Ep 101: Financial Advisors As Adherence Partners To Deliver Advice That Actually Sticks with Moira Somers

Financial Advisor Success

Michael Kitces

News, Business, Entrepreneurship, Business News

4.8 • 696 Ratings

🗓️ 4 December 2018

⏱️ 109 minutes

🔗️ Recording | iTunes | RSS

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Summary

My guest today comes from a different background than my usual guests, and she’s here to answer the fundamental question of why clients sometimes don’t take the advice we give them. Dr. Moira Somers is a clinical neuropsychologist who studies the complexities of how hard it is for people to change their behaviors, especially when it comes to money. Moira has applied her financial psychology expertise not just to consumers themselves, but also to teaching advisors how to better deliver advice in a way that actually sticks.

In this episode, we discuss how patient compliance research from the medical field is being applied to help clients better adhere to financial advice, as well as how to assess whether someone is truly ready to apply what an advisor suggests. Listen in to learn why it’s unrealistic to expect even good-intentioned clients to always follow through on advice, why it’s important to measure client adherence, and specific steps advisors can take to improve the way they deliver advice in order to significantly increase the likelihood that it will be followed.

For show notes and more visit: https://www.kitces.com/101

Transcript

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0:00.0	Welcome to the Financial Advisor Success Podcast, where you go behind the scenes with financial planner,
0:08.4	speaker and consultant Michael Kitsis to hear stories of how leading financial advisors
0:13.6	navigated the inevitable challenges that arise on the path to success and get insight from leading
0:19.2	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 Kitsis. Welcome, everyone.
0:30.0	Welcome to the 101st episode of the Financial Advisor Success podcast. My guest on today's podcast
0:36.2	is Dr. Moira Summers. Moira is a clinical
0:39.2	neuropsychologist who studies the complexities of how hard it is for people to change their
0:43.9	behaviors, especially when it comes to money. What's unique about Moira, though, is the way that she's
0:49.1	applied her financial psychology expertise, not just to consumers themselves, but to how advisors can more
0:55.2	effectively help their clients. Specifically by teaching advisors how to better deliver advice
1:00.8	itself in a way that actually sticks, so their clients really do change their behaviors for the
1:06.8	better. In this episode, we talk about the growing base of research from the medical field,
1:11.6	about what doctors need to do to make their patients better comply with the drugs and other
1:15.6	therapies they're prescribed. How that patient compliance research is being applied to financial
1:20.6	advice, to help clients better adhere to their advice, the role of a financial advisor as an
1:25.6	adherence partner to help clients follow through on advice,
1:29.3	and why it's unrealistic to expect even well-intentioned clients to always follow through on good
1:34.2	advice they may be given. We also talk about specific steps that financial advisors can take
1:39.6	to improve their advice delivery in a way that increases adherence from clients,
1:45.4	from better assessing client readiness to actually take and implement the advice, to giving better follow-through support
1:50.2	on the implementation of advice, why it can be a good and valuable service to occasionally
	...

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