Last but not least, we believe that keeping a clear mind and a healthy attitude are part of a wealthy, fulfilled life. For Psychological Space, we work with clients to identify what brings them joy and how they can share that with others, whether that be family, friends, or their community. We also help clients identify how they want to contribute to society, as giving back can enhance psychological well-being. Legacy planning is another important part of our Psychological Space services.
Hortz: What tangible resources have you built into your firm to support these services around the Four Capitals for your clients?
Russ: We have several internal resources as well as third-party resources to support our clients’ Four Capitals. We spend a lot of time vetting third-party resources before suggesting them to any of our clients.
To support all Four Capitals, we have also created the SFG Library so clients can peruse the ever-changing collection of resources we are compiling for our clients. As an example, if a client finds a book of interest from our library, then SFG provides the client with a complimentary copy of the book.
Hortz: Any other thoughts you would like to share on what you have learned about the advisor-client relationship from developing your Four Capitals approach?
Russ: We learned how we can truly engage with our clients at a deeper level than just their financial matters. To do that though, as an advisor you need to go way beyond the traditional industry standards. The Four Capitals approach was developed organically through our practical experience of listening intently and responding sincerely. We provide our clients with insights and solutions to support and inspire them to take action so that they can lead fulfilled lives. It is amazing how much you can innovate your approach and impact your clients’ lives just by listening.
The Institute for Innovation Development is an educational and business development catalyst for growth-oriented financial advisors and financial services firms determined to lead their businesses in an operating environment of accelerating business and cultural change. We position our members with the necessary ongoing innovation resources and best practices to drive and facilitate their next-generation growth, differentiation, and unique community engagement strategies. The institute was launched with the support and foresight of our founding sponsors —Pershing, NASDAQ, Ultimus Fund Solutions, Voya Financial, Fidelity, and Charter Financial Publishing (publisher of Financial Advisor magazine).