The Human Side of Money

As Betterment’s Director of Behavioral Science, Dan Egan knows that understanding human behavior is key to your client’s financial success. But knowing that’s true and knowing what to do about it are two different things. There are a lot of opinions thrown around in the behavioral finance space on what works and what doesn’t. And you probably don’t want to “test” some of these ideas on clients you hope to work with for 10-30 years. For years, Dan has been testing behavioral finance interventions to figure out what actually works (and what is a waste of time). In this episode, he reveals proven ideas you can implement to enhance your client’s outcomes without having to go through your own trial-and-error process. What You’ll Learn: How to frame taxes to prevent impulsive decisions How visualizing goals makes saving more consistent Why you should NOT engage clients during a market downturn How robo-advisors actually enhance the value of human advisors The two types of clients most likely to panic during market volatility *To sign up for Brendan’s newsletter packed with resources to master the human side of advice → Click Here Resources: “Siddhartha” by Hermann Hesse “Zen and the Art of Motorcycle Maintenance” by Robert M. Pirsig “Atomic Habits” by James Clear 30 Lessons for Living by Karl Pillemer, Ph. D. Research by Dilip Soman Research by Eric Johnson Research by Abby Sussman Michael Kitces Connect with Brendan Frazier:  RFG Advisory LinkedIn: Brendan Frazier Connect with Daniel P. Egan: LinkedIn: Daniel P. Egan Betterment Advisor Solutions About Our Guest:  Dan Egan is a behavioral finance professional and the Director of Behavioral Science at Betterment. With years of experience applying behavioral principles to financial technology, Dan focuses on improving client outcomes by helping people make better decisions, especially during stressful times. His work highlights the powerful intersection of psychology and technology in shaping the future of financial advice. – Content here is for illustrative purposes and general information only. It is not legal, tax, or individualized financial advice; nor is it a recommendation to buy, sell, or hold any specific security, or engage in any specific trading strategy. Information here may be provided, in part, by third-party sources. These sources are generally deemed to be reliable; however, neither our guest nor RFG Advisory guarantee the accuracy of third-party sources. The views expressed here are those of our guest. They do not necessarily represent those of RFG Advisory, its employees, or its clients. This commentary should not be regarded as a description of advisory services provided by RFG Advisory, or performance returns of any client. The views reflected in the commentary are subject to change at any time without notice. Securities offered by Registered Representatives of Private Client Services. Member FINRA / SIPC. Advisory services offered by Investment Advisory Representatives of RFG Advisory, LLC (“RFG Advisory or “RFG”), a registered investment advisor. Private Client Services and RFG Advisory are unaffiliated entities. Advisory services are only offered to clients or prospective clients where RFG Advisory and its representatives are properly licensed or exempt from licensure. No advisory services may be rendered by RFG Advisory unless a client agreement is in place. RFG Advisory is an SEC-registered investment adviser. SEC registration does not constitute an endorsement of RFG by the Commission, nor does it indicate that RFG or any associated investment advisory representative has attained a particular level of skill or ability.

Reflecting on 2024's transformative conversations, the focus is on enhancing client relationships through trust and effective communication. Discover the power of vulnerability and emotional intelligence in financial discussions. Techniques for engaging clients include inviting information and observing behavioral cues. Rediscovery meetings play a crucial role in forging deeper connections, while sharing personal 'why stories' fosters meaningful bonds. The aim is to connect clients' motivations with financial advice for a brighter future.

