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The Human Side of Money in 2024:
Released 24 episodes
Delivered 1,933 minutes of content on the human side of advice
Inside those 24 episodes and 1,933 minutes lie countless ideas, insights, and nuggets that will do two things:
Enhance and enrich your clients’ lives and forever change the trajectory of your business and career.
But, there were certain ideas inside each episode and conversation that delivered more impact than others. Certain insights and nuggets that move the needle a little bit further.
In this episode, I go back through each conversation from 2024 and extract the most impactful ideas and insights advisors need to know.
*To sign up for Brendan’s newsletter packed with resources to master the human side of advice → Click Here
Connect with Brendan Frazier:
RFG Advisory
LinkedIn: Brendan Frazier
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Content here is for illustrative purposes and general information only. It is not legal, tax, or individualized financial advice; nor is it a recommendation to buy, sell, or hold any specific security, or engage in any specific trading strategy.
Information here may be provided, in part, by third-party sources. These sources are generally deemed to be reliable; however, neither our guest nor RFG Advisory guarantee the accuracy of third-party sources.
The views expressed here are those of our guest. They do not necessarily represent those of RFG Advisory, its employees, or its clients. This commentary should not be regarded as a description of advisory services provided by RFG Advisory, or performance returns of any client. The views reflected in the commentary are subject to change at any time without notice.
Securities offered by Registered Representatives of Private Client Services. Member FINRA / SIPC. Advisory services offered by Investment Advisory Representatives of RFG Advisory, LLC (“RFG Advisory or “RFG”), a registered investment advisor. Private Client Services and RFG Advisory are unaffiliated entities. Advisory services are only offered to clients or prospective clients where RFG Advisory and its representatives are properly licensed or exempt from licensure. No advisory services may be rendered by RFG Advisory unless a client agreement is in place.
RFG Advisory is an SEC-registered investment adviser. SEC registration does not constitute an endorsement of RFG by the Commission, nor does it indicate that RFG or any associated investment advisory representative has attained a particular level of skill or ability. -
"If you’re not relevant, you’re ignored. If you’re not compelling, you’re forgotten.”
Bill Cates, the "OG" of relationship marketing, knows that genuine connections are the heart of a thriving and growing practice.
But with technology constantly reshaping how we connect, how do you still leverage a human connection?
For decades, Bill has mastered the art of building trust, creating relevance, and fostering relationships that lead to referrals.
And, in this episode, he shares the 3 R’s of relationship marketing and how they remove friction from the prospecting process and pave the way to exponential growth for your practice.
What You’ll Learn:
The #1 barrier to getting more referrals
Brain-based tips for crafting messages that stick
Why focusing on a niche can fuel massive growth
Why "introductions" beat referrals—and how to ask for them
How storytelling creates emotional connections that inspire action
*To sign up for Brendan’s newsletter packed with resources to master the human side of advice → Click Here
Resources:
Books by Bill Cates
"The Language of Referrals" by Bill Cates, CSP, CPAE
"Radical Relevance" by Bill Cates, CSP, CPAE
"Atomic Habits" by James Clear
"Same as Ever: A Guide to What Never Changes" by Morgan Housel
Connect with Brendan Frazier:
RFG Advisory
LinkedIn: Brendan Frazier
Connect with Bill Cates:
LinkedIn: Bill Cates, The Original Referral Coach
Referral Coach
Top Advisor Podcast with Bill Cates, CSP, CPAE
About Our Guest:
Bill Cates is a renowned author, speaker, and coach specializing in relationship marketing and client acquisition strategies. With decades of experience, he has helped thousands of advisors and businesses refine their approach to building relevance, creating emotional connections, and generating referrals. Bill’s work combines timeless marketing principles with modern tools to help advisors grow their practices and make meaningful connections with clients.
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Content here is for illustrative purposes and general information only. It is not legal, tax, or individualized financial advice; nor is it a recommendation to buy, sell, or hold any specific security, or engage in any specific trading strategy.
Information here may be provided, in part, by third-party sources. These sources are generally deemed to be reliable; however, neither our guest nor RFG Advisory guarantee the accuracy of third-party sources.
The views expressed here are those of our guest. They do not necessarily represent those of RFG Advisory, its employees, or its clients. This commentary should not be regarded as a description of advisory services provided by RFG Advisory, or performance returns of any client. The views reflected in the commentary are subject to change at any time without notice.
