Weekend Content for New Planners

Weekend Content for New Financial Planners (March 18-19, 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.

Deirdre Van Nest on the 3 stories every financial planner must share with prospective clients [Podcast]:

“There’s that skepticism that’s already built in. Then you have to add in the fact that people are fearful of talking about money in general. It’s kind of a taboo subject. Many of us, myself included, were raised in households where you just don’t talk about that. That’s very private business. You don’t talk about that. So, there’s already sort of this hiding mentality around it. And now you’re going to sit down with someone you’ve never met potentially even if your friend said they’re amazing? And you’re going to have to tell them about your debt or your lack of savings?

People are afraid—even if they think they’re doing well—they might be afraid that you’re going to say something they don’t want to hear. And they’re going to have to make decisions that they don’t want to make. You’re going to use language that they don’t understand. And they’re smart people, so now they feel stupid.”

Emotionally-Compelling Conversations To Fast-Track Trust And Likability With Deirdre Van Nest [Brendan Frazier, The Human Side Of Money]

Four areas that frequently trip up advisors while building their practices [Article or Video]:

“Advisors do not get enough credit for how difficult it is to build a business while working in the business. In addition to wearing a million hats, you constantly have to toggle between strategic, big-picture thinking and tactical doing. Occasionally the latter takes precedent, leading to less-than-thought-out decisions.”

Four Common Practice Management Mistakes To Avoid [Penny Phillips, WealthManagement.com]

A reminder that successful individuals aren’t automatically great at managing their personal finances [Article]:

Successful people with a lot of money are usually busy and preoccupied with other stuff going on in their life.

There are other people with gobs of money who assume their success in one area of life (like business or start-ups or just being rich) will automatically translate into success in another area of life (like investing or money management).

Unfortunately, it doesn’t work like that.

For some people, success in one walk of life can actually make you even worse at managing your own finances.”

More Money Doesn’t Make You Better At Managing Your Finances [Ben Carlson, A Wealth Of Common Sense]

A counterintuitive aspect of financial planning is that “simplicity” often creates the most value. Morgan Housel shares his simplification of personal finance in 30 rules [Podcast]:

“There’s an author named John Reed who wrote this book called ‘Succeeding.’ In the book, he has this quote that I think is so, so good. He writes ‘When you first study a field, it seems like you have to memorize a zillion different things. You don’t. What you need to identify are the three to five core principles that govern a field. The million things you thought you had to memorize are just various combinations of those core principles.'”

Rules Of The Money Game [Morgan Housel, The Morgan Housel Podcast]

A reminder of the value of financial advisors through the lens of the NCAA men’s basketball tournament [Article]:

“Despite that reality, according to a study undertaken by the CFP Board, 88 percent of consumers and 30 percent of financial advisors think it’s easy to manage money. However, everyone should agree that predicting what will happen in the world and in the markets has many more variables and requires much more complex thinking than predicting the binary outcomes of basketball games. Reminder: We aren’t very good at picking basketball games.”

Math Problems [Bob Seawright, The Better Letter]

Which was your favorite takeaway? Comment below!

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