“If you’re not relevant, you’re ignored. If you’re not compelling, you’re forgotten.” Bill Cates, the “OG” of relationship marketing, knows that genuine connections are the heart of a thriving and growing practice. But with technology constantly reshaping how we connect, how do you still leverage a human connection? For decades, Bill has mastered the art of building trust, creating relevance, and fostering relationships that lead to referrals. And, in this episode, he shares the 3 R’s of relationship marketing and how they remove friction from the prospecting process and pave the way to exponential growth for your practice. What You’ll Learn: The #1 barrier to getting more referrals Brain-based tips for crafting messages that stick Why focusing on a niche can fuel massive growth Why “introductions” beat referrals—and how to ask for them How storytelling creates emotional connections that inspire action *To sign up for Brendan’s newsletter packed with resources to master the human side of advice → Click Here Resources: Books by Bill Cates “The Language of Referrals” by Bill Cates, CSP, CPAE “Radical Relevance” by Bill Cates, CSP, CPAE “Atomic Habits” by James Clear “Same as Ever: A Guide to What Never Changes” by Morgan Housel Connect with Brendan Frazier:  RFG Advisory LinkedIn: Brendan Frazier Connect with Bill Cates: LinkedIn: Bill Cates, The Original Referral Coach Referral Coach Top Advisor Podcast with Bill Cates, CSP, CPAE About Our Guest:  Bill Cates is a renowned author, speaker, and coach specializing in relationship marketing and client acquisition strategies. With decades of experience, he has helped thousands of advisors and businesses refine their approach to building relevance, creating emotional connections, and generating referrals. Bill’s work combines timeless marketing principles with modern tools to help advisors grow their practices and make meaningful connections with clients. – Content here is for illustrative purposes and general information only. It is not legal, tax, or individualized financial advice; nor is it a recommendation to buy, sell, or hold any specific security, or engage in any specific trading strategy. Information here may be provided, in part, by third-party sources. These sources are generally deemed to be reliable; however, neither our guest nor RFG Advisory guarantee the accuracy of third-party sources. The views expressed here are those of our guest. They do not necessarily represent those of RFG Advisory, its employees, or its clients. This commentary should not be regarded as a description of advisory services provided by RFG Advisory, or performance returns of any client. The views reflected in the commentary are subject to change at any time without notice. Securities offered by Registered Representatives of Private Client Services. Member FINRA / SIPC. Advisory services offered by Investment Advisory Representatives of RFG Advisory, LLC (“RFG Advisory or “RFG”), a registered investment advisor. Private Client Services and RFG Advisory are unaffiliated entities. Advisory services are only offered to clients or prospective clients where RFG Advisory and its representatives are properly licensed or exempt from licensure. No advisory services may be rendered by RFG Advisory unless a client agreement is in place. RFG Advisory is an SEC-registered investment adviser. SEC registration does not constitute an endorsement of RFG by the Commission, nor does it indicate that RFG or any associated investment advisory representative has attained a particular level of skill or ability.

Meir Statman, a trailblazer in behavioral finance, says: “Financial well-being underlies life well-being.” Advisors know their clients want to feel happy and fulfilled and make decisions aligned with their values.  But weaving that into financial advice? That’s the challenge. And, that’s the next frontier for behavioral finance. Meir has witnessed every generation of behavioral finance up to this point. And, in this episode, he shares how advisors can prepare their clients and their practice for the shift to Behavioral Finance 3.0. What You’ll Learn: Why every client needs a diversified “life” portfolio The 3 benefits people derive from spending money Why your neighbor’s finances impact your own well-being The journey from “standard” finance to Behavioral Finance 3.0 The #1 way to improve well-being (That has nothing to do with money) *To sign up for Brendan’s newsletter packed with resources to master the human side of advice → Click Here Resources: “Thinking, Fast and Slow” by Daniel Kahneman Connect with Brendan Frazier:  RFG Advisory LinkedIn: Brendan Frazier Connect with Meir Statman:  LinkedIn: Meir Statman “A Wealth of Well-Being: A Holistic Approach to Behavioral Finance” by Meir Statman SSRN About Our Guest:  Meir Statman is a leading behavioral finance authority and a finance professor at Santa Clara University. His groundbreaking research bridges traditional finance with psychology, offering insights into how emotions and biases impact financial decision-making. Meir’s work encourages advisors to focus on client well-being and life satisfaction, making him a pioneer in helping people use their finances to support meaningful and fulfilling lives. He’s also the author of A Wealth of Well-Being, where he explores the role of behavioral finance in guiding financial choices that promote happiness. – Content here is for illustrative purposes and general information only. It is not legal, tax, or individualized financial advice; nor is it a recommendation to buy, sell, or hold any specific security, or engage in any specific trading strategy.  Information here may be provided, in part, by third-party sources. These sources are generally deemed to be reliable; however, neither our guest nor RFG Advisory guarantee the accuracy of third-party sources. The views expressed here are those of our guest. They do not necessarily represent those of RFG Advisory, its employees, or its clients. This commentary should not be regarded as a description of advisory services provided by RFG Advisory, or performance returns of any client. The views reflected in the commentary are subject to change at any time without notice.  Securities offered by Registered Representatives of Private Client Services. Member FINRA / SIPC. Advisory services offered by Investment Advisory Representatives of RFG Advisory, LLC (“RFG Advisory or “RFG”), a registered investment advisor. Private Client Services and RFG Advisory are unaffiliated entities. Advisory services are only offered to clients or prospective clients where RFG Advisory and its representatives are properly licensed or exempt from licensure. No advisory services may be rendered by RFG Advisory unless a client agreement is in place.  RFG Advisory is an SEC-registered investment adviser. SEC registration does not constitute an endorsement of RFG by the Commission, nor does it indicate that RFG or any associated investment advisory representative has attained a particular level of skill or ability.

