Weekend Content for New Planners

Weekend Content for New Financial Planners (August 12-13, 2023)

“Weekend Content for New Financial Planners” is a collection of articles, podcasts, videos, etc. that I’ve been consuming regarding breaking into financial planning, industry trends, career development, and more.

The 3 most effective stories to share with your clients, the science behind decision-making and storytelling, and more [Podcast]:

“That’s how people’s brains work. It’s called a synapse system. When you bring up a topic, when you bring up a name, when you bring up a subject, the first thing that comes to people’s recollection is the emotion associated with that particular thing. Then, the rationale comes up about six seconds later.

I mention that because our brains are storytelling machines. They’re reservoirs for stories. We have a memory bank, if you will. Things that come into play in our decision-making.”

How To Become A Masterful Storyteller [Steve Sanduski & Mitch Anthony, Between Now and Success]

How you can get an edge in the second half of 2023, the importance of getting to the “problem behind the problem,” and the 3 priorities for organic growth [Podcast]:

“If any advisory firm wants to gain an edge, they need to do consumer research. They need to understand the bigger target markets that are out there. And they need to understand the services that those target markets really want. If they spend their time doing that research, Herbers & Co. sees it every quarter, if they spend their time doing that research, then they will easily be able to create an organic growth program that will work.

We can serve any consumer, regardless of what they bring to the table. This is the only industry where the price and services depends on what the client brings to the table versus the value that the advisor brings to the table. So, regardless of what the client brings to the table, [advisors] can serve them very well and profitably. I would encourage every advisor to expand their perspective and start looking at clients beyond the high net worth and the ultra-high net worth.”

Angie Herbers On Organic Growth For Financial Planners In A Post-COVID World [Johnny Sandquist, On The Circuit]

Recent industry research on what each generation is prioritizing when searching for a financial planner [Article]:

“The younger generations are the ones saying they need help the most, the study found. Four out of five millennials and members of Generation Z said their financial planning needs improvement, according to Gerend. Advisors should take note of that statistic, he said.

‘Hopefully, that’s a wake-up call for the industry that it’s not all about high-net-worth clients, not all about the baby boomers or people in retirement,’ he said. ‘There is a huge opportunity with millennials and Gen Zers who know that they need to take steps to get their financial houses in order and plan for the future that they want.'”

Generations Differ On What To Look For In Advisors [Edward Hayes, Financial Advisor]

An attempt at creating an investing “Return on Hassle Spectrum” and the importance of personalizing this approach [Article]:

“If you don’t agree with them, that’s fine. I don’t either. As someone who owns a diversified portfolio (difficulty = 4), I don’t find real estate investing (difficulty = 8) particularly appealing (especially given current mortgage rates). But that doesn’t mean that this investment choice is wrong or bad. It’s just not right for me.

But we shouldn’t judge someone else’s investment choices because we wouldn’t make them. After all, we get to choose what hassles we want to deal with and which ones we don’t.”

The Return On Hassle Spectrum [Nick Maggiulli, Of Dollars And Data]

Some stories on the human element of decision-making [Article]:

“Most decisions aren’t made on a spreadsheet, where you just add up the numbers and a rational answer pops out. There’s a human element that’s hard to quantify, hard to explain, and can seem detached from the original goal, yet carries the most influence.”

A Few Stories About Big Decisions [Morgan Housel, Collaborative Fund]

Which was your favorite takeaway? Comment below!

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