In our 20th episode of Kitces & Carl, Michael Kitces and financial advisor communication expert Carl Richards discuss why a fiduciary rule is necessary even though acting in your client’s best interests is already “good business” in the long run, how real financial advisors are at a competitive disadvantage against those who really are just out to make the next buck as quickly as possible, and how advisors have a duty to spread the word about what it means to be a fiduciary.

In our 19th episode of Kitces & Carl, Michael Kitces and financial advisor communication expert Carl Richards talk about these conflicts of interest, and the dilemma that financial advisors face when determining where to draw the line between a ‘manageable’ conflict of interest and one that is ‘unmanageable.’

In our 18th episode of Kitces & Carl, Michael Kitces and financial advisor communication expert Carl Richards extend their last podcast and look at communication strategies advisors can use to set the stage for helping clients actually make better decisions after ‘talking them off the ledge’, using a three-part pyramid framework: the Plan, at the foundation of the pyramid (representing the financial plan itself that was developed around the client’s personal values and goals); the Process, in the middle (i.e., the method whereby an advisor helps their client determine how those values and goals will become reality); and the Product, at the top of the pyramid (which are the tools that were chosen but that are now the focus of the client’s fears and anxieties).

In our 17th episode of Kitces & Carl, Michael Kitces and financial advisor communication expert Carl Richards talk about the importance (and challenges) of responding with empathy to clients who are upset or afraid. Because even though research in behavioral finance has helped us better understand the natural human proclivity to make irrational decisions, especially in times of stress and fear, the objectivity with which these paradigms have been created has perhaps unwittingly made it too easy for advisors to judge their clients for their impulsiveness, and subsequently become dismissive of what are normal and understandable reactions to stress. And while it is an advisor’s job to help their clients make good decisions, the real challenge is figuring out how to do so with kindness and empathy, and without behaving smugly with a sometimes-hard-to-resist “I told you so” attitude.

In our sixteenth episode of “Kitces & Carl”, Michael Kitces and financial advisor communication guru Carl Richards explore different ways advisors can frame their conversations with clients when helping them envision and plan for a retirement they can actually look forward to, how to integrate relevant “what if” scenarios for a client that can help them truly understand the range of options available that they may not have otherwise thought possible, and practical ways to ask questions in a way that probes what clients love to do, what excites them, and what brings them joy – which, in turn, can spark retirement ideas that they will be truly motivated to pursue.