What to do when you are told she is not interested in finance

By | Advisor Education, Financial Psychology | No Comments

How do you handle it when a client tells you his wife is not interested in finances or meeting with you? Many advisors take the client at his word. However, it is important to probe a little deeper. “She is not interested” can mean many things so take the time to ask curious questions to learn more. By understanding the “no” you are doing what is in the best interest of the client and the couple.

To learn more, watch this brief video.

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Myth: I can’t save money.

By | Financial Psychology, Podcasts | No Comments

Myth: I can't save money

Sam X Renick, Founder Sammy Rabbit

If couples have problems talking about money, just imagine how hard it is for them to teach their kids about money. As a parent, you may avoid money conversations because they can be an emotional or uncomfortable. If you are a teacher, you may not feel qualified to teach about money. But in today’s society of instant gratification, teaching our kids about money, money habits, and attitudes is vital if we want the next generation to have sound financial habits and a secure future. Listen to this episode as Kathleen interviews Sam about how to bust open money myths such as “I can’t save money” and become involved in empowering the next generation to be financially savvy savers.

Special Offer: FREE download of Sammy Slogans on Money, a set of 15 printable activities that introduce students in grades K through 3 to eight of Sammy’ favorite slogans. (http://sammyrabbit.com/free-resources/)

Sam X Renick is the driving force behind the “It’s a Habit” Company and Sammy Rabbit. They are dedicated to improving children’s financial literacy and empowering kids through development of great habits and strategic life skills. Sam has read and sung off key with over a quarter million children around the world, encouraging them to get in the habits of saving money and reading! He has won numerous honors throughout his career including the New Jersey Coalition for Financial Education’s Lifetime Achievement Award! You can contact Sam at savingsammy@gmail.com

Website: www.SammyRabbit.com
LinkedIn: https://www.linkedin.com/in/samxrenick
Twitter: @SammyRabbit1
Facebook: https://www.facebook.com/itsahabit/  

How Do You Get a Widow to Stop Crying?

By | Advisor Education, Financial Psychology | No Comments

A few years ago during a question and answer session after a keynote presentation, I had a very brave male advisor raise his hand and ask, “How do you get a widow to stop crying?” Watch this video and find out how I answered. Hint: Sometimes letting go of problem solving and just being with a client who is emotional is enough (Click to Tweet)

Don’t forget to subscribe to my Youtube channel to receive the latest video each week.

Make Financial Literacy Fun!

By | Financial Psychology | No Comments

How many adults equate managing money with the words boring, dull, and dry? Too many! Learning about money and talking about it can be fun. So get creative and figure out entertaining activities to do with your children to teach them about financial literacy. Here are a few websites that will get your creative juices flowing.

  • Feed the Pig: Created and maintained by the American Institute of CPAs, this website encourages the user to put more money in their piggy banks. Sign up for savings reminders and use the resource material with your kids. It may just be worth a visit to the website to check out the Pig Mascot. If nothing else it will make your children laugh.
  • SALT Money:  Designed for college students ages eighteen to twenty-six years old, this website is funded by the American Student Assistance organization, a non-profit that helps young people with student debt. Using motions graphics and gamification, this website is both entertaining and informative. Visit with your kids. Sign up is required to access the full site.
  • Sammy the Rabbit: Aimed at children in first through third grade, this website is full of free resources. Founder Sam Renick is passionate about teaching kids how to be financially responsible and have fun in the process. Watch videos, listen to songs, or read stories together, all based on the idea that saving is a good habit.

What are some of the innovative ways or fun tools you have used to help your kids save money? (Click to Tweet)

Guest Blog Post: Words to avoid in your investment communications with regular folks

By | Advisor Education, Client Communications | No Comments

SusaFinancial Advisor Trainingn B. Weiner, Investment Writing, is our guest blogger today. Susan helps financial advisors to increase the impact of their writing on clients and prospects. She writes and edits white papers, articles, and investment commentary for leading investment and wealth management firms. Her Investment Writing blog is popular with advisors who care about writing that deepens their connections with clients and prospects.

Big words make your readers work harder to grasp your message. This is particularly true of jargon, such as “duration,” unless your piece is strictly for investment professionals.

Below are some words to avoid when communicating with regular folks. Most of them are financial jargon. Others—like “mitigate“—are unnecessarily long or confusing. Replace jargon and long words with shorter, less technical words that pack more punch. They also make it easier for readers to absorb your message.

  • Accommodative monetary policy
  • Active share
  • Alpha
  • Barbell
  • Basis points
  • Constructive, as in “we are constructive on small-cap stocks”
  • Contango
  • Convexity
  • Disseminate
  • Drawdown
  • Duration
  • Ecosystem
  • Efficient frontier
  • Expected return
  • Flight to quality
  • Headwinds/tailwinds
  • Inverted yield curve
  • Levered names
  • Liquidity
  • Long/short
  • Mitigate
  • Pricing power
  • Rerate
  • Reversion to the mean
  • Risk assets
  • Risk on/risk off
  • Risks to the upside
  • Secular
  • Sharpe ratio
  • Spread product—a Google Alert on “spread product” yielded results related to margarine and Vegemite
  • Tranche

On a related note, don’t use acronyms without first defining them. This means words such as AUM, CAGR, CAPM, CLO, DOL, EBITDA, EPS, LIBOR, MBS, MLP, TTM, YOY, and YTD. It’s often best to avoid acronyms completely. I’ve discussed this in “How to capitalize financial acronyms.”

Want to learn more from Susan? Susan’s class “How to Write Blog Posts People Will Read” for financial advisors starts on Monday, February 27. Register hereregistration ends February 24.


Myth: You should always financially take care of your family.

