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Episode Summary

*This is Part Two of my conversation with Dr. Moira Somers. I would strongly encourage starting with Part One, because we lay the groundwork for everything discussed in this episode!

The perfect plan is rendered useless in the absence of execution.

You can know the intimate details of someone’s values, hopes, dreams and fears and pair that with flawless technical advice in the form of the best financial plan and portfolio ever created. Yet, if the advice is never implemented, none of it matters.

The job of a financial advisor or planner both now and in the future isn’t simply to dispense the advice, pat yourself on the back and walk away as if your job is done. Instead, it’s to help the person or the couple follow-through on your advice by implementing and executing the items you’ve laid out that solve the problems you’ve identified.

While it seems like showing someone the exact steps they need to take to accomplish their goals and vision for their life would be all that’s needed to spur someone into action, any advisor reading this can immediately think of at least one client (and likely dozens) who they have routinely called and emailed to ensure they send in their tax return, organize their monthly spending, signed their paperwork, updated their beneficiaries, etc.

The gap between knowing and doing is miles apart.

Imagine if your clients always followed through and executed on everything you advised without ever having to call or email to follow up…

First, your clients would get better results, be happier, stay longer and refer more.

Second, you would certainly have freed up mass amounts of time every single day that you could then spend doing anything else. Hanging out with your family, growing the business, running the business, etc.

But, maybe the most unheralded benefit is the mental relief you’d experience. No more jumping out of bed in the middle of the night wondering, “Did Cameron remember to fully fund his SEP?!?”

Fortunately, constant follow-up and reminding clients aren’t the only path to implementation and follow-through.

In fact, by better understanding what makes financial advice difficult to implement, accepting your role as an “adherence partner,” and applying a proven behavior change framework to your conversations, you’ll instantly improve the “stickiness” of your advice to deliver better outcomes for clients and forever change the trajectory of your business.

Things You’ll Learn

  • A specific framework for improving implementation and follow-through
  • A 3-5 minute process at the end of every meeting to improve follow-through and avoid having to constantly follow up
  • The biggest mistake advisors make when trying to get clients to follow-through (which is also the most common mistake)
  • The one thing to do at the beginning of every meeting that will make your advice stickier
  • The number one piece of advice for any advisor looking to improve their meetings, their relationships and their client’s follow-through
  • What studies show is the primary determinant of client satisfaction in a meeting
  • The challenges that advisors face when they try to implement these processes and how Moira teaches them to overcome it

About Moira Somers

Dr. Moira Somers is a psychologist, speaker, and international best-selling author with an expertise in neuroscience, financial psychology, and behavior change. And, fortunately, she channels all of that expertise into better understanding people and how they behave with money.

In addition to writing Advice That Sticks: How to Give Financial Advice People Will Follow, Moira work with financial professionals and institutions around the world to distill and implement practical ways to deliver advice in a way that improves implementation and follow-through. In other words, she teaches people how to deliver “stickier” advice.

And, now that the demand for her coaching services has exceeded her personal capacity to help one-on-one, Moira has launched an online, self-paced course called “The Importance of Giving Advice That Sticks” for anyone that wants to learn the principles Moira teaches on the path to deliver advice that sticks.

Other Episodes You’ll Like On Behavior Change

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.