The Human Side of Money

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.

Michael Finke’s research shows that the trifecta of a happy and fulfilling retirement incorporates: Money Health Social Connection Most financial advisors know the money part. But how can you incorporate the other health and social connection parts into a financial plan to help your clients live a happy and fulfilling retirement? Fortunately, Michael Finke is the foremost authority on this topic and shares with us the three cornerstones of a happy and fulfilling retirement and how to incorporate it into your retirement planning work with clients. You’ll Learn:  The only two places your money can go How to increase your clients’ happiness per dollar spent Why your clients should start taking forced semi-retirements One thing most retirees believe will provide satisfaction but doesn’t The amount of wealth where life satisfaction peaks before falling again The one relationship in your life with the highest correlation to life satisfaction Resources: 98: Creating a Unique Money Vision to Build a Client’s Ideal Life With Jake Northrup 53: The Psychology of Decision-Making in Financial Planning With Hal Hershfield “Your Future Self: How to Make Tomorrow Better Today” “The Secret of Our Success” by Joseph Henrich “Die with Zero” by Bill Perkins “Habits of a Happy Brain” by Loretta Graziano Breuning Connect with Brendan Frazier:  RFG Advisory LinkedIn: Brendan Frazier Connect with Michael Finke: Michael Finke LinkedIn: Michael Finke LinkedIn: Income Path Software About our Guest:  Michael Finke, Ph.D., is a Professor of wealth management and Frank M. Engle Distinguished Chair in Economic Security Research at The American College of Financial Services. He is a nationally known researcher in the areas of retirement income planning, retirement spending, life satisfaction, and cognitive aging.  He is a frequent speaker at financial planning conferences and was named one of the 25 most influential people in the field of investment advising in 2020 and 2021 by Investment Advisor Magazine. – 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.

In this discussion, financial advisor Andy Baxley guides Brendan Frazier through an inspiring three-step approach to creating a personalized statement of financial purpose. They delve into the process of identifying core values and aligning them with actionable financial goals. The importance of intentionality in personal growth and family dynamics is emphasized, along with the transformative power of clarity in navigating life's choices. Listeners gain insights into setting specific objectives, fostering accountability, and reshaping their financial futures.

Join financial planner Andy Baxley, co-creator of the Statement of Financial Purpose course, as he dives into transforming the way advisors engage with clients. He discusses the three-step process for meaningful financial conversations that prioritize personal values over traditional goals. The conversation highlights building trust, finding financial purpose, and aligning decisions with core values. Through introspective questions and a structured framework, Baxley reveals how understanding what truly matters can lead to deeper connections and more fulfilling financial planning.

The growth of your business hinges on your ability to build and establish trust with prospective clients. In this episode, Kerry Johnson, “America’s Business Psychologist” reveals psychological insights on how to master the art of trust-based selling. You’ll Learn: Signs that a prospect is interested (or not!) The anatomy of an elevator speech that actually works Why prospects forget 90% of what you say within 3 days Why it’s crucial to “calibrate” at the beginning of every interaction with a client How to conduct a “trust check” to know if you can move the conversation 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. *Follow Brendan for insights on mastering the human side of advice: Twitter LinkedIn

Love and money are two emotional subjects on their own. And one HIGHLY emotional subject when combined together. Next time you meet with a couple, think about these numbers: 70% have disagreed about their financial situation 73% say finances are a source of tension in their relationship 47% say this tension has impacted the intimacy with their partner Money is an emotionally-charged topic that you simply can’t avoid in a relationship. In this episode, Dr. Sonya Lutter provides a guide for everything advisors need to know when it comes to working with couples. You’ll Learn: Why most financial arguments boil down to a discrepancy in values Why uncovering money scripts can transform finances in the relationship The surprising connection between joint accounts and relationship satisfaction Why clients who work with a financial advisor are 3x happier than those who don’t Eye-opening research on the influence of financial arguments and relationship satisfaction 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