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

More important than what questions you ask is how you ask them. In this episode, shares 8 proven ways to ask better questions that lead to better answers, conversations, and relationships. 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.= *To receive the monthly "Wisdom Round-Up" newsletter full of practical ways to apply the human side of advice --> Go Here. *Follow Brendan for insights on mastering the human side of advice: Twitter LinkedIn

Three important questions every advisor should answer: Do you think you provide a valuable and life-changing service? Do you think your clients are better off with you than without you, even after they pay? Do you find that even though they're better off with you, they still need a little nudge to make the decision to work with you? If you answered yes to any of these questions, then here's the harsh truth you need to hear: Getting prospects to become clients requires more than expertise. It requires persuasion. And if you can learn to persuade more effectively, then your life-changing impact will be greater and more widespread.  In the popular book Influence: The Psychology of Persuasion, Robert Cialdini presents research on six psychological principles to persuade prospects to become buyers. Fortunately, Evan Beach took the research from the book and created a version specifically for financial advisors. In this episode, he'll reveal how financial advisors can use influence techniques to persuade more prospects to become clients. You'll Learn: The sales mindset every advisor should have How and why to implement a waitlist for prospects The psychological reason not to charge for financial plans The "freemium" model he uses for his prospecting process Why advisors are scared to embrace effective sales techniques   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. *For more resources discussed in this episode --> Go Here. *To receive the monthly "Wisdom Round-Up" newsletter full of practical ways to apply the human side of advice --> Go Here. *Follow Brendan for insights on mastering the human side of advice: Twitter LinkedIn

There is one skill that will impact your success and your client's success more than anything else. The ability to listen. More specifically, the ability to listen with empathy and curiosity. In this episode, we'll look at: The neuroscience and benefits of listening 3 ideas to instantly improve your listening skills An advisor testimonial on the power of listening   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. *For more resources discussed in this episode --> Go Here *To receive the monthly "Wisdom Round-Up" newsletter full of practical ways to apply the human side of advice --> Go Here. *Follow Brendan for insights on mastering the human side of advice: Twitter LinkedIn

The greatest barrier for every client isn't lack of information. It's their own mindset and behavior. Whether it's someone who over-spends, someone who under-spends, someone who wants to sell out at the worst possible time, or even the person who never sends in the data you need... The key to changing their behavior starts with understanding their money mindset. Sarah Newcomb, Director of Behavioral Science at Morningstar, joined the show to discuss how to better understand a client's money mindset. We discuss: The framework she and her team developed to assess a client's money mindset The important distinction between financial and emotional well-being The #1 predictor of savings behavior and how to help clients with it Using a "What-If Journey" to help clients overcome their fears How role models can play a powerful role in changing behavior and overall well-being   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. *For more resources discussed in this episode --> Go Here. *To receive the monthly "Wisdom Round-Up" newsletter full of practical ways to apply the human side of advice --> Go Here. *Follow Brendan for insights on mastering the human side of advice: Twitter LinkedIn

Research consistently shows that >90% of clients are satisfied. At first glance, it sounds like a good thing. But, if over 90% of clients are satisfied, then client satisfaction ceases to be a differentiator. It's now tablestakes. Which then prompts the question: "Should we be aiming for something more than satisfaction?" Julie Littlechild suggests we move the bar from "satisfied" to "engaged." Satisfied clients are happy but passive. Engaged clients are happy and tell the world about what you do. In this episode, Julie explains everything you need to know to turn satisfied clients into engaged clients. You'll Learn: The 4 drivers that create engaged clients The curse of the agenda and how to use it effectively The #1 thing clients say they want but aren't getting from advisors The top mistakes advisors make when gathering feedback and input What clients say about discussing non-financial goals with an advisor   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. *For more resources discussed in this episode --> Go Here. *To receive the monthly "Wisdom Round-Up" newsletter full of practical ways to apply the human side of advice --> Go Here. *Follow Brendan for insights on mastering the human side of advice: Twitter LinkedIn

If you want your clients to actually follow-through on the advice you give, you have to shift your approach. You have to shift from "Advisor-Driven" to "Client-Inspired" advice. Client-inspired advice provides the client with: 1) Control 2) Confidence 3) Autonomy And, when you can provide these three things, it paves the way to behavior change and implementation of advice. In this episode, we'll look at: The psychology and research of giving advice The three essential elements of client-inspired advice Questions and scripts on how to deliver client-inspired advice   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. *For more resources discussed in this episode --> Go Here *To receive the monthly "Wisdom Round-Up" newsletter full of practical ways to apply the human side of advice --> Go Here. *Follow Brendan for insights on mastering the human side of advice: Twitter LinkedIn

