The Human Side of Money

It’s one thing for advisors to say they want to get better at the human side. It’s another thing to actually start making changes to your processes and conversations. And, it’s another thing entirely to have your entire meeting process and deliverables focused on the human side. Yet, that’s exactly what Jake Northrup has done. At his firm, Experience Your Wealth, Jake has made a point to optimize the human element in every single meeting. From the questions they ask to the deliverables they provide, he’s thought of it all. In this episode, Jake gives us an inside look into each meeting to reveal how he infuses the human side to help clients live their ideal lives. Here’s what you’ll learn: Using “micro-steps” to improve client behavior The process they use to help clients create their “Unique Money Vision” The psychological power of “spending experiments” to help clients live their best life The action item dashboard they use to improve the gap between knowing and doing The “Life Planning Timeline” he creates to visualize and prioritize what’s most important 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

Let’s face it…most advisors’ meetings with long-term clients are lackluster. You ask about life, the kids, any changes in their life, etc. Then, you tell them that everything looks good. They’re still on track. They leave and you do it all over again next year. And, that’s not bad. But, there’s a better way. There’s a meeting that will strengthen your trust and connection, guide your clients to live their best lives, naturally display and reinforce your value It’s called the “Re-Discovery” Meeting and Meghaan Lurtz shares the blueprint on how advisors can start conducting these meetings right away. Here’s what you’ll learn: How to avoid long-time clients getting the “7-year itch” Questions to ask clients to help them live their best lives The relationship-building power of co-creating visions and goals A question to ask at the end of every meeting to improve the client experience Why asking a prospect to “think it over” may actually be detrimental to the relationship 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 relationship dynamic between advisors and clients is shifting. It’s shifting away from treating the plan and towards treating the person. The old model was the financial advisor as the “advice giver.” Treating the problem by dispensing advice.  The new model has the advisor playing the role of “thinking partner.” It goes like this: Diagnose the situation, discuss the options, and decide together on the best solution. The client is the hero of their story. And the advisor is a thinking partner, a guide, a facilitator, a collaborator, and a problem-solver. We discuss: What the field of medicine can teach us about this relationship dynamic Two client stories showing the importance of being a thinking partner Three specific ways to be a thinking partner with your clients 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

Every advisor remembers sitting in a meeting with a couple where one person is engaged and the other hasn’t said a word. Or the meeting with the couple whose goals aren’t aligned. While working with couples certainly has its challenges, it’s also an opportunity for advisors to help couples align and thrive financially. But, doing so requires knowing the skills you need to navigate the dynamics of working with couples and money. Fortunately, Ashley Quamme specializes in this area and is going to crack the code to get both partners engaged and on the same page so they can thrive together financially. Here’s what you’ll learn: Her favorite question to help couples get “unstuck” How to use “Relationship Maps” when working with couples How to set the expectations for both partners to talk and engage The 3 factors that contribute to couples not on the same page with their goals Questions to ask couples to assess their financial relationship (without being intrusive) 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 want to convert more prospects into life-long clients… You need to know the answer to two questions: Why do people hire a financial advisor? Why do people fire their financial advisor? They just might be the two most important questions for any advisory business. Fortunately, Samantha Lamas and Danielle Labotka did the research to get the answer to those two questions. And, what they learned will forever transform the way advisors approach client acquisition and client retention. Here’s what you’ll learn: How to create digital content that makes an emotional connection The connection between listening skills and higher client retention The most commonly cited reasons for both hiring and firing an advisor The most commonly listed emotional reasons driving hiring and firing decisions The “Value Prop Makeover”: 3 steps to effectively communicate your emotional value 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

Christine Benz has been dispensing financial planning knowledge and impacting the lives of people around the world for decades. She’s written hundreds of articles for Morningstar on practical financial planning advice. In fact, she’s one of the best out there. But there are 3 articles that stick out from the rest. They deviated from her usual style laying out step-by-step technical knowledge and ventured into the field of psychology and emotions. So, we talked with Christine about those three articles. She explains the psychology of retirement spending, why peace of mind is the ultimate luxury good, and the biggest money mistake she’s ever made. Here’s what you’ll learn: Why peace of mind is her ultimate luxury good The importance of celebrating financial milestones The psychological advantage of prioritizing short-term goals Using a “Retirement Policy Statement” to get retirees to spend money The biggest money mistake she’s ever made (and the emotional reason for it) 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

Libby Greiwe, founder of The Efficient Advisor and a coach for financial advisors, shares insights on balancing efficiency with genuine human connection. She discusses her journey from a 'guru' to a 'sherpa,' emphasizing the importance of understanding client emotions. Libby elaborates on her 'Ideal Client Avatar' approach, enhancing communication, and shares strategies to make every client feel special. Through personal anecdotes, she highlights the art of listening and the power of storytelling as key elements in building trust and deepening relationships in the advisory business.

There’s an email you can send that actually: 1) Improves conversion ratios 2) Improves connection and receives responses like “You get me.” In other words, it wins clients AND their trust. Thus, it’s the most important email you’ll ever send. We discuss: The psychology behind why these emails are so powerful The key things to include when sending a recap email Why advisors claim these emails are essential to converting prospects 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

After 18+ years in the industry, Justin Castelli decided to shift his business model away from traditional financial planning. Here’s his quote to explain why: “My clients were planning for the life they were told to live. Not the life they wanted to live.” Too often, our client’s life and money decisions are influenced by what society tells them, what their family did, the pursuit of achievement, and so on…  But what if you could guide clients toward crafting a life they actually want to live?  That’s exactly why Justin Castelli decided to evolve his business model. The traditional financial planning model didn’t suffice. He shares with us the personal journey that led to this decision and how he plans to do it with new and existing clients. Here’s what you’ll learn: Questions that uncover passion and purpose How this approach forever changed a client’s life Why most people don’t live the life they want to live Two exercises he suggests for clients to uncover their authentic life How he harnesses regret to help clients get clarity on what’s important 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

“Behavioral Coaching” continues to emerge as the primary source of value in a relationship between an advisor and client. Yet, most advisors have never learned the skill set required to actually influence and change a client’s behavior for the better. It starts by first understanding the forces that influence client behavior both positively and negatively. To learn what works and what doesn’t. Fortunately, Dr. Michael G. Thomas has done extensive research on two forces that often go overlooked: Financial empathy and data visualization. He’ll explain just how much power these two forces carry and how he uses them to influence client behavior for the better. We discuss: The “Zoom Out/Zoom In” approach he uses to identify emotional barriers Why confidence and clarity are crucial for changing client behavior The big mistake advisors make that demotivates clients What Robinhood teaches us about the power of data visualization His approach to budgets that avoids anxiety and overwhelm 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