Securities offered by Registered Representatives of Private Client Services. Member FINRA / SIPC. Advisory services offered by Investment Advisory Representatives of RFG Advisory, LLC (“RFG Advisory or “RFG”), a registered investment advisor. Private Client Services and RFG Advisory are unaffiliated entities. Advisory services are only offered to clients or prospective clients where RFG Advisory and its representatives are properly licensed or exempt from licensure. No advisory services may be rendered by RFG Advisory unless a client agreement is in place.
RFG Advisory is an SEC-registered investment adviser. SEC registration does not constitute an endorsement of RFG by the Commission, nor does it indicate that RFG or any associated investment advisory representative has attained a particular level of skill or ability. -
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Meir Statman, a trailblazer in behavioral finance, says: “Financial well-being underlies life well-being.”
Advisors know their clients want to feel happy and fulfilled and make decisions aligned with their values.
But weaving that into financial advice? That’s the challenge.
And, that’s the next frontier for behavioral finance.
Meir has witnessed every generation of behavioral finance up to this point.
And, in this episode, he shares how advisors can prepare their clients and their practice for the shift to Behavioral Finance 3.0.
What You’ll Learn:
Why every client needs a diversified “life” portfolio
The 3 benefits people derive from spending money
Why your neighbor's finances impact your own well-being
The journey from “standard” finance to Behavioral Finance 3.0
The #1 way to improve well-being (That has nothing to do with money)
*To sign up for Brendan’s newsletter packed with resources to master the human side of advice → Click Here
Resources:
"Thinking, Fast and Slow" by Daniel Kahneman
Connect with Brendan Frazier:
RFG Advisory
LinkedIn: Brendan Frazier
Connect with Meir Statman:
LinkedIn: Meir Statman
"A Wealth of Well-Being: A Holistic Approach to Behavioral Finance" by Meir Statman
SSRN
About Our Guest:
Meir Statman is a leading behavioral finance authority and a finance professor at Santa Clara University. His groundbreaking research bridges traditional finance with psychology, offering insights into how emotions and biases impact financial decision-making. Meir’s work encourages advisors to focus on client well-being and life satisfaction, making him a pioneer in helping people use their finances to support meaningful and fulfilling lives. He’s also the author of A Wealth of Well-Being, where he explores the role of behavioral finance in guiding financial choices that promote happiness.
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Content here is for illustrative purposes and general information only. It is not legal, tax, or individualized financial advice; nor is it a recommendation to buy, sell, or hold any specific security, or engage in any specific trading strategy.
Information here may be provided, in part, by third-party sources. These sources are generally deemed to be reliable; however, neither our guest nor RFG Advisory guarantee the accuracy of third-party sources.
The views expressed here are those of our guest. They do not necessarily represent those of RFG Advisory, its employees, or its clients. This commentary should not be regarded as a description of advisory services provided by RFG Advisory, or performance returns of any client. The views reflected in the commentary are subject to change at any time without notice.
Securities offered by Registered Representatives of Private Client Services. Member FINRA / SIPC. Advisory services offered by Investment Advisory Representatives of RFG Advisory, LLC (“RFG Advisory or “RFG”), a registered investment advisor. Private Client Services and RFG Advisory are unaffiliated entities. Advisory services are only offered to clients or prospective clients where RFG Advisory and its representatives are properly licensed or exempt from licensure. No advisory services may be rendered by RFG Advisory unless a client agreement is in place.
RFG Advisory is an SEC-registered investment adviser. SEC registration does not constitute an endorsement of RFG by the Commission, nor does it indicate that RFG or any associated investment advisory representative has attained a particular level of skill or ability. -
Does money talk strengthen your relationship—or strain it?
Doug and Heather Boneparth, a dynamic husband-wife team and experienced financial advisors, share the inside scoop on what makes relationships tick—financially and emotionally. Drawing from personal experience, they reveal practical ways for couples to redefine financial responsibilities, appreciate non-monetary contributions, and set shared goals for the future.
For advisors, Doug and Heather break down how to create balanced, inclusive conversations that engage both partners, tackling emotional undercurrents to strengthen relationships along the way.
