The Human Side of Money

The discovery meeting is the single most important meeting for your clients and your practice. If you’re like most, you’ve probably looked up “the best questions to ask prospects in a first meeting.” You’ve likely picked up ideas listening to podcasts with advisors explaining how they conduct their meetings. You’ve implemented the tips and tricks you gathered from talking with fellow advisors. But, it still feels like there’s something missing. It hasn’t quite clicked. Here’s what you’ll learn: How to prep your clients for a successful discovery meeting The importance of shifting your mindset to win the mental battle The keys to nailing the discovery meeting The most effective ways to follow up with a prospect after the meeting 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

You can’t help a prospect if they never become a client. You can’t help a client if they don’t implement your advice. Like it or not, both require a skillset rooted in sales. As Nancy Bleeke points out, sales isn’t about being pushy.  It’s simply an information exchange. And the purpose isn’t to convince someone to do something. Rather, it’s to guide them through a process that leads to a confident, comfortable decision. Fortunately, Nancy teaches advisors around the world an approach to convert prospects into clients without being salesy. We discuss: Why an “anti-sales” mindset is harmful to prospects and clients A 4-point framework for prospect meetings Why “ghosting” happens and how to fix it “Rightsizing” your services to exactly what the prospect wants and needs How to “close” without being salesy And WAY more! To sign up for Brendan’s monthly newsletter focused on the human side of advice → Click Here Connect with Brendan Frazier:  RFG Advisory LinkedIn: Brendan Frazier X:@jbrendanfrazier

No client actually cares about maximizing their wealth. Every client cares about maximizing their life. Therefore, money should never be a goal. It should simply be a tool. A tool that funds the life you want to live. That’s why every client needs to define their “financial purpose.” It allows clients to align their money with what’s truly most important in their lives (rather than what they think is important). But the challenge is knowing how to do this with clients. Fortunately, Derek Hagen does this with his clients and teaches advisors a process for defining financial purpose to align their money with their lives. We discuss: The two exercises he uses to clearly define what’s most important to clients (Values Cards and “Life-in-Perspective”) Why clients need a “Statement of Financial Purpose” and how to help them craft one His four-step process to help clients get “unstuck” A real-life example of how he helped a client reign in their spending Why should we diversify meaning in life just like we diversify portfolios 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

Your client’s decisions are almost always subconsciously driven by invisible influences. Should I wear a suit? Should CNBC be on in the lobby? Does the way I’m presenting the info influence the client’s decision? Should I offer free financial planning in the beginning or charge for it? Whether these things should influence a client’s decision-making or not, they do. Fortunately, Derek Tharp has conducted the research for these questions and joined the show to share the psychological insights advisors need to know to improve the communication and delivery of advice. We discuss: What are prospective clients subconsciously assessing to determine trust and credibility How your clothes signal different things to different people The “Guardrails” approach that improves confidence and behavior around retirement spending The “Mapquest” vs “GPS” approach in financial planning Why initial planning fees impact the perceived value of ongoing planning 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 job of a financial advisor and planner isn’t simply to dispense the advice, pat yourself on the back, and walk away as if your job is done. It’s to help the client follow through on your advice. Ensuring they implement and execute the items you’ve laid out that solve their problems and achieve their goals. The reality is that getting clients to actually follow through and implement the advice you give without constant follow-up is hard. There are several possible explanations. One of the most prominent culprits is a psychological barrier inherent within the very nature of financial advice. The battle between the current and future self. We discuss: Why the current versus future self is such a powerful force A strategy to counter the battle between the current and future self 9 simple and effective ways to use this strategy (every day) with 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

Money and happiness will forever be intertwined, specifically the relationship between the two. While money may not be able to buy happiness, it can certainly influence it. When you’re working with people and their money, you have the opportunity to help them use their money in a way that accumulates happiness rather than just simply accumulating wealth. Chris Budd runs an organization focused on helping advisors and planners understand what clients actually want from their money. And, he explains what advisors need to know in order to help clients become happier and more fulfilled, not just wealthier. We discuss: Why the worst first question is: “What does money mean to you?” The “un-training” every advisor needs to improve their relationships When he realized clients didn’t actually want to talk about money The “financial wellbeing junkie” conversation to have with every client The ways to spend money that create long-term happiness 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

Money decisions are never just about money. Research tells us that about 90% of all financial decisions are made emotionally, not logically. Decisions driven by our mind rather than our money. And every financial behavior, even if it appears illogical, makes perfect sense once you understand the underlying beliefs, feelings, and thoughts that accompanied the decision. These beliefs, feelings, and thoughts form your money mindset. Fortunately, Rick Kahler is one of the pioneers in this space and shares from his own experience working with clients the latest tools and research to help you discover and change your client’s money mindset. Here’s what you’ll learn: Why there is no such thing as an illogical behavior The three exercises he uses to explore clients’ money beliefs Why asking questions kills conversational flow A powerful conversational tool to replace asking questions Why you can’t best serve your clients until you do your own work 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

Whether you’ve been an advisor for four days or four decades, you know that your client’s success has just as much to do with their mind as their money. It’s simply not enough to run through Monte Carlo simulations and construct diversified portfolios. And you know it’s critical for you to be able to understand your client’s psychology and behaviors around money. But, the challenge lies in knowing how to apply psychology to real-life client scenarios. Fortunately, Dr. Brad Klontz is one of the foremost authorities on financial psychology and works with advisors and planners to do just that. We discuss: How our genetics have programmed us to fail with money The importance of knowing your client’s “Money Scripts” The way he communicates the role of financial psychology to clients and prospects Why he lets clients decide if they want financial psychology The one technique every advisor needs to change client 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 follow through on their tasks and reach their financial goals Connect with Brendan Frazier:  RFG Advisory LinkedIn: Brendan Frazier X:@jbrendanfrazier

Trust is the foundation of success in financial advice. Research has found that trust is the #1 characteristic clients look for in a financial advisor. But how can you quickly instill trust into the conversation with a prospective client? How can you consistently build trust throughout your relationship with a current client so they refer more and follow your advice? Mary Schmid will explain how to conduct conversations that quickly and consistently build trust with clients and prospects. Here’s what you’ll learn: Why conversations send our brains into “Connect” or “Protect” mode The conversational techniques to get someone into “Connect” mode Why you should never talk about the weather The trust-building power of using an agenda in meetings The trust-eroding mistakes we make and never realize 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 follow through on their tasks and reach their financial goals Connect with Brendan Frazier:  RFG Advisory LinkedIn: Brendan Frazier X:@jbrendanfrazier

Every single advisor and planner recognizes the importance of the human side when working with people and their money. And every single advisor and planner wants practical, tangible ways to embed it in their practice. After exploring the human side of money with 50 of the brightest minds on behavior, psychology, communication, and money, I wanted to help make it as practical as possible. Consider this the training that every advisor needs but never received in any training, designation, or certification. Here are the top 10 insights and ideas from those 50 conversations that you can apply tomorrow. To sign up for Brendan’s monthly newsletter focused on the human side of advice → Click Here Connect with Brendan Frazier:  RFG Advisory LinkedIn: Brendan Frazier X:@jbrendanfrazier