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Episode Summary

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.

It’s like building a house and never moving it.

It may look good. But that’s about it.

According to this study, 70% of financial planning clients implement less than 20% of recommendations.

In other words, most clients will only implement 1 of 5 recommendations!

That’s why the job of a financial advisor and planner isn’t simply to dispense the advice, pat yourself on the back and walk away as if your job is done.

It’s to help the client follow through on your advice. Ensuring they implement and execute the items you’ve laid out that solve their problems and achieve their goals.

The reality is that getting clients to actually follow through and implement the advice you give without constant follow-up is hard (see the stat above!).

There are several possible explanations.

But, one of the most prominent culprits is a psychological phenomenon inherent within the very nature of financial advice.

The battle between the current and future self.


current vs future self

Things You’ll Learn

  • Why the current versus future self is such a powerful force inherent in the nature of financial advice
  • The most effective strategy to counter the battle between the current self and the future self
  • 9 simple and practical ways to apply this strategy every day with clients


Episode 10: Improving Client Behavior By Bridging The Gap Between Your Current And Future Self with Meghaan Lurtz

Episode 53: The Psychology of Decision-Making in Financial Planning with Hal Hershfield

Episode 14: The Importance Of Giving Advice That Sticks with Moira Somers

Episode 4: Behavioral Insights To Maximize Anxiety-Adjusted Returns with Greg Davies

“How To Use Behavioral Finance In Asset Management”

Retirement Withdrawal Policy Statement – Morningstar



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If you’re interested, let me know here.