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Assume I came to you, a financial advisor, and offered to help you do three things:
- Enhance the quality of your conversations, and thus, your connection with the client
- Get your clients to envision with clarity what their fulfilled life looks like
- Vastly improve the client’s ability to follow-through on your advice to reach their fulfilled life
Would you say no? Of course not!
In fact, if you could pick any three things that would instantly enhance client outcomes and change the trajectory of your business, these three would all rank at or near the very top.
Almost every good financial advisor completely accepts and understands how important these things are when working with clients.
The challenge lies in knowing how to do it. And, more importantly, how to do it consistently and effectively.
Just like any area of your business, the secret to becoming more consistent and effective is implementing a process or a system.
In these episodes (Part I and Part II), Amy Mullen, the president of Money Quotient shares the tools, resources, and True Wealth Process that they teach advisors to implement in their practice to maximize their client’s financial AND emotional well-being.
Part I starts with why it’s crucial for financial advisors to help clients get at the heart of their values and priorities to establish meaningful goals for their life. And why it’s reasonable to assume that a goal-identification process that doesn’t account for someone’s past will lead to less fulfilling goals.
From there, we examine the different emotions that clients feel when meeting with advisors that we all need to be aware of and how we can best utilize the emotions to effectively create long-lasting behavior change. For example, while fear may not be a good motivator for sustained change, it’s often the emotion that drives people to finally meet with you.
And the key to create lasting behavior change and a life-long client is in your ability to address the fear but shift to a more positive state. To shift into a conversation around establish clear and vivid goals aligned with their values, because that’s where true behavior change happens.
Towards the end, she’ll explain the important, yet unnatural, shift advisors need to make from “advice-givers” to “thinking partners” or “facilitators.” And once you make this mindset shift, you’re able to instantly enhance your conversations and connections with clients (not to mention improve their vision of what they want).
This episode serves as a foundation to understand why it’s so important to have a process and tools that help you enhance your conversations, uncover your client’s values and priorities to create meaningful goals, and create long-lasting behavior change.
A process without a purpose is useless. That’s why you first need to understand the purpose it serves and how it benefits your clients and practice. And, in Part II, Amy will explain in depth the tools, resources, and process they teach advisors around the world.
Things You’ll Learn
- What research shows is the #1 factor in determining who takes action towards retirement goals
- Why negative emotions don’t create long-lasting change and the importance of shifting clients from a negative emotion to a positive one
- The danger in assuming that clients know what they want (or what their goals are) and how advisors should help in the process of identifying meaningful goals
- Why envisioning future goals must start with an exploration of the past
- How an understanding of your past can remove the roadblocks on the path to achieving future goals
- Why “advice kills conversations”
- Why and how advisors should make the shift from “advice-giver” to “thinking partner” and the biggest obstacles
About Amy Mullen
Amy Mullen is the President of Money Quotient, a company that offers tools and training to help advisors have better and more meaningful conversations with their clients. She does speaking, coaching and trainings for financial advisors on the benefits of a values-based financial planning approach and understanding client’s motivations to guide them through change all while developing deeper relationships with clients.
She’s also a CFP, a member of the Financial Planning Association, and a member of the Financial Therapy Association. She sits right at the intersection of technical knowledge and the human side of money.
Other Episodes You’ll Like On Understanding What’s Most Important To Clients
- Episode 20: The Future of Financial Planning is Life Planning with George Kinder
- Episode 18: Understanding A Client’s Money Mindset In Order to Maximize Their Well-Being with Sarah Newcomb
- Episode 25: How To Uncover Your Client’s Most Meaningful Goals with Samantha Lamas
- Money Quotient
- Money Quotient Facebook Page
- Amy Mullen
- Amy Mullen LinkedIn
- True Wealth Process PDF
- Marty Kurtz – The Planning Center
- Switch: How To Change Things When Change Is Hard by Chip Heath and Dan Heath
- Brad and Ted Klontz: Your Mental Wealth
- Marco Vangelisti
- Elizabeth Warren Dunn
- Michael Norton
Whenever you’re ready, there are 3 ways I can help you master the human side of advice:
- HSOA Masterclass: An 8-week group program on building trust & connection, aligning money and life, and delivering frictionless advice.
- The Ultimate Discovery Meeting: A proven framework to seamlessly convert prospects into life-long clients in one meeting.
- HSOA Community (COMING SOON!): An online space 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.