What You’ll Learn:
Tools to create inclusive, balanced financial discussions
Guidance for couples on shared financial decision-making
Techniques to spot and resolve financial resentments before they escalate
Ideas for planning meaningful “money dates” that foster future-focused conversations
Strategies to redefine financial contributions, helping couples align on long-term goals
*To sign up for Brendan’s newsletter packed with resources to master the human side of advice → Click Here
Resources:
116: The Financial Advisor’s Guide To Love And Money with Sonya Lutter
The Psychology of Money by Morgan Housel
Fair Play by Eve Rodsky
The Millennial Money Fix by Douglas Boneparth
Connect with Brendan Frazier:
RFG Advisory
LinkedIn: Brendan Frazier
Connect with Douglas A. Boneparth:
LinkedIn: Douglas A. Boneparth, CFP®
Bone Fide Wealth
Connect with Heather Boneparth:
LinkedIn: Heather Boneparth
Bone Fide Wealth
Joelle Boneparth
About Our Guests:
Doug and Heather Boneparth are the co-founders of Bone Fide Wealth, a firm specializing in helping millennials and young couples manage their finances. Doug is a Certified Financial Planner and author with a deep commitment to making personal finance approachable. Heather, having taken a step back from her active role in finances during the pandemic, brings valuable insights into balancing household contributions and facilitating effective financial conversations between partners. Together, they bridge personal and professional experience to bring empathy and practicality into financial advising.
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Content here is for illustrative purposes and general information only. It is not legal, tax, or individualized financial advice; nor is it a recommendation to buy, sell, or hold any specific security, or engage in any specific trading strategy.
Information here may be provided, in part, by third-party sources. These sources are generally deemed to be reliable; however, neither our guest nor RFG Advisory guarantee the accuracy of third-party sources.
The views expressed here are those of our guest. They do not necessarily represent those of RFG Advisory, its employees, or its clients. This commentary should not be regarded as a description of advisory services provided by RFG Advisory, or performance returns of any client. The views reflected in the commentary are subject to change at any time without notice.
Securities offered by Registered Representatives of Private Client Services. Member FINRA / SIPC. Advisory services offered by Investment Advisory Representatives of RFG Advisory, LLC (“RFG Advisory" or “RFG”), a registered investment advisor. Private Client Services and RFG Advisory are unaffiliated entities. Advisory services are only offered to clients or prospective clients where RFG Advisory and its representatives are properly licensed or exempt from licensure. No advisory services may be rendered by RFG Advisory unless a client agreement is in place.
RFG Advisory is an SEC-registered investment adviser. SEC registration does not constitute an endorsement of RFG by the Commission, nor does it indicate that RFG or any associated investment advisory representative has attained a particular level of skill or ability. -
Here’s a question for you:
On a scale of 1-10, how confident are you that your screening process will yield conversations with prospects who are a good fit AND ready to take action?
If you answered anything less than an 8, you’re in good company.
Most advisors spend way too much time meeting with prospects only to find out they aren’t a good fit.
Fortunately, Meghaan Lurtz has researched and written about this process. In this episode, she reveals the steps to build a screening process that brings in prospects who are the right fit and ready to take action. (While also changing the trajectory of trust for the entire relationship!)
What You’ll Learn:
The best questions to ask in a screening process
Why 80% of prospects aren’t ready for your advice
What’s going on in the prospect’s mind before your meeting
How long do prospects wait before actually contacting an advisor
A question you should ask all prospects (but almost no one does)
*To sign up for Brendan’s newsletter packed with resources to master the human side of advice → Click Here
Resources:
COUPLR.AI
97: A Blueprint For Conducting “Re-Discovery” Meetings With Long-time Clients With Meghaan Lurtz
75: Understanding The Brain To Ignite Motivation Within Clients And Prospects With Ted Klontz
122: Implementing A “Family Eos” Approach To Create More Intentional Goals With Isaac Presley
Connect with Brendan Frazier:
RFG Advisory
LinkedIn: Brendan Frazier
Connect with Dr. Meghaan Lurtz:
LinkedIn: Meghaan Lurtz
Shaping Wealth
Columbia SPS School of Professional Studies
About Our Guest:
Dr. Meghaan Lurtz is a leading global expert on the psychology of financial planning and a Partner at Shaping Wealth. A dedicated educator, she is a Professor of Practice at Kansas State University, teaching in the Advanced Financial Planning and Financial Therapy Certificate Programs. She is also a lecturer at Columbia University, where she teaches Financial Psychology. She serves on multiple financial technology boards, bringing together finances and mental health. She is an active researcher, writer, and ongoing contributor to the Kitces platform, writing about the intersection of money, advice, and well-being.
