Ep 104: How Financial Coaching Skills Enhance The Financial Planner's Value Proposition with Saundra Davis
Financial Advisor Success
Michael Kitces
4.8 • 696 Ratings
🗓️ 25 December 2018
⏱️ 86 minutes
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Summary
My guest today is here to help with one of the most common challenges we face as advisors: getting clients to actually follow through and implement our financial advice. The founder of Sage Financial Solutions, an organization that provides Financial Fitness Coach (FFC) and Accredited Personal Financial Coach (APFC) training and certification programs, Saundra Davis teaches advisors skills and techniques that will help clients make lasting behavior change.
In this episode, Saundra shares how her approach of financial coaching differs from the typical approach of financial planning, as well as how it leads advisors to navigate the client discovery process in a substantively different way. Listen in to hear how both approaches complement each other, why it’s important to guide clients to making discoveries on their own rather than telling them the answers, and what we can do as advisors to not only give technically accurate advice, but also help clients to improve their financial behaviors.
For show notes and more visit: https://www.kitces.com/104
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 |
| 0:21.9 | next level in your advisory business. And now here's your host, Michael Kitsis. Welcome, everyone. |
| 0:28.2 | Welcome to the 104th episode of the Financial Advisor's Success podcast. My guest on today's podcast is |
| 0:34.1 | Sandra Davis. Sandra is the founder of SAGE Financial Solutions, which provides training |
| 0:38.6 | and develop certification programs to teach people the skills of financial coaching. |
| 0:43.3 | What's unique about Sandra, though, is the way that she's integrating together financial |
| 0:46.9 | coaching with low-income financial counseling on one end and also with financial planning |
| 0:51.4 | for more affluent clients to the other end, and highlighting how regardless of one's income and affluence, anyone can struggle from time to time |
| 0:58.7 | in their ability to align their financial behaviors with their financial goals. |
| 1:03.1 | In this episode, we talk in depth about what the financial coaching approach really entails |
| 1:08.8 | and how it both differs from and complements financial planning |
| 1:11.9 | because as Sandra puts it, financial planning covers the what, but financial coaching covers the |
| 1:17.1 | why in order to jointly arrive at the how. How the process of financial coaching leads the |
| 1:22.6 | advisor to ask substantially different questions and navigate the client discovery process in a |
| 1:27.4 | different way. |
| 1:28.5 | And how financial coaching helps to address the common challenge that we face as financial |
| 1:32.5 | planners, where clients come in and engage us for financial planning and then fail to actually |
| 1:37.2 | follow through and implement the recommendations that would clearly benefit them. |
| 1:41.1 | We also talk about some of the key tenets of effective financial coaching itself, |
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