Once Seth and his team have helped clients identify these key values, they’re able to create individualized strategies that actionize those values across every aspect of the plan: everything from products and services clients buy and companies they invest in, to charitable giving and legacy planning. Mission Wealth suggests ways they can support clients’ values across key life and money categories, and helps clients allocate their resources to things that improve their feelings of purpose and happiness.
“It’s helping them reconnect the money piece in their life to the value piece that they have in their life,” Seth said. “That’s really, really fun work.” It’s also work that’s good for your business.
Become The ‘First Call’
Advisors who can help their clients see how planning can benefit all areas of their lives will keep both parties engaged in the process. Instead of providing a yearly review to rebalance a portfolio, advisors can become a trusted resource during major decisions—a “first call” when clients need help navigating those moments when life and money intersect. A robo advisor can’t be that kind of trusted resource, because it can’t provide that human touch.
Unfortunately, neither can a lot of struggling financial advisors.
Everyone in our industry knows that automation, apps and diminishing AUM fees are changing the advisory business forever. But far too many advisors are trying to adapt by doubling down on more in-house tech, shinier apps—all things that make your practice blend in with the competition rather than stand out.
More often than not, advisors are turning to these kinds of “solutions” because they’re uncomfortable with deep discussions at the intersection of money and life that only people can provide. Advisors who are afraid to engage their emotions and be vulnerable are never going to be able to help clients discover what they really want and need.
“In the financial world, we’re largely left-brain thinkers,” noted Seth. “We’re good at math and analytics and research. When someone is coming to us with a lot of emotional needs, sometimes it’s uncomfortable. We’re not the type to necessarily be overly vulnerable in our personal lives, so why would we do that with clients? As a result, we have a lot of two-dimensional conversations.”
Embrace Emotional Moments
Sympathy, empathy, enthusiasm, encouragement, support—this is where advisors can find that missing third dimension, and start having new, valuable conversations about financial planning.