Meghaan has finished her Ph.D. in Personal Financial Planning at Kansas State University. Meghaan is a past President of the Financial Therapy Association.
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Content here is for illustrative purposes and general information only. It is not legal, tax, or individualized financial advice; nor is it a recommendation to buy, sell, or hold any specific security, or engage in any specific trading strategy.
Information here may be provided, in part, by third-party sources. These sources are generally deemed to be reliable; however, neither our guest nor RFG Advisory guarantee the accuracy of third-party sources.
The views expressed here are those of our guest. They do not necessarily represent those of RFG Advisory, its employees, or its clients. This commentary should not be regarded as a description of advisory services provided by RFG Advisory, or performance returns of any client. The views reflected in the commentary are subject to change at any time without notice.
Securities offered by Registered Representatives of Private Client Services. Member FINRA / SIPC. Advisory services offered by Investment Advisory Representatives of RFG Advisory, LLC (“RFG Advisory or “RFG”), a registered investment advisor. Private Client Services and RFG Advisory are unaffiliated entities. Advisory services are only offered to clients or prospective clients where RFG Advisory and its representatives are properly licensed or exempt from licensure. No advisory services may be rendered by RFG Advisory unless a client agreement is in place.
RFG Advisory is an SEC-registered investment adviser. SEC registration does not constitute an endorsement of RFG by the Commission, -
Here’s the outline for most review meetings with long-time clients:
How is life? How is the family?
Any major changes or updates?
Here’s your situation. Everything looks good.
See you next year.
And, that’s not bad. But there’s a better way.
It’s called a “Re-Discovery” meeting.
And, not only, does it keep your clients engaged while reinforcing your value. It deepens your relationship with them and enhances their life.
Most advisors love the idea. They just need to know how to do it.
In this episode, Ben Haas shares his step-by-step process for turning review meetings into “Re-Discovery” meetings.
You’ll Learn:
How Covid reshaped how he viewed his role as an advisor
The thought process for deciding which clients to try this meeting with
Mental accounting strategies that empower clients to spend confidently
The “Wealth Management Audit” he sends out prior to a review meeting
The moment when Ben realized his review meetings needed a makeover
*To sign up for Brendan’s monthly newsletter focused on the human side of advice → Click Here
Resources:
App: One Second Everyday
"Flourish" by Martin E.P. Seligman
“What Will I Do All Day” by Patrice Jenkins, PH.D.
“Atomic Habits” by James Clear
“Advice That Sticks” by Moira Somers, PH.D.
Connect with Brendan Frazier:
RFG Advisory
LinkedIn: Brendan Frazier
Connect with Benjamin Haas:
Haas Financial Group
LinkedIn: Benjamin Haas, CFP®, CRPC®, ABFP™
About Our Guest:
Benjamin Haas is a financial advisor who believes in the power of human connection in financial planning. With a passion for going beyond the numbers, he helps his clients build deeper, more meaningful relationships with their money. Through his approach, Benjamin empowers clients to not only feel financially safeguarded but also live purposefully. His practice focuses on promoting reflection, guiding clients from merely "fine" to fully flourishing in their lives and retirement.
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Content here is for illustrative purposes and general information only. It is not legal, tax, or individualized financial advice; nor is it a recommendation to buy, sell, or hold any specific security, or engage in any specific trading strategy.
Information here may be provided, in part, by third-party sources. These sources are generally deemed to be reliable; however, neither our guest nor RFG Advisory guarantee the accuracy of third-party sources.
The views expressed here are those of our guest. They do not necessarily represent those of RFG Advisory, its employees, or its clients. This commentary should not be regarded as a description of advisory services provided by RFG Advisory, or performance returns of any client. The views reflected in the commentary are subject to change at any time without notice.
Securities offered by Registered Representatives of Private Client Services. Member FINRA / SIPC. Advisory services offered by Investment Advisory Representatives of RFG Advisory, LLC (“RFG Advisory or “RFG”), a registered investment advisor. Private Client Services and RFG Advisory are unaffiliated entities. Advisory services are only offered to clients or prospective clients where RFG Advisory and its representatives are properly licensed or exempt from licensure. No advisory services may be rendered by RFG Advisory unless a client agreement is in place.
