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Episode Summary

As Susan Bradley says, “When life changes, money changes. And when money changes, life changes.”

Changes and transitions in life aren’t just inevitable. They’re constant.

For proof, here’s a list of common changes/transitions.

  • Retirement
  • Divorce
  • Death of friends or family
  • Changing jobs
  • Losing a job
  • Moving
  • Having a baby
  • Receiving an inheritance
  • Selling a business

You would be in the minority if you haven’t experienced any of these in the last three years.

And those are just the most common examples!

More importantly, change isn’t just constant. It’s pivotal.

And, these crucial moments of change and transition will shape the future of both your life and your finances.

However, for financial advisors to successfully navigate clients through the changes and transitions of life requires more than sound technical knowledge and advice.

It requires understanding the dynamics of change. It requires developing a sense of what it’s like psychologically for clients to undergo change and how that impacts their thoughts and decisions. And it requires a skill set and resources for managing change.

Mastering this undoubtedly sets up your clients to thrive in the midst of change, but you also have to consider the massive business implications:

  1. These life changes often serve as a trigger for people to reach out to a financial advisor for advice. (I don’t even need to give an example here, because I know every single person knows exactly what I’m referring to.) Pairing technical knowledge with a skill set to help prospective clients successfully navigate the transition instantly boosts your business development efforts.
  2. With current clients, maybe you have a client that’s been in “maintenance mode” for 3 years who suddenly loses her job, decides to retire, or receives an inheritance. And it’s in these moments where you’re handed a prime opportunity to deliver ongoing value and forever justify your fee.

Susan Bradley coaches advisors around the world on how to successfully navigate change and joined the show to help us understand the dynamics of change, the psychology of change, and the skill set/tools advisors need to know to help successfully guide their clients through the constant changes and transitions of life.

Things You’ll Learn

  • Why a technical skill set/advice is insufficient to navigate change and transition
  • Why decision-making is the most crucial element of navigating transitions
  • The skill set Susan teaches advisors to manage change
  • How to effectively add “Transition Planning” into your current process
  • The “Decision-Free Zone”: A process to help prioritize tasks without getting overwhelmed
  • How to be a “thinking partner” to help clients develop the clarity they lack during transitions
  • An example demonstrating how “sound” technical advice can morph into “bad” advice without deep listening

About Susan Bradley

Susan Bradley is the founder of the Sudden Money® Institute, where she coaches and trains advisors around the world on how to successfully navigate clients through change and transition through the CeFT® designation (Certified Financial Transitionist).

She started Sudden Money® after a long career in financial planning. She is the author of Sudden Money: Managing A Financial Windfall and Shaping Change: How To Respond When Life Disrupts Your Retirement Plan.

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