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Episode Summary

The relationship dynamic between advisors and clients is shifting away from treating the plan and towards treating the person.

The old model was the financial advisor as the “advice giver.” Treating the problem by dispensing advice. It went like this:

Diagnose –> Prescribe

The advisors diagnoses the problem, prescribes the solution, and the clients are simply expected to follow the advice.

The new model has the advisor playing the role of “thinking partner.” It goes like this:

Diagnose –> Discuss –> Decide

Diagnose the situation, discuss the options, decide together on the solution.

The client is the hero of their story.

And the advisor is a thinking partner, a guide, a facilitator, a collaborator, and a problem-solver.

In this episode, we’ll look at:

  • What the field of medicine can teach us about this relationship dynamic
  • Two client stories showing the importance of being a thinking partner
  • Three specific ways to be a thinking partner with your clients

Resources

10 Insights To Master The Human Side of Advice (Article)

10 Insights To Master The Human Side of Advice (Podcast)

10 Rules for Human-First Financial Advice (Standard Deviations Podcast)

“How To Tame Your Advice Monster” (Michael Bungay Stanier – TedX)


 

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

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  3. HSOA Community (LAUNCHING IN OCTOBER): Exclusive content, courses and conversations to master the human side of advice with like-minded advisors

If you’re interested, let me know here.