RFG Advisory is an SEC-registered investment adviser. SEC registration does not constitute an endorsement of RFG by the Commission, nor does it indicate that RFG or any associated investment advisory representative has attained a particular level of skill or ability. -
Financial advisors are on the front lines of bad news.
Your entire business is filled with clients who have either experienced grief or will experience grief at some point in their lives.
When that time comes, you’ll often be one of the first people they talk to.
And, unfortunately, we aren’t naturally “grief-literate.” We feel awkward, don’t know what to say, and generally mishandle the conversation.
But, when you have a process for handling grieving clients, you can capitalize on the opportunity to forge deeper relationships and grow your business.
In this episode, grief literacy expert Kathi Balasek reveals the essential skills financial advisors need to navigate conversations with clients experiencing grief.
You’ll Learn:
The #1 reason widows leave their advisors
What NOT to say during times of grief and loss
How to help clients avoid big decisions during times of grief
The significance of creating a “lesson plan” for a post-loss meeting
What her advisor did well in her first meeting after losing her husband
*To sign up for Brendan’s monthly newsletter focused on the human side of advice → Click Here
Resources:
"It’s Okay That You’re Not Okay" by Megan Devine
Connect with Brendan Frazier:
RFG Advisory
LinkedIn: Brendan Frazier
Connect with Kathi Balasek:
kathibalasek.com
LinkedIn: Kathi Balasek
About Our Guest:
Kathi Balasek is an educator, grief literacy communication coach, university asst. professor, speaker, and widow advocate. She trains professionals on how to improve their grief literacy communication skills to engage, support, and retain clients and employees going through life's most difficult transitions. Whether it is the surviving spouse, the family member with a serious health diagnosis, or a major life transition, these conversations are pivotal to knowing exactly what to say and do. Everyone experiences grief and loss as it is a universal experience. However, it isn't a universal language - let's change this together!
Experiencing the emotional, physical, and financial uniqueness of widowhood firsthand, she learned that the relationship between professionals and bereaved clients is pivotal. Combining her 25 years of teaching, coaching, research, and personal experience, she created Grief Smart Professional as a tool to help professionals retain, connect, and support clients experiencing loss, grief, and widowhood. Grief literacy communication is vital to helping all clients before, during, and after a death occurs.
She is a widow advocate. She stands up and fights for the rights of widows, their livelihood, and their financial future.
Along with her mission-driven business, Grief Smart Professional, she is a university professor and currently, she teaches at California State University, Chico in the Department of Communication and Education.
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Content here is for illustrative purposes and general information only. It is not legal, tax, or individualized financial advice; nor is it a recommendation to buy, sell, or hold any specific security, or engage in any specific trading strategy.
Information here may be provided, in part, by third-party sources. These sources are generally deemed to be reliable; however, neither our guest nor RFG Advisory guarantee the accuracy of third-party sources.
The views expressed here are those of our guest. They do not necessarily represent those of RFG Advisory, its employees, or its clients. This commentary should not be regarded as a description of advisory services provided by RFG Advisory, or performance returns of any client. The views reflected in the commentary are subject to change at any time without notice.
Securities offered by Registered Representatives of Private Client Services. Member FINRA / SIPC. Advisory services offered by Investment Advisory Representatives of RFG Advisory, LLC (“RFG Advisory or “RFG”), a registered investment advisor. -
Are your clients drifting aimlessly or swimming purposefully towards their financial goals?
The default for clients is to pick goals on autopilot. Goals that have been determined by society, friends, and their upbringing.
In this episode, Isaac Presley shares how he creates the time and space for his clients to create more intentional goals using a “Family EOS” approach.
You’ll Learn:
The “Time Bucketing” exercise to help clients prioritize goals
The “Family EOS” approach and how to introduce it to clients
Why sending a pre-meeting video leads to better conversations
How the environment you’re in can influence your conversations
How he connects his screening and intro process to accelerate trust
*To sign up for Brendan’s monthly newsletter focused on the human side of advice → Click Here
Resources:
97: A Blueprint for Conducting “Re-Discovery” Meetings with Long-Time Clients with Meghaan Lurtz
98: Creating a Unique Money Vision to Build a Client’s Ideal Life with Jake Northrup
Connect with Brendan Frazier:
RFG Advisory
LinkedIn: Brendan Frazier
Connect with Isaac Presley:
Cordant Wealth
LinkedIn: Isaac Presley
About Our Guest:
Isaac Presley is the CEO of Cordant Wealth Partners. He frequently writes and speaks on investing and industry topics and his work has been seen in Bloomberg, US News, Yahoo Finance, Business Insider, and Wealth Management magazine. He's been named the top 100 most influential advisors by Investopedia five times. Prior to joining Cordant, he worked in finance for two Fortune 500 companies. He has a Bachelor’s in Finance from Oregon State University, his MBA from Portland State University, and earned the Chartered Financial Analyst designation in 2011.
