Elementality for Financial Advisors | Elements Financial Vitals System™

Beyond having an emergency fund, are there other advantages to having adequate liquidity? And what criteria is used to define liquid cash? On this episode of Elementality, Reese explains to the clients of his RIA why understanding their Liquid Term (Lt) helps them resolve immediate cash needs and allows them to make more rational financial decisions.

At that moment of epiphany, when you've inspired a client to make their best financial decision, that's when you know you're succeeding as an advisor. So how do you create conversations where real financial planning happens? On this Elementality, Reese and Carl look at how the Elements scorecard provides advisors a framework for deeper planning discussions. 

Your clients want to collaborate with you. And why not? They feel empowered as they get to know their financial data better, and best of all, it reduces your onboarding work. They just need to know which jobs to do. On this Elementality, Reese and Carl look at how using the client as co-pilot allows them to feel like the hero of their financial journey.

The financial-plan-in-a-binder doesn't help clients change their behavior. Real change only happens when a client can get their values, purpose, and finances to align. Your role in connecting those together is pivotal. On this Elementality, Reese and Carl look at how to help clients better understand the relationship between values, money, and happiness.

The danger of making financial projections for the future is that clients then tend to live for the future, which creates anxiety and doubt. On this Elementality, Reese and Carl look at why too much emphasis on forecasting can fail to create the desired result—and how Elements calms client worries by getting them more focused on what they can control today.

Uncovering client money worries by asking the right objective questions is never easy. It's why many advisors rely on fpPathfinder's checklists and flowcharts to help ensure planning opportunities are never missed. On this Elementality, Abby talks with Mike Lecours, co-founder of fpPathfinder, about how diligent advisors build long-term client trust.

Money is never simple. It's tied to complex emotions. It can lead to power, bring happiness or headaches. And unfortunately, our past experiences with money shape our current attitudes and anxieties about finances. On this Elementality, Carl and David Hunter talk about why advisors need to help clients find financial purpose when it comes to their money.

While you may prefer to focus on numbers, how a client's finances look on a spreadsheet and their story as it relates to money rarely line up.  On this Elementality, Carl and Dan Rooker, of Rook Financial, discuss why you need to first understand what causes a client anxiety about their money before offering them solutions that can help them move forward.  

Helping clients live with more intention means helping them identify their own core values and then aligning those values with the way they live. It's about showing them that they are the masters of their own destiny. On this Elementality, Carl talks with Jeff Wolniewicz of Under Par Planning about how to help clients live with greater purpose.

You're improving the lives of your clients and want to reach even more people who could use your expertise. It's clearly time to grow but how do you scale up and still preserve your ideals that have been so impactful? On this Elementality, Carl talks with Matt Mulcock of Dentist Advisors about what his firm is doing to maintain their vision and culture as they grow.

Does writing intimidate you? Or, maybe you fear public speaking? Perhaps you just worry about being rejected? Overcoming whatever keeps you from creating content is a must as content converts prospects into clients. On this Elementality, Reese and Carl join several of their peers in a roundtable discussion addressing common challenges facing advisors.

There's a lot to consider when growing a firm—branding, demand generation, and of course how your values fit into what you want to accomplish. When it comes time to put it all together, what's the correct sequence? On this Elementality, Reese and Carl join several of their peers in a roundtable discussion addressing common challenges facing advisors.

If it seems like it's time to grow your firm, there are several ways to go about it. But before deciding to scale up, the first question you should be asking is whether growth is actually the right choice for you.   On this Elementality, Reese and Carl join several of their peers in a roundtable discussion addressing common challenges facing advisors. 

Looking to inspire clients to get on the right track with their personal finances? Whether measuring against their peers, or themselves, benchmarks can motivate them to become more accountable to their goals. On this episode of Elementality, Reese explains to the clients of his RIA how benchmarks can push people to reach their potential.

The role of teacher hasn't changed much over time. Teachers help learners master new concepts—something every advisor needs to do as well. And one measure of a great teacher is they can make the complex seem simple. On this Elementality, Carl and Mike Johnson, of Teacher Wealth, explore why "teaching" is integral to inspiring clients to take action.

Money matters. It gives you freedom and control, provides a family security, and allows for more options in life. But, if you don't understand its complexities, it can result in hardships that affect generations. On this Elementality, Carl and Justin Green discuss how helping clients alter their financial trajectory can change numerous lives.

Past money memories have a significant effect on client financial decisions and are a reason why money and anxiety are closely tied together. To be a more emphatic advisor, learn about your clients history with money.   On this Elementality, Carl talks with Chelsea Rude of Rude Wealth Advisory, about the long-lasting effects of the past on client decisions. 

Small RIAs who want to expand face significant challenges. Hiring brings with it HR concerns, and managing back office logistics becomes more time intensive—when your attention needs to focus on adding more clients. On this Elementality, Abby talks with Michelle Wong whose firm, Nifty Advisor Support, fills in growth gaps by providing numerous services.

Silence. You know, the awkward space where, before answering a question, a client ponders what was asked. That silence is your friend. On this Elementality, Carl and Elements client Brandon Galici, look into how to get clients to share their feelings about money, what role silence plays, and what transition questions result in deeper reflection.

Prospective clients come to you with a presenting problem, an issue causing them urgent financial pain. The questions you ask—and where they help lead the prospect—are pivotal to establishing a long-term relationship. On this Elementality, Carl and Elements client Phil Telpner of Breakout Private Wealth, discuss ideal questions for new prospects.

"What does money mean to you?" It's a great question to ask as you help clients begin to express their values. But to get to the heart of what really matters to them about money takes more time and patience.  On this Elementality, Carl interviews Elements client Ryan Kilkenny of Atomic Planning, who explains how he gets clients to open up.

No one likes to budget, in fact, even using the word "budget" can emote negative reactions. Of all of the Elements, Burn Rate (Br) may be the least sexy. However, it's foundational to all other financial elements. On this episode of Elementality, Reese tells the clients of his RIA how to manage their spending without having to pinch pennies. 

How people live, work, and spend continues to evolve. Today, a smooth job path is rare as careers now take many unpredictable turns. As a result, prospects have more questions and need more answers, more frequently. On this episode of Elementality, Reese and Carl explain why using planning tools that assume life is lived linearly no longer work.

When planning, we are used to doing everything all at once and all up front. The result is that the outputs of the work we do, and what we deliver to the client, are too complex and too focused on one event—retirement. On this episode of Elementality, Reese and Carl examine this output challenge and reveal quicker ways to involve prospects in planning.

The job we do as advisors is complex … and costly. We gather data, analyze it, and we make various decisions while working through the process. We then help clients act on our recommendations. And it takes a lot of time. On this episode of Elementality, Reese and Carl explain why this cost/complexity problem prevents us from reaching out to more people.