Ep 076: Why Financial Therapy Is Better Than Financial Advice To Help Clients Change Their Behavior with Kristy Archuleta

Financial Advisor Success

Michael Kitces

News, Business, Entrepreneurship, Business News

4.8 • 696 Ratings

🗓️ 12 June 2018

⏱️ 104 minutes

🔗️ Recording | iTunes | RSS

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Summary

My guest today brings a truly unique perspective to the financial planning world. In addition to being an associate professor in the financial planning program at Kansas State University, Kristy Archuleta is a licensed marriage and family therapist. Her background as a trained psychologist means she understands how to help clients improve their financial behaviors in a way that isn’t typically seen with advisors.

In this episode, Kristy shares the details of the work she does at the intersection of financial planning and financial therapy, as well as why—according to the best practices research of therapists themselves—the typical advisor approach is actually not a good way to get people to change their financial behaviors for the better. Listen in to hear what she says makes clients more likely to implement financial planning advice, why she anticipates that financial therapy will eventually become a specialization path for financial planners, and more.

For show notes and more visit: https://www.kitces.com/76

Transcript

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0:00.0	Welcome to the Financial Advisor Success Podcast, where you go behind the scenes with
0:07.1	financial planner, speaker, and consultant Michael Kitsis to hear stories of how leading
0:12.4	financial advisors navigated the inevitable challenges that arise on the path to success
0:17.4	and get insight from leading industry consultants about how to break through to the
0:22.0	next level in your advisory business. And now here's your host, Michael Kitsas. Welcome, everyone.
0:28.4	Welcome to the 76th episode of the Financial Advisor Success Podcast. My guest on today's podcast is
0:34.2	Christy Archiletta. Christy is an associate professor in the financial planning program
0:38.2	at Kansas State University with a focus on teaching advisors how to actually change their clients'
0:43.4	behaviors for the better. What's unique about Christy, though, is that she's also a licensed
0:48.0	marriage and family therapist and comes to the world of financial planning and how to help
0:51.4	clients to improve their financial behaviors with the perspective of a trained psychologist. In this episode, we talk in depth about Christy's work at the
0:59.7	intersection of financial planning and financial therapy, how a financial therapist would view
1:04.1	common financial planning challenges from a different perspective with different solutions,
1:08.5	the way that therapists approach helping clients to change
1:11.0	their behavior by recognizing that clients are the best experts in their own lives.
1:16.0	And why according to the best practices research of therapists themselves, what we as financial
1:20.5	advisors typically do give advice with a comprehensive list of recommendations to clients about
1:25.6	how to improve their financial lives is actually not a good way to get them to change their financial behaviors for the better.
1:32.8	We also talk about Christy's work in helping to co-found the Financial Therapy Association,
1:37.6	the development of a new certified financial therapist or CFT program they're developing.
1:43.5	Why Chrissy anticipates that financial therapy will
1:45.8	eventually become a specialization path for financial planners, and where the line should
	...

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