Tom West is a Senior Partner with Signature Estate & Investment Advisors, LLC, providing personalized financial planning and investment services to families in the Washington DC metro area.

Suzanne Schmitt is a financial wellness expert with nearly two decades of industry experience in consumer insights, product development and positioning, and marketing and market enablement in financial services.

In this episode of The Family Financial Conversation, Tom and Suzanne explore the crucial role of understanding and addressing clients' emotional and financial mindsets in building stronger, trust-based relationships in financial advising.

Topics discussed:

• The challenges financial advisors face when clients aren't receptive to advice, particularly during transitions.
• Experiences offering well-researched financial advice that clients were not ready to hear, emphasizing the importance of timing in giving advice.
• The importance of listening and understanding clients' "money scripts," unconscious beliefs about money that influence their behavior.
• Four types of money scripts are discussed: money avoidance, money worship, money status, and money vigilance, each affecting how clients respond to financial advice.
• Being present and emotionally attuned during client transitions, rather than pushing advice when clients are not ready to hear it.
• The value of patience and active listening in advisory roles.
• The podcast also explores the evolving role of financial advisors, suggesting that they need to develop soft skills and emotional intelligence to meet changing client expectations and improve retention and organic growth.

Resources:

Signature Estate & Investment Advisors, LLC.