So many advisors are frustrated by the fact that their clients fail to implement the advice they give them. What they don’t realize, today’s guest suggests, is that often the advisor may be making predictable mistakes in giving that advice, or clients may simply not be ready for change. Dr. Moira Somers joins us for today’s episode and she wears many hats! She’s a clinical neuropsychologist, professor, and executive coach whose work focuses on financial psychology and mental health. Dr. Somers’ book, Advice That Sticks, is currently being read by the FPA Activate Book Club – and we were honored to sit down with her today to discuss all things money and the mind.
Dr. Somers shares what type of advice is inherently sticker and how planners can give advice in a way that is easier to follow. Through examples, Dr. Somers shares the what makes advice stick, or the motivators behind many of these messages (and they aren’t what you think!). Additionally, planners need to realize that their advice is going against everything that North American society is telling consumers. Financial planners often feel as though they’re competing against one another when giving advice to clients, when in reality they’re competing against:

The messaging in the media
The certainty that comes with spending over saving (or the immediate gratification and reward that comes with spending now rather than saving for later)
The predictability of falling back to what’s comfortable, even if it’s not a financially wise decision

Dr. Somers does a fantastic job of exploring how to motivate clients, how to listen actively, and how to follow-through to help your clients continue to make progress in their financial lives.

 
What You’ll Learn:

The importance of listening to your clients
The right questions to ask your clients to gain the information you need to help motivate them
What are the “stickiest” motivators for people
Why clients may not take your advice
What you’re truly “competing” against when you give financial advice
Why financial advice is uncomfortable for some clients
How to navigate around a client’s emotional capacity to understand and follow your advice
What elements make advice sticky or easier to follow

Money, Mind, and Meaning