Advisor Education

Check Out These Breaking Money Silence Revolutionaries

By | Advisor Education, Family and Money, Financial Psychology | No Comments

These individuals have joined the Breaking Money Silence Revolution and are doing great work with clients and/or advisors to empower them to talk more about the human side of finance.

Ellen Rogin Money Will Not Buy Happiness

Ellen Rogin, CPA, CFP® – Prosperity on Purpose

Ellen has leveraged her expertise to develop prosperity strategies that work and is a speaker, money expert, and New York Times best-selling author. Her current book is a New York Times bestseller, Picture Your Prosperity: Smart Money Moves to Turn Your Vision into Reality.

Ellen highlights my new book, Breaking Money Silence: How to Shatter Money Taboos, Talk More Openly about Finances, and Live a Richer Life, in her list of books that will feed your mind and soul. Check out the entire list here:

5 Books to Kick Start Your Fall: Inspiration to Grow Your Influence, Open Communication, and Lead a Richer, Happier Life

Michael Kay, CFP® – President, Financial Life Focus

Michael F. Kay, CFP® is President of Financial Life Focus, a fee-only multi-advisor financial life planning firm and the author of The Feel Rich Project (Career Press, June 2016) and The Business of Life.

I was a guest author for Michael’s Forbes blog and I discuss how important it is to talk to your parents about finances. Check out the post: 3 Tips for Raising Financially Fit Parents

Susan B. Weiner, Investment Writing

Susan helps financial professionals increase the impact of their writing on clients and prospects. Her Investment Writing blog is popular with advisors who care about deepening their connections with clients and prospects. Susan and I talk about how important it is to communicate with your clients about their legacy in this expert interview. Read it here: Communicate with your clients about their legacy

Women, Wealth, and Divorce: Money Worries Keep Them Up at Night

By | Advisor Education, Women and Wealth | No Comments

women wealth divorceDo you know what women fear most during a divorce? Money issues. Yes, worries about finances topped the list above concerns about their children. This highlights how important it is for women to have good sound financial guidance during and after a divorce. Something my colleague, Stacy Francis, CFP®, and owner of Francis Financial, knows very well.

This month Stacy’s co-authored a white paper titled “Unveiling the Unspoken Truth: The Financial Challenges Women Face During and After Divorce.” It is one of the first studies to focus solely on women and the impacts of divorce on their financial lives. Here are some of the highlights from the findings:

  • Husbands spend too much. In this study, 24% of the participants stated that their husband’s spending habits were their biggest financial concern. And to think we often label women as over spenders and emotional buyers. Looks like men fall into this unhealthy pattern, too.
  • Divorce takes a long time. The average time it takes to get through a divorce is 10.7 months and if the case goes to trial then it can take up to 17.6 months. Word of caution: Don’t tell your clients it will be over quickly, as it may not be. 
  • Divorce can boost your financial confidence. Overall, women found that divorce forced them to manage money alone, and as a result, their confidence grew. It seems that learning how to invest, taking control of your money, and working with a trusted advisor had a positive impact on most women’s relationship with money.
  • Lack of confidence can look like disinterest. What I found very interesting was that a study done by Hearts and Wallets, mentioned in this white paper, found that women’s lack of confidence is often misunderstood as disinterest by advisors. So the next time you hear a colleague say to you, “She is just not that interested” referring to a client, challenge that advisor to consider what else might be going on for the client. It could be her low confidence level is the culprit.
  • Divorced women regret not having known more about finances. Twenty-two percent of women in the survey wished they had a better understanding of finances as they were going through the divorce. This represents a big business growth opportunity for advisors out there wanting to specialize in helping women navigate this tricky emotional and financial time in their lives.

The bottom line is women in transition, like divorce, need support from financial services professionals who care, work with a team, and are interested in empowering them financially.

Want to know more about this white paper? Then click here to receive a free copy.

Also check out the Breaking Money Silence® podcast airing on August 16, 2017, as Stacy Francis, CFP® will be my guest. Click here to sign up for podcast updates and receive a free money receive a free article, “5 Tips for Breaking Money Silence in Your Life.”

What do you think of these findings? How might you incorporate this information into your practice? Or your life?

Breaking Money Silence® Website Launches Today!

By | Advisor Education, Couples and Money, Financial Psychology | No Comments

Selling is UndignifiedDid you know that money silence might be costing you a fortune? Whether you are an advisor, a woman, a couple, or a family, not talking about money is hurting you and your relationships. At KBK Wealth Connection, we have decided to put an end to money silence for good.