Does money talk strengthen your relationship—or strain it? Doug and Heather Boneparth, a dynamic husband-wife team and experienced financial advisors, share the inside scoop on what makes relationships tick—financially and emotionally. Drawing from personal experience, they reveal practical ways for couples to redefine financial responsibilities, appreciate non-monetary contributions, and set shared goals for the future. For advisors, Doug and Heather break down how to create balanced, inclusive conversations that engage both partners, tackling emotional undercurrents to strengthen relationships along the way. What You’ll Learn: Tools to create inclusive, balanced financial discussions Guidance for couples on shared financial decision-making Techniques to spot and resolve financial resentments before they escalate Ideas for planning meaningful “money dates” that foster future-focused conversations Strategies to redefine financial contributions, helping couples align on long-term goals *To sign up for Brendan’s newsletter packed with resources to master the human side of advice → Click Here Resources: 116: The Financial Advisor’s Guide To Love And Money with Sonya Lutter The Psychology of Money by Morgan Housel Fair Play by Eve Rodsky The Millennial Money Fix by Douglas Boneparth Connect with Brendan Frazier:  RFG Advisory LinkedIn: Brendan Frazier Connect with Douglas A. Boneparth:  LinkedIn: Douglas A. Boneparth, CFP® Bone Fide Wealth Connect with Heather Boneparth:  LinkedIn: Heather Boneparth Bone Fide Wealth Joelle Boneparth About Our Guests:  Doug and Heather Boneparth are the co-founders of Bone Fide Wealth, a firm specializing in helping millennials and young couples manage their finances. Doug is a Certified Financial Planner and author with a deep commitment to making personal finance approachable. Heather, having taken a step back from her active role in finances during the pandemic, brings valuable insights into balancing household contributions and facilitating effective financial conversations between partners. Together, they bridge personal and professional experience to bring empathy and practicality into financial advising. – Content here is for illustrative purposes and general information only. It is not legal, tax, or individualized financial advice; nor is it a recommendation to buy, sell, or hold any specific security, or engage in any specific trading strategy. Information here may be provided, in part, by third-party sources. These sources are generally deemed to be reliable; however, neither our guest nor RFG Advisory guarantee the accuracy of third-party sources. The views expressed here are those of our guest. They do not necessarily represent those of RFG Advisory, its employees, or its clients. This commentary should not be regarded as a description of advisory services provided by RFG Advisory, or performance returns of any client. The views reflected in the commentary are subject to change at any time without notice.  Securities offered by Registered Representatives of Private Client Services. Member FINRA / SIPC. Advisory services offered by Investment Advisory Representatives of RFG Advisory, LLC (“RFG Advisory” or “RFG”), a registered investment advisor. Private Client Services and RFG Advisory are unaffiliated entities. Advisory services are only offered to clients or prospective clients where RFG Advisory and its representatives are properly licensed or exempt from licensure. No advisory services may be rendered by RFG Advisory unless a client agreement is in place. RFG Advisory is an SEC-registered investment adviser. SEC registration does not constitute an endorsement of RFG by the Commission, nor does it indicate that RFG or any associated investment advisory representative has attained a particular level of skill or ability.

