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Episode Summary

Every financial advisor knows the number one barrier standing between a client’s current situation and the ability to reach their goals isn’t a financial plan or perfectly-allocated portfolio.

It’s not a lack of knowledge or information. In fact, you can give somebody a detailed plan showing them exactly how to reach their goals (retire in 5 years, send their child to a private school, buy their dream beach house, etc.), and it’s still possible that it never happens. Or, you can show a spendthrift retiree how they can spend an extra $20,000/year and still never run out of money. And they’re still unlikely to do it.

It’s their own behavior. Their own inability to follow-through. And, that’s one of the reasons why the value of financial advice is shifting towards the ability to help client’s change their behavior for the better.

Whether it’s someone who overspends, someone who underspends, someone who wants to sell at the worst possible time, or someone who won’t get you the documents you need, the ability to ignite a change in client behavior on the path to achieving their goals starts, first and foremost, with understanding what goes on in their own mind when it comes to money. Or, in other words, understanding the client’s money mindset.

Once you have a better grasp of their money mindset and behavioral tendencies, you can then provide better advice and guidance over time.

And, while all of that makes sense, the question still remains: “How exactly do I go about assessing and understanding my client’s money mindset and behavioral tendencies?” And, once I know that, “What do I do about it?”

Fortunately, that’s exactly why we invited Sarah Newcomb to join us on the show. She will explain exactly how to better understand your client’s money mindset in order to maximize their well-being.

Things You’ll Learn

  • The personal experiences Sarah had with money that opened her eyes to the realization that her success had more to do with mindset than money
  • A framework she and her team developed to understand a client’s money mindset
  • The important distinction between emotional and financial well-being and why advisors who only focus on financial well-being are letting their clients down
  • The three primary factors affecting behavior and money mindset
  • The #1 predictor of savings behavior (that you’ll likely never guess) and how to help clients with it
  • Using a “What-If Journey” to help clients overcome their limiting behaviors
  • How a role model can be a positive and empowering tool for improving financial behaviors
  • The best way to design a financial plan for short-term thinkers
  • How the stories we tell ourselves impact our bottom line and what to do about it

About Sarah Newcomb

Sarah Newcomb, Ph.D. is the Director of Behavioral Science at Morningstar and the author of Loaded: Money, Psychology, and How to Get Ahead Without Leaving Your Values Behind.

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