As behavioral finance has moved into the mainstream, one thing has become clear.

It’s great to know there’s a way to explain a client’s sub-optimal behavior. But, it’s an entirely different challenge to know what to do about it. 

In other words, behavioral finance has done a great job of providing advisors with a list of diagnoses: Overconfidence, anchoring, Dunning-Kreuger

Barry Ritholtz has been on the cutting edge of behavioral finance for years. In this episode, he peels back the curtain to share the specific ways that Ritholtz Wealth Management focuses on improving client behavior.

We discuss:

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Asking great questions is a superpower for financial advisors.

But, it’s not enough to simply ask questions. The types of questions, the timing of questions, and the tone of questions all matter. In other words, there’s an art to asking great questions.

Fortunately, Warren Berger is a Questionologist and the world’s foremost authority on questions. He is here to walk us through the art of asking great questions that get great answers from both clients and prospects.

In this episode, we discuss:

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Every advisor always wants to know what questions to ask.

But, more important than WHAT you ask is WHEN you ask it. A great question asked at the wrong time is no longer a great question.

In this episode, we’ll go through six different steps of the client journey and arm you with three questions to use at each stage:

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We all know that human beings buy on emotion and justify with logic.

Yet, when meeting with a prospect, the majority of advisors default to leading with logic rather than emotion.

The success of your prospect meeting hinges on your ability to communicate in a way that takes them out of their heads and into their hearts.

Once you do that, you can create a level of trust in 3 minutes that often takes 3 years.

Fortunately, Deirdre Van Nest works with advisors on the keys to communicating in an emotionally compelling way to fast-track trust and likability in the first meeting.

Here’s what you’ll learn:

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Financial advice requires working with money and people.

Working with money is the easy part. You need a calculator and some decent math skills.

Working with people is the hard part. You need an understanding of what goes on in their brain.

Ted Klontz says, “The more you understand how the brain works, the more effective you’ll be working with people.” In this episode, he reveals what advisors need to know about the brain in order to create motivation and connections with clients and prospects.

We discuss:

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This is the inaugural “Ask Me Anything” (AMA) episode.

Whether it’s been emails, Twitter DM’s, LinkedIn messages, one-off virtual meetings, coaching sessions, or at a conference, one thing has become clear about financial advisors and the human side of advice.

You guys have questions. A lot of really good questions and I want to help you answer them on your path to mastering the human side of advice.

I’ve got an ongoing list of questions, so if you have a question that you want answered, send it to me via email, Twitter, or LinkedIn.

Here’s what you’ll learn:

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Everything changed during FPA Retreat in Cheyenne County, Colorado in 1995.

Up to that point, the focus of these gatherings, conferences and presentations was the continued honing of technical knowledge.

But, this presentation by George Kinder and Dick Wagner brought the human side of advice into the light. Dave Yeske was in attendance that day and calls the presentation a turning point for the human dimension within financial advice.

In this conversation, he describes exactly what it was like to be at that 1995 meeting and details how Yeske Buie helps clients define their “Live Big®” life.

Here’s what you’ll learn:

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Think back to a time when you were “in the zone.”

A time when you were completely immersed and focused on what you were doing. Psychologists refer to this as “flow.”

It’s a state of mind that athletes and creative artists describe when they’re operating at their peak.A flow state elicits greater enjoyment, energy, and involvement in what you’re doing.

So, imagine if you could learn how to apply it for yourself and your clients.

Fortunately, Dr. Jordan Hutchison has done the research and shares how to use “flow” to improve productivity, creativity, and well-being for both advisors and clients.

We discuss:

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You’ll never truly master the human side of advice until you have the right mindset to do it.

And, unfortunately, most advisors need a complete re-programming. One that wipes clean most of what you’ve been taught over the years. A mindset shift that transforms the way you approach your clients and your practice.

If that sounds daunting, don’t worry. I’ve distilled it into 9 guiding principles.

Once you’ve fully embraced these 9 principles, you’ll have the foundation to master the human side of advice in a way very few advisors ever will.

We discuss:

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In healthcare, client outcomes and client satisfaction are directly correlated to the doctor’s “bedside manner.”

The same holds true for client outcomes and satisfaction in financial planning and advice. In fact, research has shown that the #1 thing prospects look for in an advisor is “Interpersonal Skills.”

But how do you create trust and improve your interpersonal skills?

Fortunately, Dr. Jim Grubman built programs for advisors on how to hone and develop essential communication skills.

Here’s what you’ll learn:

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