Planning & Beyond® 31. How to Help Clients Create Meaning and Purpose in Their Financial Lives with Dr. Daniel Crosby
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Financial success doesn't automatically create life satisfaction—and as a financial advisor, you're uniquely positioned to help clients bridge this gap. Dr. Daniel Crosby, psychologist and behavioral finance expert, reveals how to move beyond traditional planning to help clients create genuine meaning and purpose in their financial lives.
This episode explores the fascinating disconnect between prosperity and fulfillment, and why having "enough money" often isn't enough. Daniel introduces his breakthrough research on the three essential ingredients of a meaningful life: believing, belonging, and becoming. He shows how these principles can transform not just retirement planning, but every client conversation you have.
We dive into practical strategies for incorporating meaning-based discussions into your practice, why behavioral coaching adds seven times more value than technical skills, and how advisors can help clients prepare for the psychological aspects of major life transitions. Daniel also shares why doing your own inner work isn't just nice-to-have—it's essential for creating the kind of deep, trusting relationships that set you apart.
Whether you're looking to deepen client relationships, differentiate your practice, or help clients navigate life transitions with greater purpose, this conversation provides both the psychological framework and practical tools to transform how you approach financial planning.
Key Takeaways:
- Integrate the Three Pillars of Meaning into Financial Planning: Help clients develop strategies for believing (living their values through money choices), belonging (maintaining relationships and community), and becoming (pursuing growth and purpose)—especially crucial during major life transitions like retirement.
- Invest in Your Own Self-Awareness: Advisors who have examined their own relationship with money and meaning show up with greater empathy, flexibility, and authenticity. This inner work helps you avoid imposing your values on clients and creates the foundation for deeper relationships.
- Shift from "Freedom From" to "Freedom To" Conversations: Help clients move beyond just accumulating wealth to discovering what they want their money to enable. Ask not just "Do you have enough?" but "What do you want your wealth to make possible in your life?"
Resources and Guest Information:
- Dr. Daniel Crosby's Latest Book: The Soul of Wealth
- Podcast: Standard Deviations
- Free Behavioral Finance CE Credits: Orion Advisor Academy
- Follow Dr. Crosby: LinkedIn
Connect with Host Ashley Quamme:
- Podcast Website: Planning & Beyond
- LinkedIn: Ashley Quamme - Licensed Therapist & Financial Behavior Specialist
- Beyond the Plan®: Financial psychology integration for advisory practices