Advisor Resources: Practice Management

Exploring the money mindsets of your diverse client base

Advisors serve a diverse group of clients that come from different backgrounds and life experiences. These experiences shape their mindsets when discussing their finances, too, and understanding the different mindsets of your clients can be the difference between growing a relationship and losing an account you’ve had for years. After all, the more you know about what’s driving your clients’ behaviors, the more value you can provide.

With that in mind, we’ve created the Money mindset series of podcast episodes, where we take a deep dive into some of the mindsets that financial advisors serve today and talk with advisors who have experiences working with these types of clients. Find best practices, lessons learned and more in the podcast episodes below.

 

Suddenly single podcast image

Suddenly single

In this episode, our discussion focuses on a large and growing demographic: middle-aged people who find themselves “suddenly single” after years, if not decades, of marriage. “Suddenly single” commonly occurs through widowhood or divorce, but no matter the cause, the demographic presents unique challenges and considerations.

Listen now

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Advising millennials podcast image

Advising millennials

When most people think of millennials, they think of digital natives who spend their money on travel and love avocado toast. But there are also a lot of misconceptions about this demographic, including how they view money. While their financial needs may differ from baby boomers, the premise is the same: How do we make sure you’re financially secure in the long run while still maintaining a lifestyle that makes you happy?

Listen now

Cognitive decline podcast image

When clients go through cognitive decline

One of the more difficult situations an advisor can face occurs when a client starts showing signs of cognitive decline. How do you tell if your client is no longer able to make good decisions? How do you bring family members into that discussion? And when should you invoke the power of attorney?

Listen now

Behavioral economics podcast image

Using behavioral economics to help investors succeed

Traditional economic theory tells us that humans are generally rational beings and that they make decisions from an optimal perspective. But behavioral economic theory takes into account what we know to be true: that humans are emotional and social beings. What is it, and how does it affect the mindsets of your clients?

Listen now

Download conversation guide

 

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