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Content here is for illustrative purposes and general information only. It is not legal, tax, or individualized financial advice; nor is it a recommendation to buy, sell, or hold any specific security, or engage in any specific trading strategy.
Information here may be provided, in part, by third-party sources. These sources are generally deemed to be reliable; however, neither our guest nor RFG Advisory guarantee the accuracy of third-party sources.
The views expressed here are those of our guest. They do not necessarily represent those of RFG Advisory, its employees, or its clients. This commentary should not be regarded as a description of advisory services provided by RFG Advisory, or performance returns of any client. The views reflected in the commentary are subject to change at any time without notice.
Securities offered by Registered Representatives of Private Client Services. Member FINRA / SIPC. Advisory services offered by Investment Advisory Representatives of RFG Advisory, LLC (“RFG Advisory or “RFG”), a registered investment advisor. Private Client Services and RFG Advisory are unaffiliated entities. Advisory services are only offered to clients or prospective clients where RFG Advisory and its representatives are properly licensed or exempt from licensure. No advisory services may be rendered by RFG Advisory unless a client agreement is in place.
RFG Advisory is an SEC-registered investment adviser. SEC registration does not constitute an endorsement of RFG by the Commission, nor does it indicate that RFG or any associated investment advisory representative has attained a particular level of skill or ability. -
When you want to learn something about financial planning and advice, the ultimate source is Michael Kitces.Most people know Michael is a spreadsheet-loving, technical wizard.What most people don’t know is that he also fully believes in the human side.In this episode, Michael explains the skills and processes advisors need to know on the path to mastering the human side of advice.You’ll Learn: What Michael says is the #1 skill for financial advisors The drawbacks to marketing the human side to prospects Why you can’t believe clients when they tell you their goals Why Michael only wears blue shirts (and how many he owns) The method Michael uses to uncover what clients really value Why the 3-year mark changes everything for an advisory businessAnd more!*To sign up for Brendan’s monthly newsletter focused on the human side of advice → Click HereResources: 49: Leveraging the Superpower of Questions to Create Connection and Clarity With Dr. Meghaan Lurtz (Part I) 50: Leveraging the Superpower of Questions to Create Connection and Clarity With Dr. Meghaan Lurtz (Part II) 112: Using “Influence” Techniques to Persuade Prospects to Become Clients With Evan Beach Financial Advisor Success Podcast Kitces & Carl PodcastConnect with Brendan Frazier: RFG Advisory LinkedIn: Brendan FrazierConnect with Michael Kitces: Kitces.com LinkedIn: Michael KitcesAbout Our Guest: Michael E. Kitces, MSFS, MTAX, CFP®, CLU, ChFC, RHU, REBC, CASL, is the Head of Planning Strategy for Buckingham Wealth Partners, a private wealth management firm located in St Louis, Missouri, that oversees approximately $50 billion of client assets. In addition, he is the co-founder of the XY Planning Network, AdvicePay, fpPathfinder, and New Planner Recruiting, former practitioner editor of the Journal of Financial Planning, and the publisher of the e-newsletter The Kitces Report and the popular financial planning industry blog Nerd’s Eye View through his website www.Kitces.com, dedicated to advancing knowledge in financial planning.–Content here is for illustrative purposes and general information only. It is not legal, tax, or individualized financial advice; nor is it a recommendation to buy, sell, or hold any specific security, or engage in any specific trading strategy. Information here may be provided, in part, by third-party sources. These sources are generally deemed to be reliable; however, neither our guest nor RFG Advisory guarantee the accuracy of third-party sources. The views expressed here are those of our guest. They do not necessarily represent those of RFG Advisory, its employees, or its clients. This commentary should not be regarded as a description of advisory services provided by RFG Advisory, or performance returns of any client. The views reflected in the commentary are subject to change at any time without notice. Securities offered by Registered Representatives of Private Client Services. Member FINRA / SIPC. Advisory services offered by Investment Advisory Representatives of RFG Advisory, LLC (“RFG Advisory or “RFG”), a registered investment advisor. Private Client Services and RFG Advisory are unaffiliated entities. Advisory services are only offered to clients or prospective clients where RFG Advisory and its representatives are properly licensed or exempt from licensure. No advisory services may be rendered by RFG Advisory unless a client agreement is in place. RFG Advisory is an SEC-registered investment adviser. SEC registration does not constitute an endorsement of RFG by the Commission, nor does it indicate that RFG or any associated investment advisory representative has attained a particular level of skill or ability.
