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Episode Summary

If you want to convert more prospects into clients and more clients into life-long clients, you first need to know the answer to two questions:

1) Why do people hire a financial advisor?

2) Why do people fire their financial advisor?

They might be the two most important questions for any advisory business.

Because, once you know the answers, you’ve been handed a cheat code for how to most effectively communicate and deliver your value.

Fortunately, Samantha Lamas and Danielle Labotka did the research to uncover the answers to those two questions.

And, what they learned will forever transform the way advisors approach client acquisition and client retention.

Things You’ll Learn

  • How to create digital content that makes an emotional connection
  • The connection between listening skills and higher client retention
  • How to use the emotional responses to create a competitive advantage
  • The most commonly cited reasons for both hiring and firing an advisor
  • The most commonly listed emotional reasons driving hiring and firing decisions
  • Why clients won’t mention emotional reasons when they’re in the office with you
  • The “Value Prop Makeover”: 3 steps to effectively communicate your emotional value

About Samantha Lamas and Danielle Labotka

Samantha Lamas is a behavioral researcher at Morningstar. She is a recent recipient of the Montgomery-Warschauer Award for her research in financial planning. Lamas’ research focuses on investor engagement and the factors that drive people’s decision-making about investing and money. 

Danielle Labotka, Ph.D., is a behavioral scientist for Morningstar Research Services LLC, a wholly owned subsidiary of Morningstar, Inc. She conducts original research to understand how investor and advisor behaviors and biases affect financial decision-making.

Other Episodes You’ll Like On What Clients Say:


Samantha Lamas (LinkedIn)

Samantha Lamas (Twitter)

Danielle Labotka (LinkedIn)

Danielle Labotka (Twitter)

Samantha Lamas Articles

Danielle Labotka Articles

“Why People Hire Financial Advisors” by Samantha Lamas and Danielle Labotka

“Why Clients Fire Financial Advisors And How You Can Be The Exception” by Samantha Lamas and Danielle Labotka

“Identifying What Investors Value In A Financial Advisor: Uncovering Opportunities and Pitfalls” by Samantha Lamas, Ryan Murphy, and Ray Sin

Whenever you’re ready, there are 3 ways I can help you master the human side of advice:

  1. Human Side of Advice Masterclass: Build a human-first planning process to convert prospects into life-long clients in 10 weeks
  2. The Ultimate Intro Meeting: Learn how to qualify and convert prospects in 30 minutes without being salesy
  3. HSOA Community (LAUNCHING IN OCTOBER): Exclusive content, courses and conversations to master the human side of advice with like-minded advisors

If you want more information on any of these, let me know here.