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Episode Summary

Financial advice requires more than an understanding of money.

It requires an understanding of people.

Working with money is the easy part.

You need a calculator and some decent math skills.

Working with people is the hard part.

Your calculator and math skills won’t convert your prospects into life-long clients.

They won’t help your client who wants to retire but has yet to save any money.

And they won’t help your client who has saved their entire life and now can’t spend the money.

Those situations require an understanding of people and behavior.

In fact, here’s how Ted Klontz, the father of financial psychology, puts it:

“The more you understand how the brain works, the more effective you’ll be working with people.”

In other words:

Want more prospects to become clients? Start by understanding what’s going on in their mind.

Want to better communicate your ideas and messages so they resonate? Learn how the brain processes information.

Want to better connect to create life-long clients that stick with you and refer their friends and family? Find out how to tap into the emotional side of the brain.

Want to inspire and motivate your clients to change their behavior and follow through on your recommendations? Learn how the brain needs to be motivated.

Fortunately, Ted Klontz has spent 50+ years learning how the brain works and now teaches advisors what they need to know in order to better motivate, communicate and connect with clients and prospects.


Things You’ll Learn

  • What horses can teach us about effectively changing behavior
  • The least effective way to address a client’s fear
  • Why giving someone advice is the least effective way to change behavior
  • Pre-Loading Plans: A technique to effectively set expectations to address uncertainty
  • Why helping a client craft a vivid vision of their future improves their follow-through and behavior
  • Ted’s personal story of struggling to save for retirement and how he changed his own behavior
  • How to most effectively communicate to the decision-making part of the brain
  • Why palm trees are better than charts/graphs for improving financial behavior
  • What car dealers and ice cream stores teach about prospect conversations
  • A must-ask question for every prospect coming from a previous advisor
  • The power of metaphors and how to create them on the spot
  • Three keys to developing exquisite listening skills
  • Why great listening starts with never asking a question
  • Why 8 out of 10 people who come to you for advice aren’t actually ready for it
  • “Capturing the essence” of what people say to improve connection and clarity (and how to do it)


About Ted Klontz, Ph.D

Paul T (Ted) Klontz, Ph.D. is an Associate Professor of Practice of Financial Psychology and Behavioral Finance at Creighton University’s Heider College of Business, Founder and CEO of Klontz Consulting Group and Co-Founder of the Financial Psychology Institute®. He has a 50+ year career in counseling, consulting and advising that has included co-authoring eight financial psychology-related books.

He is also a published researcher, professional speaker and trainer with corporate groups focusing on communication skill development and anxiety management.


Other Episodes You’ll Like On Psychology in Financial Planning:



Ted Klontz

Ted Klontz LinkedIn

Klontz Consulting

The Financial Psychology Institute

Your Mental Wealth Advisors

A List of Ted’s Financial Psychology Books on Amazon

Motivational Interviewing: Helping People Change by William R. Miller and Stephen Rollnick

HSOM Episode 67: How To Guide Comfortable Conversations That Actually Inspire Change with Jeremy Keil

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