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As long as you stay in your role as financial advisor, talking about politics could be helpful and supportive to your clients, and beneficial to your relationship.
Talking politics with clients can feel like the third rail. It can be tough and nerve-racking. Yet political conversations are close to inevitable these days.
Making decisions based only upon recent information compared to all of the available data can often lead investors to think current trends are the best predictors of what will happen next.
But little things mean a lot to women. And it’s the little things that can determine whether you’re good at winning — and keeping — high-powered, successful women as clients.
Be prepared to show empathy to the siblings. Empathizing with siblings during this difficult time in their life is crucial.
When you approach networking as a prospecting event, you usually walk away empty-handed and come across as pushy or “me-focused.”
Women are captivated by what difference money can make and even what joy it can bring to others; in other words, what the money is for.
To create something valuable, you need to think through each stage of its creation, tackling every obstacle along the way.
When women financially contribute more to the household than their husbands, especially when children are present, they are more likely to engage in money arguments.
You may have learned in your career that women, unlike men, aren’t interested in amassing money for its own sake... they are interested in what the money is for, what difference it will make, and what joy it will bring to others.
Familiarity bias is the tendency for individuals to be more comfortable with what’s familiar, dislike ambiguity, and look for ways to avoid the unknown.
The money genogram is a tool that motivates change — a willingness to make a new decision or take a new action.
Millennials tend to believe that being financially stable is a requirement of marriage.
You should never assume that consistent financial performance will preserve relationships over time — much of what you’ll need to manage is client emotions.
So what does it mean to “advise from the space in-between”? It means you are aware of, speak to, and bridge your clients’ internal and external lives.
As an advisor, it is important to recognize that loss aversion can influence your clients to manage the investments in their portfolios in a suboptimal way.
People with money disorders have maladaptive beliefs about money that hinder their ability to change what they are doing with their money.
Personalization and high-touch service is as critical to success as ever.
Plenty of families have challenges just being together at the dinner table, let alone planning for long-term, resource-gobbling, upsetting events like parental aging.
Understanding, retaining, and controlling risk is vital for savvy investors to create an optimal portfolio.
Getting a client couple to talk with you about their financial lives should help you develop a long-lasting, trusted relationship.
It is clear that men and women investors differ in their risk aversion, confidence, and preferences.
Parents want their kids to have good values, but worry they don't know how to teach them.
In professional situations, I've found the second meeting can be the hardest of all.
Potential clients may tell you one thing while they feel something else altogether.
The move to digital services likely creates an atmosphere of confusion and misunderstanding.
The lack of financial literacy is pervasive.
We are born with the "tools" to be empathic.
Couples go to their marriage counselor and talk about money and go to their financial advisor to talk about their marriage.
Too much information can lead to buyer overwhelm, which ends up in a ‘no-decision’ result.
Hyperbolic discounters make choices today that, in the future, they wish they had not.
Emotions in financial planning are always far more powerful movers and shakers than we allow for.