Your success in this profession and the quality of your relationships are directly correlated with your communication skills. Think about the communication you have with clients and prospects. It's almost always "spontaneous communication." It's not planned, prepared or scripted. For example, you're meeting with a prospective client and they say, "These fees seem high." That comment wasn't on the agenda, yet here you are needing to think on your feet. And, how you respond in these spontaneous situations will oftentimes dictate the outcome of the entire interaction. Fortunately, Matt Abrahams is the foremost authority on how to be more confident and eloquent in the moment. And, in this episode, he reveals the secrets to communicating with confidence in any situation. Things You'll Learn: Why small talk is important and the mistakes to avoid Why you (ironically) have to prepare to be spontaneous Two ways to buy yourself time on the spot before responding The "Pace, Space, and Grace" framework to be a better listener The "What-So What-Now What" structure to use in almost any situation   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. *For more resources discussed in this episode --> Go Here. *To receive the monthly "Wisdom Round-Up" newsletter full of practical ways to apply the human side of advice --> Go Here. *Follow Brendan for insights on mastering the human side of advice: Twitter LinkedIn

Most financial advisors' meetings are underwhelming. They typically include a mix of small talk, dialogue, fact-finding and a less-than-riveting display of numbers and charts. It's the main reason why prospects leave your office and don't respond for months (if ever), despite the fact that they need help. And you knew you could help them. It's also the main reason that you won't find clients excited and eager to come to their review meetings. Sten Morgan felt this in his meetings and decided there had to be a better way. He wanted to do two things: Create authority and help prospective clients clearly understand the value of working with him Create urgency by highlighting big problems that actually inspire clients and prospects to act In this episode, Sten shares how he's leveraged the power of communication to create a meeting experience where clients leave saying: "That's different than any meeting I've ever had." Things You'll Learn: The "Quantify and Multiply" approach to create urgency A formula to answer "What do you do?" in a compelling way The meeting-altering power of whiteboarding (and how to do it) The average things most advisors do that lead to boring meetings Why the "trust gap" is the main thing keeping prospects from moving forward   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. *For more resources discussed in this episode --> Go Here. *To receive the monthly "Wisdom Round-Up" newsletter full of practical ways to apply the human side of advice --> Go Here. *Follow Brendan for insights on mastering the human side of advice: Twitter LinkedIn

Trust is the foundation of success in financial advice. You need trust to get prospects to become clients. And you need trust to get clients to follow-through and do the things you ask them to do. Without trust, you have no business. But, if you know how to consistently build trust with both prospects and clients, it will take your relationships AND your business to places very few things can. There's only one problem. Everybody knows how important trust is. But, very few people know how the secrets to consistently building high-trust relationships. Fortunately, Herman Brodie does. Consider this episode the ultimate guide for everything you need to know about trust. Things You'll Learn: The 3 different types of trust How to continue building trust with long-term clients The only type of trust that serves as a competitive advantage The intangible factors that lead investors to choose asset managers The non-obvious benefits trust has on your clients and your business The "Trust Game:" The role of similarity when it comes to building trust   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. *For more resources discussed in this episode --> Go Here. *To receive the monthly "Wisdom Round-Up" newsletter full of practical ways to apply the human side of advice --> Go Here. *Follow Brendan for insights on mastering the human side of advice: Twitter LinkedIn

The perfect plan is rendered useless in the absence of execution. Or, as Dr. Moira Somers says: "What's the point of technically proficient advice if the client won't act on it?" You would think that providing someone a step-by-step plan to accomplish their goals would be all that's needed to spur someone into action. But, anyone that works with people and their money knows that simply isn't the case. Dr. Moira Somers author of the book Advice That Sticks, provides a blueprint for improving the "stickiness" of your advice to help create better outcomes for clients. Things you'll learn: The most common reason clients fail to follow through on your advice What medical research can teach us about the challenges of implementation A proven method to help get through the friction of the data gathering process How much responsibility falls on the advice-giver when advice isn't implemented How improving follow-through benefits your clients, your business, AND your well-being *This episode originally aired in January 2021. 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. *For more resources discussed in this episode --> Go Here. *To receive our monthly newsletter full of practical ways to apply the human side of advice --> Go Here. *Follow Brendan for insights on mastering the human side of advice: Twitter LinkedIn