The Human Side of Money

The financial advice industry does an outstanding job of training and developing technical knowledge. The industry is full of advisors and planners who can sit down at a computer and calculate the time value of money with the best of them. But, financial planning done right isn’t just about technical answers. It’s about how those answers intersect with the person’s life. In this episode, Hannah gives us a look at how she incorporates the human element into her planning process so that the technical knowledge aligns with the client’s life. Here’s what you’ll learn: How (and why) she changed her approach to the prospect process How to respond when a client says “Tell me what to do!” The power of the values exercises she takes clients through The “Budgeting Blocks” exercise to align values and spending Why she believes the industry is training the human out of the professional To sign up for Brendan’s monthly newsletter focused on the human side of advice → Click Here Resources: 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 Connect with Brendan Frazier:  RFG Advisory LinkedIn: Brendan Frazier X:@jbrendanfrazier

The intro meeting is the lifeblood of an advisory business. That 30-60 minute window with a complete stranger is either the most expensive or the most profitable activity you’ll ever engage in. Yet, I kept hearing advisors complain about these meetings. They would say things like: “I never like the way I feel during those meetings” or  “There has to be a better way!” Since this show began, we’ve had some of the industry’s top experts join us to talk about meeting with prospects, intro meetings, communication strategies, etc. So, I went back and listened to those conversations and compiled the best clips into this episode. It’s a collection of the best insights and wisdom over the last three years of this show to help you conduct the ultimate intro meeting. To sign up for Brendan’s monthly newsletter focused on the human side of advice → Click Here Resources: Click here to check out “The Ultimate Intro Meeting.” 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 Connect with Brendan Frazier:  RFG Advisory LinkedIn: Brendan Frazier X:@jbrendanfrazier

Morningstar research reveals a direct link between savings behavior and mental time horizon. In fact, the research says mental time horizons are more influential than their age, income, and education. Thus, the more vivid and clear your future, the more likely you are to change your behavior. So, when you’re working with clients and planning for their future selves, you have to take their future goals from the clouds to the street. From vague to vivid. Once you help your clients do that, you’ve created motivation, improved their behavior, and enhanced their lives for the better. We discuss: The research detailing the benefits of creating a clear and vivid image of the future What a vague goal sounds like compared to a vivid vision Ideas for how to turn vague goals into vivid visions The story of an advisor who made a lasting impact on his clients’ lives To sign up for Brendan’s monthly newsletter focused on the human side of advice → Click Here Resources: 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 Connect with Brendan Frazier:  RFG Advisory LinkedIn: Brendan Frazier X:@jbrendanfrazier

When financial advisors meet with clients, it’s easy to focus solely on the numbers and neglect the feelings they elicit. It’s easy to focus on dollars at the expense of emotions. But every single client you work with has a relationship with money that extends beyond data, numbers, and dollar signs. But, it becomes evident when you’re dealing with the retiree who simply won’t spend their money despite having more than they could ever need. They need help blending the financial and emotional components of money. Fortunately, Bari Tessler is a highly-regarded financial therapist. And, she’s developed a three-step framework to help clients transform their relationship with money. Here’s what you’ll learn: How to better approach your finances using a “Money Date” What she learned from hyperventilating at the car dealership 3 Levels of “Money Maps” that she uses instead of budgeting The power of renaming cash flow categories in alignment with values How understanding your body improves your relationship with money To sign up for Brendan’s monthly newsletter focused on the human side of advice → Click Here Resources: 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 Connect with Brendan Frazier:  RFG Advisory LinkedIn: Brendan Frazier X:@jbrendanfrazier

Asking great questions is a superpower for financial advisors. When done right, asking great questions establishes likeability, accelerates trust, and uncovers personal, sensitive information. Three things that are absolutely critical to perform your job at the highest level. But, it’s not just about asking more questions. It’s about knowing how to ask great questions that get great answers. It’s about knowing the techniques that enhance your questions and elevate your conversations with both clients and prospects. Here’s what you’ll learn: The research that confirms the power of questions The “3E” questions for creating conversational flow Using follow-up questions to open the floodgates of the conversation How to structure your questions to receive better responses To sign up for Brendan’s monthly newsletter focused on the human side of advice → Click Here Resources: 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 Connect with Brendan Frazier:  RFG Advisory LinkedIn: Brendan Frazier X:@jbrendanfrazier

