resources discussed in this episode --> Go Here. *To receive the monthly "Wisdom Round-Up" newsletter full of practical ways to apply the human side of advice --> Go Here. *Follow Brendan for insights on mastering the human side of advice: Twitter LinkedIn

If you want your clients to actually follow-through on the advice you give, you have to shift your approach. You have to shift from "Advisor-Driven" to "Client-Inspired" advice. Client-inspired advice provides the client with: 1) Control 2) Confidence 3) Autonomy And, when you can provide these three things, it paves the way to behavior change and implementation of advice. In this episode, we'll look at: The psychology and research of giving advice The three essential elements of client-inspired advice Questions and scripts on how to deliver client-inspired advice   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. *For more resources discussed in this episode --> Go Here *To receive the monthly "Wisdom Round-Up" newsletter full of practical ways to apply the human side of advice --> Go Here. *Follow Brendan for insights on mastering the human side of advice: Twitter LinkedIn

Your success in this profession and the quality of your relationships are directly correlated with your communication skills. Think about the communication you have with clients and prospects. It's almost always "spontaneous communication." It's not planned, prepared or scripted. For example, you're meeting with a prospective client and they say, "These fees seem high." That comment wasn't on the agenda, yet here you are needing to think on your feet. And, how you respond in these spontaneous situations will oftentimes dictate the outcome of the entire interaction. Fortunately, Matt Abrahams is the foremost authority on how to be more confident and eloquent in the moment. And, in this episode, he reveals the secrets to communicating with confidence in any situation. Things You'll Learn: Why small talk is important and the mistakes to avoid Why you (ironically) have to prepare to be spontaneous Two ways to buy yourself time on the spot before responding The "Pace, Space, and Grace" framework to be a better listener The "What-So What-Now What" structure to use in almost any situation   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. *For more resources discussed in this episode --> Go Here. *To receive the monthly "Wisdom Round-Up" newsletter full of practical ways to apply the human side of advice --> Go Here. *Follow Brendan for insights on mastering the human side of advice: Twitter LinkedIn

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. Sten Morgan felt this in his meetings and decided there had to be a better way. He wanted to do two things: Create authority and help prospective clients clearly understand the value of working with him Create urgency by highlighting big problems that actually inspire clients and prospects to act 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." Things 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   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. *For more resources discussed in this episode --> Go Here. *To receive the monthly "Wisdom Round-Up" newsletter full of practical ways to apply the human side of advice --> Go Here. *Follow Brendan for insights on mastering the human side of advice: Twitter LinkedIn

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. There's only one problem. Everybody knows how important trust is. But, very few people know how 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. Things You'll Learn: The 3 different types of trust 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   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. *For more resources discussed in this episode --> Go Here. *To receive the monthly "Wisdom Round-Up" newsletter full of practical ways to apply the human side of advice --> Go Here. *Follow Brendan for insights on mastering the human side of advice: Twitter LinkedIn

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. Things 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. 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. *For more resources discussed in this episode --> Go Here. *To receive our monthly newsletter full of practical ways to apply the human side of advice --> Go Here. *Follow Brendan for insights on mastering the human side of advice: Twitter LinkedIn

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 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.   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. *For more resources discussed in this episode --> Go Here. *To receive the monthly "Wisdom Round-Up" newsletter full of practical ways to apply the human side of advice --> Go Here. *Follow Brendan for insights on mastering the human side of advice: Twitter LinkedIn

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. And, he's also leading the charge to help advisors around the world do the same. 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. Things 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   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. *For more resources discussed in this episode --> Go Here. *To receive the monthly "Wisdom Round-Up" newsletter full of practical ways to apply the human side of advice --> Go Here. *Follow Brendan for insights on mastering the human side of advice: Twitter LinkedIn

Lack of follow-through and implementation of advice is a wide-spread 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. In this episode, we'll look at: 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   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. *For more resources discussed in this episode --> Go Here *To receive the monthly "Wisdom Round-Up" newsletter full of practical ways to apply the human side of advice --> Go Here. *Follow Brendan for insights on mastering the human side of advice: Twitter LinkedIn

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. In this episode, you'll learn: 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   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. *For more resources discussed in this episode --> Go Here. *To receive the monthly "Wisdom Round-Up" newsletter full of practical ways to apply the human side of advice --> Go Here. *Follow Brendan for insights on mastering the human side of advice: Twitter LinkedIn

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.   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. *For more resources discussed in this episode --> Go Here. *To receive the monthly "Wisdom Round-Up" newsletter full of practical ways to apply the human side of advice --> Go Here. *Follow Brendan for insights on mastering the human side of advice: Twitter LinkedIn

Your client isn't just the person sitting in front of you today. It's who'll they 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. In this episode, we'll look at: 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   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. *For more resources discussed in this episode --> Go Here *For more resources and insights on mastering the human side of advice, go to www.wiredplanning.com. *Follow Brendan for insights on mastering the human side of advice: Twitter LinkedIn

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 life. Things 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   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. *For more resources discussed in this episode -> Go Here. *For more resources and insights on mastering the human side of advice, go to www.wiredplanning.com. *Follow Brendan for insights on mastering the human side of advice: Twitter LinkedIn

Let's face it...most advisor's 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. Things 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   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. *For more resources discussed in this episode -> Go Here. *For more resources and insights on mastering the human side of advice, go to www.wiredplanning.com. *Follow Brendan for insights on mastering the human side of advice: Twitter LinkedIn