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116 // How to Give (and Receive) the Best Financial Advice with Moira Somers

Medical professionals are shifting their concept of how advice gets followed to avoid non-compliance and non-adherence in patients.

And it directly applies to financial advisor companies.

The methodology of “I’m the great doctor with the white coat” has been profoundly unhelpful a lot of the time.

As it turns out, people not following through on medical advice (money advice) has nothing to do with the patient (client) and everything to do with the medical team (wealth advisor).

Why?

Because implementation of advice has to be discussed. You and your certified financial advisor may have agreed this is a good thing for you to do, but is this a doable thing?

The bad news is, most advisors have not been trained for that.

And as consumers of that advice, we don’t know how to show up as partners with our wealth advisors.

A good reason why the counsel your advisor gives doesn’t get followed: they do not pay attention to understandability.

They failed to simplify their language to ensure mutual comprehension on what your next steps are when you step out of that office.

So you left probably feeling more worried because you spent an hour looking at data and charts.

What you need is somebody to do both the math and the meaning with you; someone who is willing to take the time to know what matters to you and your family.

That is what wealth advisors actually do anyway.

So why has that not been part of the training?

It makes your wealth advisor replaceable and far less useful than they could be.

How many people have financial trauma in their life that advisors don’t know about simply because they haven’t asked?

These themes can damage your ability to step into a role of responsibility around money.

Then you get stuck in unintentional non-adherence- not that you intentionally blew this off, but it fell off your radar because you didn’t have systems in place to follow through.

 

To get in touch with Dr. Somers, visit www.moneymindandmeaning.com

To learn more about The Rich Life Book + Coaching, visit www.LivingARichLife.com.

This podcast is brought to you by Wealthquest. Learn more at www.wqcorp.com.

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