Ask any financial advisor if behavioral finance plays an important role in delivering ideal outcomes to clients, and you'll get a resounding "Yes." Ask those same advisors if they know exactly what to say and do to seamlessly apply behavioral finance, and you'll get a resounding "No!" Knowing someone is suffering from loss-aversion helps explain why he or she behaved a certain way. But the effective application of behavioral finance tells you what to do about it. That's where change occurs. Jay ...
May 12, 2021•1 hr 28 min
For most financial advisors, the idea of work/life balance is nothing more than an illusion. Especially for those who started, survived, and thrived in the profession based on a mindset that success was simply a numbers game. Survival and success relied upon activity. There was a direct correlation between the amount of work you put in and the reward you received. Travis Parry used to live this life. But, now, he's using his research-backed method to show advisors how to, not only, achieve work/...
Apr 28, 2021•1 hr 39 min
Financial planning without any regard for the person's dreams, values, and life they want to live is nothing more than numbers on paper. A person's dreams, values, and life they want to live without any regard for money is nothing more than a fantasy. Life planning is simply connecting the client's dreams and values with the strategies of financial planning that create the life of freedom that person has always envisioned. Here's what you'll learn: The two pieces of advice that George gives to a...
Apr 14, 2021•1 hr 31 min
There is zero correlation between the size of your bank account and the overall contentment and happiness of your life. If you've worked with people and their finances long enough, you've seen it time and time again. But, once you can align money with meaning, you have the foundation of a happy, meaningful life. Financial advisors excel at financial strategies but often fall short at helping clients illuminate the ingredients of a meaningful life. Brian Portnoy has spent decades writing, speakin...
Mar 31, 2021•1 hr 29 min
The greatest barrier for every client isn't lack of information. It's their own mindset and behavior. Whether it's someone who overspends, someone who under-spends, someone who wants to sell out at the worst possible time, or even the person who never sends in the data you need, the key to changing their behavior starts with understanding their money mindset. Sarah Newcomb, Director of Behavioral Science at Morningstar, joined the show to discuss how to better understand a client's money mindset...
Mar 17, 2021•1 hr 43 min
Adrian Murphy is the CEO of Murphy Wealth, a multi-award winning financial planning firm in the UK. Most recently, his firm made waves throughout the industry with the announcement that they were hiring a Chief Behavioral Officer as a part of their transition to a "human-first" strategy. We discuss: The decision to transition to a "human-first" strategy and what the vision looks like for the firm and for clients The importance of getting clients from a "thinking" place to a "feeling" place and h...
Mar 03, 2021•1 hr 57 min
When it comes to changing someone's behavior, much of the focus goes to persuasion and nudging techniques. In reality, for financial advisors, the primary weapon of influence you have over someone's behavior is your ability to communicate and connect at the highest level. Dr. Joy Lere is a licensed clinical psychologist and behavioral finance consultant who has spent her entire career learning to communicate and connect with her clients to give them clarity, build trust, and ultimately change th...
Feb 15, 2021•1 hr 14 min
Dr. Moira Somers, financial psychologist and author of the best-selling book Advice That Sticks: How to Give Financial Advice People Will Follow, consults with advisors and firms around the world to deliver "stickier" advice that leads to more follow-through and implementation. We discuss: A specific process to use at the end of every meeting to drastically improve follow-through The biggest mistake advisors make when trying to get clients to follow-through (also the most common) A specific proc...
Feb 03, 2021•50 min
The perfect plan is rendered useless in the absence of execution. Flawless technical advice minus implementation is worthless. While you would think that providing someone a step-by-step plan to accomplish their goals while minimizing their fears would be all that's needed to spur someone into action, anyone who works with people and their money knows that simply isn't the case. But, take a minute to imagine what your day would look like if every client immediately followed through and implement...
Jan 19, 2021•1 hr 1 min
You've heard countless trainings and presentations on the power of referrals and how to get them. In this episode, we're approaching referrals in a new way: through the lens of psychology. Imagine being able to get inside the minds of your clients to better understand what they think about referrals, how they feel about referring, how they would prefer you to bring it up with them, and maybe most importantly, what they identify as the most common barriers to referring more often. That's exactly ...
Jan 05, 2021•1 hr 42 min
Imagine how much easier it would be to get someone from prospect to life-long client if you could look into their mind and know what they value. Or how much easier it would be to get a client to follow through on the advice given if you knew exactly what was going on in their mind? We've been given those answers, and in this episode, Evan Beach and I discuss the specific ways Evan and his firm have evolved their processes, systems, and conversations to deliver what clients actually want. We disc...