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Michael Finke’s research shows that the trifecta of a happy and fulfilling retirement incorporates:
Money
Health
Social Connection
Most financial advisors know the money part.
But how can you incorporate the other health and social connection parts into a financial plan to help your clients live a happy and fulfilling retirement?
Fortunately, Michael Finke is the foremost authority on this topic and shares with us the three cornerstones of a happy and fulfilling retirement and how to incorporate it into your retirement planning work with clients.
You’ll Learn:
The only two places your money can go
How to increase your clients’ happiness per dollar spent
Why your clients should start taking forced semi-retirements
One thing most retirees believe will provide satisfaction but doesn’t
The amount of wealth where life satisfaction peaks before falling again
The one relationship in your life with the highest correlation to life satisfaction
Resources:
98: Creating a Unique Money Vision to Build a Client’s Ideal Life With Jake Northrup
53: The Psychology of Decision-Making in Financial Planning With Hal Hershfield
"Your Future Self: How to Make Tomorrow Better Today"
"The Secret of Our Success" by Joseph Henrich
"Die with Zero" by Bill Perkins
"Habits of a Happy Brain" by Loretta Graziano Breuning
Connect with Brendan Frazier:
RFG Advisory
LinkedIn: Brendan Frazier
Connect with Michael Finke:
Michael Finke
LinkedIn: Michael Finke
LinkedIn: Income Path Software
About our Guest:
Michael Finke, Ph.D., is a Professor of wealth management and Frank M. Engle Distinguished Chair in Economic Security Research at The American College of Financial Services. He is a nationally known researcher in the areas of retirement income planning, retirement spending, life satisfaction, and cognitive aging. He is a frequent speaker at financial planning conferences and was named one of the 25 most influential people in the field of investment advising in 2020 and 2021 by Investment Advisor Magazine.
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Content here is for illustrative purposes and general information only. It is not legal, tax, or individualized financial advice; nor is it a recommendation to buy, sell, or hold any specific security, or engage in any specific trading strategy.
Information here may be provided, in part, by third-party sources. These sources are generally deemed to be reliable; however, neither our guest nor RFG Advisory guarantee the accuracy of third-party sources.
The views expressed here are those of our guest. They do not necessarily represent those of RFG Advisory, its employees, or its clients. This commentary should not be regarded as a description of advisory services provided by RFG Advisory, or performance returns of any client. The views reflected in the commentary are subject to change at any time without notice.
Securities offered by Registered Representatives of Private Client Services. Member FINRA / SIPC. Advisory services offered by Investment Advisory Representatives of RFG Advisory, LLC (“RFG Advisory or “RFG”), a registered investment advisor. Private Client Services and RFG Advisory are unaffiliated entities. Advisory services are only offered to clients or prospective clients where RFG Advisory and its representatives are properly licensed or exempt from licensure. No advisory services may be rendered by RFG Advisory unless a client agreement is in place.
RFG Advisory is an SEC-registered investment adviser. SEC registration does not constitute an endorsement of RFG by the Commission, nor does it indicate that RFG or any associated investment advisory representative has attained a particular level of skill or ability. -
*This is a continuation of the conversation that started in the previous episode (Episode 118). We highly recommend listening to that episode first!
A statement of financial purpose serves as the mission statement for your client’s financial life.
It acts as the north star for making financial decisions that are in alignment with the things that are truly important in life.
Most advisors love the idea, but they don’t know how to do it.
Fortunately, Andy Baxley created an entire course on it.
And, in this conversation, he reveals the 3-step process he takes his clients through to craft a statement of financial purpose.