Check out the Breaking Money Silence® website and learn more about my new book, Breaking Money Silence: How to Shatter Taboos, Talk More Openly about Finances, and Live a Richer Life to be published Sept. 30, 2017. Watch the video book trailer, listen to the podcast series and download free tips sheets that will help you talk more openly in your life.

Remember, together we can break money silence for good. (Click to Tweet)

Let Go of Stereotypes When Advising Women

By | Advisor Education, Financial Psychology | No Comments

Let go of stereotypes and communicate with clients as unique individuals. (Click to Tweet)

While there are gender differences in how men and women communicate and what they want from their advisors, make sure you avoid myths about women and money. Falsehoods such as all women are risk averse, or all men are interested in investments do more harm than good.  To avoid falling into this trap, notice and embrace your clients’ strengths and celebrate each and every person for what they uniquely bring to the table.

Watch this short video from the Investment News Retirement Summit to learn more.

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

Client Communication Tips for Advising Women

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

The key to good client communication is emotionally connecting with women and their partners (Click to Tweet). In general, women want advisors who notice their thoughts and validate their feelings. This is especially true when you are discussing retirement, as it is an emotional transition. Here are a few key tips for leaning into the human side of finance when discussing retirement with women.

  • Notice the language a client is using. Ask yourself, “Is she using thinking words or feeling words?”
  • Match the types of words your client is using to express herself.
  • Notice the tone of the conversation and wonder about what she might be feelings about retirement.

Watch this video and discover the power of good questions.

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

Women, Finance, and Feelings

By | Advisor Education, Financial Psychology | No Comments

Feelings provide advisors with wonderful data. However, many advisors avoid noticing emotions in financial meetings. They switch into problem-solving mode to reduce her worries. This can leave a client feeling unheard and misunderstood. Instead of problem solving, take the time to understand where the feelings are coming from, what triggers them, and what makes these feelings dissipate. This fosters trust and helps your client clarify their financial goals.

When a female investor expresses fear, how do you help them through that feeling? (Click to Tweet)

In this video, I share a story about being stuck on a cliff and how fear helped me clarify my choices and motivated me to act.

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

Don’t Overlook Your Male Clients

By | Advisor Education | No Comments

As an expert in women and wealth, I have grown tired of hearing how men are financial savvy and women are not. While some research supports the notion that some female clients are less confident when making financial decisions than their male counterparts, it cannot be inferred from the data that this makes men wiser. According to the 2014 report, “Harnessing the Power of the Purse,” women in the United States are as financially literate as men.

What happens to male clients when advisors assume based on their gender that they are knowledgeable and skilled in money management and investing? They get overlooked. Ironic as I usually use that word to describe how the industry treats women clients. However, men have their own challenges when it comes to money and it is time to pay attention to them too.

Here are a few things to consider when working with men:

  1. Men are socialized to act “as if.” They ask fewer questions in advisory meetings and often give the appearance of being knowledgeable. For some, it is a way to hide their vulnerability and not look weak. How do you know which male clients comprehend your recommendations versus placate you by acting “as if?” You don’t unless you ask. With a male client, it may take a few more questions to get him to open up but understanding what he really knows as opposed to what he is pretending to know is an important part of your job.
  1. Overconfidence is just as problematic as a lack of confidence. The classic behavioral research study, “Boys Will Be Boys:  Gender, Overconfidence and Common Stock Investment” by Barber and Odean found that more men than women demonstrate overconfidence in investing. This contributes to men chasing hot stock tips, attempting to beat the market and ultimately, having lower long-term returns than female investors. As an advisor, a cocky client can be a source of frustration. But it also highlights how these male clients really need a trusted and objective advisor in their corner, similarly to a less than confident women investor. It is the other side of the coin and comes down to the fact that human beings make bad money decisions when emotions call the shots. 
  1. Men need financial education too. The truth literacy is not determined by a client’s sex. Knowledgeable clients often had parents who overtly taught them about personal finance and investing or had an interest that led them to learn more about money on their own or through formal education. To assume that women are not good with numbers as men is a trap that can be easily avoided. Ask questions such as:

●  “On a scale of 1 to 5, 5 being the highest, how would you rate your financial knowledge, skills, and insight?”
●  “What would it take to increase that number one basis point?” and
●  “How can I help you do that in my role as your advisor?”

Expect women to rate themselves too low and men to rate themselves too high. Then work with each client to develop a personalized strategy for improving literacy and decision-making skills.

The key to being a good client-centric advisor is to understand key gender differences, avoid overly stereotyping your clients based on this research and work diligently to understand all your clients as unique individuals. And whatever you do, don’t forget the men!

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.

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


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.

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.