Dec 15, 2020•1 hr 21 min
Evan Beach is the Director of Wealth Advisory for Campbell Wealth Management, an RIA firm in Alexandria, VA that oversees around $800 million AUM almost exclusively for clients over the age of 55. Most recently, Evan wrote an article discussing how to tailor everything in your practice or your firm around what clients want (and not what we think they want) based on what research tells us and shares the tremendous growth their firm has seen as a result. Imagine how much easier it would be to get ...
Dec 01, 2020•1 hr 4 min
Meghaan Lurtz (Twitter and LinkedIn) is a Senior Research Associate for Kitces.com, where she researches and writes on virtually everything that falls under the realm of the human side of money. She's also involved with colleges and universities across the country in their financial planning programs and has her Ph.D. in Personal Financial Planning from Kansas State University. One of her areas of expertise also happens to be one of the most underutilized, under-appreciated and most effective to...
Nov 17, 2020•1 hr 25 min
Technology is a familiar foe to the profession of financial advice. With Charles Schwab and Bank of America both recently announcing their plans to offer free financial planning software to the masses, the industry continues to inch closer and closer to the commoditization of our technical expertise. The reality is that constructing a financial plan and building a portfolio will soon be available at a lower cost, in less time, and with fewer mistakes than working with a financial advisor. This b...
Nov 03, 2020•26 min
Daniel Crosby is one of the most highly respected minds in the modern world of behavioral finance, especially within the realm of financial services. As a Chief Behavioral Officer, his job is to help advisors with the practical application of behavioral finance through tools, training, and technology. He is a best-selling author of two books on the topic (The Laws of Wealth and The Behavioral Investor) and hosts the Standard Deviations podcast. We discuss: How to effectively embed and communicat...
Oct 20, 2020•1 hr 11 min
Catherine Morgan is an award-winning financial planner and coach at The Money Panel and host of the In Her Financial Shoes podcast. In addition to working with clients on a daily basis, she also has a financial coaching training program, where she teaches financial professionals across the world how to seamlessly incorporate the core skills and principles of financial coaching into their practice. We discuss: The Rapid-Fire 3-Pack of questions on behavioral finance that every guest answers How p...
Oct 06, 2020•59 min
Neil Bage is highly renowned in the fields of financial services and behavioral science for his ability to bridge scientific theory with real-world understanding, particularly when it comes to human behavior in light of financial health and well-being. He's the co-founder of Be-IQ, a multi-award-winning behavioral insights company that focuses on providing research and tools on behavioral finance for financial advisors and planners around the world. As he puts it, his mission is to bring "behavi...
Sep 22, 2020•1 hr 10 min
Andy Hart is the founder of Maven Adviser, the host of the Maven Money podcast, and the founder of Humans Under Management, a behavioral finance conference with a focus on delivering better outcomes for clients. As someone who both runs a successful practice as a financial advisor and helps advisors better understand how to apply behavioral finance in their practice, Andy came highly recommended for his ability to provide specific and practical strategies he's used with his clients for years to ...
Sep 08, 2020•1 hr 26 min
As an expert in applied decision science and behavioral finance, Greg gives one example after another on how you can design your practice, your process, and your conversations for optimal behavior and better outcomes. Greg Davies is the head of behavior at Oxford Risk, where he focuses on improving financial decision-making through the use of behavioral science, and is the co-author of the book Behavioral Investment Management. Greg works with advisors and planners around the world on how to app...
Aug 25, 2020•1 hr 14 min
After a serendipitous sequence of events, we've officially changed the name to The Human Side of Money. New name. Same look. Same mission. The sole purpose of this podcast is to be the your go-to resource for applying behavioral finance into your practice and mastering the human side of money!
Aug 07, 2020
In an industry where 99% of the training, certifications, designations, and conferences are geared towards the technical side of the relationship, high-quality, top-notch resources on applying behavioral finance in your practice are sparse. In this episode, Brendan answers the most common question posed by advisors and planners when it comes to the human side of money: "How do I develop this skill set?" The answer lies in a 3-step process: Spark Innovation from Outside Perspectives: We need to l...
Jun 29, 2020•31 min
The value and future of financial advice is currently facing a crossroads as it shifts towards blending technical advice with the ability to change behavior. In this episode, Brendan tells the story of a client meeting he observed that helped shine a light on the forces causing this shift and why most advisors and advisory businesses simply aren’t equipped to evolve and take advantage. We discuss: Why the future of advice will be more focused on guiding clients through the process and changing b...
May 19, 2020•39 min
Apr 22, 2020
