With the shift to virtual meetings, advisors must be mindful of their nonverbal cues and biases. Dr. Kumar underscores the importance of self-awareness in recognizing and addressing biases, especially cultural and social biases that may influence financial decisions. By asking questions and actively listening to clients’ values, advisors can navigate biases and tailor strategies to meet clients’ goals while honoring their values.

Dr. Kumar provides insights into phrasing questions sensitively to avoid unintentionally shaming clients. By acknowledging clients’ perspectives and demonstrating support, advisors can foster open dialogue and encourage clients to discuss sensitive topics such as savings.

Creating a supportive environment and practicing empathy are essential in counseling clients effectively without shaming them. By understanding clients’ experiences and values, advisors can guide them towards financial empowerment and success.

How to counsel Clients Without Shaming Them? – Part 1

How to counsel Clients Without Shaming Them? – Part 2

VP Marketing Communications Expert, Sarah E. Williams, teaches financial advisors how to harness the power of social media to attract clients and grow their business.

Key takeaways include:

• Finding the right social media platforms for your financial planning practice.
• Staying compliant with social media regulations while promoting your services.
• Using emotional triggers to connect with potential clients on a deeper level.
• Implementing best practices for social media marketing specific to financial advisors.

The podcast provides insights on how to effectively use social media to reach new clients and build a thriving financial planning business.

Sell with Emotion Through Social Media Part 1

Sell with Emotion Through Social Media Part 2

Dr. Daralee Barbera, a financial advisor expert, discusses diversity and its importance in growing your practice. Diversity encompasses various demographics like race, ethnicity, and age. A diverse practice allows clients to feel welcome and see themselves reflected in the team.

Barbera emphasizes understanding the client. This involves active listening, focusing on the client’s needs, and reminding them of their pre-pandemic goals. Asking the right questions is crucial to building a complete picture of the client’s situation.

Clients should expect to be part of a community and have their voices heard. Practices should strive to create a welcoming environment that caters to individual needs.

Virtual communication has become essential, and practices need to adapt by being technology-competent and creating a positive virtual experience for clients.

Barbera suggests several ways to enhance diversity and inclusion:

• Team: Build a team with diverse backgrounds and complementary skills.
• Experience: Evaluate the client experience from their perspective, ensuring clear communication and inclusivity.
• Online: Ensure your website, social media, and messaging are inclusive and resonate with diverse audiences.
• In-person: Be mindful of dietary restrictions and meeting environments.

By focusing on diversity and client-centricity, financial advisors can create a thriving practice.

How to Enhance a Diverse Environment to Grow Your Practice? – Part 1

How to Enhance a Diverse Environment to Grow Your Practice? – Part 2

What is International Planning? Part 2

Why you should consider using a trust company to manage your assets? Part 2

Dr. Chien interviewed Eric W. Cosentino, CTFA who helps us better understand and serve our clients in understanding of what trust companies do and how to communicate that with the clients.

Navigate Important Financial Decisions for Retirement Part 2

What Matters the Most? with Kathleen M. Rehl, Ph.D., CFP(R), CeFT(R) Part 2

Dr. Chien interviewed Kathleen M. Rehl, Ph.D., CFP®, CeFT®, on “What Matters the Most? Help Your Clients Write Legacy Letters for Family and Friends” on Nov. 09, 2021, at 02:00 PM PDT.

In the Estate Planning Section from the comprehensive financial planning, we often recommend clients to write a “final letter of last instruction.” A final letter of last instruction details the client’s wishes regarding the disposition of specific tangible property, as well as funeral and burial wishes.  But, this letter is a communication tool between the client and his or her estate’s executor, in the event of your death.  Will that be enough to help your clients go through the three stages of Widowhood? We are so glad to have Dr. Rehl return to continue the discussion of what matters the most?

Resources of the legacy letter.

From consumers to financial planning practitioners, everyone needs to understand what financial behaviors are. However, very few know how to apply them when working with clients. In this interview, Dr. Chien will discuss Mr. Franks’ renowned podcast FinWizdom and how his wisdom can help financial planning practitioners serve clients better.

• What are obsessions with possessions?
• How to avoid temptations?
• Can niches reveal financial motivations?
• “I’ve been framed,” is that a good thing?
• Have my employers “anchored” me away from saving for retirement?

Mr. Franks suggests visiting the following resources before this interview:

• Financial DNA – Behavioral Finance Resources
• CFA Institute  Enterprising Investor – Behavioral Finance

Register now, and you will receive a confirmation email containing information about joining the meeting. This is a webinar you won’t want to miss!!

Applying Financial Behaviors to Build Your Wealth with Joel Franks Part 1

Applying Financial Behaviors to Build Your Wealth with Joel Franks Part 2

NAIFA LA Meeting: Selling a Planning Practice: The Relationship between Revenue Multiple and Revenue Size Part 2

The owner’s financial service business is required to meet industry compliance, as well as the owner’s retirement, needs to exit successfully. To do so, they often rely on appraisers or financial intermediaries to facilitate the exit or succession transition. The research results suggest that using specialized financial intermediaries favored sellers but not buyers. Financial statement items alone did not provide a complete picture of the fair market value. Industry adjustments such as the quality of a practice’s clients, the quality of the team, and the quality of the platform tend to reside only within specialized financial intermediaries.

Learning Outcome:

• Practice Types and Transfer Channels
• Rules of Thumb for Selling Multiples
• Proper Planning Business Model To Get The Most Out Of Your Practice

Measurable business results:

• Understanding the components of what makes planning practice valuable

Resources:

• Webinar slides.
• Webinar recording.
• CFP Career Path Guide: team structure.
• Process Improvement – public class