Introduction

Welcome to Let's Talk Family Enterprise, a podcast that explores the ideas, concepts and models that best serve Family Enterprise Advisors in supporting their clients.

All views, information, and opinions expressed during this podcast are solely those of the individuals involved and do not necessarily represent those of Family Enterprise Canada.

Description

Host Steve Legler speaks with Dr. Moira Somers, author of the book, Advice That Sticks, to discuss the importance of not simply having the best solution for families that FEAs work with but taking the time to connect with clients so that they can increase the chances that clients will actually implement the ideas FEAs share with them.

Guest bio

Dr. Moira Somers is a neuropsychologist, professor, executive coach and author of the book, Advice That Sticks: How to give financial advice that people will follow. She is a leading practitioner in the field of financial psychology and financial change.

You can find out more about Dr. Moira Somers on the Money, Mind, & Meaning website and LinkedIn.

Key Takeaways

[0:35] Steve Legler welcomes Dr. Moira Somers, and invites her to share a little bit about her book, the main premise of which is "just telling people what to do isn't enough."

[2:55] Dr. Moira shares how the financial and medical worlds intersect in a surprising way: Two traits are required of their practitioners — both of which can thankfully be taught!

[3:42] Tailoring advice sometimes means being prepared to back off some of our ideas in favor of what the client needs. Dr. Somers explains why your "B team" advice is sometimes better than your "A team" advice.

[5:04] Dr. Moira speaks to the University programs currently undertaking research with financial clients as the subjects. She also touches on another similarity between the financial and medical fields: prevention.

[7:15] What is the F.A.C.T.S. Model? Dr. Somers explains what it is as well as the F.A.C.T.S. Paradigm, and the five psychological domains that influence follow-through.

[9:20] What are your clients ready to do and what is their level of motivation? The Readiness Assessment tool might be just the thing. Dr. Moira touches on the limitations of the K/Y/C questionnaires.

[12:57] Dr. Somers shares a bit of research: What percentage of your recommendations are actually being acted on? You'll be surprised to hear that follow-through is actually statistically abnormal.

[13:59] A little tidbit for the stat nerds out there! What you do as an advisor counts for more of the variance than all client characteristics combined!

[15:50] The advisor (and medical!) field is composed of highly intelligent, confident people. Dr. Moira offers an Achilles' heel all of us should mind as well as a few other reflexes we all should keep in check.

[20:18] On the importance of a feeling of safety when in an advisory relationship and how to build it. Steve offers the saying "They don't care how much you know until they know how much you care."

[22:45] During and immediately after big life changes is a critical time for advisors — important life changes go along with changes in identity, Dr. Somers shares how to bridge the gap.

[25:08] Technical skills can be learned, so too can personal skills! Dr. Moira emphasizes how every decision that we all make goes through the personal filter, and as such, addressing the personal filter may be the most important thing to do for your advice to land.

[27:17] What is the difference between an executive coach and a neuropsychologist?

[29:18] Dr. Somers shares her book recommendations — a two-for-one! — as well as her one piece of advice for advisors.

[32:29] Steve thanks Dr. Moira Somers for joining the podcast and sharing her experience and expertise with the audience. Listeners, please subscribe!

Share your thoughts with us at [email protected]

Mentioned in this episode

The Let's Talk Family Enterprise podcast is brought to you by Family Enterprise Canada.Family Enterprise Advisor designation (FEA)

Books:

Advice That Sticks: How To Give Financial Advice That People Will Follow, by Dr. Moira Somers

Ask: How To Relate To Anyone, by Dan Solin

Lost and Found: One Woman's Story of Losing Her Money And Finding Her Life, by Geneen Roth

More about Family Enterprise Canada

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