Elementality for Financial Advisors | Elements Financial Vitals System™

With financial planning, technical skills are the minimum job requirement. Learning to do functional jobs like data gathering, analysis, and preparing the financial plan are essential. Solving client financial anxieties is more difficult, which can leave you feeling like you aren't bringing enough value to the client. On this Elementality podcast, Reese and Chad point out that what clients are really seeking is for their advisor to be able to balance both the functional and emotional jobs they require.

Find out why the concept of work/life balance may be a myth. With so many areas of your life that need attention, is equilibrium really possible? On this episode of the Elementality podcast, Reese interviews Dr. Travis Parry, coach, author, influencer, and noted speaker on achieving balance in your life—and if it's even possible. When you gain better focus on your priorities it will help you feel balanced, but Reese and Travis explain why really enjoying your life is a matter of choosing your priorities.

As advisors, we need to balance the functional jobs and emotional jobs of financial planning to build effective client relationships. Our tendency is to center these jobs around regularly scheduled client meetings. On this Elementality, Reese and Chad explain why identifying and working on functional jobs outside of meetings allows you to focus on important client emotional financial anxieties during meetings. When you give more attention to a client's emotional needs you start building greater trust.

Do you ever consider how money should create occasional joy for your clients? Or do you see your job as merely providing a guide map to retirement? As advisors help counsel clients on how money can positively affect their overall well-being, they need to learn how to improve in their role as "financial therapists." On this Elementality, Reese welcomes a real financial therapist, Dr. Meghaan Lurtz, who examines why it may be time you learn how to bring more financial happiness to your clients.

Advisors are approached by clients for a variety of reasons, but usually there's a financial pain they're trying to solve. However, one question often stands out, "How am I doing?" On this episode of Elementality, Reese and Chad discuss why clients look for confirmation that their financial life is on track—and for reasons to be confident in the advice they are receiving. This is not a financial question with a quantitative answer. Find out how to articulate the value you provide when you answer.

As advisory firms grow, successfully attracting and hiring the right talent is essential to unlocking efficiencies and, more importantly, a positive client experience. Attracting the right candidate starts by defining firm goals and establishing the right responsibilities that contribute to those goals. And only after this can an advisor seek candidates that are not only technically competent but also contribute in ways that enhance the client experience.

Historically client communication has revolved around meetings an advisor plans with clients. Face-to-face meetings are essential, especially early in a relationship. But over time the value of these meetings diminishes. That's when "asynchronous" communication—like email, text, or direct messages—becomes more important. On this episode of Elementality, Reese and Chad examine how using a process to deliver asynchronous messages builds value and increases the trust clients have in their advisor.

Clients carry a lot of emotional baggage that can hinder their financial progress. Many advisors' initial reaction is to use facts or logic to get clients to move forward. But that reaction can actually make clients even more resistant to change. So says Dr. Daniel Crosby, behavioral finance expert and Reese's guest on this episode of Elementality. Daniel and Reese explore how to approach common behavioral tendencies that can keep clients from reaching their goals and improving their financial lives.

For decades financial services were driven by product sales. This led to ethical standards that guide advisor behavior but left us without functional standards for financial wellness. What makes a healthy savings rate, ample liquidity, or the right amount of capital to use for speculation vs. consistent asset allocation? On this episode of Elementality, Reese and Chad discuss how standards of advice can positively impact clients, improve practice efficiency, and enhance the efficacy of all advisors.

Last week we wrapped up Season 1 and we hope you enjoyed it as much as we did. If you haven't already, we hope you'll go back and listen to previous episodes where we told the story of how Reese Harper built his independent niche RIA and developed the Elements Financial Planning System—a turnkey solution for making it easier to do our work as financial advisors. In Season 2 we'll explore even more how financial advisors can improve the experience they deliver to clients, how to provide value that is worth charging for, and learn from a ton of awesome guests. Season 2 is coming in early 2021. If you're subscribed, you'll get updates and announcements right here. From all of us at Elementality, we wish you a safe and happy holiday season and look forward to filling your feed with more great content early next year!