Dr. Meghaan Lurtz, a leading expert on the psychology of financial planning and partner at Shaping Wealth, discusses the art of identifying perfect-fit prospects. She reveals how most prospects aren’t ready for advice and shares the best questions to ask during screening. Understanding the client’s mindset before meetings is crucial, as is fostering trust and meaningful conversations. Meghaan emphasizes the balance of personal connection and technology in improving client engagement and offers strategies for creating an effective screening process.

Here’s the outline for most review meetings with long-time clients: How is life? How is the family? Any major changes or updates? Here’s your situation. Everything looks good. See you next year. And, that’s not bad. But there’s a better way. It’s called a “Re-Discovery” meeting. And, not only, does it keep your clients engaged while reinforcing your value. It deepens your relationship with them and enhances their life. Most advisors love the idea. They just need to know how to do it. In this episode, Ben Haas shares his step-by-step process for turning review meetings into “Re-Discovery” meetings. You’ll Learn:  How Covid reshaped how he viewed his role as an advisor The thought process for deciding which clients to try this meeting with Mental accounting strategies that empower clients to spend confidently The “Wealth Management Audit” he sends out prior to a review meeting The moment when Ben realized his review meetings needed a makeover *To sign up for Brendan’s monthly newsletter focused on the human side of advice → Click Here Resources: App: One Second Everyday  “Flourish” by Martin E.P. Seligman “What Will I Do All Day” by Patrice Jenkins, PH.D. “Atomic Habits” by James Clear “Advice That Sticks” by Moira Somers, PH.D. Connect with Brendan Frazier:  RFG Advisory LinkedIn: Brendan Frazier Connect with Benjamin Haas:  Haas Financial Group LinkedIn: Benjamin Haas, CFP®, CRPC®, ABFP™ About Our Guest:  Benjamin Haas is a financial advisor who believes in the power of human connection in financial planning. With a passion for going beyond the numbers, he helps his clients build deeper, more meaningful relationships with their money. Through his approach, Benjamin empowers clients to not only feel financially safeguarded but also live purposefully. His practice focuses on promoting reflection, guiding clients from merely “fine” to fully flourishing in their lives and retirement. – Content here is for illustrative purposes and general information only. It is not legal, tax, or individualized financial advice; nor is it a recommendation to buy, sell, or hold any specific security, or engage in any specific trading strategy.  Information here may be provided, in part, by third-party sources. These sources are generally deemed to be reliable; however, neither our guest nor RFG Advisory guarantee the accuracy of third-party sources. The views expressed here are those of our guest. They do not necessarily represent those of RFG Advisory, its employees, or its clients. This commentary should not be regarded as a description of advisory services provided by RFG Advisory, or performance returns of any client. The views reflected in the commentary are subject to change at any time without notice. Securities offered by Registered Representatives of Private Client Services. Member FINRA / SIPC. Advisory services offered by Investment Advisory Representatives of RFG Advisory, LLC (“RFG Advisory or “RFG”), a registered investment advisor. Private Client Services and RFG Advisory are unaffiliated entities. Advisory services are only offered to clients or prospective clients where RFG Advisory and its representatives are properly licensed or exempt from licensure. No advisory services may be rendered by RFG Advisory unless a client agreement is in place. RFG Advisory is an SEC-registered investment adviser. SEC registration does not constitute an endorsement of RFG by the Commission, nor does it indicate that RFG or any associated investment advisory representative has attained a particular level of skill or ability.