In 2005, Josh Gilliam set out to research, read, and learn everything he could about behavioral finance, psychology, and communication.  He was seeking to master the human side of advice.  18 years later, he admits it’s still a work in progress. But, he took what he learned and created the [Fi] Life Framework. A framework he uses to facilitate better conversations and connections with clients and prospects. We discuss: The [Fi] Self Profile: A tool for learning more about a client’s financial beliefs and history How helping a client learn about their past created a relationship-altering conversation The [Fi] Life Big Decision App: A tool to guide clients toward making better decisions Why the human side of advice will provide a natural boost to client testimonials Why it’s important to have clients document their decision-making processes To sign up for Brendan’s monthly newsletter focused on the human side of advice → Click Here Resources: 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 Connect with Brendan Frazier:  RFG Advisory LinkedIn: Brendan Frazier X:@jbrendanfrazier

In 2005, Josh Gilliam set out to research, read, and learn everything he could about behavioral finance, psychology, and communication.  He was seeking to master the human side of advice. 18 years later, he admits it’s still a work in progress. But, he took what he learned and created the [Fi] Life Framework. A framework he uses to facilitate better conversations and connections with clients and prospects. We discuss: The #1 risk in not adopting the human side The tool he uses to help clients visualize goals, transitions, and milestones Why Josh found himself unfulfilled at the moment most advisors dream about Why he starts conversations around how someone feels rather than what they have The story of how life planning cost him a $10 million client (and why it didn’t faze him) To sign up for Brendan’s monthly newsletter focused on the human side of advice → Click Here Resources: 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 Connect with Brendan Frazier:  RFG Advisory LinkedIn: Brendan Frazier X:@jbrendanfrazier

If you work with people and their money to fund something now or in the future, it’s absolutely crucial that you understand the dynamic between goals and values. Once you can move beyond goals and understand what’s truly important to the person you’re meeting with, everything changes. In fact, once you embrace and internalize this dynamic, research shows it creates emotionally connected clients that pay more, refer more, follow-through, and consolidate assets. In this episode, I’ll break down what the research says about emotionally connected clients and use the golden circle as a method for understanding how to talk with clients and prospects about what’s truly important to them. To sign up for Brendan’s monthly newsletter focused on the human side of advice → Click Here Resources: 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 Connect with Brendan Frazier:  RFG Advisory LinkedIn: Brendan Frazier X:@jbrendanfrazier

As behavioral finance has moved into the mainstream, one thing has become clear. It’s great to know there’s a way to explain a client’s sub-optimal behavior. But, it’s an entirely different challenge to know what to do about it.  In other words, behavioral finance has done a great job of providing advisors with a list of diagnoses: Overconfidence, anchoring, Dunning-Kreuger Barry Ritholtz has been on the cutting edge of behavioral finance for years. In this episode, he peels back the curtain to share the specific ways that Ritholtz Wealth Management focuses on improving client behavior. We discuss: Why steer clear of market forecasts and focus instead on probabilities A question to ask clients who believe everything they hear on TV Effectively setting expectations in the midst of uncertainty How they minimize bias by naming their portfolios The “Milestone Rewards” program that discounts fees for optimal behavior To sign up for Brendan’s monthly newsletter focused on the human side of advice → Click Here Resources: 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 Connect with Brendan Frazier:  RFG Advisory LinkedIn: Brendan Frazier X:@jbrendanfrazier

Asking great questions is a superpower for financial advisors. But, it’s not enough to simply ask questions. The types of questions, the timing of questions, and the tone of questions all matter. In other words, there’s an art to asking great questions. Fortunately, Warren Berger is a Questionologist and the world’s foremost authority on questions. He is here to walk us through the art of asking great questions that get great answers from both clients and prospects. In this episode, we discuss: How to ask questions to get someone to open up The engine that drives good questioning What actors can teach us about cultivating curiosity How to order questions for conversational flow Questions you ask every day that fail to create a connection Using questions to convince clients your idea is their idea To sign up for Brendan’s monthly newsletter focused on the human side of advice → Click Here Resources: 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 Connect with Brendan Frazier:  RFG Advisory LinkedIn: Brendan Frazier X:@jbrendanfrazier