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Episode Summary

This is one of the few conversations that I have been anxiously awaiting the chance to have ever since the show debuted. That’s because Meghaan and I talk extensively about what is probably the most underutilized, under-appreciated and most powerful tools for improving behavior and igniting behavior change.

It’s the ability to help a client or prospective client bridge the gap between their current self and future self.

Human beings have an overwhelming tendency to prioritize decisions for their current self to the detriment of their future self.

And, in a profession where almost everything we do is focused on accomplishing something in the future, it’s important to accept that the very nature of the advice we give clashes with the tendency of the human mind.

And it is absolutely crucial to know how to overcome this challenge in order to get clients and prospects to follow-through on the future-oriented advice you’re giving.

Once you know the tools, ideas, and methods to help someone bridge the gap between their current and future self, you’ll watch clients and prospects seamlessly move through the process in a way you never imagined possible.

Things You’ll Learn

  • Meghaan’s story of how working with financial advisors across the country on technical aspects of portfolio composition opened her eyes to the importance of the human side of money
  • The research behind why saving for the future feels like saving for a stranger
  • Questions to ask a client or prospect (and when to ask them) to clearly define and vividly describe their future self and future goals
  • A systematic process to measure a client’s connection to their future self and know whether it needs to be addressed
  • Five practical ideas and specific methods Meghaan has seen work effectively with clients over the years
  • The three reasons why humans tend to prioritize their current self to the detriment of their future or ideal self
  • The powerful effects on behavior change that result from helping someone bridge the gap between their current and future self
  • The signals to look for and ways to determine whether a client needs help bridging the gap
  • With financial advice/planning being so future-oriented, Meghaan lays out ways to adapt your processes and conversations to help bring more clarity the future self and future goals
  • Why this places even more importance on the ongoing process of financial planning rather than the static nature of a financial plan
  • The importance of “self-efficacy” with clients and why the person who “wants you to take care of everything” isn’t actually the perfect client

About Meghaan Lurtz, Ph.D

Meghaan is a Senior Research Associate at Kitces.com and the Nerd’s Eye View Blog, where she researches and writes about virtually everything that would fall under the realm of the human side of money. She has her Ph.D. in Personal Financial Planning from Kansas State University, is involved with the financial planning programs for several colleges and universities across the country, and is the former president of the Financial Therapy Association.

And, of equal importance, she is one of the select few individuals in the world who can claim their work is featured more than once on our “Hall of Fame” page!

Resources


Whenever you’re ready, there are 3 ways I can help you master the human side of advice:

  1. HSOA Masterclass: Master the human side of advice alongside a group of other advisors passionate about enhancing client outcomes and changing the trajectory of their business
  2. HSOA Sessions: 2-hour coaching blocks where we work 1:1 to ensure your practice is designed to create clients that pay more, refer more, follow-through and consolidate assets
  3. HSOA Community (COMING SOON!): A place to meet, collaborate, discuss, brainstorm, learn and grow with other advisors passionate about the human side of advice

If you’re interested, let me know here.