The Human Side of Money podcast

The Human Side of Money

Brendan Frazier

The Human Side of Money delivers actionable ideas and strategies to equip financial advisors with the skill set they need to master the human side of money. Whether you've been providing financial advice for 40 days or 40 years, it's evident that technology is shifting your value away from simply picking investments and providing financial plans. The future of advice will hinge on your ability to guide clients through the process, unearth their values and emotions around money, and ultimately, change their behavior for the better. Join your host, Brendan Frazier, as he interviews fellow financial advisors, industry consultants, and experts in the fields of behavioral finance, psychology and communication as they share everything you need to know to master the human side of money!

37 avsnitt

  • The Human Side of Money podcast

    36: Integrating A Life Planning Approach In Your Practice with Scott Frank

    1:46:12

    Imagine guiding your clients through a process of discovering what a meaningful, fulfilled life would look like and then providing them with the financial strategies to fuel that vision. You help your clients clarify and fund their best life. That is life planning. Most of us are comfortable with the technical side of the equation (the financial strategies). And I'm sure a lot of us are somewhat familiar with the concept of life planning. But, what does life planning actually look like in practice? When do I have these heartfelt conversations? What do these conversations sound like? How do I seamlessly integrate this into my current process? Fortunately, Scott Frank is the founder of Stone Steps Financial, has been through the Life Planning trainings and coaches advisors around the world on the Life Planning process. And, he joined us to discuss: The important distinction between being a "guide" versus a "hero" for clients Specific techniques to get clients to open up and tell you the things that are most important to them (and the techniques to avoid!) The #1 goal he has for every prospect meeting that creates connection, buy-in, and follow-through How to create a lens through which to make financial decisions based on life rather than returns A real example of how this process improved a client's life in a way that simply providing technical knowledge never could *For more resources discussed in this episode, check out www.wiredplanning.com/episode36. *For more resources and insights on mastering the human side of money (including our popular "Wisdom Round-Up" email), go to www.wiredplanning.com.
  • The Human Side of Money podcast

    35: The Tools To Assess, Predict, and Change Client Behavior with Sarah Fallaw

    1:18:51

    Imagine going into a meeting with a complete picture of your client's money mindset. You know exactly how they like to communicate about money, that they have a tendency to "keep up with the Jones's", and that they are likely to panic when the market plummets. Armed with that information, you would know exactly which behaviors to focus on changing to improve their financial outcomes. But, that kind of information is not readily apparent and difficult to uncover. Which is why behavioral assessments are on the rise around the industry. They have the ability to deliver that information faster and more reliably. Sarah Fallaw founded DataPoints to equip advisors with these assessments and show them how to use them in their practice. In this episode, we discuss: The four tools that Sarah recommends advisors use to help assess their client's money mindset How these tools help to first bring awareness to behavioral issues and why that's so important to changing behavior How to communicate to client the benefits of better understanding their own beliefs and behaviors The problem with most risk tolerance questionnaires How using these tools can actually serve as a way to measure the behavioral value of advice And way more! *For more resources discussed in this episode, check out www.wiredplanning.com/episode35 *For more resources and insights on mastering the human side of money (including our popular "Wisdom Round-Up" email), go to www.wiredplanning.com.
  • The Human Side of Money podcast

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  • The Human Side of Money podcast

    34: Evidence-Based Methods To Seamlessly Convert Prospects Into Clients with Dan Solin

    1:11:12

    After five years of frustratingly inconsistent prospecting meetings, Dan Solin decided there had to be a better way. So, he spent a year researching and learning everything he could on the neuroscience and psychology of what it took to seamlessly convert a prospect into a client. From that he built an evidence-based process that flipped everything he knew on its head. And, in his first year prospecting with this new approach, he brought in $100 million under management (no, that's not a typo). In this episode, Dan explains what he learned from his research and what he changed to see such massive growth. We discuss: The science behind why it's so powerful to get someone to talk about themselves The power of questions to build trust and credibility in a way nothing else can compete with The reasons why you shouldn't take notes during meetings How to answer "What do you do?" and why most advisors get it way wrong The question to ask at the end of every prospect meeting instead of closing And way more game-changing insights! *For more resources discussed in this episode, check out www.wiredplanning.com/episode34 *For more resources and insights on mastering the human side of money (including our popular "Wisdom Round-Up" email), go to www.wiredplanning.com.
  • The Human Side of Money podcast

    33: Values-Based Financial Advice That Works in Real Life with Natalie Taylor

    1:40:24

    Most financial advisors conduct some version of goals-based planning. If you're helping a client use their money to accomplish a goal, then you're doing goals-based planning. But goals are formed and shaped by values. Yet, "goals-based planning" is an industry buzzword and "values-based planning" is more like a foreign language. Natalie Taylor CFP®, BFA™ has built her practice around "Values-Based Financial Advice That Works In Real Life" and joined the show to explain why her values-based approach is more effective than a goals-based approach and how she implements it throughout her work with clients. We discuss: Why she prefers advice that gets 90% of the results rather than 100% optimal advice Why defining goals with clients comes after assessing values, net worth and cash flow The "Values Exercise" she developed to help clients define their values The "Big Win" Natalie gets for most of her clients that helps create momentum during implementation The skills humans possess that computers will never replicate *For more resources discussed in this episode, check out www.wiredplanning.com/episode33 *For more resources and insights on mastering the human side of money (including our popular "Wisdom Round-Up" email), go to www.wiredplanning.com.
  • The Human Side of Money podcast

    32: A 5-Step Planning Process For Syncing Emotional and Financial Well-Being with Amy Mullen (Part II)

