The Human Side of Money

Most financial advisors do a great job focusing on WHAT clients want to achieve (Goals) and HOW to achieve it (Financial Planning). But the best advice focuses first and foremost on WHY. It focuses on the client’s values, purpose, intentions (what’s truly most important in their lives). And everything flows from there. A financial plan without a “Why” is merely data on a page. A portfolio without a “Why” is merely a list of investments. Starting with “Why” infuses life into the financial planning process. And, fortunately, Tim Maurer has been through the top training in the industry and has spent years teaching advisors how to do just that. We discuss: Behavioral Finance 2.0 – the future of behavioral finance in the industry The four cards he uses to help advisors uncover what’s most important in their clients’ lives “Why are we here?” – why this question is so powerful and how to use it “Advisor-Driven” versus “Client-Inspired” recommendations Why he never gives more than three implementation items at a time 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

What’s the point of tripling your net worth if you still dread getting out of bed every morning? That’s why financial advice at the highest level focuses on more than the accumulation of money. It focuses on the alignment of money with what’s most important in the client’s life. It’s what Dr. Preston Cherry calls “Life Money Balance.” It’s at the core of his planning process, and he joined the show to walk us through how he helps his clients achieve life and money balance. We discuss: Why “statements tell stories” – the information you can glean simply by looking at statements The “Emotional HSA” (Honest Self Audit): A crucial step in achieving Life Money Balance The “Money Psychology” meeting he takes all clients through The “Money Egg” exercise he uses in this meeting The power of reframing a “Savings Plan” to a “Spending Plan” 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

It’s the most storied rivalry in finance. The current self versus the future self. The very nature of financial planning work with clients is heavily focused on the future. Yet, the current self often calls the shots when it comes to financial decisions. In a profession so heavily focused on the future, the key to improving client’s behaviors, decisions, and outcomes starts by addressing the most storied rivalry in finance. By striking a balance between their current self and future self. Fortunately, Hal Hershfield is renowned for his work on research on the future self, and he joined the show to explain everything we need to know. We discuss: The current versus future self in financial decision-making How to help clients better connect to their future self The undiscussed pitfalls of focusing too heavily on the future self The question to ask clients who don’t spend as much as they could The “Illusion of Wealth” and how it affects retirement and social security planning 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

You’ve likely heard of emotional intelligence (EQ). Intellectual intelligence (IQ) is important. But, EQ is crucial. Especially when you work with emotional human beings on the emotionally charged topic of money. But, how can advisors and planners seamlessly incorporate EQ principles into their practice? Beverly Flaxington, Human Behavior Coach®, best-selling author, and international speaker joined the show to break down human behavior and how advisors can apply EQ principles. We discuss: The top 5 secrets of human behavior Three specific ways advisors can apply emotional intelligence when working with clients The trust-eroding mistake most advisors make when seeking to understand goals The power of storytelling to connect and inspire (and how to use stories with clients) Improving your listening skills by listening for “nuggets” 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

Most trainings, certifications, and designations financial advisors receive fail to teach the difference between crunching numbers and working with emotional human beings on the emotionally charged topic of money. Working with human beings requires a completely different skill set centered on building trust, uncovering values and emotions around money, and changing behavior. A skill set that sits at the core of financial therapy. And, fortunately, Dr. Kristy Archuleta is the foremost authority on bridging the gap between financial therapy skills and financial planning. Here’s what you’ll learn: The “No Advice” rule she teaches for every first meeting The invisible cues that influence conversations with prospects and clients The #1 thing you can do to positively affect a meeting that NOBODY actually does The correlation between the quality of relationships with clients and the outcomes they achieve The most influential tool an advisor has to help clients change their behavior And way more! To sign up for Brendan’s monthly newsletter focused on the human side of advice → Click Here For more resources discussed in this episode, → Click Here Connect with Brendan Frazier:  RFG Advisory LinkedIn: Brendan Frazier X:@jbrendanfrazier

This is Part II of the conversation. It’s a continuation of the previous episode (Episode 49). I highly recommend listening to Part I before diving into this one! Dr. Meghaan Lurtz joined the show to explain the keys to unlocking the superpower of questions with prospects and clients. We discuss: The secrets to asking great questions that get great responses Two types of questions designed to instill and build trust Two types of questions designed to elicit information by getting the person to open up Meghaan’s favorite question that she calls the “Swiss Army Knife” The big mistake almost everybody makes when asking follow-up questions 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

For financial advisors and planners to do their job at the highest level requires the ability to do two things: Uncover someone’s personal, intimate financial details Unearth someone’s values, emotions, hopes, dreams, and fears about their money and their life Most people don’t talk about one of those things with anyone else in their life. And almost NO ONE talks about both with the same person without being under the influence of something! That’s why the best financial advisors are masters at knowing how to ask the “right” questions that elicit trust and create rapport while uncovering the financial and personal information they need to formulate the best financial planning recommendations. We discuss: A question to ask prospective clients that reveals exactly what they want from an advisor How questions help clarify your value to prospects and clients Why questions are the most effective way to instill trust All of the under-the-radar benefits of questions in the client relationship 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

This is Part II of a two-part conversation. It’s a continuation of Episode 47. I would highly recommend listening to that episode before diving into this one!* When Bill Bachrach started his career as a financial advisor, he was in his mid-20s trying to convince wealthy people in their 50s, 60s, and 70s to leave their current advisor and entrust him with their life savings. He knew he needed to do something different that would stand out and inspire his prospective clients. So, he spent countless hours refining and developing a process that eventually became known as “values-based financial planning.” For the last 34 years, he’s been teaching advisors around the world this exact process to help them attract and acquire their ideal clients. We discuss: Facilitating a conversation where clients willingly open up and tell you about their deepest held values How to effectively transition from values to goals to money The “Values Staircase” – a process to uncover and clarify what’s truly most important The key distinction between building trust and building rapport How the way you handle documents can secretly influence your credibility and trust 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

When Bill Bachrach started his career as a financial advisor, he was in his mid-20s trying to convince wealthy people in their 50s, 60s, and 70s to leave their current advisor and entrust him with their life savings. He knew he needed to do something different that would stand out and inspire his prospective clients. So, he spent countless hours refining and developing a process that eventually became known as “values-based financial planning.” For the last 34 years, he’s been teaching advisors around the world this exact process to help them attract and acquire their ideal clients. We discuss: The #1 mistake almost every advisor makes right out of the gate in prospect meetings The three ideal outcomes produced consistently from a values-based planning process The importance of cultivating a leadership dynamic with clients Effectively communicating your services in alignment with the client’s most urgent needs and deepest values The three questions you MUST answer to convince wealthy clients to meet with you 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

In an industry that praises the relentless pursuit of growth, Jeremy Walter chose to pursue “enough.” He chose to optimize for satisfaction rather than revenue. But, as Jeremy learned, even crafting a business with intention has its own set of challenges when you’ve been preached “grow, grow, grow” your whole career. Jeremy shares his journey to building his current advisory business, his process for having “off the balance sheet” conversations with clients, and how he uses his one-page financial plan. We discuss: How Jeremy defined “enough” for himself and his family How he handles the mental challenges of being content in a growth-oriented industry Why a “Discovery Meeting Recap” email has been so powerful “Generosity Philosophy” – Jeremy’s favorite method to deepen the conversation and focus on values What his values-based one-page financial plan looks like 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