Financial advisors are on the front lines of bad news. Your entire business is filled with clients who have either experienced grief or will experience grief at some point in their lives. When that time comes, you’ll often be one of the first people they talk to. And, unfortunately, we aren’t naturally “grief-literate.” We feel awkward, don’t know what to say, and generally mishandle the conversation. But, when you have a process for handling grieving clients, you can capitalize on the opportunity to forge deeper relationships and grow your business. In this episode, grief literacy expert Kathi Balasek reveals the essential skills financial advisors need to navigate conversations with clients experiencing grief.  You’ll Learn:  The #1 reason widows leave their advisors What NOT to say during times of grief and loss How to help clients avoid big decisions during times of grief The significance of creating a “lesson plan” for a post-loss meeting What her advisor did well in her first meeting after losing her husband *To sign up for Brendan’s monthly newsletter focused on the human side of advice → Click Here Resources: “It’s Okay That You’re Not Okay” by Megan Devine Connect with Brendan Frazier:  RFG Advisory LinkedIn: Brendan Frazier Connect with Kathi Balasek:  kathibalasek.com LinkedIn: Kathi Balasek About Our Guest:  Kathi Balasek is an educator, grief literacy communication coach, university asst. professor, speaker, and widow advocate. She trains professionals on how to improve their grief literacy communication skills to engage, support, and retain clients and employees going through life’s most difficult transitions. Whether it is the surviving spouse, the family member with a serious health diagnosis, or a major life transition, these conversations are pivotal to knowing exactly what to say and do. Everyone experiences grief and loss as it is a universal experience. However, it isn’t a universal language – let’s change this together! Experiencing the emotional, physical, and financial uniqueness of widowhood firsthand, she learned that the relationship between professionals and bereaved clients is pivotal. Combining her 25 years of teaching, coaching, research, and personal experience, she created Grief Smart Professional as a tool to help professionals retain, connect, and support clients experiencing loss, grief, and widowhood. Grief literacy communication is vital to helping all clients before, during, and after a death occurs.  She is a widow advocate. She stands up and fights for the rights of widows, their livelihood, and their financial future.  Along with her mission-driven business, Grief Smart Professional, she is a university professor and currently, she teaches at California State University, Chico in the Department of Communication and Education.  – Content here is for illustrative purposes and general information only. It is not legal, tax, or individualized financial advice; nor is it a recommendation to buy, sell, or hold any specific security, or engage in any specific trading strategy.  Information here may be provided, in part, by third-party sources. These sources are generally deemed to be reliable; however, neither our guest nor RFG Advisory guarantee the accuracy of third-party sources.  The views expressed here are those of our guest. They do not necessarily represent those of RFG Advisory, its employees, or its clients. This commentary should not be regarded as a description of advisory services provided by RFG Advisory, or performance returns of any client. The views reflected in the commentary are subject to change at any time without notice. Securities offered by Registered Representatives of Private Client Services. Member FINRA / SIPC. Advisory services offered by Investment Advisory Representatives of RFG Advisory, LLC (“RFG Advisory or “RFG”), a registered investment advisor. Private Client Services and RFG Advisory are unaffiliated entities. Advisory services are only offered to clients or prospective clients where RFG Advisory and its representatives are properly licensed or exempt from licensure. No advisory services may be rendered by RFG Advisory unless a client agreement is in place. RFG Advisory is an SEC-registered investment adviser. SEC registration does not constitute an endorsement of RFG by the Commission, nor does it indicate that RFG or any associated investment advisory representative has attained a particular level of skill or ability.

Isaac Presley, CEO of Cordant Wealth Partners and a renowned speaker on investing, dives into the world of intentional goal-setting. He introduces the "Family EOS" approach to help clients craft meaningful financial goals rather than settling for societal norms. The discussion covers techniques like "Time Bucketing" to prioritize aspirations, the significance of transparent communication in meetings, and the importance of creating a supportive environment for deeper financial conversations. Presley emphasizes the transformative power of aligning financial strategies with personal values.

Michael Kitces, Head of Planning Strategy at Buckingham Wealth Partners and co-founder of XY Planning Network, shares invaluable insights into financial advising. He discusses the crucial skills needed to master the human side of advice, emphasizing the importance of empathy and understanding clients' true goals. Kitces reveals the reasons clients might not communicate their needs effectively and highlights the impact of branding choices—like his signature blue shirts—on professional identity. Learn how the three-year mark reshapes advisory practices and the delicate balance between technical knowledge and emotional intelligence.