Ep 234: Charging Advice Fees To Help Clients Change Their Money Script with Yohance Harrison
Jun 22, 2021
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Yohance Harrison, founder of Money Script Wealth Management, helps clients change their money scripts to align with goals. He uses a unique subscription fee model and taps into referrals for growth. The podcast covers transitioning to a high-income job, different tiers of service, their business model and services, insurance types, building relationships through referrals, and defining success in problem-solving.
Helping clients identify and change their money scripts to align their financial decisions with their goals.
Serving upwardly mobile young healthcare professionals, particularly physicians, by navigating financial challenges and managing sudden income increases.
Using a mix of client tiers based on needs and providing financial literacy education.
Focusing on building lasting relationships, being adaptable to change, and measuring success by the value created in clients' lives.
Deep dives
Client focus on changing personal money scripts
Johann Terreson helps clients identify and change their personal money scripts to make better financial decisions aligned with their goals.
Niche serving physicians and healthcare workers
Johann's niche is serving upwardly mobile young healthcare professionals, particularly physicians, helping them navigate financial challenges and manage sudden income increases.
Financial planning process and subscription fee tiers
Johann's financial planning process involves deep budget analysis, incremental changes to improve savings rates, and managing complexity through subscription fee tiers ranging from silver to diamond based on client needs.
Focus on financial literacy and referrals
Johann prioritizes financial literacy education, helps clients understand and improve their financial behaviors, and leverages referral-based growth by consistently asking for referrals and streamlining the process.
Importance of Being a Lifelong Learner
To succeed as a financial advisor, it is crucial to continually educate oneself in order to provide maximum value and service to clients.
Building Strong Client Relationships
Focus on building meaningful and lasting relationships with clients, as they are the ones who will ultimately determine the success of your practice.
Embrace Change and Independence
Be adaptable and open to change, as the financial landscape and industry can evolve over time. Consider the possibility of starting your own firm to have more control over your practice.
Definition of Success
Measure success by the problems you solve and the value you create in clients' lives. Success is about making a positive impact on individuals' financial well-being.
Yohance Harrison is the founder of Money Script Wealth Management, an RIA based out of Texas that offers ongoing financial planning services to 225 young healthcare professionals. Yohance uses a unique model of monthly subscription fees and charging for subsequent implementation, and his zone of genius is helping his clients identify and change their personal money scripts to better align their financial decisions with their goals.
Listen in as Yohance shares how he has tapped into the power of referrals to build his client base and dives into why he uses a mix of client tiers to profitably serve clients while also meeting their unique needs. He also talks about how he helps clients identify and change their personal money scripts so they can better reach their financial goals, and what he sees as lacking in the financial planning industry when it comes to attracting diverse talent.