There’s more to a successful financial advisory relationship than providing good advice. For the relationship to be successful, clients must act on that advice
. Today on the Becoming Referable podcast, Dr. Moira Somers helps us dive into the clients’ heads to understand what goes into acting on that advice – or not.Moira is a consulting psychologist, professor, executive coach, and best-selling author of the book Advice that Sticks: How to Give Financial Advice that People will Follow.Related: The Power in Describing Your Process as a Series of Accomplishments
Through her work in medicine as well as extensive experience in the financial services
industry, Moira has fantastic insights into the mental obstacles for clients in adhering to advice. In our conversation we cover those obstacles and how advisors can help clients overcome them, leading to stronger relationships built on trust and understanding, and of course, more referability for the advisor.You’ll hear us talk about the ‘curse’ of knowledge, societal factors affecting gratification and impulse control, primary drivers of motivation, and ways for advisors to gain a deeper understanding of clients’ needs, behaviors and thought patterns
in order to guide them to make better decisions. We get right down to do’s and don’ts in conversations with clients, and the kinds of questions that can lead to more engaging and productive meetings.
It’s a healthy dose of psychology applied to our world, and we think you’ll appreciate Moira’s expertise as much as we did.