You’ll Learn:
The power of helping clients turn vague goals into vivid visions
Questions to help clients narrow down what’s most important to them
Why you need to help clients separate short-term and long-term goals
A framework for turning a statement of financial purpose into tangible goals
How to use a statement of financial purpose throughout the planning process
Resources:
33: Values-Based Financial Advice That Works in Real Life With Natalie Taylor
A 3-Step Process For Crafting A Statement of Financial Purpose - Part I
"Die With Zero" by Bill Perkins
"Your Money Or Your Life" by Vicki Robin, et al.
Connect with Brendan Frazier:
RFG Advisory
LinkedIn: Brendan Frazier
Connect with Andy Baxley:
SOFP Off The Balance Sheet
The Planning Center
LinkedIn: Andy Baxley
About Our Guest:
Andy Baxley, CFP®, CIMA®, CeFT®, is a Sr. Financial Planner at The Planning Center. Andy’s approach to financial planning goes beyond the numbers; it’s about helping the individuals and families he serves achieve clarity, confidence, and a sense of purpose around their money. Ultimately, Andy doesn’t just want his clients to feel financially secure; he wants them to feel empowered to plan with a sense of optimism and possibility.
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A Statement of Financial Purpose serves as the mission statement for your client's financial life.
It acts as the north star or lens for making financial decisions to ensure they are aligned with what's truly most important.
Most advisors love the idea, but they don't know how to do it.
Fortunately, Andy Baxley created an entire course on it.
And, in this episode, he reveals the 3-step process he takes his clients through to craft a statement of financial purpose.
You'll Learn:
A script to introduce values conversations to long-time clients
His favorite question to help guide clients through tough decisions
The best time in the onboarding process to have values conversations
The powerful story of how a statement of financial purpose changed a client's life
How values conversations have led to a more referable experience for Andy's practice
*Follow Brendan for insights on mastering the human side of advice:
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The growth of your business hinges on your ability to build and establish trust with prospective clients.
In this episode, Kerry Johnson, "America's Business Psychologist" reveals psychological insights on how to master the art of trust-based selling.
You'll Learn:
Signs that a prospect is interested (or not!)
The anatomy of an elevator speech that actually works
Why prospects forget 90% of what you say within 3 days
Why it's crucial to "calibrate" at the beginning of every interaction with a client
How to conduct a "trust check" to know if you can move the conversation 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.
*Follow Brendan for insights on mastering the human side of advice:
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Love and money are two emotional subjects on their own.
And one HIGHLY emotional subject when combined together.
Next time you meet with a couple, think about these numbers:
70% have disagreed about their financial situation
73% say finances are a source of tension in their relationship
47% say this tension has impacted the intimacy with their partner
Money is an emotionally-charged topic that you simply can't avoid in a relationship.
In this episode, Dr. Sonya Lutter provides a guide for everything advisors need to know when it comes to working with couples.
You'll Learn:
Why most financial arguments boil down to a discrepancy in values
Why uncovering money scripts can transform finances in the relationship
The surprising connection between joint accounts and relationship satisfaction
Why clients who work with a financial advisor are 3x happier than those who don't
Eye-opening research on the influence of financial arguments and relationship satisfaction
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.
*Follow Brendan for insights on mastering the human side of advice:
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LinkedIn -
The intro meeting is the lifeblood of an advisory business.
It's either the single most expensive or the single most profitable activity that you'll ever engage in.
Yet, almost everything you've been taught about how to conduct these meetings is backwards.
It contradicts everything psychology research tells us that a prospect needs.
In this episode, we'll look at five things you've never been taught but HAVE to know to conduct the ultimate intro meeting:
Navigating The Trust Zone
Inside The Prospect's Mind
The Two-Question Framework
The Platinum Rule of Prospecting
Prepping The Prospect For Success
*The Ultimate Intro Meeting Course --> Go Here
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
*Follow Brendan for insights on mastering the human side of advice:
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The combination of financial psychology and technology has a multiplier effect on client outcomes.
Advisors who effectively integrate both into their practice see significantly higher levels of:
Satisfaction
Loyalty
Referrals
Trust
But, before you get these outcomes, you have to know how to effectively combine the two.
Fortunately, Emily Koochel pioneered this research and provides a roadmap for advisors to combine financial psychology with technology on the path to transforming their client outcomes.
You'll Learn:
Using technology to create a "feel good" moment
How to work with couples that have financial secrets
Why 6 of 10 clients say their advice isn't personalized
The technology features that lead to higher client engagement
The 5 financial psychology actions that create better client outcomes
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:
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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:
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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:
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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:
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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
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