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[GREATEST HITS] Episode 18: Understanding A Client's Money Mindset In Order To Maximize Their Well-Being with Sarah Newcomb
[GREATEST HITS] Episode 18: Understanding A Client's Money Mindset In Order To Maximize Their Well-Being with Sarah Newcomb
ratings:
Length:
103 minutes
Released:
Mar 20, 2024
Format:
Podcast episode
Description
The greatest barrier for every client isn't lack of information. It's their own mindset and behavior. Whether it's someone who over-spends, someone who under-spends, someone who wants to sell out at the worst possible time, or even the person who never sends in the data you need... The key to changing their behavior starts with understanding their money mindset. Sarah Newcomb, Director of Behavioral Science at Morningstar, joined the show to discuss how to better understand a client's money mindset. We discuss: The framework she and her team developed to assess a client's money mindset The important distinction between financial and emotional well-being The #1 predictor of savings behavior and how to help clients with it Using a "What-If Journey" to help clients overcome their fears How role models can play a powerful role in changing behavior and overall well-being The featured partner for this episode is Knudge, an automated system to help clients actually follow through on their tasks and reach their financial goals. *For more resources discussed in this episode --> Go Here. *To receive the monthly "Wisdom Round-Up" newsletter full of practical ways to apply the human side of advice --> Go Here. *Follow Brendan for insights on mastering the human side of advice: Twitter LinkedIn
Released:
Mar 20, 2024
Format:
Podcast episode
Titles in the series (100)
9: Insulating Your Value From the Commoditization of Investments and Financial Planning: Technology is a familiar foe to the profession of financial advice. With Charles Schwab and Bank of America both recently announcing their plans to offer free financial planning software to the masses, the industry continues to inch closer and closer... by The Human Side of Money