    1:01:15

    There are at least three things every financial advisor wants in their relationships with clients: 1) Great conversations and connection 2) Use their money to live a fulfilled life doing the things they love 3) Seamless buy-in and follow-through on the advice given to avoid spending time following up In fact, if you're an advisor looking for ways to enhance client outcomes or change the growth trajectory of your practice, these three would be at or near the very top of the list every time. Yet, as research shows, the problem isn't knowing these things are important. It's knowing how to do them consistently and effectively. Which is where it's crucial to have a process for ensuring these three things in every meeting with every client. Amy Mullen is the President of Money Quotient, a company that arms advisors with tools, resources, and a process to consistently deliver on all three of these things. In Part II of our conversation, we move from the "Why" to the "How" as Amy offers up specific examples from advisors she's worked with over the years: The 5-Steps of the True Wealth™ Process The case for having two separate discovery meetings Why memorable conversation and lasting connecting actually starts with the mindset of the advisor A structured process to help clients create a robust vision of their ideal life How to plan and prepare for barriers to implemenation   *For more resources discussed in this episode, check out www.wiredplanning.com/episode32 *For more resources and insights on mastering the human side of money (including our popular "Wisdom Round-Up" email), go to www.wiredplanning.com.
  • The Human Side of Money podcast

    31: A 5-Step Planning Process For Syncing Emotional and Financial Well-Being with Amy Mullen (Part I)

    1:06:38

    There are at least three things every financial advisor wants in their relationships with clients: 1) Great conversations and connection 2) Use their money to live a fulfilled life doing the things they love 3) Seamless buy-in and follow-through on the advice given to avoid spending time following up In fact, if you're an advisor looking for ways to enhance client outcomes or change the growth trajectory of your practice, these three would be at or near the very top of the list every time. Yet, as research shows, the problem isn't knowing these things are important. It's knowing how to do them consistently and effectively. Which is where it's crucial to have a process for ensuring these three things in every meeting with every client. Amy Mullen is the President of Money Quotient, a company that arms advisors with tools, resources, and a process to consistently deliver on all three of these things. In Part I of our conversation, we discuss: The #1 factor in determining action towards retirement goals Why starting with the past is the most effective way for advisors to help client's uncover meaningful goals How a client's inability to follow-through is likely a roadblock stemming from their past The importantly subtle shift from "advice-givers" to "thinking partners" Why "advice kills conversations"   *For more resources discussed in this episode, check out www.wiredplanning.com/episode31. *For more resources and insights on mastering the human side of money (including our popular "Wisdom Round-Up" email), go to www.wiredplanning.com.
  • The Human Side of Money podcast

    30: Exploring the Mindsets and Motivations Driving Money Decisions with Rachel Cruze

    51:03

    Financial success relies just as much on knowing yourself as it does knowing what to do with money. After spending the majority of her career teaching people what to do with their money, Rachel Cruze realized that knowing what to do wasn't enough. That the gap between knowing and doing is forged by how we think, feel, and behave with money (our mindset and motivations). And it's these mindsets and motivations that drive most of our financial decision-making. The key to behavior change and financial success is helping clients understand why they handle money the way they do and what to do about it. In this episode, Rachel discusses: The percentage of personal finance that is behavioral vs tactical The Four Money Classrooms that reveal how your childhood impacts your decision-making today Why dreaming is the key to boosting savings The "Why Statement" that she says everybody should use to start their money conversations Three insights on how to create lasting behavioral change   *For resources and similar episodes, visit: www.wiredplanning.com/episode30 *For more insights and resources on mastering the human side of money, check out www.wiredplanning.com
  • The Human Side of Money podcast

    29: The Behavioral Coaching Dilemma: Giving Clients What They Want Instead of What They Need

    31:27

    The value of behavioral coaching continues to show up as the top "value-added" service provided by financial advisors. And, while it's no surprise to advisors that have been working with emotional human beings on an emotionally-charged topic like money, studies also show that over 80% of advisors DON'T actively promote this value to clients or prospective clients. In this episode, Brendan helps financial advisors understand what clients think about behavioral coaching, think about whether they should be actively promoting the value, and reveals the ways to communicate it most effectively. For more insights and ideas on how to embed behavioral finance in your practice, visit: www.wiredplanning.com
  • The Human Side of Money podcast

    28: The Human Side of Digital Marketing with Samantha Russell

    1:23:23

    If you're a financial advisor or advisory firm who wants to pursue growth through digital marketing, but you've always been unimpressed with the results, you've probably skipped the most important part: The human side of digital marketing. Knowing the behavioral and psychological principles to build trust and connection online while intentionally designing for the desired behavior forms the foundation of any successful digital marketing strategy. (Especially in an industry where obtaining a client means getting them to trust you with their life savings!) Fortunately, the industry's foremost authority on digital marketing, Samantha Russell, joined us to discuss: The #1 goal for social media that most advisors get wrong Specific ways to design your website for instant trust and rapport The "5 Second Test" to determine the effectiveness of your website's messaging Ideas for showing prospective clients what to do rather than telling them How to market your advisory firm in a world where planning and investments are commoditized For more information and resources, visit: www.wiredplanning.com/episode28.
  • The Human Side of Money podcast

    27: Enhancing Client Connection and Outcomes In Virtual Financial Planning Meetings with Dr. Sarah Asebedo

    53:48

    Every financial advisors knows how crucial it is to effectively build trust and connection with prospects and clients. Study after study and story after story will tell you that's what clients look for when choosing an advisor and it's why they stay with their advisors. But, is it even possible to build the same level of trust and connection virtually? Is it reasonable to expect the same level of comprehension and follow-through from the client (or prospective client)? Dr. Sarah Asebedo and her colleagues conducted a study to help financial advisors and financial planners better understand the keys to building trust and connection in virtual meetings. For more resources and information from this episode, visit www.wiredplanning.com/episode27

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