The Human Side of Money

After 18+ years in the industry, Justin Castelli decided to shift his business model away from traditional financial planning. Here’s his quote to explain why: “My clients were planning for the life they were told to live. Not the life they wanted to live.” Too often, our client’s life and money decisions are influenced by … Read More Read More

“Behavioral Coaching” continues to emerge as the primary source of value in a relationship between an advisor and client. Yet, most advisors have never learned the skill set required to actually influence and change a client’s behavior for the better. It starts by first understanding the forces that influence client behavior both positively and negatively. … Read More Read More

There’s one communication technique in the skill set of FBI hostage negotiators that stands above the rest. One they describe as being the closest you’ll get to a jedi mind trick. It’s called “mirroring”.  Here’s what it does in conversation: Facilitates bonding and trust, creates connection and empathy, buys you time to regroup your thoughts, … Read More Read More

The financial advice industry does an outstanding job of training and developing technical knowledge. The industry is full of advisors and planners who can sit down at a computer and calculate the time value of money with the best of them. But, financial planning done right isn’t just about technical answers. It’s about how those … Read More Read More

The intro meeting is the lifeblood of an advisory business. That 30-60 minute window with a complete stranger is either the most expensive or the most profitable activity you’ll ever engage in. Yet, I kept hearing advisors complain about these meetings. They would say things like: “I never like the way I feel during those … Read More Read More

Morningstar research reveals a direct link between savings behavior and mental time horizon. In fact, the research says mental time horizons are more influential than their age, income, and education. Thus, the more vivid and clear your future, the more likely you are to change your behavior. So, when you’re working with clients and planning … Read More Read More

When financial advisors meet with clients, it’s easy to focus solely on the numbers and neglect the feelings they elicit. It’s easy to focus on dollars at the expense of emotions. But every single client you work with has a relationship with money that extends beyond data, numbers, and dollar signs. But, it becomes evident … Read More Read More

Asking great questions is a superpower for financial advisors. When done right, asking great questions establishes likeability, accelerates trust, and uncovers personal, sensitive information. Three things that are absolutely critical to perform your job at the highest level. But, it’s not just about asking more questions. It’s about knowing how to ask great questions that … Read More Read More

In 2005, Josh Gilliam set out to research, read, and learn everything he could about behavioral finance, psychology, and communication.  He was seeking to master the human side of advice.  18 years later, he admits it’s still a work in progress. But, he took what he learned and created the [Fi] Life Framework. A framework … Read More Read More

In 2005, Josh Gilliam set out to research, read, and learn everything he could about behavioral finance, psychology, and communication.  He was seeking to master the human side of advice. 18 years later, he admits it’s still a work in progress. But, he took what he learned and created the [Fi] Life Framework. A framework … Read More Read More

If you work with people and their money to fund something now or in the future, it’s absolutely crucial that you understand the dynamic between goals and values. Once you can move beyond goals and understand what’s truly important to the person you’re meeting with, everything changes. In fact, once you embrace and internalize this … Read More Read More

As behavioral finance has moved into the mainstream, one thing has become clear. It’s great to know there’s a way to explain a client’s sub-optimal behavior. But, it’s an entirely different challenge to know what to do about it.  In other words, behavioral finance has done a great job of providing advisors with a list … Read More Read More

Asking great questions is a superpower for financial advisors. But, it’s not enough to simply ask questions. The types of questions, the timing of questions, and the tone of questions all matter. In other words, there’s an art to asking great questions. Fortunately, Warren Berger is a Questionologist and the world’s foremost authority on questions. … Read More Read More

Every advisor always wants to know what questions to ask. But, more important than WHAT you ask is WHEN you ask it. A great question asked at the wrong time is no longer a great question. In this episode, we’ll go through six different steps of the client journey and arm you with three questions … Read More Read More

We all know that human beings buy on emotion and justify with logic. Yet, when meeting with a prospect, the majority of advisors default to leading with logic rather than emotion. The success of your prospect meeting hinges on your ability to communicate in a way that takes them out of their heads and into … Read More Read More

Financial advice requires working with money and people. Working with money is the easy part. You need a calculator and some decent math skills. Working with people is the hard part. You need an understanding of what goes on in their brain. Ted Klontz says, “The more you understand how the brain works, the more … Read More Read More

This is the inaugural “Ask Me Anything” (AMA) episode. Whether it’s been emails, Twitter DM’s, LinkedIn messages, one-off virtual meetings, coaching sessions, or at a conference, one thing has become clear about financial advisors and the human side of advice. You guys have questions. A lot of really good questions and I want to help … Read More Read More

Everything changed during FPA Retreat in Cheyenne County, Colorado in 1995. Up to that point, the focus of these gatherings, conferences and presentations was the continued honing of technical knowledge. But, this presentation by George Kinder and Dick Wagner brought the human side of advice into the light. Dave Yeske was in attendance that day … Read More Read More

Think back to a time when you were “in the zone.” A time when you were completely immersed and focused on what you were doing. Psychologists refer to this as “flow.” It’s a state of mind that athletes and creative artists describe when they’re operating at their peak. A flow state elicits greater enjoyment, energy, and … Read More Read More

You’ll never truly master the human side of advice until you have the right mindset to do it. And, unfortunately, most advisors need a complete re-programming. One that wipes clean most of what you’ve been taught over the years. A mindset shift that transforms the way you approach your clients and your practice. If that … Read More Read More

In healthcare, client outcomes and client satisfaction are directly correlated to the doctor’s “bedside manner.” The same holds true for client outcomes and satisfaction in financial planning and advice. In fact, research has shown that the #1 thing prospects look for in an advisor is “Interpersonal Skills.” But how do you create trust and improve … Read More Read More

Ever wondered why you don’t get more referrals from your clients? Good News: Most advisors have a client base that’s willing to refer. Bad News: Most clients aren’t capable of executing a referral. Armed with this information, Dan Allison designed a comfortable process for advisors that creates clients who are both willing and able to … Read More Read More

The Human Side of Money in 2022: Released 28 episodes Had 21 conversations with expert guests Delivered 2,342 minutes of content on the human side of advice Inside those 28 episodes, 21 conversations and 2,342 minutes lie hundreds of ideas, insights, and nuggets that will do two things: 1) Enhance and enrich your clients’ lives … Read More Read More

Every advisor has two puzzles to solve: What to do and how to get them to do it! The first requires an understanding of numbers. The second is an understanding of people. Whether you’re trying to get a prospect to become a client or a client to implement your advice…One thing is certain.  The least … Read More Read More

Most goal-setting exercises have one major flaw. They focus too much on WHAT someone wants to accomplish rather than WHY they want to accomplish it. The best goal-setting exercises combine the two. They produce goals that are both meaningful and measurable. Goals that provide connection and clarity. And when you do that, clients are motivated, … Read More Read More