By | Financial Psychology, Podcasts | No Comments

financially take care of family

Rianka R. Dorsainvil, CFP®, Founder and President, Your Greatest Contribution (YGC)

When do you, or should you, stop taking care of your family financially and does this myth affect women and wealth more than men? The idea that you should let your family deal with the consequences of their financial choices may be harder for women to handle than men. In today’s episode, Kathleen and Rianka explore this money mindset and how it negatively affects having financially responsible family members.

Rianka R. Dorsainvil, CFP® is the Founder and President of Your Greatest Contribution (YGC), a virtual fee-only comprehensive financial planning firm dedicated to serving professionals in their 20’s, 30’s and 40’s. A strong advocate for young professionals, she served as 2016 National President of Financial Planning Association’s NexGen community, and currently sits on CNBC’s Financial Advisors Council. Rianka has been recognized by Investment News 2015 list of top “40 Under 40” financial services professionals, and in Wealth Management and Financial Advisor Magazine’s 2016 list of top 10 CFP holders in the country. For more information, visit Rianka’s website at www.ygcplanning.com.

Twitter: @Rianka_D  and  @YGCPlanning
LinkedIn: https://www.linkedin.com/in/riankad
Facebook: https://www.facebook.com/YGCPlanning/
Special Offer: Breaking Money Silence™ listeners will receive a free e-book, Five Steps to Keep More Money in Your Pocket, when you visit the Your Greatest Contribution home page and click on the DOWNLOAD NOW button.

How to Educate Your Female Clients

By | Advisor Education, Financial Psychology, Women and Wealth | No Comments

Women want advisors to educate them. In fact, ninety-percent of women want to be more involved in their financial planning in general. Watch this video and discover how to ask questions to learn more about your client’s educational needs and learning style. By taking a collaborative approach to teaching clients about finance, you foster more trust, and attract more high-quality clients. Now that is a win-win scenario.

What is your recommendation on how to find out what your female client is interested in learning? (Click to Tweet)

Don’t forget to subscribe to my Youtube channel to receive the latest video each week.

Myth: Money is the root of all evil.

By | Financial Psychology, Podcasts | No Comments

financial mentality money root of all evil

Megan McAvoy, President of Aspire to Retire Rich

How many times have you heard that money is the root of all evil? Actually, the true phrase is “for the love of money is a root of all kinds of evil.” Quite a different meaning, isn’t it? Listen to Megan and Kathleen discuss how believing that money is the root of all evil affects your financial health and how you can change that mindset by shifting your understanding that there is nothing wrong with money or the possession of money. It is only when money begins to control us that the trouble starts.

Megan McAvoy inspires and impacts successful women in business to achieve personal wellbeing, business freedom, and financial security so that they may have everlasting fulfillment. She is the President of Aspire to Retire Rich and believes that there has never been a better time for women to understand their relationship to wealth. For more information visit her new site: www.aspiretoretirerich.com or e-mail her at megan@meganmcavoy.com 

Twitter: @Megan_McAvoy
LinkedIn: https://www.linkedin.com/in/megmcavoy

Special Offer for Breaking Money Silence Podcast Listeners:
Sign up for Megan’s e-mail list and receive a free, 5-Day Women’s Wealth & Wellbeing Master Class.

Also check out the Aspire to Retire Rich Facebook group community at https://www.facebook.com/aspiretoretirerich/ and interact with Megan regularly.

How Helping Female Clients Redefine Retirement Clarifies Financial Goals

By | Advisor Education, Women and Wealth | No Comments

What image comes to mind when you hear the word “retirement”? Is it the retiree on the porch in a creaking rocking chair occasionally looking at his gold watch and reminiscing about the ‘good old days’? Do women really resonate with this image of retirement? Do they like the word, or would they prefer to use another term to refer to this next phase of their lives? I decided to find out.

Watch this brief video and learn what I discovered about wealth and women, simply by asking one open-ended question: “If you could use another word to describe retirement, what would it be and why?” (Click to Tweet)

Don’t forget to subscribe to my Youtube channel to receive the latest video each week.

Myth: Aging parents communicate with you about money.

By | Family and Money, Podcasts | No Comments

Aging parents communicate about money

Kelly Pelissier, Creative Director and owner of Sage Hill Design

Does talking to your parents about money make you feel like a child? As our parents age, we may find ourselves in the position of parent in many aspects. Kelly and Kathleen delve into this money myth in today’s episode. Listen and learn how to approach your parents for this difficult conversation.

Key take aways include:

  1. Starting the conversation with loving intent.
  2. Acknowledging your parents’ difficult feelings about the topic.
  3. Introducing the idea and then letting them set up a time later on to discuss the topic in more detail.
  4. Know that it is a journey not a one time conversation.
  5. Give your parents control over what financial information to share and when.
  6. Know that breaking money silence with your aging parents allows you to learn more about your family history and more about them as people, not just parents.

Kelly Pelissier – Having more than 15 years in the creative industry, Kelly decided to put the long commutes behind her and begin her own firm, Sage Hill Design in 2008. Her prior experience as both Art Director and Adjunct Design Professor have given her advantages in both corporate and educational realms. Her irrational fear of boredom and sense of global responsibility have led her to start a small organic farm with her husband. 

Kelly has worked with KBK Wealth Connection since its inception and continues to be an important part of the team.

Special Offer: For Breaking Money Silence(TM) podcast listeners:  Complimentary 30 minute consultation with Kelly to discuss your branding and creative needs. Just mention that you hear about Sage Hill Design from this broadcast.

For more information:

Website:  http://www.sagehilldesign.net 
LinkedIn: https://www.linkedin.com/in/kelly-pelissier-049b336 
Facebook: https://www.facebook.com/pages/Sage-Hill-Design